Socio-Economics History Blog

Socio-Economics History Blog

Ann Barnhardt: “If You’re Still in These Markets You’re Either Stupid or On Drugs! We’re Seeing The Complete Disintegration of The Financial System!”

by mosesman

[youtube=http://www.youtube.com/watch?v=JZMuOrpHn54]

  • Ann Barnhardt: “If You’re Still in These Markets You’re Either Stupid or On Drugs!” 
    by http://www.silverdoctors.com/ 
    The Doc sat down with Ann Barnhardt of the former Barnhardt Capital Management Tuesday night for an exclusive interview discussing the shocking precedent set by the 7th Circuit Court of Appeals’ decision last Friday essentially making segregated client funds theft perfectly legal.
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    Ann went on a 20 minute ALL-OUT RANT, stating that the decision means that ‘All property rights in the United States are gone.  Up in smoke.  The 7th Circuit Court decision means customers have absolutely no right to their segregated funds held in any depository or financial institution!‘
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    Barnhardt states ‘We’re seeing the complete disintegration of the financial system before our very eyes!  It’s Soviet!  It’s truly, truly Soviet!!  You’ve got to get your money out of the financial system!  Nothing is safe!  Not just the futures markets, but the entire thing!  Stocks, 401k, IRA, deposit accounts. GET YOUR MONEY OUT OR ELSE IT IS ALL GOING TO BE STOLEN FROM YOU!  IT’S ALL A PONZI!!!
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    The owner of the former BCM brokerage states that JP Morgan knows the end is in sight, and they know that in a lawless environment, possession is EVERYTHING!
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    (Transcript of interview)
    This is The Doc with SilverDoctors.com, we’re please to welcome Ann Barnhardt of the former Barnhardt Capital Management today. Ann was light years ahead of just about everyone in recognizing the implications of MF Global’s outright theft of supposedly segregated client funds, instantly telling anyone who would listen to immediately get out of all paper markets.   Ann went so far as to instantly shut down her brokerage out of concerns for the safety of her client’s funds.
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    Ann:  Thanks for having me, it’s a pleasure to be with you.
    Doc:  Before we talk about the Sentinel bankruptcy case Ann, we’ve already seen lightning strike twice in the form of the segregated client theft of $200 million of PFG.  What are your thoughts on the latest vaporization of client funds at PFG?
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    Ann:  It’s just par for the course, and really the big news within the last few days relative to the PFG case is the 7th Circuit Court of Appeals decision- relative to (and I know we’re getting into lots of different companies and lots of different outfits here) the Sentinel Management Group, which was a non-clearing FCM, that was a Ponzi, that crashed all the way back in 2007.  So this happened 5 years ago, and they’re just getting the stuff adjudicated- like I said, the decision from the 7th Circuit Court of Appeals just was published on Friday.
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    What that decision said, unbelievably, is that basically all property rights in the United States are gone.  Up in smoke. The court ruled that if you have money with an FCM and they fraudulently used YOUR MONEY that they’re holding as a custodian- if they use your funds to go and borrow money to finance their own in-house proprietary trading desk, when that Ponzi collapses, the customers have absolutely no rights to their own property, and that the counter-party- meaning the mega-bank that lended the FCM the money fraudulently, they stay at the front of the line!
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    Absolutely STUNNING!   So what this does is it trickles all the way back down through the system to both MF Global and PFG, and basically tells the customers ‘Sorry, you’re screwed.’   Not only are you screwed, but we now have a legal precedent that is going to be used by every executive in every one of these companies to say ‘Hey! The 7th Circuit Court of Appeals just ruled that using customer segregated funds as collateral on your own loans to fund your prop trading desk is completely legal and doesn’t constitute fraud.’
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    So what we’re seeing is the complete disintegration of the financial system before our very eyes! It’s Soviet!  It’s truly, truly Soviet!!   You couldn’t even make stuff like this up!   If you told me a year ago that any of this would be going on, and that we’d have court decisions like this, I would have told you that you were completely out of your mind. Now here we are, it’s happening, you’ve got to get out of the financial system!  Nothing is safe!
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    read more!

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