From Ol' Remus
Ann Barnhardt describes herself as "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." On Thursday, November 17th she announced Barnhardt Capital Management has ceased operations, saying, "my retirement came a few years earlier than I had anticipated, but there was no possible way to continue given the inevitability of the collapse of the global financial markets, the overthrow of our government, and the resulting collapse in the rule of law."
Barnhardt Capital Management is a highly regarded, closely followed, oft-quoted and influential outfit. The announcement shocked the market, as has her scathing indictment now circulating in the financial press and talk radio. If you don't read another financial article, this jaw-dropper is the one to see. Among her reasons: http://www.woodpilereport.com/
BCM Has Ceased Operations (source)
Posted by Ann Barnhardt - November 17, AD 2011 10:27 AM MST
Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.
When honest folk start boarding up their store fronts and heading to the hills it's worth noting. Follow this link to Zero Hedge for the whole story.. http://www.zerohedge.com/news/entire-system-has-been-utterly-destroyed-mf-global-collapse-presenting-first-mf-global-casualty