The Big Question: Are Funds At US BANKS AND Financial Firms Safe?
http://tv.globalresearch.ca/2011/12/engineering-eurozone-collapse
http://tv.globalresearch.ca/2011/12/engineering-eurozone-collapse
The short answer is 'maybe.' It is more of a buyer beware situation than most had thought, and still think.....
It is nice to see someone in the mainstream media addressing this situation intelligently and without making an apology for what is apparently a criminal act and surely an egregious abuse of the public trust.
It is an axiom that it is not the initial crime that does the greatest and most widespread damage, although in this case it appears likely that someone in MF Global is due for jail time.
The damage is going to be to the US and British financial systems, Wall Street and the City of London, and in a large part because of the capture of political process by the ZIOCONNED monied interests....
This week the Senate led by Richard Shelby turned down the appointment of Richard Cordray to head the Consumer Financial Protection Bureau. They have vowed to block any appointee until they can change the law that authorized the Bureau in the wake of the financial crisis in order to provide 'accountability.' For them that means the ability to control the Bureau and starve it of funds in order to protect their banking cronies on Wall Street.
Nothing is ever perfectly safe in this world. But some things are safer than others and there are steps one can take to diversify their wealth and avoid higher risks.
There may be even larger losses and anxiety for the unsuspecting who have misplaced their trust in false ideologies, slogans and theories promoted by a self-serving oligarchy.
Read the entire article here....
Like a little kid who just got caught stealing and begs his mama not to spank him, Eric Holder stated in the House Judicial Hearing that "the tactics used during operation Fast and Furious would never be used again by the Justice Department" and that on the distinction between lying and misleading Congress, Holder said it was a matter of a person's "state of mind."
That's reassuring.
Holder earned his stripes as a cover up agent in the Clinton administration working under Janet Reno to stifle the truth about the Oklahoma City bombing and the related murder of Kenneth Trentadue. Holder's role in Clinton's pardon of Mossad asset billionaire criminal Marc Rich shows how eagerly he will bow to Israeli lobbying and bribery.
Holder was one of many to be interviewed in the immediate aftermath of 9/11 and as Attorney General continues the coverup of that event to this day. Commentary from this video:
As serious as this 'gunwalker' issue is, and make no mistake - this was not a sting operation but deliberate trafficking for reasons yet not clear, the house hearing was a sham. We will not be seeing hearings about the money draining scam of the 'War on Drugs,' the ever expanding drug running of the CIA and other governmental agencies with protection of Afghan opium crops and heroin producing facilities, drug money laundering by all of the big banks and the kickbacks to politicians who allow it all to happen. We won't be hearing a word from Congress about Obama and Holder's promise to end the Bush-era attacks on sellers of medicinal marijuana and the patients who use it which turned into nothing but lies.
Holder and cronies make Rod Blagojevich look like an amateur. Few of the top criminals are even investigated much less go to jail. 'Walking' is what those do who are so entrenched in the corrupt system that they are above the law. The 'gunwalking' is minor compared to wall street and war crimes in terms of both lives and theft.
Another crime boss, Jon Corzine, also testified before Congress today on the MF Global 'failure.' Not being under indictment he didn't exactly say he would never do it again but did blame it on his his predecessors' bad financial decisions, said that he never intended to break rules requiring to safeguard client funds and that he doesn't know what happened to an estimated $1.2 billion that went missing.
I think his testimony qualifies him to be the next chairman of the Federal Reserve.
There's one guy who will not say "I'll never do it again." That would be the Newt. He will do it again and again, especially when it comes to his subservience to Israel and jewish money.
He's working to free Jonathan Pollard, would relocate the US embassy in Israel from Tel Aviv to Jerusalem and promised to reappoint war whore John Bolton to the UN ambassadorship. Newt is falling all over himself to outdo Romney for more of the jewish pot of gold.
As with so many who have sold out and are Israel firsters, Newt has his 9/11 connection.
From Michael Collins Piper:
Please ... someone reassure me that the primaries won't be rigged to give Gingrich the nomination, that Corzine won't walk free to steal again and that Holder and Obama and Congress will be held in check and not allowed to sabotage what's left of this country.
I know, you can't. The whole political system is a crime scene and for lack of a better answer ... it's our fault....
http://www.intrepidreport.com/archives/4151
It is nice to see someone in the mainstream media addressing this situation intelligently and without making an apology for what is apparently a criminal act and surely an egregious abuse of the public trust.
It is an axiom that it is not the initial crime that does the greatest and most widespread damage, although in this case it appears likely that someone in MF Global is due for jail time.
The damage is going to be to the US and British financial systems, Wall Street and the City of London, and in a large part because of the capture of political process by the ZIOCONNED monied interests....
This week the Senate led by Richard Shelby turned down the appointment of Richard Cordray to head the Consumer Financial Protection Bureau. They have vowed to block any appointee until they can change the law that authorized the Bureau in the wake of the financial crisis in order to provide 'accountability.' For them that means the ability to control the Bureau and starve it of funds in order to protect their banking cronies on Wall Street.
Nothing is ever perfectly safe in this world. But some things are safer than others and there are steps one can take to diversify their wealth and avoid higher risks.
If I am correct, there are even bigger scandals to come when the tide goes out again, although there will be great efforts made to cover them up and excuse them 'for the sake of public confidence in the system.' The derivatives market is a scandal-in-process, and is likely to rock the US banking system and the Dollar to their foundations when it topples.....Hence, La fuite en Avant by the Zioconned and criminal crumbling Empire of Killers, thieves and assassins in DC....'A wise person does at once, what a fool does at last. Both do the same thing; only at different times.'
Lord Acton
There may be even larger losses and anxiety for the unsuspecting who have misplaced their trust in false ideologies, slogans and theories promoted by a self-serving oligarchy.
NYT
A Risk Once Unthinkable
By James B. Stewart
December 9, 2011
Are customer accounts at brokerage firms safe?
Until the collapse of MF Global, that’s a question I thought I’d never have to ask.
Brokerage firms are required by law to maintain segregated accounts holding all client assets, including stocks, bonds, mutual funds, money market funds and cash. The law was passed after the 1929 crash, in the depths of the Depression, to make sure that customer assets were there at all times, ready to be disbursed even if everyone asked for their money at once...
I had always assumed it was impossible and that strict internal controls existed at all brokerage firms so that firm officials couldn’t tap segregated customer funds even if they were willing to break the law. Thanks to MF Global, it’s now apparent that isn’t necessarily true. “If people are determined to misuse customer funds, they will misuse them,” said Amanda Radhakrishnan, the director of the division of clearing and risk at the Commodities Futures Trading Commission.
That’s because the commodities and securities industry is mostly self-regulating, and self-regulation ultimately depends on the integrity of the regulated. Broker-dealers — securities firms that execute trades of stocks, bonds and other assets for customers — are overseen by the S.E.C., while futures commission merchants, which trade commodities, derivatives and futures, are regulated by the C.F.T.C. Like most large brokerage firms, MF Global was both a broker-dealer and a futures commission merchant, though its primary business was commodities futures trading...
Typically, this requires transfers from segregated accounts (other than at the customer’s request) to be approved by multiple officials, including in many cases, the firm’s chief financial officer and chief compliance officer.
“It’s not a low-level functionary,” a regulator said. “It’s someone who has real standing. Most customer assets are held at the biggest firms and they have scores of people involved in this process....”
The law also allows commodities firms like MF Global to use segregated customer funds as a source of low-cost financing for their own operations, but they are required to replace any customer assets taken from segregated accounts with supposedly ultrasafe collateral of the same value, typically United States Treasuries, municipal obligations and obligations whose payments of principal and interest are guaranteed by the government.
This week, the C.F.T.C. issued new rules restricting how client assets can be invested, which had grown under C.F.T.C. interpretations to include sovereign debt and transactions known as “in-house repos,” or repurchase agreements, in which a firm contracts with itself to use customer assets as, in effect, interest-free loans to finance its inventory of Treasury bonds. MF Global was apparently a heavy user of in-house repos, and before his firm collapsed, Mr. Corzine had argued strenuously against the C.F.T.C.’s proposal to ban them.
Making bad bets on European sovereign debt — like making bad bets on United States mortgage-backed securities — isn’t a crime, but improperly transferring segregated customer assets is a potential criminal violation of the securities laws and a relatively straightforward one at that. (The United States attorney’s office in Manhattan is in the early stages of investigating the removal of customer assets from MF Global.)
I spoke this week to several people involved in the MF Global investigation. No one has reached any firm conclusions about how the assets were transferred, but possible innocent explanations have dwindled to almost none. And James B. Kobak Jr., a lawyer for the MF Global trustee, said in court on Friday that there were “suspicious” trades made from customer accounts. If that’s the case, there may have been a deliberate and concerted effort to override MF Global’s internal controls to gain access to segregated customer assets, and if that can be proved, those responsible should be prosecuted and, if convicted, go to jail.
Unfortunately for MF Global’s customers — and future victims of similar crimes, if that’s what it turns out to be — there’s no easy remedy and it will most likely be months or even years before they recover their money. The Securities and Investor Protection Corporation explicitly warns that it’s “not uncommon for delays to take place when the troubled brokerage firm or its principals were involved in fraud.”
SIPC will replace up to $500,000 of securities and cash (but not futures contracts) missing from customer accounts at member firms. A measure of the magnitude of the problem is that since its creation in 1970, SIPC has advanced $1.6 billion to make possible the recovery of $109.3 billion in assets for an estimated 739,000 investors (through the end of 2010).
Meanwhile, the C.F.T.C.’s enforcement capabilities, like the S.E.C.’s, have been starved for lack of funding...
Read the entire article here....
Foxes guarding the chicken coop.....no indictments, No trials, No Jury, No nothing for utter corruption, GREED and FRAUD on a Monumental scale: they just say I'll never do it again when caught....LOL
Like a little kid who just got caught stealing and begs his mama not to spank him, Eric Holder stated in the House Judicial Hearing that "the tactics used during operation Fast and Furious would never be used again by the Justice Department" and that on the distinction between lying and misleading Congress, Holder said it was a matter of a person's "state of mind."
That's reassuring.
Holder earned his stripes as a cover up agent in the Clinton administration working under Janet Reno to stifle the truth about the Oklahoma City bombing and the related murder of Kenneth Trentadue. Holder's role in Clinton's pardon of Mossad asset billionaire criminal Marc Rich shows how eagerly he will bow to Israeli lobbying and bribery.
Holder was one of many to be interviewed in the immediate aftermath of 9/11 and as Attorney General continues the coverup of that event to this day. Commentary from this video:
Eric Holder was chosen because they planned to rape justice and Eric is the right kind of criminal. The person in charge of the Justice system in America is the same person that runs {aids} Al-CIAeda planning to attack Americans on Christmas in Portland or Detroit. The reason you will never see justice for the real crimes being committed against Americans is because Eric represents another form of "justice." Obama runs Al-CIAeda, and Eric Holder is Al-CIAeda's lawyer. Eric Holder protected the Mumbai mastermind with a fake trial in Chicago. Eric Holder staged a fake spy swap for the media, using the justice system as a game for a show. Eric Holder was part of the Lockerbie bombers legal paperwork "release." Eric Holder is a top "inside job" suspect, for 9/11, The USS Cole, and the Bombings at the US Embassy's in Africa, front and center starring in the whole Bin Laden show.What is pathetic about the house 'furious' hearing is that some are using it as an agenda for more gun regulations against honest Americans in the name of stemming the flow of weapons to Mexico. Although Holder said he will pursue prosecutions of those under his watch if laws were broken, the administration's ultimate policy is to disarm citizens out of fear that one day they may feel the need to take a stand against the police state's disregard of the constitution and Bill of Rights and overall government criminality.
As serious as this 'gunwalker' issue is, and make no mistake - this was not a sting operation but deliberate trafficking for reasons yet not clear, the house hearing was a sham. We will not be seeing hearings about the money draining scam of the 'War on Drugs,' the ever expanding drug running of the CIA and other governmental agencies with protection of Afghan opium crops and heroin producing facilities, drug money laundering by all of the big banks and the kickbacks to politicians who allow it all to happen. We won't be hearing a word from Congress about Obama and Holder's promise to end the Bush-era attacks on sellers of medicinal marijuana and the patients who use it which turned into nothing but lies.
Holder and cronies make Rod Blagojevich look like an amateur. Few of the top criminals are even investigated much less go to jail. 'Walking' is what those do who are so entrenched in the corrupt system that they are above the law. The 'gunwalking' is minor compared to wall street and war crimes in terms of both lives and theft.
I think his testimony qualifies him to be the next chairman of the Federal Reserve.
There's one guy who will not say "I'll never do it again." That would be the Newt. He will do it again and again, especially when it comes to his subservience to Israel and jewish money.
He's working to free Jonathan Pollard, would relocate the US embassy in Israel from Tel Aviv to Jerusalem and promised to reappoint war whore John Bolton to the UN ambassadorship. Newt is falling all over himself to outdo Romney for more of the jewish pot of gold.
As with so many who have sold out and are Israel firsters, Newt has his 9/11 connection.
From Michael Collins Piper:
Gingrich has an unusual connection to Larry Silverstein, a controversial figure whose name has been in the forefront of the circumstances surrounding the cover-up of 9-11.
While in Congress, Gingrich benefited from the lucrative Israeli-connected activities of his then-second wife, Marianne, who was on the payroll of the Israel Export Development Company (IEDCO), which promoted the importation into the United States of Israeli products—even as Gingrich was using his influence as a member of Congress to advance U.S.-Israeli trade.
The aforementioned IEDCO was an operation run by mob-connected Silverstein, the billionaire owner of the World Trade Center towers at the time of the 9-11 tragedy.
IEDCO’s Silverstein once even admitted to The Wall Street Journal that Gingrich was one of a number of members of Congress who was lobbied to support Silverstein’s company’s proposals—when his wife was on Silverstein’s payroll. more {Marianne Gingrich Denies Israel Job Is a "Political Payoff" 1995}
Please ... someone reassure me that the primaries won't be rigged to give Gingrich the nomination, that Corzine won't walk free to steal again and that Holder and Obama and Congress will be held in check and not allowed to sabotage what's left of this country.
I know, you can't. The whole political system is a crime scene and for lack of a better answer ... it's our fault....
http://www.intrepidreport.com/archives/4151
"It is in this sense that one could say that Russia is not really democratic and that the elections were 'unfair': in the sense that there was simply no viable alternative offered to Messrs. Medvedev and Putin."
Just like Europe and North America, where there is simply no option out of oligarchic, Zionist, pro-imperial regimes. At least in Russia the regime in power thinks a little bit of and for the people, as living conditions improved a lot in the last decade. While in Europe and the US they are at utter free fall....
Just like Europe and North America, where there is simply no option out of oligarchic, Zionist, pro-imperial regimes. At least in Russia the regime in power thinks a little bit of and for the people, as living conditions improved a lot in the last decade. While in Europe and the US they are at utter free fall....
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