PRIME READING!
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Click this link:
PFGBest regulator orders review of audit division | Reuters
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This watershed article reports a key change: The setting of the stage for a Public Execution of the NFA's Executive Staff, its incompetent and/or complicit audit staff, and the utter disposal of its idiotic audit procedures; as I earlier suggested.
ALL FPA readers should really follow this most important key development, intently. This specific action will change everything, forever!
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"(Reuters) - The National Futures Association said it will conduct a review of its audit division as it seeks to answer fierce criticism that it missed two decades of fraud at failed Iowa brokerage Peregrine Financial Group. Just hours after a former customer of Peregrine Financial called for a U.S. congressional investigation of the NFA, the industry group said it was retaining outside law firm Jenner and Block to review its general practices and their execution in the case of PFGBest, as Peregrine is widely known . . . "
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Jenner and Block! Really, Jenner and Block?
Is that Bruce Jenner & H&R Block?; or perhaps BlockHeads, Incorporated?; or maybe (as in NFA football): Block and Tackle?.
Or else: "Let's String'em Up with my Block and Tackle!"?
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PLEASE! You just can't make this stuff up.
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The US Government's own DSRO (the NFA) has now hired a private law firm on your taxpayer's dime, to defend itself against its own incompetence in implementing the Rules of the CFTC that it was created to enforce!
That's like the Social Security Admistration hiring a law firm to protect it from having failed to answer its own phones!
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JUST WHERE THE HELL ARE WE?
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NYSE, NASD, CME, CBOT, NYMEX, ICE, NYCE, PSE, TSE, MWSE, BSE, LME, Forex Brokers!, etc, etc,; can you say "Holy ****!".
Bruce Jenner, can you please save us?
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What really scares me is the real possibility that within the depths of the bowels of this vile government; the NFA might actually be able to win.
Anthony Ingrassia, CTA
NFA ID#: 0278164
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PS - For those interested in the roots of this predictable fiasco; please research the great insurance scandals of the late 19th and early 20th centuries.
These intentionally perpetrated and institutionally implemented frauds culminated in a major congressional investigation in 1911.
During this public expose it was revealed that numerous corrupt banks and insurance companies made it their business to low-ball and skim up-front Life and Health Insurance Premiums, divert the policy reserves, then declare bankruptcy rather than pay any benefits due; if and when push came to shove.
This practice was very blatant and widespread especially amongst "Industrial Insurers" who walked door-to-door to collect premiums weekly from laborers desperate to protect their low income families. Once openly exposed following the "Great San Francisco Earthquake of 1906" that spawned a major market collapse similar to that which has occurred in our time following the popped internet bubble of 2000 and the Al Qaeda attacks of Sept 2001 (Conde Rice notwithstanding); there was an excrutiatingly loud public outcry against the viscious financial industry of that time, just like those you see today!
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This fury and unrest eventually brought the wrath of Congress down upon the Banking and Insurance industries (sound familiar?). Ultimately, the financial industry won a very hard fought battle on the grounds they were
Constitutionally Entitled to the right to remain regulated soley by the individual States, rather than by the Federal Government. The bells from that "Grand Victory" are still echoing in the halls of insurance companies today; and are celebrated by the multitude of weak and fraudulent companies that remain quietly domiciled in very poorly regulated states with ridiculously weak insurance laws today. This reality is intentionally perpetrated by spineless and openly corrupt legislators who have both hands in the pockets of the industry today.
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So when you hear the words: "New York State Insurance Department" referenced as being the toughest in the nation, please realize this situation came directly from that very bitter specific battle of 100 yrs ago. When you are encouraged to support in this election cycle "buying your life or medical insurance across state lines", Please know that these are
secret code words for crippling, rescinding, and destroying, even those meager protections that directly came from those specific battles. These needs were not mistaken in NYS at that time, where the protection of significant wealth and the underlying necessities of sophisticated risk management were acknowledged and well understood.
Insurance is the earliest form of socializing risk. Good protection costs money. Policies that cost less, pay less; or else they are ponzi schemes designed to fail. Many insurers cannot sell their junk in NY because they don't even try to meet the NY standards required for licensure here. When the cross-state barriers are opened a new species of fool will be created; for with no federal insurance regulation and no sound minimum standard for the firms and their policies, the Charlatans will have a whole new continent of idiots to rape (Go West Young Man!).
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You must understand that NYS has endeavored to protect the public from ever again suffering a recurrence of such a disaster as those that were experienced by the citizens of the 19th century, long forgotten; but no less valid and pertinent today.
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Make no mistake: In Insurance, Investing, and Speculation, anyone promising to take your money now, in exchange for repayment with a gain sometime in the future must always, always, always, be subjected to the most stringent due diligence, and subject to continuous, effective, impartial regulatory oversight; and be held accountable under the regulation of an honest, responsible government; else we are all in the end, doomed.
From one small registered entity to the public.