Stocks and Trading Thread - Channeling your inner Mono

[alfred russel]

Oh, wow, just found an article that they didn't separate customer funds from investment funds.  That sounds like a cardinal sin by a broker, and I would be very surprised if it's not the kind of thing you go to jail for, despite white collar crime on Wall Street being largely legal.

There must be another side to this.

[DGuller]

Oh, wow, just found an article that they didn't separate customer funds from investment funds.  That sounds like a cardinal sin by a broker, and I would be very surprised if it's not the kind of thing you go to jail for, despite white collar crime on Wall Street being largely legal.

There must be another side to this.

What can it possibly be?  If you didn't play with your clients' funds, you should be able to produce them. 

I wonder how many times people do it, and get away with it, so no one even knows that they were freerolled?

[alfred russel]

Oh, wow, just found an article that they didn't separate customer funds from investment funds.  That sounds like a cardinal sin by a broker, and I would be very surprised if it's not the kind of thing you go to jail for, despite white collar crime on Wall Street being largely legal.

There must be another side to this.

What can it possibly be?  If you didn't play with your clients' funds, you should be able to produce them. 

I wonder how many times people do it, and get away with it, so no one even knows that they were freerolled?

It doesn't make sense. Assuming Corzine had something to do with this, why would a respected former governor with a high net worth resort to something like this?

[DGuller]

It doesn't make sense. Assuming Corzine had something to do with this, why would a respected former governor with a high net worth resort to something like this?

I can think of many reasons.  He could've been very careless to start with.  He could've been overly ambitious, trying to build up his firm into the next big thing.  He could've tapped into clients' funds to shore up his capital after going overboard on making risky leveraged bets.

[alfred russel]

It doesn't make sense. Assuming Corzine had something to do with this, why would a respected former governor with a high net worth resort to something like this?

I can think of many reasons.  He could've been very careless to start with.  He could've been overly ambitious, trying to build up his firm into the next big thing.  He could've tapped into clients' funds to shore up his capital after going overboard on making risky leveraged bets.

I guess. He was CEO of Goldman Sachs and governor of New Jersey. It seems like he had a lot to throw away.

[MadImmortalMan]

IMO, he's going to jail. Can't see any other ending to it.

[alfred russel]

IMO, he's going to jail. Can't see any other ending to it.

CNN is reporting $600 million is missing. If that is true, and if there isn't an innocent explanation, this is a major fraud that should have some very long prison terms.

[citizen k]

Oh, wow, just found an article that they didn't separate customer funds from investment funds.  That sounds like a cardinal sin by a broker, and I would be very surprised if it's not the kind of thing you go to jail for, despite white collar crime on Wall Street being largely legal.

There must be another side to this.

Now that the affdavit of MF Global COO Bradley Abelow has been filed, we finally get the (partial and quite watered down) inside scoop of just what the events were that brought the company to its knees, and what specifically were the precipitating catalysts that ultimately led to the Halloween massacre. The relevant part begins with section E, paragraph 33, on page 13. "As a global financial services firm, MF Global is materially affected by conditions in the global financial markets and worldwide economic conditions. On September 1, 2011, MF Holdings announced that FINRA informed it that its regulated U.S. operating subsidiary, MFGI, was required to modify its capital treatment of certain repurchase transactions to maturity collateralized with European sovereign debt and thus increase its required net capital pursuant to SEC Rule 15c3-1. MFGI increased its required net capital to comply with FINRA's requirement...." Read on.


Full affidavit:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/10/9.pdf

[MadImmortalMan]

 

    He still owned stacks of gold and platinum bars that had
    roughly doubled in value, but he remained on the lookout for hard
    stores of wealth as a hedge against what he assumed was the coming
    debasement of fiat currency. Nickels, for instance.

     

    "The value of the metal in a nickel is worth six point eight cents," he said. "Did you know that?"

     

    I didn't.

     

    "I just bought a million dollars' worth of them," he said, and then,
    perhaps sensing I couldn't do the math: "twenty million nickels."

     

    "You bought twenty million nickels?"

     

    "Uh-huh."

     

    "How do you buy twenty million nickels?"

     

    "Actually, it's very difficult," he said, and then explained that he
    had to call his bank and talk them into ordering him twenty million
    nickels. The bank had finally done it, but the Federal Reserve had its
    own questions. "The Fed apparently called my guy at the bank," he says.
    "They asked him, 'Why do you want all these nickels?' So he called me
    and asked, 'Why do you want all these nickels?' And I said, 'I just
    like nickels.'"

     

    He pulled out a photograph of his nickels and handed it to me. There
    they were, piled up on giant wooden pallets in a Brink's vault in
    downtown Dallas.

     

    "I'm telling you, in the next two years they'll change the content
    of the nickel," he said. "You really ought to call your bank and buy
    some now."

[Ed Anger]

"I'm telling you, in the next two years they'll change the content
    of the nickel," he said. "You really ought to call your bank and buy
    some now."

Pass.

[fhdz]

IMO, he's going to jail. Can't see any other ending to it.

CNN is reporting $600 million is missing. If that is true, and if there isn't an innocent explanation, this is a major fraud that should have some very long prison terms.

He's resigned.

Also:

http://politicalticker.blogs.cnn.com/2011/11/03/rnc-calls-on-obama-to-return-corzine-contributions/?iref=storysearch



I am sure few Republicans are returning Koch Bros. contributions despite the fact they sold a bunch of shit to Iran.

[MadImmortalMan]

Next victim:

CMG...no

PCLN...no


It's LNKD! LinkedIn with a P/E ratio as of today's close of 1317.88x.

They report on 11/3 after the close, so you still have seven trading days to short the fuck out of them.

This post is worth $12/share so far.

[citizen k]

My million dollar portfolio challenge portfolio:

[citizen k]

[MadImmortalMan]

Not bad. My game accounts got zeroed out by the cheating incident, but I don't think I ever got as high as that. It was in the eleven thousand range.

My "short the euro" portfolio was doing very well though.