Gerald Celente on MF Global Scandal; also – Patrick Hennesy and info from a caller “Ryan” -
ALL about the "Wipe Out the Middle Class" Scandal!! Happening NOW.
Gerald Celente: CME, The White Shoe Boyz Club!
On the Thursday, November 17 edition of Infowars Nightly News, Infowars reporter Rob Dew interviewed trends forecaster Gerald Celente about the MF Global scandal and the loss of his gold futures into the bankster maw.
Gerald Celente: CME (Chicago Mercantile Exchange) Did Not Honor Their Oversight Guarantee in MF Global Scandal
Bloomberg reports today that CME, the world's largest futures exchange, may face liability in the MF Global scam that has bilked customers out of nearly a billion dollars.Back on October 30, it was reported that CME noticed a shortfall in MF Global's segregated client funds, but did not immediately report it to the Commodity Futures Trading Commission, the CME Group's regulator.CME oversees its futures-broker members such as MF Global under its authority as a self-regulatory organization and is required to report irregularities immediately.CME's behavior is especially suspect after $600 million fell in a back hole when it was placed in an account with Wall Street giant JP Morgan following the collapse of MF Global.As we noted today, it is very suspicious that weeks prior to MF Global's fall billionaire investors like the Koch brothers had the miraculous foresight to withdraw all their money, prompting accusations that big players got a 'heads up' in advance of the firm's collapse.CME is now in the process of damage control. Earlier today, the organization issued a press release stating that it “followed CFTC requirements and CME Rules and procedures in reviewing MF Global's segregated funds statements and coordinating that review with the CFTC" and characterized reports that it was negligent as "inaccuracies."Trends forecaster Gerald Celente, who lost gold futures at MF Global in the six figure range, has discovered a video of CME Executive Chairman, Terrence Duffy, holding a press conference last year in which he unequivocally states that “no customer has ever lost a penny as a result of a clearing member default at CME Group."http://www.infowars.com/celente-cme-did-not-guarantee-oversight-in-mf-global-...
November 17, 2011
November 18, 2011
Presented without comment, merely to confirm that the market as we know it, no longer exists.
BCM Has Ceased Operations (source)
Posted by Ann Barnhardt – November 17, AD 2011 10:27 AM MST
Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,
It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.
The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.
Dear Rush Limbaugh . . .
Apparently Rush just read my "Going Galt" shutting-down-the-brokerage letter. I am humbled. Wow. And he thinks I'm a dude. :-)
Thanks to ZeroHedge.com for posting it.
I am going to head out of town for a few days, but will be checking email and messages.
Thanks to one and all for the kind support and prayers. Please be assured of mine in return, for all of us.
***There is some confusion as to what I (formerly) did for a living via BCM. I am not a "hedge fund" or a "money manager". I am an old-school commercial hedge broker specializing in CATTLE and GRAIN. Farmers, ranchers, etc. Actual hedging of actual cattle and grain using futures and options. Very old-school original.