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Sentinel ruling
08-14-2012, 03:49 PM #1
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 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

http://www.reuters.com/article/2012/08/1...0T20120810

wtf2.gifwtf2.gifwtf2.gif
08-14-2012, 04:54 PM #2
Octo Mother Superior
Posts:43,004 Threads:1,473 Joined:Feb 2011
Crazy business... damned.gif
08-14-2012, 05:19 PM #3
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,393 Threads:1,439 Joined:Feb 2011
But...
Quote:CORZINE MAY STILL FACE SCRUTINY
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

wonder.gif
08-14-2012, 05:31 PM #4
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 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:8,927 Threads:71 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:5,898 Threads:215 Joined:Feb 2011
Insane. That's what Jon Corzine did, he stole money from invester cash accounts, to cover losses.

Biere.
08-15-2012, 12:06 AM #7
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,393 Threads:1,439 Joined:Feb 2011
So, in response they legalize it. coffeetime.gif Makes sense. wtf2.gif 13.gif

wonder.gif
08-15-2012, 08:22 AM #8
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
İmage
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:31,393 Threads:1,439 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

wonder.gif
08-15-2012, 09:21 AM #11
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 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
-Ponce
08-15-2012, 10:16 AM #12
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011


coffeetime.gif



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