some unimportant news ;0) just in in-tray ... not verified ... boyz checking
Oh, but there’s more.
Also announced over the weekend was the jaw-dropping, yet illuminating fact that the MF Global bankruptcy was fraudulently, nefariously and illegally drawn up as a Chapter 7 BK for a SECURITIES DEALER and NOT a commodity brokerage as it should have been. Look, MF Global was the second-largest non-bank FCM in the United States next to NewEdge which is the old FIMAT. If MF Global wasn’t an FCM, then there are no FCMs. Of course it was an FCM. It had $7.2 billion in customer seg funds as of August 31, 2011. And yet MF Global was immediately, from the get-go, put into Chapter 7 BK as a SECURITIES FIRM. This is fraud. MF Global’s BK should have OBVIOUSLY been established under Subchapter IV of the Chapter 7 code as a COMMODITY BROKERAGE.
Why wasn’t this done? Because in a Subchapter IV liquidation of a commodity brokerage firm, guess who is absolutely and unequivocally at the front of the line? You guessed it: the CUSTOMERS. In the Chapter 7 liquidation of a securities firm, guess who goes to the front of the line? Uh-huh. The “creditors”, aka the counterparties on the firm’s proprietary positions. As in . . . J.P. Morgan, et al.
Now we know why this unprecedented action of raping the customers has happened. It was set up that way. Now are you telling me that NO ONE at the CFTC appreciated the difference between the BK subchapters? Are you honestly telling me that Terry Duffy and NO ONE at the CME understood the difference between a securities firm liquidation and a Subchapter IV commodities firm liquidation and the massive consequences to the customers? Not a single one of them understood this massive difference? Bullshit. Of course they knew. They set it up that way from day one. And they continue to know. And this fricking charade just keeps going and going, and the rape and confiscation of the customers' property continues apace. The fix was in on the customers and J.P. Morgan was put at the front of the line willfully, intentionally and with extreme malice aforethought by all those parties concerned. Citation
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