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Mon Dec 19, 2011, 10:36 AM

MF Global trustee seizes investor's gold and silver boullion, too. [View all]

"The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets—gold, silver, cash, options, futures and commodities—into a single pool that would pay customers only 72% of the value of their holdings. In other words, while traders already may have paid the full price for delivery of specific bars of gold or silver—and hold "warehouse receipts" to prove it—they'll have to forfeit 28% of the value."

Plus, owners could not sell their metals before the market for them went down
AND
they still have to pay storage fees!

The best link I have to this latest outrage is here:
http://jessescrossroadscafe.blogspot.com/2011/12/attempt-to-seize-and-liquidate-customer.html

edited to add:

Denninger's comment is this:

"NO -- and I repeat NO -- property held allegedly for your benefit by any third party anywhere is safe under this "theory" of the bankruptcy trustee. Yes, this includes something so simple as the money on deposit in your bank account."

http://market-ticker.org/akcs-www?post=199356

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Reply MF Global trustee seizes investor's gold and silver boullion, too. [View all]
dixiegrrrrl Dec 2011 OP
phantom power Dec 2011 #1
dixiegrrrrl Dec 2011 #2
dkf Dec 2011 #3
dixiegrrrrl Dec 2011 #4
dkf Dec 2011 #5
Ghost Dog Dec 2011 #10
mark cookson Jan 2012 #17
Demeter Dec 2011 #9
Ruby the Liberal Dec 2011 #6
dixiegrrrrl Dec 2011 #7
Ruby the Liberal Dec 2011 #8
Po_d Mainiac Dec 2011 #11
dixiegrrrrl Dec 2011 #13
Po_d Mainiac Dec 2011 #14
dixiegrrrrl Dec 2011 #15
Po_d Mainiac Dec 2011 #16
Po_d Mainiac Dec 2011 #12