Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: DuncanWaring

One a-hole goes nuts, and so we should tie up an entire industry in red tape and bankrupt America???

No doubt you feel, also, that one shooter goes crazy and we should ban all firearms.

Sorry, not buying your line of illogic.


47 posted on 07/11/2012 4:01:53 PM PDT by Jack Hammer
[ Post Reply | Private Reply | To 38 | View Replies ]


To: Jack Hammer; DuncanWaring; NVDave

It isn’t just one! What about MF Global? What about the on going Libor scandle? What about this from Ann Barnhardt?

So you think that PFGBest is the first time that the NFA has inexplicably “missed” hundreds of millions of dollars from a non-clearing FCM that they had under their auditing auspices?
Oh, you would be very, very wrong. Let me tell you the tale of Sentinel Management Group, a non-clearing FCM that operated as a hedge fund for other FCMs, that was a Ponzi scheme which when it finally collapsed in 2007, was “missing” $500 million.

The NFA’s own report on Sentinel, for which the NFA was the auditing body, found:

“Sentinel failed to maintain adequate books and records, including records to demonstrate the location” of some accounts.

Huh. How is that possible, given that the NFA auditors had signed off on every audit ever performed of Sentinel, since the NFA was itself the auditing body?

Apparently, just as with PFGBest, the NFA was grossly, grossly negligent in its due diligence - almost certainly intentionally - and then mid-level robosigners who were neither competent nor possessing any real knowledge of Sentinel’s books were told to sign off on the Sentinel audits.

More at:

http://barnhardt.biz/


48 posted on 07/11/2012 8:00:36 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
[ Post Reply | Private Reply | To 47 | View Replies ]

To: Jack Hammer

“One” a-hole?

You’ve clearly been living under a rock for the last five years.


51 posted on 07/12/2012 11:17:50 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
[ Post Reply | Private Reply | To 47 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson