Gerald Celente speaks out about how Global MF stole his cash position and how he was issued a margin call for his cashed covered futures contracts.
Now Ann Barnhardt has closed her brokerage firm which traded on the commodities market saying that these market are no longer worthy of her clients trust (Hat tip: Monty Pelerin):
BCM HAS CEASED OPERATIONS
POSTED BY ANN BARNHARDT – NOVEMBER 17, AD 2011 10:27 AM MSTDear 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. Continue reading