Topic: MF Global -- client private property subject to seizure

[Pandora]

There is no perfect category for this, as regard the MF Global meltdown ....

...... the bankruptcy trustee is now apparently either attempting to or actually has seized customer property held in gold and silver vaults if those bars were transacted through MF Global!

A warehouse receipt is not an unallocated, nebulous claim.  It contains a serial number of one or more specific bars sitting in a warehouse.  You are in fact charged a storage fee for the service of maintaining security over your property and you have had to tender payment in full as well.  This is a bailment in any sense of the word and under any theory of law I've seen -- and yet now, suddenly, it is proposed that your property held under bailment by this institution can be seized and stolen to pay unallocated bankruptcy claims against the bankrupt company's estate!

This sort of action turns the entire premises of private property and bailment on its ear!  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.

H/T nbpundit

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

Followed by this:

How George Soros ended up with MF Global’s client money

5. MF Global’s clients (without their knowledge or permission and as an illegal manuever) became the default counterparty to MF Global’s trade. This is a fact Congress has not yet figured out.

As a side note from Soros, it occurs to me this last may be the justification, albeit illegitimate and illegal, the MF Global trustee is confiscating privately owned property.

[IronDioPriest]

Knowing how this crowd operates, it could've been Corzine's appointed task to set the precedent for secondary private assets to be seized in bankruptcy when the bankrupt firm has no assets. That's what they do: they do whatever they damn well please, and put those who oppose them in the position of going through the process of undoing it. That's another way they overwhelm the system.

[Pandora]

Knowing how this crowd operates, it could've been Corzine's appointed task to set the precedent for secondary private assets to be seized in bankruptcy when the bankrupt firm has no assets. That's what they do: they do whatever they damn well please, and put those who oppose them in the position of going through the process of undoing it. That's another way they overwhelm the system.

Yes.  And the brazen audacity with which they do so calls for a too-long delayed refreshment of the Tree of Liberty.  There simply is no time, nor system enough, to deal with the massive undoing.

[Libertas]

There should be blood in the streets!!!

"The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. " -- John Adams, A Defense of the American Constitutions, 1787

[charlesoakwood]

http://legal-dictionary.thefreedictionary.com/Bailment

The temporary placement of control over, or possession of Personal Property by one person, the bailor, into the hands of another, the bailee, for a designated purpose upon which the parties have agreed.

The term bailment is derived from the French bailor, "to deliver." It is generally considered to be a contractual relationship since the bailor and bailee, either expressly or impliedly, bind themselves to act according to particular terms. The bailee receives only control or possession of the property while the bailor retains the ownership interests in it. During the specific period a bailment exists, the bailee's interest in the property is superior to that of all others, including the bailor, unless the bailee violates some term of the agreement. Once the purpose for which the property has been delivered has been accomplished, the property will be returned to the bailor or otherwise disposed of pursuant to the bailor's directions.

[blockquote]

...
and yet now, suddenly, it is proposed that your property held under bailment by this institution can be seized and stolen to pay unallocated bankruptcy claims against the bankrupt company's estate!

This sort of action turns the entire premises of private property and bailment on its ear!  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.

[/blockquote]

"The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. " -- John Adams, A Defense of the American Constitutions, 1787

Let's Get It On - 1973 Marvin Gaye

[Sectionhand]

Knowing how this crowd operates, it could've been Corzine's appointed task to set the precedent for secondary private assets to be seized in bankruptcy when the bankrupt firm has no assets. That's what they do: they do whatever they damn well please, and put those who oppose them in the position of going through the process of undoing it. That's another way they overwhelm the system.

Corzine puts the MF in MF Global ... If you know what I mean .

[Libertas]

We know what you mean, SH.

Time to pass on the cake, and get to rat-killin'!

 

[Damn_Lucky]

Sounds just like Gov. Motors when all the Bond holders got screwed!
Who are you and what the He!! have you done with my Country!

[charlesoakwood]

Sounds just like Gov. Motors when all the Bond holders got screwed!
Who are you and what the He!! have you done with my Country!

They are stealing private property in different ways.
They are stealing private property in ways the "common"
man doesn't understand as private property.  
The "common" man is not aware that this second major
taking, by this rogue government, is establishing a precedent
by which the next taking could be his savings account.

  

[warpmine]

Sounds just like Gov. Motors when all the Bond holders got screwed!
Who are you and what the He!! have you done with my Country!

If you're not willing to spill the blood of these assholse than quit bitchin about it. They deserve nothing short of a firing squad. Skip the trial, we know damn well their guilty of the infraction and they know it as well.

[Libertas]

Everyday I wake up and the likes of Darth Soros still walks the planet is enough to stoke my rage...everything else is merely more fuel on the fire...

The system is nearing complete collapse, anybody who has faith in any piece of it is only fooling themselves...

But, the end must be on the horizon by now...

We're almost there...

[Glock32]

I'll tell you this much, just in the past few years that I've been stewing in all this I have undergone what you might call a hardening of the heart. Maybe that's what precedes all civil wars, and I know I am not the only one feeling this way. The outrages aren't exactly new, but the intensity and brazenness with which they're committed has definitely ratcheted up, to the point that you can no longer really even lose yourself in other pursuits, because it's literally a new one every damn day.

A hardening of the heart, everyone better be doing it. Because what seems to be on our horizon is going to require it.

[warpmine]

A heart of stone I have so when the shooting starts, I can begin to laugh madly out loud at the prospect of true entertainment.

[Sectionhand]

Everyday I wake up and the likes of Darth Soros still walks the planet ...

It's too bad that a$$holes like Soros live so long .

[Libertas]

Everyday I wake up and the likes of Darth Soros still walks the planet ...

It's too bad that a$$holes like Soros live so long .

It's too bad Bill Casey didn't have a protege, the last link to the OSS days and men and women capable of doing hard things followed him to the grave...

Too bad.