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The Entire System Has Been Utterly Destroyed By The MF Global Collapse
Zerohedge ^ | 11-17-11 | Tyler Durden

Posted on 11/17/2011 11:45:32 AM PST by tcrlaf

Presenting The First MF Global Casualty

BCM Has Ceased Operations (source) Posted by Ann Barnhardt - November 17, AD 2011 10:27 AM MST

Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,

It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.

The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States.

The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy
KEYWORDS: collapse; corruption; corzine; democratcorruption; democrats; liberalfascism; mfglobal; nodemocrats2012; obama; socialistdemocrats; theft
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The MONEY QUOTE you won't be seeing on MSNBC, or any other major Non-FOX US Network:

"Everything changed just a few short weeks ago.

A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm.

Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global.

Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse.

Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable.

The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.

Hang on to your hats, folks....

1 posted on 11/17/2011 11:45:44 AM PST by tcrlaf
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To: tcrlaf

This item is viral on Wall Street.


2 posted on 11/17/2011 11:47:59 AM PST by NativeNewYorker (Freepin' Jew Boy)
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To: tcrlaf

Another damning money quote!!

Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform.

So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.


3 posted on 11/17/2011 11:48:20 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: tcrlaf

My educated guess is that Corzine will spend less time in jail than a jaywalker does.

Something stinks.


4 posted on 11/17/2011 11:48:45 AM PST by cvq3842
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To: cvq3842

It’s only a matter of time before we get another government-sanctioned heist (a.k.a. Wall Street bailout) shoved down our throats. I can see and feel it coming already.


5 posted on 11/17/2011 11:51:40 AM PST by jpl (The government spent another half a million bucks in the time it just took you to read this tagline.)
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To: tcrlaf

Un-flipping-believable....this pretty much says it all. Ann doesn’t mince words.


6 posted on 11/17/2011 11:52:13 AM PST by Jane Long (Soli Deo Gloria!)
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To: tcrlaf
"The first step in community organization is community disorganization."

-- Saul Alinsky

7 posted on 11/17/2011 11:52:33 AM PST by pgyanke (Republicans get in trouble when not living up to their principles. Democrats... when they do.)
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To: blam; TigerLikesRooster
So far, so good...


8 posted on 11/17/2011 11:53:17 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: tcrlaf

This is standard practice, if there is the appearance of impropriety by a firm, all the accounts are frozen.

My grandfather had one of his retirement accounts frozen for months, because the SEC found an irregularity in another fund at the same firm. They had to do a complete forensic accounting investigation of all monies the firm was responsible for, so ALL ACCOUNTS were frozen, not just the fund in question.

Its a good solid policy to find out what is going on, it sucks if you are one of the victims but if they didn’t there would be no way for them to figure out what happened.


9 posted on 11/17/2011 11:53:42 AM PST by HamiltonJay
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To: tcrlaf

Rush is mentionioning this now!


10 posted on 11/17/2011 11:56:03 AM PST by infool7 (Let us water the tree...)
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To: tcrlaf

Rush is talking about this piece right now.


11 posted on 11/17/2011 11:56:10 AM PST by Libloather (The epitome of civility.)
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To: tcrlaf; All

Rush on this now!
Beat him by 5 minutes!!


12 posted on 11/17/2011 11:57:20 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: Travis McGee; tcrlaf; Kartographer
Are You Prepared For What’s Coming?
13 posted on 11/17/2011 11:57:33 AM PST by blam
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To: tcrlaf

They certainly are a bunch of MFers, alright.


14 posted on 11/17/2011 11:58:43 AM PST by dfwgator (I stand with Herman Cain.)
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To: infool7

Rush said (about 15-20 minutes ago) that the whole world was on the brink of collapse.


15 posted on 11/17/2011 11:59:10 AM PST by blam
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To: tcrlaf
Beat him by 5 minutes!!

You don't think Rush checks out FR for breaking news?

16 posted on 11/17/2011 11:59:10 AM PST by Libloather (The epitome of civility.)
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To: infool7

Rush said (about 15-20 minutes ago) that the whole world was on the brink of collapse.


17 posted on 11/17/2011 11:59:30 AM PST by blam
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To: NativeNewYorker

This is the same women with brass ones that dared to show the map of the world and where all the cousins are marrying their cousins in the highest percentages. Hint, it ain’t the Amish....


18 posted on 11/17/2011 11:59:51 AM PST by taildragger (( Palin / Mulally 2012 ))
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To: blam
that the whole world was on the brink of collapse.

And I feel fine.

19 posted on 11/17/2011 12:00:54 PM PST by dfwgator (I stand with Herman Cain.)
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To: Libloather
I beat your post by seven seconds but if you count the egregious spelling error, I must concede the win to you since activating the spell checker would have cost me at least 10 seconds
20 posted on 11/17/2011 12:04:13 PM PST by infool7 (Let us water the tree...)
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