If this was a movie, no one would believe what has been allowed to transpire with the MF Global Bankruptcy.
There are those that are calling for more regulation. They do not understand the facts. There does not need to be more regulation rather, Do we need more competent regulators who protect the integrity of the markets?
This is not about some commodity traders or farmers. This is SYSTEMATIC when there are other organizations such as JP Morgan or UBS privy to the same regulation( rather lack of regulation) as MF Global & problems could be on the horizon with them also.
Nothing is safe with rules 1.29 and 1.25.
1. Corzine should never have been at the helm of MF Global. He was not properly licensed by Finra. This all could possibly have been avoided. Should Finra regulators should be held responsible and step down?
2.Rules 1.25 and 1.29 gives license not only to MF Global to violate so called segregated accounts but other firms such as JP Morgan and UBS partook in the negotiations with the CFTC. Did the CFTC gave carte blanche for these firms to avoid the cardinal rule of segregation of client funds?
***Read the comment letters from firms such as CME, FIA, NewEdge.
3.Should Gensler the chairman of the CFTC ever have been given his position considering his close and intimate relationship with Corzine going back to Goldman and Washington? Was the Fox watching the hen house???
*** Washington Spin Doctors are now writing stories how estranged the relationship had been in the past.
4. James Giddens is using a High level public relations firm to spin stories & feed them to reporters who might be not researching all the facts? His fees are being paid of the proceeds of the bankruptcy if there is anything left.
5. Farmers and Grain Elevator operators are experiencing great pressures. Who do you think will pay for this in higher grain prices?
You are right. The public, All of us! Come on Politicians!
6. James Giddens the trustee of the MF Global Bankruptcy only charges $890 dollars a hour. James Giddens worked on the Lehman case billing $160 million dollars for his own & firms benefit while many Lehman clients got nothing. Do you think that is ethical? Do you think that James Giddens has the intentions of the victims of MF Global bankruptcy at heart or is it preferable to drag this on as long as he can in order to garnish more fees?
7. Lehman brothers just settled their MBS suit For Half A Cent On The Dollar. How much did the lawyers return for themselves?
8. The CME produced a document called financialsafeguards1. No where in that document is any mention of rules 1.25 or 1.29 allowing firms to violate segregated accounts.
Read the document do a search under control F and does not show up. As well to mention they were of the discussions with CFTC regarding those rules.
Did the CME mislead the public?
9.The real bottom line is so clear and is summed up by just reading the Comment letter of MF Global and NewEdge regarding their appeal to the CFTC.
What to do
1. Join Typhoncap group of 1500 victims of MF Global Bankruptcy
2.Contact Congress and Senate representatives of the Agricultural group as well as Financial oversight. They need to respond since they represent us.
3. Contact Bankruptcy Judge via fax if you feel that James Giddens is not representing fairly your interests
Fax number 212 668 2878
4. Contact the media…here is a short list
William D. Cohan at firstname.lastname@example.org.
Max Berley at email@example.com
Collins, Daniel P. firstname.lastname@example.org
Robert Lenzer RLenzner@forbes.com
Lisa Du (email@example.com);
5. Make your voice heard! Join the MF Global Bankruptcy group on Linkedin
6. Do not give up hope! We are fighting for our industry, integrity of the markets that have so badly tarnished and our future.
Abraham Investment Managment