PFG’s owner and CEO Russell Wasendorf has just been arrested in Iowa. As Wasendorf was last reported to still be in a coma, he might not currently regret his only mistake of failing to match Jon Corzine’s campaign contributions to Barrack Obama.
As Wasendorf’s alleged 20 year theft may have put SD friend JB Slear’s Fort Wealth permanently out of business, here’s wishing Wasendorf a speedy recovery so he can fully enjoy maximum security penitentiary.
Eric Sprott is sticking to his guns with his gold prediction for $2,000 before the end of 2012.
Sprott, who told SD listeners in June he expected silver and gold to both make new all-time (nominal) highs, potentially by the end of 2012, told Bloomberg this week he still expects to see a new gold record in 2012.
Sprott stated that the ‘debt crisis should be incredible for gold‘, and believes the world will likely return to a gold standard when the fiat debt collapse is complete.
Submitted by JB Slear:
JB Slear updates SD readers on MFG 2.0 (PFG). Fort Wealth IB’s accounts remain frozen, and all of their positions were liquidated by force at the authorization of Jefferies at massive discounts and losses. Not only were they liquidated by force, but positions were liquidated at 33% below the settling price given for contracts!
Slear states that the $200 million segregated client theft by PFG will result in every single trader being left out of the precious metals market.
In honor of today’s Q2 theft (earnings) report by JPM in which The Morgue reported ‘The Whale’s’ losses have grown to $4.4 billion, and CIO traders intentionally mis-marked CDS prices, we thought it was time for another Jamie Dimon Caption Contest!
The NY Fed has just released its response to it’s connections to the rapidly widening LIBOR manipulation scandal.
‘Among the information gathered through markets monitoring in the fall of 2007 and early 2008, were indications of problems with the accuracy of LIBOR reporting. LIBOR is a benchmark interest rate set in London by the British Bankers Association (“BBA”) under the broad jurisdiction of the UK authorities, based on submissions by a panel of mostly non-US banks. The LIBOR panel banks self-report the rate at which they would be able to borrow funds in the interbank money market for various periods of time. As the interbank lending markets dried up these estimates became increasingly hypothetical.
Suggestions that some banks could be underreporting their LIBOR in order to avoid appearing weak were present in anecdotal reports and mass-distribution emails, including from Barclays, as well as in a December 2007 phone call with Barclays noting that reported “Libors” appeared unrealistically low.‘
‘Indications that banks were manipulating LIBOR were present in 2008.’ Ya think?
Geithner held LIBOR FIXING MEETINGS at the NY Fed in 2008!!!
Full Fed BS response below:
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