Gerald Celente: MF Global Looted Customers' Accounts Via Internal Bank Run 4/4

Big players got warning ahead of time that financial broker was set to collapse

Paul Joseph Watson
http://www.infowars.com/
http://www.prisonplanet.tv/
Wednesday, November 16, 2011

Days before the doomed financial broker filed for bankruptcy, MF Global conducted "unexplained wire transfers" that led to a $900 million shortfall in client funds, leading customers like Gerald Celente to learn that their accounts had been looted and setting the precedent for internal bank runs as more big firms go bust.


According to Bloomberg, "Examiners from CME Group Inc., the world's largest futures exchange, found unexplained wire transfers at MF Global Inc. and a $900 million shortfall in client funds during the weekend the failing broker was talking with possible buyers, a person briefed on the matter said."

CME noticed the missing funds on October 30, but MF Global didn't inform the Commodity Futures Trading Commission until the day after, suggesting that the transfers were made, "in a manner that may have been designed to avoid detection," according to CME.

The suspicious cash movements are now being probed by the U.S. Justice Department.

MF Global trustee James Giddens said in a court filing yesterday that customers would get back 60 per cent of their account funds, prompting fury amongst clients, many of whom used their accounts for business collateral and living expenses.

Although individuals were burned by the broker's downfall, larger clients were protected from the fallout because they had the miraculous fortune of withdrawing all their funds just weeks before the collapse.

"Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange were charged with overseeing MF Global, their clearing member. If we are to believe them, they had no idea of any difficulties within the firm before customer accounts went missing just a few days before the collapse. But someone clearly knew of the cratering positions and imminent collapse of MF Global, as billions of dollars of accounts were "coincidentally" withdrawn," writes Huffington Post's Daniel Dicker, noting how funds in accounts owned by the billionaire Koch brothers were withdrawn just in time, clearly suggesting that big players got a "heads up" that MF Global was going down.

Although the collapse of MF Global was assured when it came to light that the broker was heavily exposed to the European debt crisis, causing the broker's stock price to plummet, Fox Business reports that numerous circumstances indicate the downfall was in the works weeks before, drawing attention to the fact that employees didn't receive commissions for the third quarter and were fired two weeks before the firm filed for bankruptcy.

http://www.infowars.com/mf-global-looted-customers-accounts-via-internal-bank...

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[antasaur]

the 2 dislike robots are at work again

[isaac75info]

Damn! Celente is F ing hilarios! iIcan listen this guys all day long. great guy

[Tankweti1]

@elpueblano009 You cannot be sure what you are getting that way & it would probably come in form of jewelry which is not what he is talking about. If you want something in hand, try reputable coin dealers who have a physical location, NOT ONLINE. Gold is still a limited resource on this planet. I bet alot of people who have mutual funds containing gold shares will find they are holding nothing in the end. Brokers are selling shares in all likelihood backed by nothing. Better to get physical gold

[JoeJacari]

Dang it Celente! You've been trashed... This can't be happening! Celente's the last line of defense against the money changers and he got burned changing money! CELENTE YOU MUST COME CLEAN AS TO HOW MUCH THAT GOLD CONTRACT WAS FOR! $1.7 MILLION? $2 MILLION? YOU GOT A MARGIN CALL WHICH MEANS YOU GOT GREEDY. DAMN IT! GOD SEES THE TRUTH BUT WAITS! GOD PULLED THE CLOAK OFF CELENTE. ALEX, ASK HOM HOW MUCH THE GOLD CONTRACT WAS FOR? I'M SICK OF THE MONEY CHANGERS. HIS INTERGRITY'S AT STAKE!

[stridertex]

@AHAH1010 Uhhh, thanks for proving my point. Look, just because there are those who abuse authority, doesn't mean that authority in itself is bad. Without it, there's anarchy. Our Founders knew this - that's why they didn't found a democracy, but rather a Republic where all the levels of govt checked and balanced eachother out so that no one group in society had all the power. The only reason it failed was due to Progressivist elites (that we elected) getting rid of those checks and balances

[plalelal]

@plalelal He was waiting for a good price point to buy. Jeez ya gatta post the cash first!

[KaraDeAwesome]

I was with you Gerald up until "Direct Democracy", that is nothing more than mob rule.  No thank you. I don't want silly socialists kids voting themselves MY money.

[cpgone]

@stridertex Basically I agree. But lets let the sheeple crash it ,rather than the crook/banksters.

I have in many ways under-estimated the general public. there is more people out there that know all this than you think.

[percoco]

Alex you need to GROW a FULL BEARD!!! The powers to be will get worried!!!!

[AHAH1010]

@stridertex ok then dimwitt let people like barak obama or mitt romney run your country intoo the ground, direct democracy is better than what u have now you clown.