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Posts Tagged ‘MF Global’

Calling All Farmers: MF Global Customer Cry for Help or Why Will Obama Lose MI, OH, IA, and WI?

Posted by Larry Doyle on October 25th, 2012 10:16 AM |

I personally believe the exchange I had with a farmer located in central Michigan is so important that I hope people who come to the site will not pass over this but might actually try to put yourself in this individual’s position. TYVM…..LD 

I grew up parochially having been taught that “thou shalt not steal” meant you leave your hands off what is not yours.

The quote referenced above came to me from a farmer in central Michigan who remains entangled in the MF Global debacle.

Why is it that so many people in our nation and around the world have such little trust in our government and those charged with protecting their interests in the markets? (more…)

Jon Corzine: Ego Only Outweighed by Stupidity?

Posted by Larry Doyle on October 24th, 2012 9:28 AM |

“Jon Corzine is the smartest guy that I know. . . “ VP-elect Joe Biden

Jon Corzine’s lawyer yesterday made the case that his once high-flying financial and political heavyweight client could not have participated in a fraud at MF Global because as reported by The Wall Street Journal,

“. . . just two months before the company collapsed, he bought over 50,000 shares of MF Global stock on the open market.”

Need we remind Mr. Corzine’s attorneys that just because an individual might be stupid and not fully understand the operational risks within a firm and the liquidity risks within a marketplace DOES NOT preclude said individual of engaging in fraudulent and criminal activity.  (more…)

MF Global: Independent Investigator Required…NOW

Posted by Larry Doyle on May 6th, 2012 7:50 AM |

We’ve been robbed.

It is one thing to be robbed. It is a far different thing to have Uncle Sam NOT turn over every stone or reveal what they may have found in the process of investigating the robbery.

Strong charge, no doubt. Given the responses and messages I have received from people impacted by the MF Global debacle, those feelings of a lack of total support from Uncle Sam are all too real. With more than 6 months having passed from the “time of the robbery,” and with seemingly little reason to believe the case will soon be settled and customers made whole, what do we need? Where is Inspector Clouseau when we need him? That is, an independent investigator.  (more…)

MF Global: “This Was a Massive Theft”

Posted by Larry Doyle on April 30th, 2012 7:56 AM |

Six months and counting.

The lives of countless numbers of families and individuals are likely forever changed by what transpired at MF Global. Yet there remains no real accounting nor full retribution for the fiasco which unfolded within the walls of the firm that traced its roots to the late 1700s.

Certainly we can expect that trustees and regulators will put forth some thousand page reports trying to detail the minute by minute demise of MF Global. Do you think those reports will mean anything to the lives of the people impacted? I don’t. Why? How do you recapture trust? When there is NO real trust, there is NO real justice, and NO real closure. It is that simple. (more…)

MF Global: The Accounting Error That Wasn’t

Posted by Larry Doyle on April 4th, 2012 12:24 PM |

What really transpired in the offices of MF Global over that last fateful week?

On October 24th, the firm was downgraded by Moody’s. A week later, the once venerable house known as MF Global declared bankruptcy. Who knew what, and when did they know it? How did hundreds of millions of dollars of customer funds go missing? The best accounting and “follow the money” reporting I have seen to date is provided by a Sense on Cents favorite, CFO, which writes:

While securities dealer MF Global was melting down financially, the company’s finance and treasury departments — in conjunction with futures-market regulators — were on the hunt for the accounting error that wasn’t.  (more…)

“The People v Jon Corzine et al”

Posted by Larry Doyle on March 26th, 2012 8:40 AM |

If you were away over the weekend, as I was, or somehow missed the news late Friday afternoon, you may awake this morning unaware that the smoking gun in the fiasco known as MF Global may have been unearthed and now points directly back at one Mr. Jon Corzine.

How is it that neither The Wall Street Journal nor the Financial Times are prominently highlighting ongoing developments in this story in their morning newspapers? You don’t think our news flow is ‘managed’? What a joke, but that is another story for another time. Thank you to Bloomberg for keeping us current in what I believe should be the the eventual case of “The People v Jon Corzine et al.” (more…)

James Koutoulas: JP Morgan Insult Added to MF Global Injury

Posted by Larry Doyle on March 12th, 2012 8:24 AM |

Going on five full months and with MF Global customers still waiting for a glimmer of justice on the horizon—and the return of THEIR money—we awake to read that CME executives believe no further regulation could have prevented the debacle that is MF Global.

Why is that?

Most rational and ordinary Americans already sense those running the show at MF Global ‘broke the rules’. CME executives now seemingly maintain as much as well.

Let’s give these CME execs a gold star for a tremendous grasp of the obvious. Let’s also quickly review The Wall Street Journal story and then a further fascinating story highlighting what happened to somebody in the arena who spoke out on this debacle.  (more…)

Trading Volumes Plummet, “Choose Not To Play”

Posted by Larry Doyle on March 9th, 2012 8:58 AM |

“The problem here is, when the public becomes aware of the nature of the game, they may choose not to play. This is the problem not only for Goldman but for Wall Street as a whole if people choose not to play.”  

I made that statement in the midst of an interview two years ago with CNBC’s Mark Haines (may he rest in eternal peace) about Goldman Sachs. (For those interested you can access that interview here. My comments about Goldman specifically and this topic begin around the 3 minute mark.)

What have trading volumes done on the NYSE over the last two years?  (more…)

MF Global Customer Makes Impassioned Plea Recommended

Posted by Larry Doyle on February 27th, 2012 8:27 AM |

How are MF Global customers supposed to protect themselves when financial regulators and our legislative bodies show themselves to be incapable of performing that basic duty?

Those engaged in the unseemly acts of Wall Street-Washington Incest have shown their true colors in allowing the most innocent of investors in our nation to be trampled. How un-American of them. That said, while our incestuous ‘friends’ may leak stories over the weekend indicating that the MF Global fight for justice is largely over, let us show them that the fight has only just begun. How might we do so?

Let’s get very specific and highlight an impassioned plea by an MF Global customer who is crying out for help. Sense on Cents welcomes providing a forum to do just that. (more…)

We Need an MF Global Grand Jury

Posted by Larry Doyle on January 30th, 2012 9:53 AM |

I still very much have the “sense on cents” that many on Wall Street and in Washington desperately wish that l’affaire MF Global would just fade away.

Let’s work hard to make sure that does not happen and that the MF Global customers who may NEVER see THEIR money again at least receive some justice in return.

NEVER see THEIR money again? Is that right?  (more…)

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