“The Entire System Has Been Utterly Destroyed By The MF Global Collapse” – Ann Barnhardt

Barnhardt Capital Management closed down today after more than six years as an independent introducing brokerage and eight years as a broker because Ann Barnhardt “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.”

Ann Barnhardt wrote an eye-opening letter on Barnhardt Capital Management’s website this morning talking about how the MF Global crisis has caused the destruction of the options and futures markets. She goes on to say that MF Global is not an isolated case and “the problem is a SYSTEMIC problem, not merely isolated to one firm.”

Barnhardt has recommended “ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity.”

And finally she let President Obama have an earful, “Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform. So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.”

You can read here entire statement on the company’s website here.

written by

Rachel Brook is an up and coming financial writer focusing on commodity price inflation and how the overall market reacts to the price swings. She also covers emerging markets in Africa and SE Asia.

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