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Friday, December 9, 2011

The Merc itself basically did the equivalent of sticking a nine millimeter in their mouth and pulling the trigger!!

By Jerry Mazza

What follows is a shockingly revealing interview conducted by James J. Puplava CFP, President and Chief Investment Strategist at PFS Group in San Diego. On his radio show, Financial Sense Newshour, he speaks with broker Ann Barnhardt, who pillories Jon Corzine for his unprecedented theft of MF Global investor accounts. She claims, and rightly so, that Corzine committed the most egregious financial crime when he comingled client monies with company monies in high-risk investments, without informing clients, literally stealing their money. This occurred while the Chicago Mercantile Exchange [the “Merc” duh] looked on and did nothing.

"The Merc itself basically did the equivalent of sticking a nine millimeter in their mouth and pulling the trigger by not stepping forward, backstopping [covering] the MF Global client accounts and at the very least, the Merc should have allowed the MF Global customers to liquidate their accounts and then transfer to other firms. But, nooooooo!!"

“What the Merc did was the worst possible thing—they froze those people out of their accounts and didn’t allow them to liquidate while the markets continued to trade. And I cannot over-emphasize the importance of that, the risk that those people were exposed to!"

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