Tuesday, July 23, 2019 15:42

Archive for the ‘finance’ Category

And the Ponzi Games continue…

Thursday, July 12th, 2012

– Wiccapundit

Don’t expect the Lamestream Media to report on this.  Just another massive fraud in the financial industry; nothing to see here.

PFGBest, a commodities futures broker, has filed bankruptcy, and it appears that 95%, – yes, you read that right – of their customer’s supposedly segregated funds have disappeared, to the tune of over $200 million.  Yes, this is MFGlobal 2.0, deja vu, all over again.  This massive sum may have been missing since 2010.  The fraud came to light after the attempted suicide of the firm’s CEO.

The National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC) have been just as much asleep at the switch here as they were during the MFGlobal meltdown.  This, my friends, is a hint of what’s to come in the financial industry, and it won’t just be limited to commodities brokers.  The entire system is corrupt, from the Fed to the CFTC to the SEC; from the banks to the brokers.  Oh yeah, there may still be a few honest proprietors out there, but their numbers are swamped by the legions of demons sucking the very life out of this country’s financial system.  Forget the conspiracy theories about the Bilderbergers and the Rothschilds, the real racketeers are closer to home, and are out in the open.

How putrid is the systemic filth?  Apparently nobody noticed that the auditor for PFGBest, the one who was supposedly auditing the company’s compliance with regulations governing the sanctity of customer funds, is a sole practitioner who operates her “firm” out of her home in Glendale Heights, a suburb of Chicago:

Yes, this is the headquarters of the kind of accounting firm you’d naturally expect to be handling the audits of a multi-national firm with over $500 million in assets and offices in Shanghai and Canada.

It also appears that the NFA was sending the documents used to independently verify the firm’s bank balances to a blind P.O. box set up by PFGBest’s CEO.  As Ann Barnhardt notes, you can’t even buy a $0.99 piece of crap off eBay using a blind P.O. box.

What does this mean?  As Ann says:  “If you can’t touch it, if it isn’t physically on your property such that you can stand in front of it with an assault rifle and PHYSICALLY defend it, you don’t own it, and it could be confiscated/stolen from you at any time, if it ever actually existed at all.”

If you have a 401K, a pension, a mutual fund, or any kind of investment account, heed this warning well.

Keep your powder dry, my friends.

As the old saying goes, I’m invested in precious metals: lead and brass.

 

 

 

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The inmates are in charge of the nuthouse. On second thought, they ain’t so crazy after all – just guilty as all hell.

Wednesday, December 21st, 2011

– Wiccapundit

If you want to know why your Wiccapundit no longer speculates in the stock and commodities markets, and instead invests exclusively in lead and brass (*wink*) for long-term gain potential, look no further than the widening cesspit that is MF Global.

As Market Ticker and Zero Hedge have pointed out of late, and Ann Barnhardt shows today, the financial markets are like a casino where when you bet wrong, you lose, and when you bet right, you lose.

The two big shitburgers of late: (1) The bankruptcy trustee in the MF Global Chapter 7 proceeding SEIZED physical bullion of MF Global’s customers; bullion that they paid for, took actual delivery of, have serial number receipts for specific bullion bars of, that they stored in bonded warehouses and have paid receipts for storage fees for.  (2) The MF Global bankruptcy was filed as a Chapter 7 for a SECURITIES dealer, not for a COMMODITIES BROKER, which MF Global actually was.  The difference?  Under Subchapter IV of  Chapter 7 of the bankruptcy code (the proper section for a commodities broker bankruptcy), the customers are first in line.  Under the section for securities dealers bankruptcy, the CREDITORS are first in line.  Can you say J.P. Morgan?

As Ann has said before, if you think you actually own something in this environment, YOU DON’T, unless you can physically stand in front of it with a weapon in your hands to defend it.

Forewarned is forearmed.

Molon Labe.

 

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The One Per Cent

Sunday, October 16th, 2011

– Wiccapundit

 

 

(h/t Ace)

 

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You can’t take it back.

Saturday, August 6th, 2011

– Elphaba

This is AWESOME.
The E-trade baby loses everything:

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Modern economics explained.

Wednesday, November 17th, 2010

– Wiccapundit

Sometimes, only a cartoon will do to ‘splain how things really are.  This is a hoot, and is dead-on accurate:

“You’ve got to be shitting me.”

Heh. How true.

Via Lew Rockwell.

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Why do we labor? Ask Mr. Galt.

Monday, September 6th, 2010

– Wiccapundit

On this Labor Day, Mr. Denninger asks the first, and suggests the second. Read this.  Think about it.  It’s that important.

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