The Entire System Has Been Utterly Destroyed By The MF Global Collapse
Ann Barnhardt at ZeroHedge - Tyler posts Ms. Barnhardt's announcement that Barnhardt Capital Management is ceasing operations, due to the criminal theft of client assets by MF Global. The oiginal is at barnhardt.biz ("BCM Has Ceased Opertaions", parts 1 and 2).
Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,
It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.
The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.
From the BCM site:
There is some confusion as to what I (formerly) did for a living via BCM. I am not a "hedge fund" or a "money manager". I am an old-school commercial hedge broker specializing in CATTLE and GRAIN. Farmers, ranchers, etc. Actual hedging of actual cattle and grain using futures and options. Very old-school original.
Do not lay up for yourselves
19 “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where "THIEVES" break in and steal;
20 but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where "THIEVES" do not break in and steal.
21 For where your treasure is, there your heart will be also....
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Congratulations to Ms. Barnhardt for her principled stand: "I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not."
Gerald Celente agrees that assets are not safe in those markets, having recently been ripped off to the tune of six figures.
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