Bookmarked.
So what’s the price of Tungsten gold-buggered up to now?
“Sentinel allegedly pledged hundreds of millions of dollars in customer assets to secure an overnight loan at Bank of New York Mellon, leaving the bank in a secured position but Sentinel's customers out millions.
Customer funds were allegedly moved from the protected accounts to other accounts so they could be used as collateral for loans to Sentinel's own trading operations.
The appeals court said that “perhaps the bank should have known that Sentinel violated segregation requirements” but agreed with the district court's earlier ruling that “such a lack of care does not rise to the level of the egregious misconduct” needed to reprioritize a claim.
“That Sentinel failed to keep client funds properly segregated is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers,” U.S. Circuit Judge John D. Tinder wrote in the ruling.”
http://www.reuters.com/article/2012/08/10/us-sentinel-appeals-decision-idUSBRE87900T20120810
So henceforward, stealing your clients money is neither “fraud” nor “egregious misconduct.”
I never thought we'd become a banana republic. We are one now.
Ann Barnhardt and Rick Santelli are exactly the type of experts to be put in charge of regulating these crony capitalism markets after dumping the Dodd-Frank monstrosity in the trash.
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