muses of the moment

July 10, 2012

PFGBest-We have another MFGlobal

Filed under: MF Global bankruptcy, Odds 'n ends — totallygroovygirlfriday @ 8:31 am

Still a developing story. Click here.

But two items that remind us of MF Global (except the part that the CEO tried to off himself):

  • Money has vaporized (current count is around $220 million).
  • JPM is close at hand (as custodian).

Ann Barnhardt weighs in, click here. Excellent read, she tells it like it is, so refreshing.

Some of the MF Global rape victims were actually bulk transferred to this firm back in November. The owner (who attempted suicide this morning) pitched a fit back in November and got about 700 of the MFG accounts bulk transferred over to PFGBest.

So, yes, there are now people, many of whom are agricultural hedgers, who have now been raped by having their equity stolen TWICE in nine months.

Click here…more notes from zerohedge. Zerohedge seems to be on top of this story, keep checking there for the latest.

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2 Comments »

  1. gg,

    i being a client of pfg received this in my inbox … there are a couple more behind it but this one says volumes as to the validity of the vaporized funds:

    >>>>>>>>>>>>>>
    Monday, July 9, 2012

    Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.

    >>>>>>>>>>>>>>

    keep on keepin’ on!

    -cc-

    Comment by cc — July 10, 2012 @ 6:32 pm

  2. Wow, keep us updated. You are in gg’s thoughts that you get your money quickly.

    gg

    Comment by totallygroovygirlfriday — July 10, 2012 @ 7:07 pm


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