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MF Global collapses ?
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victortan
Master |
04-Nov-2011 02:04
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If printing money so easy, then we got no poor country anymore, Malaysia can print   more and become richer than Singapore, so easy??? it is difficult to elaborate here, go read it out. about monetery policy,  |
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victortan
Master |
04-Nov-2011 02:00
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  According to chart, new fund must be in by middle of december, so   referenden must be before that,   otherwise they got to declare bankrupt.     According      |
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victortan
Master |
04-Nov-2011 01:44
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If declare bankruptcy is easy, then why go thro all those trouble, just dont pay. Do you think a bankrupt country still got means to print their own money. Do you think even if they can, can they do that within weeks, If they declare bankrupt. they will be very poor for years to come, not easy. if it is , then we all also can, don t pay our home loan and othe loan, just declare bankrupt , and see what happen. |
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xing78
Elite |
04-Nov-2011 00:24
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This is definitely a geo-political issue. There are a lot of energy and natural resources surrounding the  Mediterranean Sea. The pipelines run through there to Europe as well.  This is 1 of the reasons why Germany and France insist to keep Greece in the Eurozone as to prevent Greece from sabotage activities arising in a conflict of interest.
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teeth53
Supreme |
04-Nov-2011 00:12
Yells: "don't learn through life, learn to grow with life " |
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Was wondering about those 300 spartan warriors, when Greece PM remove and reappointed (reposition)  several key military personnal. He may hav seen a military opposition will spoil his plan to convince the opposition to agree on a public referedum. | ||||
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teeth53
Supreme |
03-Nov-2011 23:58
Yells: "don't learn through life, learn to grow with life " |
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In deed.   A brilliant tactical move in his chess board. A deal is make with between himself and the opposition, help by  olive to bridge d gap  ring by  burning fire.
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teeth53
Supreme |
03-Nov-2011 23:35
Yells: "don't learn through life, learn to grow with life " |
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How come UBS rouge trader kena, this Jon did kena or not yet..?. | ||||
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bsiong
Supreme |
03-Nov-2011 23:32
Yells: "The Greatest Wealth is Health" |
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  The legal landscape for MF Global's Jon Corzine    Nov 2 (Reuters) - If the Federal Bureau of Investigation turns up evidence that MF Global Holdings Ltd improperly mixed customer accounts and its own funds, it would still be difficult to prosecute the firm's CEO, Jon Corzine, on criminal charges, legal experts said. After MF Global filed for Chapter 11 bankruptcy on Monday, regulators said a large amount of customer funds were unaccounted for. Reuters also has reported that the FBI is showing preliminary interest in regulatory probes looking into the missing funds. Neither MF Global nor Corzine have been charged with any wrongdoing.       But if customer funds have disappeared, it could be grounds for criminal charges against individual officers of the firm under the mail and wire fraud statutes, according to Jeff Ifrah, a white-collar criminal defense lawyer in Washington, D.C. One potential theory the government could pursue would be that MF Global induced investors to open accounts with the firm under the false premise that their accounts would be kept separate from the firm's operating accounts. To charge Corzine himself on that theory, the government would have to prove that he acted with some knowledge of the alleged scheme and intended to defraud investors. Executives at Corzine's level are not often charged in such schemes, according to defense attorneys. " It's rare that a person in his position is charged, unless they were the ones making off with the money," said Jonathan Uretsky, a New York-based securities lawyer who also represents defendants in white-collar cases. Criminal charges are not the only possible liability. He could face civil charges from regulators such as the U.S. Securities and Exchange Commission or the U.S. Commodities Futures Trading Commission, according to legal experts. From the CFTC, the most likely charge against Corzine would be that he violated a rule requiring diligent supervision of commodity accounts, said Jerry Markham, a professor at Florida International University. If a regulatory rule is violated, the CFTC could issue a fine. " The head of the firm can delegate supervision authority but there is a residual obligation that he make sure that what's being delegated is carried out," said Markham. In past cases involving mingling of funds at brokerage firms, the SEC has also brought charges under various securities laws, said Thomas Gorman, a partner at Dorsey & Whitney. But he said there was no precedent for a case of alleged mingling of funds at such a large institution. " Usually you see this allegation as part of a Ponzi scheme or a variation of it," said Gorman. " I find it a surprising allegation for a major brokerage house to commingle the money like that." Finally, Corzine could face private lawsuits by investors in MF Global securities and investors who held accounts at the firm. Reed Kathrein, a partner at the law firm Hagens Berman, said he has already been in contact with potential plaintiffs. Kathrein said that if lawsuits against Corzine are filed, they will likely come from investors in MF Global's shares and bonds who claim they were misled by the firm's various disclosures about its internal controls. He also said that account holders whose funds have gone missing could make claims against Corzine under a variety of state laws, such as breach of fiduciary duty and breach of contract. |
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teeth53
Supreme |
03-Nov-2011 23:28
Yells: "don't learn through life, learn to grow with life " |
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http://www.google.com/hostednews/afp/article/ALeqM5h1A1dkR-J59Cz4oZ4TzwTpAmS-7w?docId=CNG.5beec088936d3ebfcad2951b2753d69a.211 Greece austerity vote: live report By Nick Morrison (AFP) – Jun 29, 2011
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Hulumas
Supreme |
03-Nov-2011 23:26
Yells: "INVEST but not TRADE please!" |
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That is just the begining, many others will follow suit! (DOMINO EFFECT will occur in this case perhaps!)
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teeth53
Supreme |
03-Nov-2011 23:14
Yells: "don't learn through life, learn to grow with life " |
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http://www.google.com/hostednews/afp/article/ALeqM5h1A1dkR-J59Cz4oZ4TzwTpAmS-7w?docId=CNG.5beec088936d3ebfcad2951b2753d69a.211 1510 GMT: Jean-Claude Juncker, the chairman of the eurozone finance ministers, says the way is now open for Greece to receive its fifth EU-IMF loan installment, my colleagues report from Brussels. 1500 GMT: The emergency funds Greek MPs have cleared the way for by voting through a new austerity plan represent the fifth tranche of a 110-billion-euro aid package agreed last year with the EU and the IMF, and are needed to prevent Greece defaulting on its mammoth debts. |
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teeth53
Supreme |
03-Nov-2011 21:35
Yells: "don't learn through life, learn to grow with life " |
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http://www.telegraph.co.uk/finance/financialcrisis/8846201/Debt-crisis-live.html This page will automatically update every 90 seconds (On  / Off)
• Reports: Greek PM to offer resignation, coalition formed |
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teeth53
Supreme |
03-Nov-2011 20:01
Yells: "don't learn through life, learn to grow with life " |
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http://sg.finance.yahoo.com/news/Euro-zone-mulls-Greek-exit-rb-146028151.html?x=0 Finance Minister Evangelos Venizelos issued a defiant statement, saying Greece's euro membership was a historic achievement and " cannot depend on a referendum." Venizelos, who was kept in the dark by his Socialist rival, opposed risking a public vote at this crucial moment. Offical said " Under these conditions, a referendum is exactly what the country does not need," the source told Reuters, speaking on condition of anonymity. More dissident lawmakers in the ruling PASOK party spoke out against a referendum and called for a national unity govt or early elections, casting a doubt on whether Papandreou can win a confidence vote on Friday or pass a bill to hold a plebiscite. teeth thot: He shot himself for  having done damaged to Euro for trying so hard to  bring Greece along, (if it pass Greek parliment, it  citizens is w/o dole, will hav to  wait till Dec 2011)  it going into more confuse, political chaos. |
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teeth53
Supreme |
03-Nov-2011 19:37
Yells: "don't learn through life, learn to grow with life " |
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What he does, is a shocking action of one man action, it is neither wrong and or right move, but shocking move,  the referendum may not pass, pass Greek  parliment before putting forward to the people's. It may  fail as his own political may perhap divided into two camp, a pro and  a opposition. http://sg.finance.yahoo.com/news/Euro-zone-mulls-Greek-exit-rb-146028151.html?x=0 Thurs: Greece's govt was on the brink of collapse, casting doubt on plans to hold a referendum on staying in the euro zone, as European leaders contemplated a Greek exit to preserve their single currency. Greek PM George Papandreou chaired an emergency cabinet meeting in Athens, with his finance minister in revolt against a plebiscite, France and Germany gave Greeks an ultimatum to make up their minds.
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Summers3
Member |
03-Nov-2011 16:34
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What is the losses to Singaporeans and Singapore companies ? | ||||
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alexchia01
Elite |
03-Nov-2011 11:48
Yells: "Catch The Stars And Ride With Them" |
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Actually, Papandreou is not doing the wrong thing. If the referendum goes through, he'll get the support of his people and EU help as well. If the referendum does not goes through, Greek exit Euro. Greek will have the power to print their own money and slowly get out of debt themselves. Greek will no longer be such an EU problem, at least not a major one. EU will also have more resources to help the rest of the PIIGS. At the same time, the rest of the PIIGS will has another backdoor to solve their problems. Then all these EU problems become a individual country problems and less impact on the rest of the world. Just my speculation.
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teeth53
Supreme |
03-Nov-2011 09:56
Yells: "don't learn through life, learn to grow with life " |
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Papandreou unexpectedly announced on Monday  and a national referendum on  coming Thursday's on EU debt deal, is taking a political gamble in an attempt to silence opposition to his policies. teeth53 thot: He's taking, betting on a do or die with his poltical enemies by making it a public referendum, his act amounted to fighting fire with fire. Making it more uncertain for Euro zone in passing the dole to it Greek citzen , in which Greece citizens needed badly without further delay.
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bsiong
Supreme |
03-Nov-2011 08:39
Yells: "The Greatest Wealth is Health" |
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MF Global may have moved funds in final days
(Reuters) - In its final days before descending into bankruptcy, Jon Corzine's MF Global Holdings may have transferred customer funds to avoid detection by authorities, the top regulator of the firm said on Wednesday. MF Global, the futures brokerage which collapsed Monday after risky trades on European debt, still faces a shortfall of $633 million in customer funds, according to the U.S. Commodity Futures Trading Commission. A source familiar with the matter told Reuters that regulators are still not sure where the money is, and why they can't find it. CME Group Inc, the biggest U.S. futures exchange operator, said a transfer of funds from customer accounts at MF Global appeared to occur after a CME audit of the funds last week, which would be in violation of CFTC regulations and CME rules. " It now appears that the firm made subsequent transfers of customer segregated funds in a manner that may have been designed to avoid detection," said the CME, MF Global's primary regulator. U.S. regulators started raising concerns about MF Global's European sovereign debt exposure as early as June, according to a source familiar with the matter, some four months before the company's collapse. While the event hit volumes in the commodities market earlier in the week, bankruptcy court proceedings on Wednesday offered hope that customers would be able to trade again by the end of the week as their positions and much of their collateral were transferred to other brokers. As for the broader economic implications, U.S. Federal Reserve Chairman Ben Bernanke, said they are limited. " It appears to be an idiosyncratic case," Bernanke told reporters. " We are monitoring the possible impacts on funding markets and elsewhere, and so far we have not seen any significant impact on financial stability." But the meltdown of Jon Corzine's firm should spark reforms to separate retail from investment banking operations, according " Bond King" Bill Gross, who says it marks another example of how Wall Street has " lost its way." " Do we have a better example today than MF Global in terms of the mingling of those two particular aspects of capital allocation?" Gross, who runs the $242.2 billion PIMCO Total Return portfolio, said at a Charles Schwab Corp conference in San Francisco. " So the closer we get back to separating the two, I suppose the better from the standpoint of reform." REGULATOR CONCERNS BACK IN JUNE Not long ago, Wall Street was witnessing the comeback of Corzine, the ex-Goldman Sachs chief and former New Jersey governor, when he took the helm of MF Global. But the recent revelation of $6.3 billion of European bond positions caused the ratings agencies to cut to MF Global's debt to junk status, speeding its descent into bankruptcy. Though the firm's failure played out in a matter of days, regulators started turning the screws on MF Global months ago. Around June, the Financial Industry Regulatory Authority (FINRA), one of many regulators that policed the firm, became concerned that MF Global had a substantial position in European sovereign debt and was not appropriately holding capital against it, the source told Reuters. FINRA began conversations with MF Global about whether it was appropriate under Generally Accepted Accounting Principles to consider the exposure to be off balance sheet, according to the source, who was not authorized to speak publicly. FINRA felt that regardless of GAAP accounting, MF Global should recognize how much the market value of the sovereign debt-related holdings had declined, and consulted with the U.S. Securities and Exchange Commission, the source said. After lengthy conversations with FINRA and the SEC, MF Global yielded and infused the additional capital called for, something the firm disclosed on September 1. Those deals were attractive because they were financed in the repo market, according to Thomson Reuters columnist Bethany McLean. The company was essentially earning money by receiving more interest on the bonds than it was paying to finance the instruments. MISSING MILLIONS The European debt trades pushed the company into bankruptcy, but the heat on MF Global now is around why it cannot account for a large amount of customer money that was supposed to be kept separate from other funds, sources said. Regulators are trying to determine if the brokerage used some of the money to support its own trades. The CFTC has not decided whether it is going to launch a probe into MF Global, but it remains an option the agency could consider, a source told Reuters. The agency typically does not announce when it starts an investigation. " We don't want people to leap to any kind of conclusion that there is something criminal here, and we don't know that," the source said. The focus turned to bankruptcy court late in the day, where the trustee charge of liquidating the brokerage said 150,000 customer accounts had been frozen. The CFTC added that it has found a handful of players willing to pick up MF accounts, including ABN AMRO Chicago Clearing, ADM Investor Services, Dorman Trading, FC Stone, RJ O'Brian and/or Rosenthal Collins. One piece of good news for MF Global on the money front came from IntercontinentalExchange Inc, one of the world's largest exchange and clearinghouse operators. It said Wednesday that it received all of the margin money it required from MF Global and its customers. As for Corzine -- he may be getting money back from the highest office in the United States. President Barack Obama's re-election campaign said it would return Corzine's donations of at least $500,000 made by embattled the head of MF Global if he were charged with any wrongdoing. Corzine himself has donated the maximum that an individual can give for a presidential campaign, according to campaign finance records. He held a lavish $35,800-a-head fundraising dinner for Obama at his home in April. (Writing by Edward Tobin Reporting by Christopher Doering, Kim Dixon, Sarah N. Lynch in Washington DC Jonathan Spicer in New York John McCrank in San Francisco Saeed Azhar, Cerelia Lim and Charmian Kok in Singapore) |
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Greenbean
Senior |
03-Nov-2011 00:22
Yells: "Live green. Let it be GREEN." |
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Singapore to protect local investors who dealt with MF Global    12.13 am BUSINESS TIMES
November 3, 2011, 12.13 am (Singapore time) Singapore to protect local
investors who dealt with MF Global
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bsiong
Supreme |
03-Nov-2011 00:21
Yells: "The Greatest Wealth is Health" |
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MF Global Meltdown Shows Real European ThreatNEW YORK (TheStreet) -- MF Global(MF_) sudden implosion gives us just a tiny whiff of the risk of a European meltdown, and it ought to be strong enough to make investors run for the hills. MF Global saw its shares lose 66% in four days last week, leading to its bankruptcy filing Monday. The cause was a $6 billion bet on European debt that had barely lost money. Still, the markets, upon finding out about the bet, freaked out, creating an actual crisis at MF Global simply because they were worried about a potential one.   http://bcove.me/zi9g4o7p There is a lesson here. When addressing the threat from Europe, U.S. institutions like Bank of America(BAC_), Citigroup(C_), Morgan Stanley(MS_)and JPMorgan Chase(JPM_) talk about their " exposure" as if it were a fingernail or--at worse--a finger--that could be amputated without material risk to the corpus that is the larger corporation. But as the case of MF Global demonstrates, exposure takes many forms and has a stubborn way of working its way into the bloodstream when you're talking about, say, an entire continent--especially in our days of globalization. When JPMorgan discussed its exposure to Europe on its most recent analyst call, did it count MF Global? One suspects not, and yet it turns out to be MF Global's largest creditor, with $1.2 billion owed to it. Following the market's realization of JPMorgan's $1.2 billion in exposure to MF Global, various analysts were quick to say that it isn't really $1.2 billion, because surely there are hedges in place. Fine. But we're talking about one company, and the fallout from that company's collapse has yet to be fully assessed. When it's all of Europe headed for a restructuring--minus, perhaps, Germany and a couple other countries--rest assured, the resulting mayhem will have grave consequences across the Atlantic and elsewhere--whether you're JPMorgan, Wells Fargo(WFC_), or the local credit union. -- Written by Dan Freed in New York.   |
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