Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Got this in an email the other day. Also posted on the net. Experience of Gerald Celente - hardly a dummy when it comes to Wall Street.
Quite a tale. Essentially, his money in gold margin account went to bankruptcy trustee, as a result he had a margin call, gold futures he'd bought months earlier transferred, and he was told he now had to pay $300 oz. more.
I think I would have had a stroke. Excerpt:
Quote:
KINGSTON, NY, 28 November 2011 — The MF Global bankruptcy has more far reaching implications than are currently being acknowledged. Not simply an isolated instance of corporate mismanagement resulting in disastrous and irreparable effects on options and commodity futures markets, the MF bankruptcy – the eighth-largest in US history – is a harbinger of much worse to come.
[color=black]
When the evidence is pieced together, it proves how corrupt, bankrupt and dishonest the financial/political cabal that runs America is, and reveals the complicity of the media in covering up their masters’ misdeeds.
The MF crash provides glaring examples of the failure of the CME Group (the options and commodity exchange of which MF was a member) to do its own due diligence of member firms. It exposes the incestuous relationship between government agencies, such as the Commodity Futures Trading Commission, and the entities they are charged with regulating and monitoring – in this case, the CME and its member firms (such as MF Global).
And then you wait until hell freezes over before you get your money - if you even get it all back. And, of course, no interest paid, either.
Celente was screwed out of HIS money in HIS margin account, asked to come up with the same money YET AGAIN, and then screwed a THIRD TIME when he was told he had to repurchase HIS OWN gold at over $330 more an oz. than he had already paid months ago. The mind boggles.
The point is - it shouldn't have happened.
Even a sophisticated investor can be sideswiped out of left field and never see it coming. Wall Street is still the wild, wild West.
Even a sophisticated investor can be sideswiped out of left field and never see it coming. Wall Street is still the wild, wild West.
Congress is still the wild, wild West. We need an Occupy Congress where we throw all those bums out in the street for failing to properly regulate financial markets and let the crooks in the finance industry run wild.
Salient portions of the quote in my original post no longer appear - rendering the quote, and the post itself, close to meaningless as to my point. Anyone wanting specific details on what, where and how, as put forth by Celente himself, dm me and I will send. It's quite a story.
Last edited by Ariadne22; 11-30-2011 at 12:30 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
