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Mf Global

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looks right out of Margin Call the ######..which chastized fear and greed as the cornerstones of Wall Street one up manship. It seems all our money has some leaks ready for ######ation, more support for the "service economy". Best of Fortunes, Dan

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http://www.marketwatch.com/story/mf-globals-risk-mismanagement-2011-11-01?pagenumber=1

The 3000 employees made an average of $175,000 and what did they manufacture, create or sell that did any good for any person (besides themselves), culture, country, state or city?

 

 

Unbeleivable. It loaded up on Eurozone debts even when it was clearly a really bad investment not even an investor with a high school education would even take. I think the eurozone investment was a tactic to try and create something so the books can be cooked later for a more palatable accounting statement . A major financial company run by thugs. They should all do 25 years in prison with murderers and rapists as cellmates.

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http://www.marketwatch.com/story/mf-globals-risk-mismanagement-2011-11-01?pagenumber=1

The 3000 employees made an average of $175,000 and what did they manufacture, create or sell that did any good for any person (besides themselves), culture, country, state or city?

 

Steve, I'm going to have to disagree with you on 50% of MF Global. They used to be a sleepy old brokerage firm that placed orders for people. From my experience I knew plenty of farmers that hedged grain or livestock through accounts there. Now I believe that does add some value by having another firm in the market to keep commission rates down for producers. If I remember right you grew up in a farm in Wisconsin? Corzine grew up on a farm in Northern Illinois. He ran a good business into the ground and left a bunch of productive people out of jobs and without access to their cash.

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http://www.marketwatch.com/story/mf-globals-risk-mismanagement-2011-11-01?pagenumber=1

The 3000 employees made an average of $175,000 and what did they manufacture, create or sell that did any good for any person (besides themselves), culture, country, state or city?

 

Steve, I'm going to have to disagree with you on 50% of MF Global. They used to be a sleepy old brokerage firm that placed orders for people. From my experience I knew plenty of farmers that hedged grain or livestock through accounts there. Now I believe that does add some value by having another firm in the market to keep commission rates down for producers. If I remember right you grew up in a farm in Wisconsin? Corzine grew up on a farm in Northern Illinois. He ran a good business into the ground and left a bunch of productive people out of jobs and without access to their cash.

 

 

What is the other 50%? According to news reports, MF Global had investments in the most toxic bond funds in Europe: Greece, Italy, Portugal, etc.

 

You are right, these types of firms "used to be a sleepy old brokerage firm that placed orders for people." Heck, the Wall Street banks used to be that way too, but those days are long gone. The systemic problem that MF is right in the middle of is this:

1. The corruption began with the advent of high speed powerful technology to facilitate nano-second trading,

2. the Wall Street Banks getting deregulated by Washington with the repeal of Glass/Steagal in 1999,

3. when the wall street banks began offering shares in the early 1980s, and

4. Consequently, the banks have two masters for the first time in history, their clients and now the shareholders, you can guess who their real master is.

 

My point stands, they don't help ordinary folks, there is no incentive. My god, with millions of bonesus and they are going to make money loaning money to my parent's 140 acre farm in Wisconsin! My parents never hedged anything, of course it was a different era back 50 years ago. Futures contracts are hundreds of years old and served a good purpose for farmers, but now is the era of taking big risks, g ambling is more like it.

My nephew and his wife have taken over the farming from my parents and my older brother and they are multi-milloinaire, big time farmers, they tell me they cannot get a loan with their 30 year history in the business and 900 milking cows.

 

Steve

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http://www.marketwatch.com/story/mf-globals-risk-mismanagement-2011-11-01?pagenumber=1

The 3000 employees made an average of $175,000 and what did they manufacture, create or sell that did any good for any person (besides themselves), culture, country, state or city?

 

Steve, I'm going to have to disagree with you on 50% of MF Global. They used to be a sleepy old brokerage firm that placed orders for people. From my experience I knew plenty of farmers that hedged grain or livestock through accounts there. Now I believe that does add some value by having another firm in the market to keep commission rates down for producers. If I remember right you grew up in a farm in Wisconsin? Corzine grew up on a farm in Northern Illinois. He ran a good business into the ground and left a bunch of productive people out of jobs and without access to their cash.

 

 

What is the other 50%? According to news reports, MF Global had investments in the most toxic bond funds in Europe: Greece, Italy, Portugal, etc.

 

You are right, these types of firms "used to be a sleepy old brokerage firm that placed orders for people." Heck, the Wall Street banks used to be that way too, but those days are long gone. The systemic problem that MF is right in the middle of is this:

1. The corruption began with the advent of high speed powerful technology to facilitate nano-second trading,

2. the Wall Street Banks getting deregulated by Washington with the repeal of Glass/Steagal in 1999,

3. when the wall street banks began offering shares in the early 1980s, and

4. Consequently, the banks have two masters for the first time in history, their clients and now the shareholders, you can guess who their real master is.

 

My point stands, they don't help ordinary folks, there is no incentive. My god, with millions of bonesus and they are going to make money loaning money to my parent's 140 acre farm in Wisconsin! My parents never hedged anything, of course it was a different era back 50 years ago. Futures contracts are hundreds of years old and served a good purpose for farmers, but now is the era of taking big risks, g ambling is more like it.

My nephew and his wife have taken over the farming from my parents and my older brother and they are multi-milloinaire, big time farmers, they tell me they cannot get a loan with their 30 year history in the business and 900 milking cows.

 

Steve

 

 

The problem with MF Global was that Corzine tried to turn it into his own Goldman Sachs, where he was once a high ranking employee. He took MF's capital, levered it up and made huge bets. A totally irresponsible thing to do with shareholder money. I agree will agree with most of points.

 

There is a huge difference between a farmer hedging a commodity and what Corzine did. I feel bad for the businesses whose cash is locked up by this and the employees that got screwed by a couple Goldman know it alls.

 

Bring back Glass Steagll.

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http://www.marketwatch.com/story/mf-globals-risk-mismanagement-2011-11-01?pagenumber=1

The 3000 employees made an average of $175,000 and what did they manufacture, create or sell that did any good for any person (besides themselves), culture, country, state or city?

 

Steve, I'm going to have to disagree with you on 50% of MF Global. They used to be a sleepy old brokerage firm that placed orders for people. From my experience I knew plenty of farmers that hedged grain or livestock through accounts there. Now I believe that does add some value by having another firm in the market to keep commission rates down for producers. If I remember right you grew up in a farm in Wisconsin? Corzine grew up on a farm in Northern Illinois. He ran a good business into the ground and left a bunch of productive people out of jobs and without access to their cash.

 

 

What is the other 50%? According to news reports, MF Global had investments in the most toxic bond funds in Europe: Greece, Italy, Portugal, etc.

 

You are right, these types of firms "used to be a sleepy old brokerage firm that placed orders for people." Heck, the Wall Street banks used to be that way too, but those days are long gone. The systemic problem that MF is right in the middle of is this:

1. The corruption began with the advent of high speed powerful technology to facilitate nano-second trading,

2. the Wall Street Banks getting deregulated by Washington with the repeal of Glass/Steagal in 1999,

3. when the wall street banks began offering shares in the early 1980s, and

4. Consequently, the banks have two masters for the first time in history, their clients and now the shareholders, you can guess who their real master is.

 

My point stands, they don't help ordinary folks, there is no incentive. My god, with millions of bonesus and they are going to make money loaning money to my parent's 140 acre farm in Wisconsin! My parents never hedged anything, of course it was a different era back 50 years ago. Futures contracts are hundreds of years old and served a good purpose for farmers, but now is the era of taking big risks, g ambling is more like it.

My nephew and his wife have taken over the farming from my parents and my older brother and they are multi-milloinaire, big time farmers, they tell me they cannot get a loan with their 30 year history in the business and 900 milking cows.

 

Steve

 

 

The problem with MF Global was that Corzine tried to turn it into his own Goldman Sachs, where he was once a high ranking employee. He took MF's capital, levered it up and made huge bets. A totally irresponsible thing to do with shareholder money. I agree will agree with most of points.

 

There is a huge difference between a farmer hedging a commodity and what Corzine did. I feel bad for the businesses whose cash is locked up by this and the employees that got screwed by a couple Goldman know it alls.

 

Bring back Glass Steagll.

 

Agree and so do the 99 percenters.

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Suggest it is not quite as clear as we being discussed.

 

investors in MF Global were sophisticated e.g. TIAA, Fidelity, many State Retirement Funds etc. each of them employs many seven figure individuals whose job is to vet risk. none of these firms expects to hit home runs on each investment nor even singles sometimes. when you go for 25%++ returns, you have some investments that are losers. they may be unhappy when they lose money but not surprised.

 

as to the customers, I have not seen a full profile but suspect many are options traders, again, it is their own (or clients money that has been given to them to invest) and they are responsible for win's and losses. they are in the risk business.

 

if less than that level of sophistication are dabbling in options etc, then we can feel sorry for them but, again, their money.

 

at final level are employees ... always sad when people lose their jobs.

 

overriding this all is if Corzine and his associates are crooks and co-mingling customer and investor dollars or some other nefarious activity. that is criminal and they should be indicted.

 

the unfortuate part of video is it lasts forever ... as we will see endlessly played next year is Biden saying "when we were first elected, the first we called Jon Corzine to advise us how to get out of this financial mess was Jon".

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