Jetlag Posted November 1, 2011 Report Share Posted November 1, 2011 "hundreds of millions of dollars in customer money has gone missing from MF Global in recent days" "What began as nearly $1 billion missing had dropped to less than $700 million by late Monday. It is unclear where the money went, and some funds are expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said. But regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers' funds must be kept separate from company money" http://finance.yahoo.com/news/Regulators-Investigating-MF-nytimes-752197815.html?x=0&sec=topStories&pos=main&asset=&ccode= "Corzine, 64, now faces a regulatory probe as well as a bankruptcy. He wagered $6.3 billion of the firm’s own money [Apparently it was OPM] on sovereign European debt in a bid to increase profits. Instead, the firm reported a $191.6 million quarterly loss on Oct. 25 as Europe’s debt crisis led to demands from regulators to boost capital, as well as credit downgrades and margin calls, MF Global President Bradley Abelow said. " "MF Global had almost $7.3 billion in customer funds in segregated accounts as of Aug. 31, according to the most recent CFTC data. " http://www.bloomberg.com/news/2011-11-01/mf-global-probe-said-to-involve-hundreds-of-millions-in-funds.html One would expect better auditing and regulation after the 2007 finangler crisis, Refco, Enron, Worldcon, LTCM... Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 Good Morning! Welcome to The Daily Stool! Thanks to aussiebear for opening the thread each day! You can join the discussion by registering (PG rated user names only, please) and posting here as well. Registration is easy. Just click the Register link above, enter your email address (which you have the option to keep confidential), and enter a user name. Due to a deluge of spam registrations, I review all registrations so it may take a few hours for your registration to be approved. If you have questions about how to register and post, use the Help link in the menu bar at the top of the page. If you know others who might be interested in joining us, use the email to a friend link above the thread. Many tanks for joining us! Doc Link to comment Share on other sites More sharing options...
Pretzel Logic Posted November 1, 2011 Report Share Posted November 1, 2011 Update is posted: SPX and NDX Update: Bulls Running Out of Options On Friday, I assigned roughly a 50% chance that Thursday marked the end of the rally, and the top of Minor Wave (2)-up. Today, I would move that probability up to 80%. As far as I can see, there is really only one "last hope" for the bulls at this stage. But before talking about alternate possibilities, it's more important to talk about what's most likely, so I'll discuss that last hope in more detail a bit later... http://PretzelCharts.blogspot.com Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 Looks like the fucutures are down about 30 from the 4 PM price. Next shport levels on intraday cycle chart look 1207 and 1201. Link to comment Share on other sites More sharing options...
aussiebear Posted November 1, 2011 Author Report Share Posted November 1, 2011 Think they were locals or FIFO's? Young locals I think Al, late teens early 20s... Link to comment Share on other sites More sharing options...
specie Posted November 1, 2011 Report Share Posted November 1, 2011 the a hole financial industry rests on segregation of client assets from firm assets DJ CME Group: Monday 'A Very Difficult Day For All Concerned *DJ CME Group: Unable To Determine Scope Of MF Global Failure In Separating Customer Funds *DJ CME Group: MF Global Not In Compliance With Customer Fund Segregation Requirements *DJ CME Group: MF Global 'Very Fluid Situation' 8:45 Link to comment Share on other sites More sharing options...
Scully Posted November 1, 2011 Report Share Posted November 1, 2011 There was a Halloween party across the road Sat night which morphed into an all out brawl. I heard the racket around 12.30 am and went outside to see around 60 people in the middle of the road slugging it out: vampires biffing zombies and werewolves walloping witches...bizarre.. Three police vehicles rolled up and carted away a random selection, could be some interesting mug shots come out of it.. I read that to my wife over coffee. Surreal. Link to comment Share on other sites More sharing options...
Scully Posted November 1, 2011 Report Share Posted November 1, 2011 Editorial over at ZeroHedge written by Peter Tchir of TF Market Advisors. Interesting take, that the Greek PM has played Europe to get the best offer he could for his country, and now they get to choose between that best offer vs bankruptcy. I would choose the latter, but it is astute to find out what the next best alternative is before making the choice. Of course perhaps the Greek PM is just a dufus. Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 SPX Opening Outlook 11/1/01 Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 Precious Metals Update and Price Projections 11/1/11 Link to comment Share on other sites More sharing options...
Dopamine Posted November 1, 2011 Report Share Posted November 1, 2011 I wouldn't get too beared up....just yet. I'd expect some kind of bounce starting today or tomorrow due to internals being well into positive territory. But all subsequent bounces are going to be with weaker internals and then we'll ultimately roll over. I am thinking that happens early next next week +/- a day or two. p.s. I should just post trades that my coworkers are doing. Great fades. One has gone long yesterday at the close and another one went long the day before the deal. That one felt like a genius. Mocking lasted a day and then silence. I'll check on him in just a bit. lol Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 This should be interesting. Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 Dow opened down 285. Don't know if that's all 30 or not. Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2011 Report Share Posted November 1, 2011 The problem is that MoFo has changed the playing field. You now have a worldwide crisis of confidence and liquidity scramble. This is yooge. No. It's bigger than yooge. Link to comment Share on other sites More sharing options...
K Wave Rider Posted November 1, 2011 Report Share Posted November 1, 2011 Here we go... Euro big follow thru after the Finga to end all Fingas, and now Crapple looking to gashbust 400 on the open Link to comment Share on other sites More sharing options...
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