Stock, given how judgemental and spiteful alot of your posts have been through the years in terms of describing other ET Members, you smack of hypocrisy.
Never trust a man that can't detect obvious sarcasm. Never. And my judgements have been 100% accurate, and where spite is required I have dished it out. I have nothing to sell, unlike some.
Federal prosecutors and the FBI are set to join the inquiry into what happened to hundreds of millions of dollars invested with a securities firm headed by former New Jersey Gov. Jon Corzine, officials familiar with the case told NBC New York. http://www.zerohedge.com/news/keeping-korzines-klink-fbi-investigate-mf-globals-theft-client-money
For future reference in the months and years to come, some other MF Global threads: http://www.elitetrader.com/vb/showthread.php?s=&threadid=229673 "Anyone pulling money out of MF Global?" http://www.elitetrader.com/vb/showthread.php?s=&threadid=229851 "MF Global - WTF! Customer money gone missing?"
MF Global to resume trading today under the symbol MFGLQ http://finance.yahoo.com/q?s=MFGLQ.PK http://online.wsj.com/article/BT-CO-20111101-716785.html "MF Global Shares To Begin OTC Trading Wednesday Under Symbol MFGLQ -OTC Markets"
In my time so far at ET I have written posts in defence of the allegations made against such well known individuals as Bill Clinton (the girl sucking the Presidential knob scandal) and Jeffrey Skilling (Enron). But Corzine does not elicit any support from me. This moron was ousted as CEO from Goldman Sachs and the same moron went on to destroy MF Global. At MF he took the moronic plunge of entangling himself in a substantial play in endangered Euro bonds. Corzine is of the type of player who overplays risk. Sooner or later they go down for good. In his case, it was later rather than sooner. And usually they don't get as far up the ladder as Corzine did. He wanted to go after some bulge profits for MF in which he thought he could be the mastermind but the moron failed. MF was not a quality organisation but I am sad for all those employees there losing their jobs. If he had wanted to build MF Global into an investment bank he would have needed to put together a series of small high quality teams to trade markets and market niches and where risk is never over-leveraged. This would have required the patience and steadiness which, apparently, Corzine did not have.
Seems that he was in a rush to put his face on the "dramatic" MF Global turnaround in order to get that spot as Odumbo's next Treasury Secretary. His miscalculation was that MFG was not a "too big to fail" and so he fell flat on his face instead.
Corzine fancied himself a trader and placed a huge bet just months into his tenure. Bypassed all of the risk controls and fiduciary procedures - and proceeded to time a market that was severely and dramatically trending against him. Corzine chose sovereign debt as the instrument of destruction because, of course, in an unleveraged and natural state it is an accepted vehicle for the conservative investment of client funds like insurance premiums and margin accounts. For that matter, alot of the LTCM's portfolio was flavored with sovereign debt. The angle, of course, is the exotic derivation of leveraged instruments from those seemingly benign government 'bonds' and 'notes'. Standing in front of a speeding train, raising your arms, and proclaiming to the train that it has gone far enough and must turn around immediately apparently is shit risk/reward. Another market timer. Will that debt turn around ? Of course. Just a matter of timing. The problem with market timing as a contrarian is the pain, and of course one's ability to finance and endure that pain. Market timers using OPM always blow up - because the the entities providing the capital do not have the staying power and they always take the trader out of the trade unilaterally and in a dramatic fashion. End of discussion. Security escorts him out of the building. OPM means that you have a stop loss level whether you care to admit the fact or not. If you are market timing and picking tops and bottoms contrary to trending markets and using your own personal funds, however - enjoy. Some traders make money doing it, and I certainly wouldn't dispute that notion. It is all a matter of pain tolerance. And intact stomach lining, cardiovascular system,nerves, and intimate relationships.