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The Fed's Jim Bullard seems a bit too smug about the lack of reverberations from the MF Global...

The Fed's Jim Bullard seems a bit too smug about the lack of reverberations from the MF Global (MFGLQ.PK) collapse, says Bruce Krasting. How can he "pleased" about $600M that more and more looks to have been stolen from customer accounts? If money held in segregated accounts of heavily regulated operators isn't safe, what is, asks Krasting? This isn't over.
Comments (9)
  • dacama1
    , contributor
    Comments (217) | Send Message
     
    Why the fudge isn't Corzine in Jail?
    17 Nov 2011, 03:08 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    Bruce, just keep in mind that policing MF Global is not in Bullard's job description. He and the Fed have enough problems of their own to try to deal with without wading into other people's shark infested waters. BTW: do you have an expertise in recognizing "seems a bit to smug" in others because you "seem a bit to pretentious" to me.
    17 Nov 2011, 03:08 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    "If money held in segregated accounts of heavily regulated operators isn't safe, what is, asks Krasting?"

     

    Now that is a great question. This goes to the heart of confidence in our monetary system - the idea that you get your money back at the time you ask for it and in the amount you are entitled to receive.

     

    Unless answered satisfactorily this alone could cause a run on the brokers especially the smaller ones and spillover into the regular banks.
    17 Nov 2011, 03:14 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9965) | Send Message
     
    Good point.
    17 Nov 2011, 03:24 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    What about your gold being held in those vaults?
    17 Nov 2011, 03:45 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    7foot,

     

    I don't own any but I am guessing I would be feeling nervous about that too. Harder to verify physical gold if you can't stop in and see it and fondle it when you want.
    17 Nov 2011, 03:47 PM Reply Like
  • ejhickey
    , contributor
    Comments (121) | Send Message
     
    I was an MF sucker , i mean customer , who owned some alleged gold in one of those alleged vaults. at least that is what I was told.

     

    Where is the gold that I paid for and was listed on my statement? dammed if I know and no one can tell me. sure I filed my claim with the trusty Trustee, but they don't even know where it is . All I have been told so far is that when they do find it I can probably expect to take a haircut of at least 11% when all is said and done. I would have done better by listening to Glenn Beck and buying from Goldline. Do I consider the commodity markets safe ? Will I put some more money in an account and start buying again as if nothing happened? especially since I can't even figure out how much I will lose? let me think it over for a few years.
    19 Nov 2011, 04:40 PM Reply Like
  • HiSpeed
    , contributor
    Comments (1112) | Send Message
     
    Corzine needs to 'occupy jail'
    17 Nov 2011, 03:55 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    Corzine's hiding out until the furor blows over and his friends can rescue him. I'm sure there will be a 'rational' explanation for all he's done, payment of a fine and no admission of guilt.
    17 Nov 2011, 04:25 PM Reply Like
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