Great story - I think she looks better with glasses!

Christopher Olsen made some good points, but I have no sympathy. We have had TOO MANY examples of lawlessness in the financial markets (here futures trading and brokerages) for anybody to plead innocence and ignorance. He knew the deal, chose to play the game and now is crying poor mouth. NO SYMPATHY!

So JPM is not responsible despite being the prime broker? **** THAT ****! The commentator made some good points, but I have no sympathy. There have been so many examples of lawlessness in the financial markets that everybody has been on fair notice that there is no legal protection. He and his company knew the deal and chose to still play the game. He got fleeced. He should go home and cry to his mother.

Why do I have to rely on a Russian based news outfit for sound TV financial journalism?

Because you are in a system that is thoroughly corrupted and experiencing its final throes?

>>Why do I have to rely on a Russian based news outfit for sound TV financial journalism?>>

Why do we have to read newspapers and websites from the U.K. to find out whats really going on in the United States?

See Fraudster's reply for the answer.

Russian based news? That is kinda sad. Maybe RT has futures in "bank insurance", which sounds like a tax to me. Or maybe it's a stock. Hey! How bout a rally! The Washington Senators are in 1st place.

Like the final guest said - it was hands off Corzine due to his political connections. Now that it's been exposed and the feebies are on it PFG Best CEO will probably wish his suicide attempt had been successful by the time they finish with him. I'm not aware that he has any political connections of value. If not, he's done. They'll make an example of him to give a shot in the arm to Obama's 'tough on Wall Street' election campaign ploy.

RT is such a refreshing media outlet. Pure honest financial news. If Brian Williams, et al, reported like this Obama's approval ratings would be down in the low 20%. The only thing saving Obama is the concealment and deceit. The fact that RT is Russian based is probably the biggest piece of irony since Rock Hudson was reported to be gay.

Momybg - there's a clear agenda, but all they have to do is actually report on what is happening here and they come out looking like the best journalists in the world.

This raises a lot of questions. For one, it appears Wasendorf merely lived it up on the money. Even so, seems I recall money to futures brokers being very accurately routed, as the ND gold dealer showed. This is not an operating account. The other questions revolve around MF Global and banking/brokerage in general.

Seems they don't know what happened to the money at MF. Story is they lost it in a trade. Even if they lost it in a trade, the idea the trade wasn't closed by a guy like Corzine, who knows you have to get out and take a loss in theft. It is one thing to lose the company. It is another to lose someone elses company. But, being there isn't an apparent paper trail anyone will admit to, I suspect Corzine stole the money. The guy working on recovering the money hit it on the head, Wasendorf is in jail, but under simular circumstances, Corzine is raising money for the President. Sounds like the old Mexico machine, which wouldn't shock me seeing who is President. Or, should I say the Chicago machine?

Looks like nothing changed from Enron. Remember what blew Enron up was they were too trading in derivatives. They hid their losses until the company was gone. What about all the other mark to maturity crap on balance sheets? How much of it is worth next to nothing, while assets and liabilities are transferred on the surface? What is going to be hollow next?

Remember that credit banking or fractional reserve, if you must, is based on the transfer of debits and credits. Our entire monetary system is based on nothing more than entries on a balance sheet. When a bank puts out money, it merely adjusts the figures. So, CEO Joe of XYZ bank gets an addition to his bank account. Nothing moves other than some adjustments on the expense ledgers. Theoretically, these funds are paid out of capital, a conversion of capital to an account, though in long form that is done later. The point here is, what if there isn't any capital? Money is gone from what is actually a hollow shell. The credits have merely been converted from one owner to another. The government can cover for one of these outfits for a long time. Only the marketplace itself questioning the solvency of a bank, as was done in 2007-2008 is something like this ever known.

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Everyone has an agenda. In the case of RT, the truth suits that agenda perfectly.

And after watching this, remember: The banks were just stupid. None of them committed any crimes.

Quote:

Lauren and company, with guests, simply the best in financial journalism.

While I agree with your sentiment, I also need to fix the statement as above.

Corruption is the system, how can anyone trust any of the financial markets anymore.

Right Bluebird. Next obvious question: What happens when there is no trust for the currency itself?

I HAVE INFO FOR ANYONE WHO WANTS TO SUE THE NFA
http://www.barnhardt.biz/

Eventually, the currency will die, might take awhile though.

see Chris Martenson's latest post

7/9/12 Our Money Is Dying
http://www.peakprosperity.com/blog/79219....

Damn, I can't see this video for some reason. I'm just getting a blue circle/slash.

Djloche wrote..

Momybg - there's a clear agenda, but all they have to do is actually report on what is happening here and they come out looking like the best journalists in the world.

"In the land of the blind, the one-eyed man is king."

Bagbalm wrote..

Right Bluebird. Next obvious question: What happens when there is no trust for the currency itself?

Stick around, you'll find out soon enough.

LOL!

The PFGBest website has an ad running that says "Trade Risk Free for 30 Days".

http://www.pfgbest.com/about/index.asp

I wonder how many people will sign up today?

Wasendorf's son, about his dad, and this situation:

Quote:

"I would say he probably didn't have any idea this was going on," he said.

http://www.reuters.com/article/2012/07/1....




~~~~~~~~~~~~

PGFBest - About US:

Quote:

PFGBEST is not only customer-centric, but compliance-focused. We consider it a privilege to have your business...

More "egg on face"....Futures magazine:

Quote:

For 13 consecutive years, PFGBEST has been ranked one of the nation's Top 50 Brokers in Futures magazine annual roundup.

LadyLiberty - Holy cow. That is quite an indictment. Yesterday, after Karl had pointed his finger at the regulators, I suggested that it was too soon to blame the regulators. Well, I'm ready to sing with the choir now. Inept is the only word to describe NFA's audits. Perhaps they were inept because they are corrupt, but why attribute malice where stupidity would suffice. I hope someone takes up Ann Barnhardt's offer.

"In the land of the blind, the one-eyed man is king."

In the land of the ignorant, a man who can afford a $50,000 per plate dinner is king.

Dear domestic and foreign investors,

Please understand that the US of A is nothing more than a huge, wealthy banana republic that steals in ways far more sophisticated than a man in a police uniform with mirrored sunglasses holding you at gunpoint and demanding a bribe. All levels of government and the "justice" departments they control, the "regulators," everyone who should be defending you and your interests are on the side of whoever has the most cash for legalized bribes. Meanwhile, we have "elections":

"...in this sorry-ass edition of America, the election will look more and more like a World Wrestling Federation staged dumb-show between two catamite hostages of a foul corporate oligarchy. Imagine that horse's ass Mitt Romney spending the next four months denouncing Obama-care, modeled on his own health care reform in Massachusetts, while Obama pretends he has a grip on an economy where the rule of law is absent due to Obama's own omissions and negligence." - James Kunstler

Here's a nice visual aid to show you what it's all about:

http://i142.photobucket.com/albums/r100/....

Why am I not seeing a video or link to a video?

I am not involved and yet my rage is compounding. Obviously, these two cases are merely the tip of an enormous iceberg of systemically abetted criminal fraud. As Bill Black has been stating, the entire US financial system is, if not totally fraudulent, absolutely riddled with presently regulator-hidden incidents of theft of customer funds. Notice that JP Morgan once again plays a vital role in theft of client money. The passivity of "muppets" is simply astounding.