[video] Gerald Celente: MF Global Looted Customers’ Accounts (including Gerald’s) Via Internal Bank Run — “There’s no morality anymore. Everybody’s gaming the system!”

“There’s no morality anymore. …
Everybody’s gaming the system!”

“They’re not going to be able to save the day.”

“It all comes back down to morality.”

– Gerald Celente

Transcribed by Jeff Fenske

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[youtube=http://www.youtube.com/watch?v=zsUWcPIlvNQ]Gerald Celente: MF Global Looted Customers’ Accounts Via Internal Bank Run 1/4

Uploaded by on Nov 16, 2011

Big players got warning ahead of time that financial broker was set to collapse

Paul Joseph Watson
http://www.infowars.com/
http://www.prisonplanet.tv/
Wednesday, November 16, 2011

Days before the doomed financial broker filed for bankruptcy, MF Global conducted “unexplained wire transfers” that led to a $900 million shortfall in client funds, leading customers like Gerald Celente to learn that their accounts had been looted and setting the precedent for internal bank runs as more big firms go bust.

According to Bloomberg, “Examiners from CME Group Inc., the world’s largest futures exchange, found unexplained wire transfers at MF Global Inc. and a $900 million shortfall in client funds during the weekend the failing broker was talking with possible buyers, a person briefed on the matter said.”

CME noticed the missing funds on October 30, but MF Global didn’t inform the Commodity Futures Trading Commission until the day after, suggesting that the transfers were made, “in a manner that may have been designed to avoid detection,” according to CME.

The suspicious cash movements are now being probed by the U.S. Justice Department.

MF Global trustee James Giddens said in a court filing yesterday that customers would get back 60 per cent of their account funds, prompting fury amongst clients, many of whom used their accounts for business collateral and living expenses.

Although individuals were burned by the broker’s downfall, larger clients were protected from the fallout because they had the miraculous fortune of withdrawing all their funds just weeks before the collapse.

“Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange were charged with overseeing MF Global, their clearing member. If we are to believe them, they had no idea of any difficulties within the firm before customer accounts went missing just a few days before the collapse. But someone clearly knew of the cratering positions and imminent collapse of MF Global, as billions of dollars of accounts were “coincidentally” withdrawn,” writes Huffington Post’s Daniel Dicker, noting how funds in accounts owned by the billionaire Koch brothers were withdrawn just in time, clearly suggesting that big players got a “heads up” that MF Global was going down.

Although the collapse of MF Global was assured when it came to light that the broker was heavily exposed to the European debt crisis, causing the broker’s stock price to plummet, Fox Business reports that numerous circumstances indicate the downfall was in the works weeks before, drawing attention to the fact that employees didn’t receive commissions for the third quarter and were fired two weeks before the firm filed for bankruptcy.

http://www.infowars.com/mf-global-looted-customers-accounts-via-internal-bank…

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