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As Greece's debt is more settled for now.
Goldman Sachs is making headlines news again for d wrong reason.
http://money.cnn.com/2012/03/14/markets/goldman_sachs/index.htm?iid=Lead
Smith -- who resigns as a Goldman executive director and head of U.S. equity derivatives business in Europe, the Middle East and Africa -- detailed the disintegration of the company's culture during his time there.
teeth53 thot:
Anyone wishes for advise?. Angmo style, Goldman Sach way...can see what happen to Greece.
A Goldman Sachs executive has resigned in a very public manner -- calling the firm " toxic" and disrespectful of its clients in a scathing op-ed piece published in Wednesday's New York Times.
" I can honestly say that the environment now is as toxic and destructive as I have ever seen it."
(Reuters) - A Goldman Sachs banker has launched a withering attack on the bank in a newspaper column announcing his resignation, saying that several managing directors at the Wall Street firm had ... More »Departing Goldman banker slams " rip-off" culture
teeth53 thot: Oneself believe in Goldman Sachs, will be like Greece's believing in themself.teeth53 ( Date: 01-Nov-2011 15:55) Posted:
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Goldman Sachs helped the Greek govt to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht ...
This article analyzes the connection between the fraud case brought against Goldman Sachs and Greece's mounting debt problems www.globalization101.org/news1/Goldman_Sachs_Greece - Cached
Anyone still believe in Goldman Sachs...and all about this man from Goldman Sachs, isit tis man..?..
MF Global CEO Jon Corzine was from Goldman Sachs. |
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I think their Asia Operation is okay.
Client Money and Company Money are separated.
The money he used are their US clients one.
I heard there are US traders losing all their money to this Fraud.
victortan ( Date: 18-Dec-2011 19:01) Posted:
Finally , you guy can get back your $$$, congra!!!
me at first thought was gone case, was sorry for my friend,
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Finally , you guy can get back your $$$, congra!!!
me at first thought was gone case, was sorry for my friend,
http://sg.finance.yahoo.com/news/MF-Global-prober-much-money-rsg-341654258.html?x=0
Commodity Futures Trading Commission's investigation said on Friday.
CFTC Commissioner Jill Sommers, who heads up one of several probes of a massive shortfall in money that was supposed to be segregated for MF Global customers, said in a statement that " dozens of auditors, investigators and attorneys" are continuing to work on the case.
But " subsequent transfers of those funds are currently being traced, and there is still a lot of work to do" before the CFTC will be in a position to identify the exact source of the shortfall and work to pay back customers, Sommers said.
Most customers have already been paid back about 72 percent of the value of their accounts.
MF Global filed for bankruptcy on October 31 after it was forced to reveal that it had made a $6.3 billion bet on European sovereign debt, spooking investors and customers.
Regulators and others probing MF Global say a huge chunk missing, but they cannot agree on the amount. James Giddens, the court-appointed trustee liquidating the brokerage, has estimated the shortfall at $1.2 billion. Earlier estimates by other regulators pegged it at $600 million, while CME Group, MF Global's front-line regulator, has put it at between $700 million and $900 million.
MF Global's former CEO, ex-New Jersey Governor Jon Corzine, resigned on November 4. In three days of testimony before three separate Congressional panels, he has said he does not know what happened to the missing money.
http://business.financialpost.com/2011/12/09/mf-global-judge-approves-2-2-billion-transfer-to-customers/
U.S. Bankruptcy Judge Martin Glenn on MF Global Inc.’s customers can get another $2.2-billion distribution, allowing them to recover 72% of what they lost when the brokerage failed.
Most of the transfers will go out in the next few days, though some will take two to four weeks, James Kobak, a lawyer for Giddens, told Glenn. “Suspicious transactions” in the days before the brokerage’s parent filed for bankruptcy, and the shortfall in the brokerage’s segregated customer accounts may still be $1.2 billion.
One and oni thing he know is....money is...his wealth $$$.
http://money.cnn.com/2011/12/08/news/companies/corzine_mf_global/index.htm?iid=Lead
MISSING CASH: 'DON'T KNOW'
Jon Corzine, former CEO of bankrupt MF Global, apologized for the failure of his company and said " I don't know where the money in...
Ex-MF Global CEO Corzine apologizes for firm's failure in prepared testimony for House panel.
More
Just for sharing latest info. The $1.2 billion question: What happened to the customer money at MF Global?
http://money.cnn.com/2011/12/06/news/companies/mf_global_money/index.htm?iid=Lead
6:26AM: Jon Corzine summoned to appear before Congress, amid search for missing $1.2 billion.
Moreteeth53 ( Date: 13-Nov-2011 21:11) Posted:
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Turk - MF Global Disaster to Create Another Lehman Crisis
kingworldnews.com
NOVEMBER 21, 2011
With stocks plunging, the dollar rallying, gold and silver pulling back and fears of contagion spreading, today King World News interviewed James Turk out of Spain to get his take on what is happening. When asked about the possibility of contagion and the MF Global situation, Turk responded, “First of all investors should be concerned because everything is so inter-connected today. People call it contagion and this contagion is real because the MF Global bankruptcy is going to have a knock on effect, just like Lehman Brothers had a knock on effect.”
“So the contagion is the first reason for concern. The second reason for concern is it’s taking so long for them to find this so called missing money, which I find shocking. It’s been three weeks now since the MF Global bankruptcy was declared and they started talking about $600 million of missing funds.
Hi All!
This is such an amazing thread.
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http://www.reuters.com/article/2011/11/11/us-mf-global-asia-f-idUSTRE7AA2FV20111111
(Reuters) - MF Global's (
MFGLQ.PK) liquidators are struggling to sell the Asian business as one concern
because of problems unwinding trading positions, so they may now sell the various country units separately.
NEW YORK - Almost two weeks after the bankruptcy of commodities firm MF Global, customers at rival firms are all asking the same question:
How safe is my money? Full Article teeth53 ( Date: 12-Nov-2011 21:42) Posted:
http://sg.finance.yahoo.com/news/MF-Global-fires-brokerage-rsg-1858070727.html?x=0
MF Global fired all 1,066 of its brokerage employees on Friday, triggering anger and resentment about the firm's collapse after bad bets on European debt under former CEO Jon Corzine's leadership.
How the abrupt, final blow was delivered....and
How all clients will be...Die now and or later, oso hav to die - Be prepare for the worst. |
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http://sg.finance.yahoo.com/news/MF-Global-fires-brokerage-rsg-1858070727.html?x=0
MF Global fired all 1,066 of its brokerage employees on Friday, triggering anger and resentment about the firm's collapse after bad bets on European debt under former CEO Jon Corzine's leadership.
How the abrupt, final blow was delivered....and
How all clients will be...Die now and or later, oso hav to die - Be prepare for the worst.
LHK is the problem. His backside is growing bigger while his tummy is expanding!
On Greece, now that both politician (main players) has had help each others from fallen into abysses.
They survive and yet the fight remain to be seen, till Feb 19 after...This man. Mr Papa can earn much more outside politic, given his much experience trouble shooting to save Greece.
http://sg.news.yahoo.com/parties-agree-early-greek-elections-date-030158513.html
teeth53 thot: Anyone wishes for advise?. Angmo style, Goldman Sach way...can see what happen to Greece.
Don blame Greek nor pointing finger at...Greece is a victim by itself by believe in Angmo Goldmans Sach style, Greek is itself like it that way, run it in that particular fashion,
by Greece leaders in a bid to join Euro.
European Union, Global Investors?We're All Fed up with Greece!
In all, it is Goldmans Sach job paid to do it that way. so again I ask this same question.
Anyone wishes for advise?. Angmo style, Goldman Sach way...can see what happen to Greece.
You Won't Believe How MF Global Screwed Their Clients In Their Final Days Before Going Bankrupt
Some incredibly galling behavior on the part of
MF Global as exposed by
Reuters' Matthew Goldstein:
It appears that 10 days ago, with speculation swirling that the Jon Corzine-led firm would soon file for bankruptcy, a good number of customers started to put in requests to pull their money from the New York-based outfit. But instead of simply wiring that money back to their customers, it seems MF Global tried to buy some time for itself by sending that money back via snail mail in the form of an old-fashioned check.
This proved to be hugely significant, as the checks have, in many cases, ultimately bounced, now that the company is bankrupt.
Read the whole story >
Dear Congress: 'I Have Hundreds Of Thousands Stuck At MF Global, And I Demand You Investigate The Following'
Image: Business Insider
the collapse of the firm, the hundreds of millions of dollars that are apparently missing. He says he, himself, has hundreds of thousands still frozen.
We haven't independently been able to verify that, so take this all as what it is: Someone who has sent an open letter.
We've also included his personal intro here.
My name is Andrew Abraham from Abraham Investment Management . I am a commodity trading advisor.
I have been investing in commodities for 17 years. I have never seen nor have people in the industry for 30 years plus experienced what has transpired with MF Global.
The idea I want to get across...we are not just a group of speculators... there are hedgers who use the
markets to protect their products such as farmers. If client money can be stolen...nothing is safe..No bank account..no stock market account...
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Dear Congressman
I am writing to you to ask for your immediate help and intervention to ensure the integrity of the US Financial markets
in lieu of the MF Global debacle. The integrity of the markets are at stake as well as the integrity of the USA
in the eyes of the financial world.
Segregated client accounts of MF Global are missing upwards of $600 million USD. This money just does
not disappear or then according to news reports show up at JP Morgan and then to disappear once again.
JP Morgan was a custodial bank for MF Global. JP Morgan had repurchase agreements with MF Global.
Were funds sequestered from MF Global Clients by JP Morgan to make up in short falls?
Does the US Financial system allow stealing of segregated funds at one institution by another?
These segregated accounts are no different than personal or corporate bank accounts or even stock market accounts.
These accounts were (possibly) violated and a large amount of assets are missing.
What is worse is the violation of the Commodity Exchange Act, which states that in the event of a
FCM bankruptcy client funds are to be handled separately from the firm assets and given priority.
It is questionable what transpired, however 50,000 customer accounts have been frozen and hundreds
of millions of dollars are unaccounted for. The analogy is very simple. It is as if a bank makes bad loans
and then pillages their customer’s accounts to remedy the situation or if a Stock brokerage company
makes bad investments and then withdraws monies from their client’s accounts. If this is allowed to
continue there will be NO Trust in the markets. Nothing will be safe!
The implications are severe to farmers to hedgers of virtually aspect of our human existence.
This is not just a group of commodity trading speculators. This is the basis of the US economy.
The fact is that the regulators were not regulating nor are they acting now in order to protect the integrity
of the financial markets. I implore you to take a stand to protect the financial markets. I implore you to
1.Demand that the trustees of the MF Global release at least partial of the frozen cash
2.Open immediately investigations of JP Morgan and how segregated accounts & money supposedly appear and disappear.
3. Open immediately an investigation of the regulators who failed their task in regulating the markets.
This can spin out of control very quickly. Myself and countless others are counting on you to protect the integrity
of the US Financial markets.
Andrew Abraham
Abraham Investment Management
When one is over d hill and once belong to a very big battleship, what happen is?...this can happen.
Jon Corzine, a former chief of Goldman Sachs, characterized his abrupt departure, he once joked as " too small to care about" .
Now - MF Global's seeking bankrupt protection triggered steep declines in stks of other financial companies, such as Morgan Stanley and investment bank Jefferies Group Inc.
