|
| “
|
Ann
Barnhardt, a hedge broker specializing in cattle and grain, is quitting
the brokerage portion of her business, and has posted an announcement
as to why.
Big deal? Uh, yeah. [Full]
|
|
| “
|
Don
sent me this
from BizzyBlog.
Ann
Barnhardt is a favorite here, so this is very, very
disturbing. It's one thing to know the chickens are coming to
roost,
quite another when they do.
|
The reason for my
decision to pull the plug was excruciatingly simple:
I could no longer tell my clients that their monies and positions were
safe in the futures and options markets – because they are not. And
this goes not just for my clients, but for every futures and options
account in the United States. The entire system has been utterly
destroyed by the MF Global collapse. Given this sad reality, I could
not in good conscience take one more step as a commodity broker,
soliciting trades that I knew were unsafe or holding funds that I knew
to be in jeopardy.
The futures
markets are very highly-leveraged and thus require an
exceptionally firm base upon which to function. That base was the
sacrosanct segregation of customer funds from clearing firm capital,
with additional emergency financial backing provided by the exchanges
themselves. Up until a few weeks ago, that base existed, and had worked
flawlessly. Firms came and went, with some imploding in spectacular
fashion. Whenever a firm failure happened, the customer funds were
intact and the exchanges would step in to backstop everything and keep
customers 100% liquid – even as their clearing firm collapsed and was
quickly replaced by another firm within the system.
Everything changed just a few short weeks ago. A firm,
led by a crony
of the Obama regime, stole all of the non-margined cash held by
customers of his firm. Let’s not sugar-coat this or make this
crime
seem “complex” and “abstract” by drowning ourselves in six-dollar words
and uber-technical jargon. Jon Corzine STOLE the customer cash at MF
Global. Knowing Jon Corzine, and knowing the abject lawlessness and
contempt for humanity of the Marxist Obama regime and its cronies, this
is not really a surprise. What was a surprise was the reaction of the
exchanges and regulators. Their reaction has been to take a bad
situation and make it orders of magnitude worse. Specifically, they
froze customers out of their accounts WHILE THE MARKETS CONTINUED TO
TRADE, refusing to even allow them to liquidate. This is unfathomable.
Here
are some
(maybe all) of Ann's videos. I do recognize in Ann Barnhardt
someone whose political awareness has grown to envelop every aspect of
her life (ahem), and there is a potential danger in that - if she's
wrong, for instance. In some respects she reminds me of Missy
Kelly, a
researcher (here in Letters)
whose vision and sense of history drove her nearly mad. But she was
right.
PS - I've added BizzyBlog to
the blogroll.
|
|
” |
|
