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XMFSinchiruna (26.58)

Don't Blink, or You'll Miss Another Shameful Scandal



July 11, 2012 – Comments (7) | RELATED TICKERS: JEF.DL , AG , BHP

With the rate at which horrifying examples of widespread moral bankruptcy and fraudulent misdeeds are coming to light in the financial industry today, one can scarcely afford a moment's rest for fear of missing the dastardly disgrace du jour. 

Already this week, even as investors continue to wrap their heads around the monumental LIBOR rate-rigging debacle, the dramatic implosion of futures brokerage PFGBest amid a reported shortfall in customer-segregated accounts has shattered hopeful notions that the MF Global disaster would remain an isolated event.


In the combined wake of Wasendorf's apparently routine submission of forged bank documents to regulators, and his attempted suicide, the prominent heading beneath his photograph within PFGBest's corporate brochure reads with a bone-chilling irony: "To succeed you must first survive."


Ultimately, every single investor is a victim of this latest example of the rampant misconduct and outright fraud that seems to have infected our entire financial system like a plague. The list has grown far too long, and it may have reached a critical mass to begin scaring investors straight out of the markets. The unsettling macroeconomic outlook and the structural shortcomings like those exposed by the 2010 flash crash are sufficient obstacles for retail investors to contend with. With the addition of Madoff, LIBOR-gate, the muni-bond-rigging cartel, MF Global, Lehman, gold-price suppression, and the long list of hugely disappointing scandals in recent years, it's a wonder any of us are still sticking around.


7 Comments – Post Your Own

#1) On July 11, 2012 at 6:45 PM, XMFSinchiruna (26.58) wrote:

Link seems to be acting funny. Try this:


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#2) On July 12, 2012 at 3:44 PM, ikkyu2 (98.11) wrote:

I would never trade in options or futures contracts.  While I understand them, their short term makes them too easily rigged by market parties who out-lever me by trillionfold amounts.

Unfortunately, I am beginning to feel the same way about certain other activities:

1)  Owning stocks

2)  Holding specie

3)  Holding dollars

This is comforting to me, in a way; if everything is rigged and worthless, in the long run it really doesn't matter how I choose to allocate my investable sums.

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#3) On July 12, 2012 at 8:38 PM, outoffocus (23.87) wrote:

And of course instead of enforcing the laws and regs we already have, our foolish leaders will probably come out with more regs that do little to the actual guilty parties but makes the little guy suffer.

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#4) On July 15, 2012 at 12:18 AM, skypilot2005 (< 20) wrote:

Atna Provides Update on Briggs Operations


Atna Reports Increased Mine Life for Reward Gold Project, Nevada



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#5) On July 15, 2012 at 9:53 AM, skypilot2005 (< 20) wrote:



South American Silver shares slump on Bolivia mine rules


“Bolivian President Evo Morales said late on Tuesday that he had signed a deal with anti-mining protesters under which the government would take back all the concessions granted to South American Silver's local subsidiary.

It is the second time in less than a month that Morales has moved to seize control of a foreign-operated mining project.”

"A handful of Canadian mining companies operate in Bolivia, including Pan American Silver Corp (PAA.TO), which holds a 50 percent stake in the San Vincente mine, a joint venture with state-owned mining firm Corporación Minera de Bolivia.

Orvana Minerals Corp (ORV.TO) owns the Don Mario mining complex in eastern Bolivia, while Apogee Silver Ltd (APE.V) is developing the Pulacayo-Paca silver project in the south."


Official multilingual Web Link Assistant to Sinchi 

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#6) On July 15, 2012 at 11:11 AM, wolfman225 (44.99) wrote:

It's ok.  The financial services people have developed a new way for the little guy to succeed, just like the "Too Big to Fail" guys!  It's the brand new NADEX.  That's right, the North American Derivitive Exchange!

Now, for the first time you, too, can trade in these exotic financial instruments!  Just like the big boys on Wall Street.

God help us.

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#7) On July 15, 2012 at 11:40 AM, skypilot2005 (< 20) wrote:


Alexandria Expands Western Gold Zone at Akasaba with More Wide Intersections Including 1.18 g/t Gold over 118.80 m



Back in town. 


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