What Could Possibly Go Wrong?
Well well, while I was away snorkeling in the snow cliff
diving, a funny thing happened to investors all over the world who again like idiots simply don’t seem to ever learn a lesson.
I am of course referring to the liquidation bankruptcy of
PFG Best. Let’s see, $400 million in missing segregated customer funds held at
JPM; Gosh, we ain’t ever seen that before; errrrrr except with REFCO, MF
Global, and now PFG. Give it a little time and I’m sure the CME thugs will have
had their grimy hands in it too.
And prey pray tell, what do they all have in common? Why
of course, they all happened in the U.S. You know, that bastion of
regulatory zeal where every investor is protected; until they ain’t. From the
folks who couldn’t catch a cold in a sniffle factory, we are of course being
told that justice will prevail. Errrrr, someday; right after they find the
missing large $1.4 from MF Global.
Seriously, what does it take for people to start asking WTF?
How many times can you hit a dumb animal in the head with a
baseball bat before it sees you coming and simply says “I don’t think so”? Once
natch. Not so easy with humans, who will rationalize to their hearts content
while their pockets are picked clean by regulators, banks like JPM, and the
aforementioned world’s most disgusting exchange.
Do I have to say this again?
Why does anybody trade with a U.S. broker?
You dolts out there who continue to place your hard-earned
money with crooks in the U.S.
financial system; what’s it gonna take? Sorry, when they vaporize your funds AGAIN
SOMEPLACE ELSE I refuse to feel sorry for you.
Is it just me thinking this, or do all the crash test
dummies live in Amerika?
Of course, Chalky Soetero’s pals have their fingerprints all
over this. And while I am positive he is getting a cut somewhere somehow, his
pals should be cuffed and marched off to the rock pile. Instead, they’ll be off
fund raising somewhere for Mom, apple pie, and the Chicago way.
What a screwed up country.
Have a good day everyone. Be back soon full time from
hedonistic pleasure.
-vegas
We no longer have the protection of U.S. Courts. This federal appeals court ruling is now law. There is no such thing as segregated customer funds. Once you give a financial institution your money, it is no longer yours, and you have no legal claim or legal recourse to it when it is stolen...
ReplyDeletehttp://tinyurl.com/9s3ucwn
"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
Even though this many not be an option for some, for $1800 you can register an offshore business and bank account and trade with any foreign broker, even if they do not accept U.S. clients.
ReplyDeleteNot to mention there are still brokers that take U.S. clients even without a corporate account.
Really, there is no excuse not to be using a non U.S. broker.