Added December 19th: Private Property Now Subject To Seizure
This sort of action turns the entire premises of private property and bailment on its ear! NO — and I repeat NO — property held allegedly for your benefit by any third party anywhere is safe under this “theory” of the bankruptcy trustee. Yes, this includes something so simple as the money on deposit in your bank account.
Added December 13: Martin Armstrong Where To Keep Your Money After Mf Global
Bottom line is if you don’t have physical possession, you have, at best, a well meaning promise with looming counterparty risk.
Martin Armstrong: Trading wiTh oTher people’s money The Collapse of the – WORLD Financial System Why MF Global is worse than Europe
MF Global woes ripple into heartland Dennis Magnuson is a farmer, not a gambler. He trades in the commodity futures markets hoping to stabilize the cost of feed for the pigs he sells. The Austin, Minn., resident said he would never put his money into bonds issued by European countries flirting with economic collapse.
But the now-collapsed MF Global Holdings Ltd. may have done that for him.
We No Longer Have A Justice System In The US …Now of course Mr. Corzine is entitled to the presumption of innocence and he is entitled to a trial before being pronounced guilty, but the law on this point is clear: Executives, the CEO and CFO in particular, are required under Sarbanes-Oxley to factually know about matters such as this and they are required to attest to that knowledge — and the presence of appropriate and sufficient risk controls under penalty of felony indictment.
It appears that Mr. Corzine has admitted in front of a Congressional Committee that he does not know, and therefore this appears to be a prima-facie admission that he is in direct violation of this law.
If this is not dealt with on an expeditious fashion and the law is not enforced you have just seen proof on national television that there is no longer a rule of law in this nation of any substance…
June 2: J.P. Morgan Chase & Co. has returned roughly $600 million that was
ensnared [stolen] at the bank when MF Global Holdings Ltd. collapsed in October… I am now comfortable having small amounts of capital at the better brokerages. It took awhile, but it appears it is a hassle to steal others’ accounts.