Anne Barnhardt was the CEO of a money manager who was forced to shut down her firm in the wake of the MF Global collapse. She is calling for a boycott of the financial markets and JP Morgan (JPM) specifically. To listen to her blistering attack in full in an interview with by Buddy, Peter Schiff, please click here. I excerpt below:
“Thank you for speaking up and calling it like it is. My father joined the Chicago Board of Trade in 1979. I joined the CBOT in 2009. We are customers of MF Global. The day they told me my money had been frozen I declared the futures industry completely dead. I grew up in the industry. I knew there were always thieves, mobsters even, in the business and I saw it from day one on the trading floor. But the depth of deceit has reached new lows.
MF Global and the CME violated the only principle that mattered in futures and anyone watching the farmers and ranchers testify yesterday should've seen that something has been broken beyond repair for them: TRUST! If the hedgers like you and your customers won't use the market then what are the speculators like me supposed to do? Well, I believe we're seeing it. The big specs have completely captured the trading venue through High Frequency Trading and are using it to fleece as many people as foolishly remain in the game where no bona fide hedgers operate anymore. The inmates not only run the asylum, they've set fire to it.”
The Inmates are Now Running the Asylum