AuthorTopic: Another MFing Global Cockroach  (Read 6706 times)

Offline WHD

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Re: Another MFing Global Cockroach
« Reply #15 on: July 12, 2012, 09:57:12 AM »
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Surly -- it will be interesting to see if any of this catches the attention of anyone remotely connected with law enforcement. Not holding my breath.

WHD - What law?

Surly - That is indeed the question. I remain convinced that none of this would be occurring if Eric Holder were still alive.

Still alive? Did he snub one of his Mexican drug cartel connections? Or did Wells Fargo and the Corrections Corporation of America kill him, for not contributing to 12% prison growth? (Wouldn't that be supper cool to be a big bank and be able to harbor billions of Drug cartel money and invest in prisons and government law makers?!) 

Offline Surly1

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Re: Another MFing Global Cockroach
« Reply #16 on: July 12, 2012, 10:05:09 AM »
Still alive? Did he snub one of his Mexican drug cartel connections? Or did Wells Fargo and the Corrections Corporation of America kill him, for not contributing to 12% prison growth? (Wouldn't that be supper cool to be a big bank and be able to harbor billions of Drug cartel money and invest in prisons and government law makers?!)

I assume he has been in a catatonic state since 2008, given the number of prosecutions for Wall Street types.
"It is difficult to write a paradiso when all the superficial indications are that you ought to write an apocalypse." -Ezra Pound

Offline WHD

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Re: Another MFing Global Cockroach
« Reply #17 on: July 12, 2012, 11:48:11 AM »

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I assume he has been in a catatonic state since 2008, given the number of prosecutions for Wall Street types.

Tell that to all those people in need of a comparatively inexpensive and infinitely more safe non-pharmaceutical remedy to illness. (You would appreciate NPR's take on the guy, from about a month ago. An epic lionization, if I have ever heard one. I would post it, but it would probably make you puke.  Orlov said NPR stands for "Not Particularly Relevant.)   

Offline Surly1

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Re: Another MFing Global Cockroach
« Reply #18 on: July 12, 2012, 12:17:09 PM »

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I assume he has been in a catatonic state since 2008, given the number of prosecutions for Wall Street types.

Tell that to all those people in need of a comparatively inexpensive and infinitely more safe non-pharmaceutical remedy to illness. (You would appreciate NPR's take on the guy, from about a month ago. An epic lionization, if I have ever heard one. I would post it, but it would probably make you puke.  Orlov said NPR stands for "Not Particularly Relevant.)

I used to manage a local public tv and radio operation in another life (for a brief period) after a long career in public broadcasting. I am in a particularly good place to evaluate the transition from what public broadcasting was to what it has become today, a halfway house for low talent hacks and, in NPR news programming, a haven for lickspittle catamites in thrall to the one per cent. Stenographers to power all. As far as I am concerned, NPR stands for, variously, "National Pentagon radio" or "National Petroleum Radio."

But Orlov's formulation works for me as well.
"It is difficult to write a paradiso when all the superficial indications are that you ought to write an apocalypse." -Ezra Pound

Offline g

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Re: Another MFing Global Cockroach: Surprise, A Bank Wins Customers Lose
« Reply #19 on: September 04, 2012, 05:05:49 PM »
No more laws or legal system.  We are truly screwed.     :icon_study:
Sentinel ruling may hurt MF Global clients

(Reuters) - A ruling in the case of failed futures brokerage Sentinel Management Group could make it more difficult for customers to recoup money lost in the much larger collapse of MF Global, according to Sentinel's bankruptcy trustee.

A federal appeals court on Thursday upheld a ruling that puts Bank of New York Mellon ahead of former customers of Sentinel in the line of those seeking the return of money lost in the 2007 failure of the suburban Chicago-based futures broker.

The appeals court affirmed an earlier district court ruling that the bank had a "secured position" on a $312 million loan it gave to Sentinel, which turned out to have been secured by customer money.

Futures brokers are required to keep customers' funds in dedicated accounts to protect them from being used for anything other than client business.

However, Thursday's ruling suggests that brokerages can use customer funds to pay off other creditors, Sentinel trustee Fred Grede told Reuters.

"I don't think that's what the Commodity Futures Trading Commission had in mind" with its requirement that brokers keep customer money separate from their own, he said.

www.reuters.com/article/2012/08/10/us-sentinel-appeals-decision-idUSBRE87900T20120810

Offline g

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Re: Another MFing Global Cockroach: Corzine Knew About Misuse of Funds
« Reply #20 on: September 13, 2012, 06:19:09 AM »
In the days following MF Global’s stunning implosion last year, a senior executive at the firm made a startling concession to investigators looking into both the company’s demise and the loss of more than $1 billion in customer money, according to people with direct knowledge of the matter.

MF Global’s chief financial officer for North America, Christine Serwinski, told investigators that her boss, MF Global’s chief executive, Jon Corzine, was well aware of the use and possible misuse of the customer funds during the firm’s final days, and as a result, Corzine may end up in “jail,” these people add.

http://www.foxbusiness.com/industries/2012/09/11/exclusive-mf-global-cfo-said-corzine-knew-about-misuse-funds/

Offline RE

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Roach-dale: Another Cockroach Bites the Dust
« Reply #21 on: December 04, 2012, 11:22:06 PM »
Another Piglet got hung out to dry here, David Miller taking the Fall for his Masters.  I weep for him.  :icon_mrgreen:


Wait till this really gets rolling.  We'll be Raining Stockbrokers.  Still got a while to wait for the Backstabbing to chain up the line to the Big Boys though.


RE


Rochdale "Rogue Apple Trader" Arrested

Submitted by Tyler Durden on 12/04/2012 16:53 -0500

And so yet another saga of a trader who bet on AAPL rising, just before it tumbled, ends in tears, this time with what appears to be near certain incarceration of another small, 2-bit trader.

As we previously reported, back in November, as AAPL stock was in freefall, none other than the firm of everyone's favorite financial permabull, Rochdale, ended up being a proud if involuntary holder of nearly $1 billion in AAPL stock. The scapegoat for AAPL's price drop: one ex-trader David Miller. What Miller is accused of, is buying 1.6 million shares of AAPL on the day of the company's last earnings announcement in hopes, of course, the stock would surge. It didn't. Furthermore, Miller was in reality executing a trade for a client who had only wanted to buy 1,625 shares, but Miller was confident enough the stock would go up, he bet the firm's money to buy the difference. Sadly, neither the AAPL earnings announcement, nor its stock price, did quite as planned. End result: $5 million loss, Miller terminated and now arrested and charged, and Rochdale left scrambling for a bailout.

That's not all: as Dealbook reports, "Separately, Mr. Miller was talking to yet another brokerage firm, leading it to sell short or bet against Apple shares. This was done, according to the complaint, to hedge against his other position. Fortunately this brokerage house was able to trade out of the position at a profit. Mr. Miller, according to the complaint, had been planning this trade for some time and in the weeks leading up to Apple’s earnings he had made false representations to the brokerage firm that shorted the stock in order to help facilitate the trade." Miller then piled insult upon injury by lying, claiming he made a mistake in the order.

Of course, the reason why we italicized the word 'scapegoat' above is that had Miller's coin-toss proven accurate, and if AAPL had not posted its 3rd consecutive earnings miss in a row, and the stock had soared, he, his clients, and his firm would have all made lots money, Miller would now be expecting a fat 7 figure bonus, and Rochdale would not be in dire need of a rescuer (who refuses to come).

Alas, it, and everyone's favorite permabullish financial seer of seers, and the man who said to buy Lehman days ahead of its bankruptcy, is now left hanging, although as the NY Post reports, Rochdale rivals are "courting star analyst" Bove:

Bove is being courted by a bevy of rival firms with Rochdale teetering on the edge after it was rocked by $1 billion worth of unauthorized Apple trades.

The small brokerage, run by CEO Dan Crowley, blames a rogue trader, identified as David Miller, for making the massive bet without approval. The Federal Bureau of Investigation, along with regulators including the Financial Industry Regulatory Authority, are probing the matter.

Bove has pledged to stay at the firm while Crowley looks for a white knight willing to pony up $5 million or more to allow the Stamford, Conn., firm to continue operating as a broker-dealer.

If Rochdale, however, cannot find a cash infusion in the next few weeks, Bove will jump ship to another Wall Street firm, according to several sources close to him.

It is unclear just who this competing firm that will retain Bove's service is: the Home Shopping Network comes to mind.

Finally, one wonders just how close Messrs Miller and Bove were. According to Miller's FINRA dossier, his professional career is a mirror image of that of Dick himself. Was Miller merely expressing the bullish views of Mr Bove, whose permabullishness is usually amusingly contagious to those who know little or less about the true functioning of the financial world.
Save As Many As You Can

Offline g

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Re: Another MFing Global Cockroach
« Reply #22 on: December 04, 2012, 11:38:12 PM »
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It is unclear just who this competing firm that will retain Bove's service is: the Home Shopping Network comes to mind.

That is the firm for him. One of MSM's greatest, always wrong, cocky as all hell, selling costume jewelry would be most appropriate.

Offline g

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Re: Another MFing Global Cockroach: JP Morgan Hid Trades and Deceived
« Reply #23 on: March 16, 2013, 04:32:31 AM »
JPMorgan Chase, the nation’s biggest bank, ignored internal controls and manipulated documents as it racked up trading losses last year, while its influential chief executive, Jamie Dimon, briefly withheld some information from regulators, a new Senate report says.

The findings by the Congressional investigators shed new light on the multibillion-dollar trading blunder, which has claimed the jobs of several top executives and prompted an inquiry by the Federal Bureau of Investigation. The 300-page report, released a day before a Senate subcommittee plans to question bank executives and regulators at a hearing, will escalate the debate over how to police complex risk-taking on Wall Street. It may also foreshadow a criminal case against employees at the heart

  Mr. Dimon, whose reputation as an astute manager of risk has been undercut by the trading losses, comes under the harshest criticism yet from the Senate investigators. The chief executive signed off on changes to an internal alarm system that underestimated losses, seemingly contradicting his earlier statements to lawmakers, according to the report.

He is also accused of withholding from regulators details about the investment bank’s daily losses — and then raising “his voice in anger” at a deputy who later turned over the information.
If I ever saw a maggot deserving of justice from the Orkin Man it is this grinning pretty boy maggot with his Dennis the Menace grin.


http://dealbook.nytimes.com/2013/03/14/jpmorgan-faulted-on-controls-and-disclosure-in-trading-loss/?ref=business  :icon_study:

 

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