Are you aware the MF Global Scandal?
MF Global was a large commodity trading house that went bust recently and lost all of their clients money, to the tune of $ 1.2 billion. MF Global CEO Jon Corzine, in testimony to Congress can't explain what happened and doesn't know where the money went. He said mistakes were made and he is clueless about what happened. And 4 months later, they, the SEC, FBI, CFTC, etc., can't figure out where the money went. There is no one in jail or even under the shadow of an indictment. Money just doesn't vaporize and go poof! There are electronic trails for all of this money, they know where it went, they just don't want to tell you. The money was stolen to cover MF Global's gambling losses, pay off unsecured loans and along with it the semblance of the rule of law in the United States. It is that simple.
The US Government is so corrupted that even the FBI won't go after these criminals. This is the first obvious and blatant rip off of the public and won't be the last. You can get an idea of what happened here with this breakdown of the situation by RT & James Koutoulas, attorney for 8000 of the MF Global customers who were bilked.
But you don't care about the guys who stole from "other" rich guys, because they are all in the 1% and deserve to screw each other. Well..... wrong! The guys who got screwed were ranchers, farmers, grain operators, airlines, etc., anyone who used the markets to reduce their exposure to the risk of changing seed or oil prices as an example. Which will mean much higher prices for the rest of us at the market or for gas prices!
Until you, the American people, decide to wake up and take a stand against these corrupt bankers and their government partners, this kind of wanton theft will continue.
From CNN:
CNN
Farmer faces planting season with seeds of distrust
By Wayne Drash
March 4, 2012
...Tofteland held the farm together after his father was killed, survived drought and the great flood of 1993. Then, commodity prices sank in the mid-1990s. And like most farmers, he has seen too many friends die young.
Such are the hazards of life on a farm.
But all that Tofteland has worked for was nearly lost in one fell swoop last October. This time, it wasn't a crisis brought on by tragedy or Mother Nature. It was the work of Wall Street and commodity power players in Chicago, a scandal that has become known simply as MF Global.
Tofteland had $253,000 in an account with the brokerage firm, money he planned to use to cover his farm's operating loan. As MF Global went bankrupt last fall, customers' segregated accounts were raided in clear violation of exchange rules. When the dust settled, more than 38,000 MF Global customers -- including thousands of farmers, ranchers and grain operators who used the firm to hold money for transactions on the futures market -- were out more than $1.2 billion.
On a recent February day, Tofteland points to the stirrups hanging in his barn. They've been there since the 1930s, when the first tractor arrived. Nearby, his fields stretch nearly to the horizon.
His seed bill last year was $230,000; fertilizer cost $150,000. In addition to his own land, he farms acreage he rents at a cost of $450,000. He has another $1 million tied up in equipment, plus four full-time employees. "We're talking big numbers, and you're taking all these risks," he says. "And you can get hailed out, droughted out, flooded out at any time."
That's why the MF Global scandal hurt so much: a financial tsunami that nearly wiped everything away. Tofteland had come to rely on the futures market. So eroded is his trust in the system, he hasn't used it since.
He notes he can track a hog from his farm to somebody's table. Yet somehow, he ponders, authorities haven't fully tracked the missing $1.2 billion, or who was behind it.
"It's either ignorance or fraud," he says. "Money doesn't vaporize. If my account is empty, somebody else's is full."
Tofteland opens the door to one of his four hog barns. More than 250 piglets scamper in pens in the climate-controlled barn. The smell is so wretched it takes every ounce of strength for a newcomer not to vomit. The analogy is inescapable: What stinks worse, a hog barn or ...?
Tofteland doesn't even pause to think. "I would say MF Global. Our money was stolen and nobody is being held accountable..."
Read the rest here.
MF Global was a large commodity trading house that went bust recently and lost all of their clients money, to the tune of $ 1.2 billion. MF Global CEO Jon Corzine, in testimony to Congress can't explain what happened and doesn't know where the money went. He said mistakes were made and he is clueless about what happened. And 4 months later, they, the SEC, FBI, CFTC, etc., can't figure out where the money went. There is no one in jail or even under the shadow of an indictment. Money just doesn't vaporize and go poof! There are electronic trails for all of this money, they know where it went, they just don't want to tell you. The money was stolen to cover MF Global's gambling losses, pay off unsecured loans and along with it the semblance of the rule of law in the United States. It is that simple.
The US Government is so corrupted that even the FBI won't go after these criminals. This is the first obvious and blatant rip off of the public and won't be the last. You can get an idea of what happened here with this breakdown of the situation by RT & James Koutoulas, attorney for 8000 of the MF Global customers who were bilked.
But you don't care about the guys who stole from "other" rich guys, because they are all in the 1% and deserve to screw each other. Well..... wrong! The guys who got screwed were ranchers, farmers, grain operators, airlines, etc., anyone who used the markets to reduce their exposure to the risk of changing seed or oil prices as an example. Which will mean much higher prices for the rest of us at the market or for gas prices!
Until you, the American people, decide to wake up and take a stand against these corrupt bankers and their government partners, this kind of wanton theft will continue.
From CNN:
CNN
Farmer faces planting season with seeds of distrust
By Wayne Drash
March 4, 2012
...Tofteland held the farm together after his father was killed, survived drought and the great flood of 1993. Then, commodity prices sank in the mid-1990s. And like most farmers, he has seen too many friends die young.
Such are the hazards of life on a farm.
But all that Tofteland has worked for was nearly lost in one fell swoop last October. This time, it wasn't a crisis brought on by tragedy or Mother Nature. It was the work of Wall Street and commodity power players in Chicago, a scandal that has become known simply as MF Global.
Tofteland had $253,000 in an account with the brokerage firm, money he planned to use to cover his farm's operating loan. As MF Global went bankrupt last fall, customers' segregated accounts were raided in clear violation of exchange rules. When the dust settled, more than 38,000 MF Global customers -- including thousands of farmers, ranchers and grain operators who used the firm to hold money for transactions on the futures market -- were out more than $1.2 billion.
On a recent February day, Tofteland points to the stirrups hanging in his barn. They've been there since the 1930s, when the first tractor arrived. Nearby, his fields stretch nearly to the horizon.
His seed bill last year was $230,000; fertilizer cost $150,000. In addition to his own land, he farms acreage he rents at a cost of $450,000. He has another $1 million tied up in equipment, plus four full-time employees. "We're talking big numbers, and you're taking all these risks," he says. "And you can get hailed out, droughted out, flooded out at any time."
That's why the MF Global scandal hurt so much: a financial tsunami that nearly wiped everything away. Tofteland had come to rely on the futures market. So eroded is his trust in the system, he hasn't used it since.
He notes he can track a hog from his farm to somebody's table. Yet somehow, he ponders, authorities haven't fully tracked the missing $1.2 billion, or who was behind it.
"It's either ignorance or fraud," he says. "Money doesn't vaporize. If my account is empty, somebody else's is full."
Tofteland opens the door to one of his four hog barns. More than 250 piglets scamper in pens in the climate-controlled barn. The smell is so wretched it takes every ounce of strength for a newcomer not to vomit. The analogy is inescapable: What stinks worse, a hog barn or ...?
Tofteland doesn't even pause to think. "I would say MF Global. Our money was stolen and nobody is being held accountable..."
Read the rest here.
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