James Koutoulas Co-Founder Commodity Customer Coalition - MF Global Bankruptcy

Warren Pollock (wepollock) out foxes CNN and Reuters (Bloomberg CNBC did not attend at all) by asking hard questions of James Koutoulas regarding MF Global, in front of US Bankruptcy court, Bowling Green Manhattan. CNN tried to push him out of the way, a Reuters "reporter" scoffed, yet I bulldog to the real issues and concerns on this important issue as the mainstream media dozes in a coma. While the CME may back peddle; Warren talks to a retiree who lost all her money. We talk about JPM trying to run the show during bankruptcy as a fox in the henhouse; the CFTC, the CME and roles and responsibility. Items CNN won't cover include the two MF Global bankruptcies and balance sheets in play. One balance sheet containing customer money; the other used for speculation. If the speculative side dipped into customer funds a clawback must occur! I am sure JMP would not like that outcome. Was there fraudulent conveyance? Why is speculation still occurring if customer funds were at play in the speculative side of the house. JPM delaying motions with continuances.

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[anujbahl]

warren, were you a MF customer?

[wepollock]

@anujbahl yes.. I have recovered 60% of 35K If it was up to the Trustee on his own it would be zero! JK has helped immeasurably.

[the11thone]

The handling of this by a judge and appointed trustee who have no understanding of the futures industry and workings is extremely troubling. The way it is being handled is and will have huge ramifications, as you know and have tried so hard to get people to understand--people at CME who should understand. But what MF has exposed is the suicidal leverage of the daily dealings of banks around the world. The amount of liquidity being privately created dwarfs anything the FED is doing. Insane!

[wepollock]

@the11thone yep.. this will/can hit many-most money market accounts should Europe fail to find stability in the next day or two.

[the11thone]

Warren, I agree with you 100%. They should be fiduciaries, but they're not. They are acting for their own account--clients are only a means to make money for themselves. One problem is that the exchanges should not be profit oriented. They should be non-profit and held to a very high, also fiduciary, level of integrity. The present exchange leads to graft, corruption, favoritism, insider info sharing. Unfortunately, the only solution is total collapse--result is riots, death and starvation.

[wepollock]

@the11thone yes they were all MUTUAL COMPANIES.. I asked the COO of the CME if he was going to talk to the member firms to make MF Global customers whole. He did not have a clue. IMHO

[buddy85442]

Warren, great reporting great work,You are a truth seeking missile!! Proud of you!!

[Frequencitee]

Warren,

I commend you not only for the quality questions/reporting, your passion and intimate knowledge of these issues, but just as much so, for keeping a calm, reserved, professional demeanor. You are very balanced when I comes to catalyzing constructive dialogue.

I know I'm not the only one who wants to make high-quality, dependable, industrial-strength hangman's nooses right now, in response to tyrannical behavior, but it's still too soon to give up on diplomacy.

[beornborg1]

It's good to see that investigative Journalism is alive an well ... someone should tell the "News" people about it.

[jensarmbag]

If it wasn't for James all of our $ would be gobbled up by JP MORGAN & CHASE! Thank u for representing the people.

[the11thone]

Yes, money market accounts, but the entire US banking sector. European exposure= Goldman $28 billion; RBC $53 to $126 billion; Wells Fargo $19 billion; JP Morgan $546 billion; Morgan Stanley $410 billion. BUT the one that worries me is that Interative Brokers was playing the same hypothecation game as MFG and they have $14.5 billion at risk, probably in England to avoid US laws, just like MFG. Somebody needs to ask the right questions about where that $14.5 billion came from. (any guess?)

[robert4you]

Great work. Great video!