Turk - MF Global Disaster to Create Another Lehman Crisis

StevieJ

Get-real-buy-real wrote: »

So there are now only two REAL outcomes:

1) The ECB prints (and Germany walks) resulting in the Euro losing at the minimum 30-40% of its value

2) Massive defaults and debt restructuring accompanied by systemic failure in Europe

These are the facts.

No they are not More likely Germany will sanction the only sensible course of action (in the end) PRINT.

Get-real-buy-real

StevieJ wrote: »

No they are not More likely Germany will sanction the only sensible course of action (in the end) PRINT.

Everyone wants Germany to bail out Europe, but who will bail out Germany? I hope they do just print, its the only option left really and very bullish for gold and silver.

http://www.moneyweek.com/investments/bonds/eurozone-debt-german-bond-auction-14700

Especially now some billionaires are trying to be the next Hunt brothers cornering the silver market. But Sprott asset managment will not make the same mistake as the Hunts and buy paper promises of silver, Sprott is buying all real silver and taking it off the market. There is not that much left, this could cause the long awaited rush out of paper as everyone realises its worthless, and into real bullion.

Flight2quality wrote: »

Sprott To buy $1.5 Billion In Silver: 25% Of 2010 World Silver Investment Demand!

http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/spotts-physical-silver-premium-starts-to-fall/article2240985/

He could be the next Hunt brothers, but he is not alone Jim Rogers is even more wealthy and loves silver he is buying real physical on every pullback. But there are many other less wealthy billionaires buying silver bullion regularly.

purch

Especially now some billionaires are trying to be the next Hunt brothers cornering the silver market

Does their plan include eventually filing for bankruptcy, and being fined $ Millions by the CFTC and IRS :eek:

P.S. Joke ........ don't get your panties in a twist !!!

sabretoothtigger

It was the futures which caused that and they kept buying at higher prices which contained alot of the speculators. The gold price spike and reset over this last summer was very bullish in that it took a nasty knock and kept on going, that helps show demand is more natural hopefully

rush out of paper

People who need it are already buying it and those who wish to speculate will just continue the same I think. The average share deal is owned for 6 seconds I think it is
Ive not heard anywhere mainstream really recommend coins, when its common to at least think of this then its time to be careful as its maybe overbought

JP Morgan (JPM.N) has dramatically boosted its influence in the battle to acquire the London Metal Exchange by increasing its stake this week to become the biggest shareholder.

MF global sold their LME share to JPM. They are more likely to corner a market I'd say. Lots of cash courtesy of government?


http://www.reuters.com/article/2011/11/24/us-lme-jpmorgan-idUSTRE7AN1BJ20111124?feedType=RSS&feedName=innovationNews&rpc=43

worldtraveller

Former MF Global chief Jon Corzine apologized to customers, employees and investors who have suffered because of the brokerage firm's collapse, but said he does not know where missing customer money is.

"Their plight weighs on my mind every day -- every hour," Corzine, a former U.S. senator, said in 21 pages of remarks prepared for delivery on Thursday before the House Agriculture Committee.

"I simply do not know where the money is, or why the accounts have not been reconciled to date," he said.

Reuters

Generali

Corzine will be playing 'where's the sausage?' in the showers with Mr Big before too long if there's any justice in this world.

Still, this was not a systemic event, regardless of what our friends at (fuc)King News might think.

sabretoothtigger

Apparently he thinks not. One farmer is missing 200k of his money, they are real users of futures so pretty much a disaster when they suffer losses in this way

I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine said, in prepared testimony to the House Agriculture Committee on Thursday.

"[A]s a former United States Senator who recognizes the importance of congressional oversight, and recognizing my position as former chief executive officer in these terrible circumstances, I believe it is appropriate that I attempt to respond to your inquiries," he said.

http://money.cnn.com/2011/12/08/news/companies/corzine_mf_global/index.htm?hpt=hp_t3

Generali

sabretoothtigger wrote: »

Apparently he thinks not. One farmer is missing 200k of his money, they are real users of futures so pretty much a disaster when they suffer losses in this way

I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine said, in prepared testimony to the House Agriculture Committee on Thursday.

"[A]s a former United States Senator who recognizes the importance of congressional oversight, and recognizing my position as former chief executive officer in these terrible circumstances, I believe it is appropriate that I attempt to respond to your inquiries," he said.

http://money.cnn.com/2011/12/08/news/companies/corzine_mf_global/index.htm?hpt=hp_t3

As former CEO, the buck stops with him. He's required (or at least would be in the UK and Australia) to sign off on client money controls and is directly responsible for them.

The reality will be that he will delegate a lot or all of the day-to-day running of client money to others but ultimately he signs for them so he's responsible.

I suspect that he won't go to prison in the same way that the senior managers of Goldmans have bought their way out of gaol with shareholders' money. It is looking rather bleaker for the management of Citibank and BoA which would be a good start.