yep exactly. Unfortunately we have a few guys here who had money
on MFGlobal who can't get their money, such a shame and criminal to
use clients money who had it in cash!
Posted by parkridge77 on 8th of Dec 2011 at 05:16 pm
Yep Matt- I was caught in this mess- first time for me. My TOTAL
account was cash & who knows what amount, if any, will be
returned. Mystery MF crfiminals just swopped in & took
all my cash & gosh, golle, gee Corzine is stunned- no one knows
where it is. Who cares about this guy- just give clients
their cash due. I There is no way to even contact these theives. If
any other MF person hasa lead- please post on board.
And U bet your bottom $-- post this MF illegal highjacking
of my cash-- I double checked all my other accounts- brokerage
& banks-- to know how my accts. are insured & where/how
I could improve any coverage. Some brokerages like
Morgan Stanley Smith Barney have gone to one bank for a cash
sweep-- it's no longer two banks. Well-- if you're over the limit
& there's a problem- you're out of luck on the FDIC
insurance for the overage and it would be just as easy to open two
separate accounts , divide the $ & have full
coverage Better safe than sorry- jeeeeeese.
it turns the stomach. The standalone operations like TS & IB
might be the only way to go. I don't want anyone making markets
opposite my trades or with any incentive to commingle accounts to
cover other business risks. If anyone thinks even these operations
are suspect, please let us know the risks.
lessarda, don't assume places like IB or TS are safe either.
here is a must read for all of us with brokerage accounts. It is
longish but it is a must.
And here is one paragraph to illustrate the point - with some
unexpected names...:
"Engaging in hyper-hypothecation have been Goldman Sachs ($28.17
billion re-hypothecated in 2011), Canadian Imperial Bank of
Commerce (re-pledged $72 billion in client assets), Royal Bank of
Canada (re-pledged $53.8 billion of $126.7 billion available for
re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse
(CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive
Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP
Morgan($546.2 billion) and Morgan Stanley ($410 billion)."
clause in the brokerage agreements. Can't do it directly with an
online app, but it could still be communicated with the TS or IB
rep who gets credit for the account. I'm going to inquire; anyone
with experience, please share. I would be sure to get it in writing
so that there is legal proof that your account falls outside their
hypo operations. Of course, it would be their right to refuse to
keep the account.
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corzine
After listening to Corzine say he did not know where ...
Posted by biscuit on 8th of Dec 2011 at 03:32 pm
he knows where the money is. what he can't find is the physical gold or silver to deliver on the futures contracts held at MFG
and he's the guy Obumma
Posted by ditch on 8th of Dec 2011 at 03:35 pm
and he's the guy Obumma and Biden called on to tell them how to fix the US financial crisis.....smart move
And they still put 'Honorable' in front of his name...
Posted by lessarda on 8th of Dec 2011 at 04:10 pm
ya saw that
Posted by honzer on 8th of Dec 2011 at 04:12 pm
what a $&$,put em in jail forever and throw away the key
yep exactly. Unfortunately we have
Posted by matt on 8th of Dec 2011 at 04:42 pm
yep exactly. Unfortunately we have a few guys here who had money on MFGlobal who can't get their money, such a shame and criminal to use clients money who had it in cash!
Count me in as having had
Posted by chartboy on 8th of Dec 2011 at 05:46 pm
Count me in as having had cash on hand at MF...So far, like everyone else, I have taken a 40% haircut on my entire cash position...
Yep Matt- I was caught
Posted by parkridge77 on 8th of Dec 2011 at 05:16 pm
Yep Matt- I was caught in this mess- first time for me. My TOTAL account was cash & who knows what amount, if any, will be returned. Mystery MF crfiminals just swopped in & took all my cash & gosh, golle, gee Corzine is stunned- no one knows where it is. Who cares about this guy- just give clients their cash due. I There is no way to even contact these theives. If any other MF person hasa lead- please post on board.
And U bet your bottom $-- post this MF illegal highjacking of my cash-- I double checked all my other accounts- brokerage & banks-- to know how my accts. are insured & where/how I could improve any coverage. Some brokerages like Morgan Stanley Smith Barney have gone to one bank for a cash sweep-- it's no longer two banks. Well-- if you're over the limit & there's a problem- you're out of luck on the FDIC insurance for the overage and it would be just as easy to open two separate accounts , divide the $ & have full coverage Better safe than sorry- jeeeeeese.
Parkridge and Chartboy, I'm very,
Posted by baker on 8th of Dec 2011 at 08:07 pm
Parkridge and Chartboy, I'm very, very sorry to hear you are stuck in the MF mess - wish there was something we could do to help.
Absolutely sick that you guys aren't 100% whole by now
Posted by lessarda on 8th of Dec 2011 at 09:14 pm
it turns the stomach. The standalone operations like TS & IB might be the only way to go. I don't want anyone making markets opposite my trades or with any incentive to commingle accounts to cover other business risks. If anyone thinks even these operations are suspect, please let us know the risks.
IB almost bought MF no
Posted by steveo on 9th of Dec 2011 at 03:12 am
IB almost bought MF no joke google it.
Don't assume...
Posted by mamaduck on 8th of Dec 2011 at 10:03 pm
lessarda, don't assume places like IB or TS are safe either. here is a must read for all of us with brokerage accounts. It is longish but it is a must.
http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/
And here is one paragraph to illustrate the point - with some unexpected names...:
"Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion)."
I believe everyone has the right to cross out the hypothecation
Posted by lessarda on 9th of Dec 2011 at 12:21 am
clause in the brokerage agreements. Can't do it directly with an online app, but it could still be communicated with the TS or IB rep who gets credit for the account. I'm going to inquire; anyone with experience, please share. I would be sure to get it in writing so that there is legal proof that your account falls outside their hypo operations. Of course, it would be their right to refuse to keep the account.