#Login Register

  • 0 Vote(s) - 0 Average

Sentinel ruling
08-14-2012, 03:49 PM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
This is absofuckinglutely insane.

Futures brokers are required to keep customers' funds in dedicated accounts to protect them from being used for anything other than client business.

However, Thursday's ruling suggests that brokerages can use customer funds to pay off other creditors, Sentinel trustee Fred Grede told Reuters


08-14-2012, 04:54 PM #2
Octo Mother Superior
Posts:43,880 Threads:1,505 Joined:Feb 2011
Crazy business... damned.gif
08-14-2012, 05:19 PM #3
JayRodney ⓐⓛⓘⓔⓝ
Posts:32,018 Threads:1,457 Joined:Feb 2011
Oh nos... not scrutiny! damned.gif wtf2.gif
The courts have become one big clusterfuck of a joke in which bankers and banks NEVER lose. When are people going to wise up and put their money elsewhere? 13.gif

08-14-2012, 05:31 PM #4
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Corzine's lawyers will be all over this, they'll use it to get him completely off the hook for the $1.6 billion still 'missing'. What it means is anyone with savings in a MMF no longer owns that money, it effectively belongs to the banks. They've also (the fed I mean) passed a 'capitol control' law giving the banks power to close all accounts in the event of a financial emergency. And you can bet, with some $17 trillion in the markets, that the banks will most certainly keep that money.
08-14-2012, 08:53 PM #5
Accidental Stoner Member
Posts:9,165 Threads:78 Joined:Feb 2011
Try getting away with 160 or even 1,60 € as a member of the slave class...
08-14-2012, 11:01 PM #6
yankees skier
Posts:5,889 Threads:215 Joined:Feb 2011
Insane. That's what Jon Corzine did, he stole money from invester cash accounts, to cover losses.

08-15-2012, 12:06 AM #7
JayRodney ⓐⓛⓘⓔⓝ
Posts:32,018 Threads:1,457 Joined:Feb 2011
So, in response they legalize it. coffeetime.gif Makes sense. wtf2.gif 13.gif

08-15-2012, 08:22 AM #8
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Anonymous Kritter Show this Post
08-15-2012, 09:03 AM #9
Anonymous Kritter Incognito Anonymous
This happened in the 40's in Germany. Nothing new under the sun, history just keeps repeating.
08-15-2012, 09:06 AM #10
JayRodney ⓐⓛⓘⓔⓝ
Posts:32,018 Threads:1,457 Joined:Feb 2011
(08-15-2012, 08:22 AM)Shadow Wrote:  İmage

G' morning Shadow! hug.gif Bingo with that, most are firmly in denial about this. sad2.gif

(08-15-2012, 09:03 AM)Anonymous Kritter Wrote:  This happened in the 40's in Germany. Nothing new under the sun, history just keeps repeating.

It's because we learn nothing from history. coffeetime.gif

08-15-2012, 09:21 AM #11
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Hej AK, JR hug.gif This is going to be huge. Ann Barnhardt has said it'll be ALL accounts not just futures trading accounts. I doubt it is now but they've gotten away with this, un-ğkking-real they've gotten away with this sad2.gif it could start bank runs but BO has already implemented a plan to allow capital controls. meaning if too many people want their money the banks will merely freeze all depositor's funds for 30 days. Sadly it doesn't surprise me, that the courts have said co-mingling client accounts is not illegal, using client funds to pay off bad bets is fine. Wow. Just wow.

If you don't hold it, you don't own it
08-15-2012, 10:16 AM #12
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011




DISCLAIMER / Terms of Service (TOS):
Kritterbox.com - Socialize anonymously, commentary, discussion, oddities, technology, music and more!  This website is provided "as is" without warranty of any kind, either expressed or implied. kritterbox.com shall not be liable for any damages whatsoever, including, without limitation, those resulting from loss of use, data or profits, whether or not advised of the possibility of damage, and on any theory of liability, arising out of or in connection with the use or performance of this site or other documents which are referenced by or linked to this site.
This website exists solely for the purposes of exchange of information, communication and general entertainment. Opinions from posters are in no way endorsed by kritterbox.com. All posts on this website are the opinion of the authors and are not to be taken as statements of fact on behalf of kritterbox.com. This site may contain coarse language or other material that kritterbox.com is in no way responsible for. Material deemed to be offensive or pornographic at the discretion of kritterbox.com shall be removed. kritterbox.com reserves the right to modify, or remove posts and user accounts on this website at our discretion. kritterbox.com disclaims all liability for damages incurred directly or indirectly as a result of any material on this website. Fictitious posts and any similarity to any person living or dead is coincidental.
All users shall limit the insertion of any and all copyrighted material to portions of the article that are relevant to the point being made, with no more than 50%, and preferably less of the original source material. A link shall be visible in text format, embedded directly to the original source material without exception.
No third party links, i.e. blogs or forums will be accepted under any circumstances, and will be edited by staff in order to reflect the original source of copyrighted material, or be removed at the sole discretion of kritterbox.com.
Fair Use Notice:
This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. Users may make such material available in an effort to advance awareness and understanding of issues relating to economics, individual rights, international affairs, liberty, science, and technology. This constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C.Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for educational and/or research purposes.
This Disclaimer is subject to change at any time at our discretion.
Copyright © 2011 - 2017 kritterbox.com