MF Global Customer and Fund Manager on JP Morgan and the Goldman Sachs Connection
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Follow us @ http://twitter.com/laurenlyster http://twitter.com/coveringdelta Welcome to Capital Account. Yesterday, the MF Global collapse took center stage on Capitol Hill. The threat of crony capitalism and the sanctity of customer money in US markets hangs in the balance. The unprecedented disappearance, loss, and theft of customer money (1.6 billion dollars worth of customer money to be exact) kept in segregated accounts remains unexplained. And as MF Global executives yesterday -- legal counsel, CFO, and assistant treasurer -- came to answer questions, what did their answers reveal? Not much unfortunately. General Counsel of MF Global Laurie Ferber, Chief Financial Officer Henri Steenkamp, and Christine Serwinski, former chief financial officer of the company's brokerage unit, all seem to know nothing! In fact, listening to the testimony, you would think that this firm ran on autopilot... Where have we seen this before? Enron comes to mind. Remember those days of Ken Lay, Michael Kopper, Andrew Fastow who all pleaded the fifth? Apparently, only assistant treasurer Edith O'Brien, would do us the favor of pleading the fifth. The rest of the firm's executives might well have done the same, stammering for the entire length of questioning. So what does all this say about the progress we have made in preventing and prosecuting fraud in our financial markets? It seems that things have only gotten worse since the days of Enron, with political connections and crony deal-making taking over the judicial process. America was built on the backs of individual ingenuity and independence. What is happening to this country, if we cannot protect the rights of the individual? Of the real capitalist? Does someone need to be part of the Goldman Sachs gang or the JP Morgan Mafia to make it today in America? That's what it seems more and more like, and our guest Stanley Haar has taken this matter personally. Not only did he have his own money at stake with MF Global, but he is also a founding member of the commodities customer coalition, and has made it his personal mission to educate members of congress and the press on the significance of and precedence that the case of MF Global sets for our financial markets, our economy, and the position of the individual investor and citizen in this country and around the world. Stanley is president of Haar Capital Management, and he sits down with Lauren in studio to discuss the latest on MF Global, and the unprecedented details of this case. And last but not least, in our Loose Change segment of today's show, we examine another absurdity of government regulation: Pink Slime. You heard right. After the market said it didn't want ammonia and leftover meat mush pink slime in its meat, guess who is fighting back? The government! The department of agriculture and the governors of five states want to bring it back to life. We'll let you know what we think.
Comments
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SOME vegetarian diets aren't too bad, the neolithic ones. ANYTHING processed carries extra health risks and has less nutrition per weight, you are right
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RT must have the same HR company Hooters uses
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Ok dammit...so everyone who works there is hot 25:07 ...even the crew has to be good looking and have nice body.... hire someone ugly....I am ugly ..i want to work too... the HR person is a bisexual lecher admit it
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The one who gets caught in the other camera angle who works with the portable camera during the loose change segment at the end of the show filming lauren and demitri
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yea...i vote for shorter skirts though
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Hot mystery....camera.......what? who?
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why doesnt anyone give kudos to the hot mystery cameragirl. I wonder...
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lots of files were in wtc7 but Enron was easily exposed without any activity on wtc 7 being required. The big big (financial) problem is all the shorts for the airline stocks (also info in wtc 7) and missing gold (under the towers, basement, all magically gone).
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I'm sure the strategy is interesting but keep in mind it's only cover for what really happened. What really happened is misfiling bankruptcy & moving funds to a creditor so that customers protected under the OTHER bankruptcy (ch 7, I think, not 11) is what denies creditors (JPM) & first gives to customers (silver,gold,grains,meats delivery) for Commodities Brokers. THAT is the real strategy here: confusion+fraud+bribes= richez bitchez
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pink slime is NASTY. if any part of the global market wants it then EXPORT IT. Don't at all force customers to buy it by pretending it's something else. That's FRAUD. It's not the meat that a person wanted. The best choice next is to produce your own meat & to go to farmers directly! and if that doesn't work GO VEGETARIAN. Bankrupt any company doing this to us & REFUSE to ever accept it.
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Lauren is smart and beautiful.....great choice for a host!
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When Biden said that Corzine is the MOST HONEST person he knows that is true.:P Pink slime is in fact a misnomer - it should be just called CRAP
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Thank you ,Thank you RT : )
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Lauren, I love when you refer to us (the audience) as "really intelligent" about these trades,laws and rulings etc.. I hate to be the one to break it to you....Some of us are not...And we really appreciate the breakdowns and word of the day features.. We know that this is the cause of so much strife and come to this show to 'become', informed...(Well, for that and the eye candy)
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Thanks for showing me a better way to explain it. I bow to your wisdom and grasp of the English language. I bet you're fun to live with.
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"I don't know or is responsible for anything and I was absent that day plus the dog ate my homework, Encina High Rule"!
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Big money is robbing us blind while Washington watches, or even helps. If you have ever seen pigs feeding at the trough, you know what's going on in Washington. How can banksters steal trillions of dollars, wrecking the world economy, with out even one person getting arrested? The foxes are in charge of the hen house, and they're fighting over the last remaining chickens. We must run off the foxes, or destroy them if need be.
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Pink slime will be back soon. They will just secretly rename it something else, like the food industry has done with the neuro-toxin MSG.
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MFing Global.......They are all a bunch of crooks.....lock them all up and then listen to them squeal.
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ah, the smell of pink slime first thing in the morning,nothing like it!!!
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