Posts Tagged ‘MF Global’
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…)
Tags: farmer letter to Sense on Cents, government failure to protect investors, hedging agricultural products, Larry Doyle, MF Global, MF Global clients, MF Global current situation, MF Global customers, MF Global farmer plea, MF Global farmers, MF Global John Corzine Barack Obama, Vassar MIchigan farmer, what is going on with MF Global, what states will decide the election, where's the MF money
Posted in General, MF Global | 9 Comments »
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…)
Tags: Corzine: Toss Suit, failure of MF Global, Jon Corzine and Joe Biden, Jon Corzine ego outweighed by stupidity, Jon Corzine requests dismissal of lawsuit, MF Global, MF Global civil fraud lawsuit, MF Global investigation
Posted in General, Joe Biden, Jon Corzine, MF Global | 8 Comments »
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…)
Tags: does your dog bite, Inspector Clouseau Peter Sellers, Jon Corzine MF Global investigation, MF Global, MF global Department of Justice, MF Global independent investigation required, MF Global investigation, Michael Grimm MF Global investigation, we've been robbed
Posted in General, MF Global | 12 Comments »
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…)
Tags: Barack Obama and Jon Corzine, crony capitalism, Jeff Carter Chicago futures trader, John Roe BT Trading, john Roe Commodity Customer Coalition, MF Global, MF Global April 2012, MF Global customers, MF Global Edith O' Brien, MF Global history, MF Global Jon Corzine, MF Global lack of confidence, MF Global lack of trust, MF Global Leaves Industry Scarred, MF Global prosecution, MF Global regulators, MF Global The Sting, MF Global trustee, The sting, The Sting Paul Newman, The Sting Robert Redford, The World Project, This was a massive theft, Wall Street-Washington incest, what happened at MF Global
Posted in General, MF Global, Wall Street Washington Incest | 32 Comments »
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…)
Tags: CFTC MF Global, Chicago Mercantile Exchange, Christine Serwinski MF Global CFO, Edith O' Brien MF Global, Jon Corzine, MF Global, MF Global broker dealer, MF Global CME, MF global customer funds transfer, MF Global October 24 to October 31, MF global regulator CME, the accounting error that wasn't, the downfall of MF Global, what really happened at MF Global, who authorized the transfer of MF Global customer funds
Posted in General, MF Global | 5 Comments »
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…)
Tags: Edith O' Brien Congressional memo, Edith O' Brien MF Global, fiduciary responsibility in MF Global case, Financial Times coverage of MF Global, friends of Jon Corzine, Gerald Shargel criminal defense lawyer in NYC, John Moscow Baker Hostetler, John Moscow chief prosecutor, Jon Corzine, Jon Corzine indictment, managing the flow of news, MF Global, MF Global Customer funds, MF Global customers, MF Global's Corzine may be Liable if Customer Risk Known, Micahel Clark of Duane Morris in Houston, Michael Clark former federal prosecutor, per JC's direct instructions, The People vs Jon Corzine, The Wall Street Journal coverage of MF Global, will Corzine be indicted
Posted in General, MF Global | 17 Comments »
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…)
Tags: breaking the rules at MF Global, Chicago Mercantile Exchange, Chris Hehmeyer, CME, did MF Global break the rules, HTG Capital Partners, James Koutoulas, JP Morgan insult added to MF Global injury F Global insult, MF Global, MF Global customer money, MF Global customers, MF global executives, National Futures Association, Open Letter to Jamie Dimon from James Koutoulas, what is the CME
Posted in General, MF Global | 5 Comments »
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…)
Tags: BATS, CNBC, derivatives volume, Euronext NYSE, European derivatives, flash crash, front running, Goldman Sachs, hft, high frequency trading, Larry Doyle, Larry Doyle speaks about Goldman Sachs, Mark Haines, MF Global, new york stock exchange, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, NYSE Volumes Cut in half in Three Years, nyxdata.com, people choose not to play, Securities Technology Monitor, trading volumes, what is behind decline in trading volumes, when principal is not protected, why are trading volumes down so much, why have trading volumes declined
Posted in General, Wall Street | 5 Comments »
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…)
Tags: Edith O' Brien Jon Corzine MF Global Preet Bharara Charlie Gasparino, fight for justice for MF Global, Matthew 25:40, MF Global, MF Global custome rmakes impassioned plea, MF Global customers, MF Global funds, MF Global Jon Corzine, Wall Street Journal Whodunit at MF Global, Wall Street-Washington incest, what is happening to MF Global customers
Posted in General, MF Global | 10 Comments »
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…)
Tags: Anna Burger, Barack Obama, can money vaporize, financial grand juries, MF Global, MF Global bankruptcy, MF Global Customer funds, MF Global customers, MF Global Jon Corzine, MF Global money vaporized, President Obama, Wall Street-Washington incest, we need an MF Global grand jury, what really happened at MF Global, where is the MF Global customer money
Posted in General, MF Global | 10 Comments »