CFTC: Budget Slashed. Goldman-Run Federal Agency Bet Blows Up
The entire industry was shocked when the CFTC abdicated its responsibility for the integrity of the US Futures industry and it customers when MF Global declared bankruptcy. It did not make sense. It...
View ArticleReports of the Gong Show Upstairs: CFTC says Trustee double counting?
We heard the rumors last week. Of the double accounting, that is. Whispers in the halls of the offices of MF Global that former employees may only watch the work of the Trustee staff, and now have...
View ArticleGary Gensler: A U-Boat Sent into the CFTC?
Who was Gary Gensler? When Gary Gensler was nominated to head the CFTC, most Americans had never heard of him. Yet he had been cruising the inner Beltway of D.C. and halls of influence for years, under...
View ArticleJudge Glenn Approves Trustee motion for Additional Property Distribution
Judge Glenn approved Trustee’s motion to distribute $2.2 bn to MF Global customers today. This would be the third round of bulk transfers and is “No perfect solution,” as Glenn said. Many questions...
View ArticleLaurie Ferber: MFG Chief Legal Counsel, on CFTC Global Markets Advisory...
Close observers of the MF Global saga have been asking from the start, where is Laurie Ferber? And then why wasn’t she called into the hearings last week? First to the magnifying glass was Bob English,...
View ArticleCFTC Warnings When Bankruptcy Codes Conflict: And a Still Secret Meeting
Last week we witnessed lawyers dueling in the bankruptcy court on the details of exactly what code of law supports customer priority in liquidation of the parts of MF Global Holdings, and gosh!….is...
View ArticleRound 2 Hearings Start But Feasting on MF Global Continues
A second round of Hearings on the MF Global failure are scheduled by the Congressional Financial Services Committee on Thursday, February 2nd. This Committee has the judicial power to call anyone into...
View ArticleCFTC Comissioner Runs From Questions, Admits SEC Should be “Looked Into”
Last week on February 12th we witnessed a short, but really testy exchange between CNBC floor reporter, Rick Santelli and CFTC Commissioner Bart Chilton. In the usual blitz fashion, Santelli asked...
View ArticleAt The Court of Kanagroos
The moment access to markets and accounts were frozen on October 31st, observers knew this “stinks like a dead fish sitting on the table,” as Congressman Michael Capuano (D-MA) exclaimed when asking...
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