Below are the 2 most recent journal entries recorded in herbertwood1119's InsaneJournal:

Friday, January 27th, 2012
2:24 am	Direct Registration 2 ..."More spot checks"... It looks to me that they are only showing up (at their desks) for their weekly check! If there is nothing that the NFA will be able to do to stop highway robbery to this or any degree, then it is in our best interest to dismantle the shameless group and allow the Supreme Court and judicial system to cajole CEO's from stealing grand-daddy's life-savings. NFA Chief Roth is quoted by Reuters as saying: "But if, as CME officials have suggested, the broker knowingly misused the money and deceived regulators, no amount of checking could have prevented the losses". No amount of reporting would have sniffed this?! If this is the truth why bother having you in the first place? This is over a Billion dollars (missing) and yet no amount of checking could have prevented this? This is at least fresh ingenuousness, since I've been accustomed to hearing it is someone else's problem or the association is not given adequate funding to expect thorough audit. "I think the search for a silver bullet is probably futile," Roth said to Reuters from his office in Chicago. "If someone wants to break the law, you can't prevent that without sitting with them 24 hours a day." I have a suggestion, for Mr. Roth; let's let the American Judicial System decide your fraternity and deliver justice instead of having the Old Boys divvying-out slaps on the wrist and admonishing apologies to the raped. We think there should be fairness. I have another idea, the penalty for horse theivery in the old west was death by hanging; let's try that for CEO's that abscond with hundreds of thousands of people's livelyhoods. Perhaps we won't need an association at all is my belief. It sure will slow down the amount of cases of financial malfeasance in my honest opinion. Adding more watchers won't protect people will not again have their money stolen because of broker bankruptcy, though the failing of MF Global Holdings might have exchanges conduct more checks, which won't do a thing says Gregory Hutchinson, CEO of Gold Precious Metals Exchange, a top U.S. media and gold trading house. speaking from his Fort Lauderdale office. Anything short of complete restitution of MF Global customers is shameful. Just releasing a news release that the National Futures Association is blathering about an industry challenge to the MF Global bankruptcy aimed at lying to excude trust in member dealing, proves nothing; -nor does suggesting "Scars from the implosion may be difficult to erase". "Why erase scars if this is able to happen again." says Mr. Hutchinson. Unlike the securities business, where a government body acts as watchdog, futures businesses guard themselves on their own accord. Obviously they want to maintain the status quo. MF Global's bankruptcy has raised eybrows about whether exchanges are keeping control on the brokers that bring them the volume that creates their livelyhoods. Hutchinson said "The panel seems to be concerned (despite their denial) at changing the lawmakers minds, whom would love to take away the exchanges' guard-like duties. "We're not trying to head off anything," Roth said. "Yeah right!" Hutchinson said. Street Name Registration, Share Certificates, Direct Registration Service (Comment on this)
2:19 am	Direct Registration of Stocks You can maintain your acquaintance with your stock broker even if you choose direct registration. When you purchase a holding to keep in direct registration, you can advise either your broker or the company issuer to include pertinent broker firm details in the issuer's files. If you don't have your brokerage firm's specifics specified in the issuing company's records at the moment of purchase and at another time want to or if you decide to change the brokerage facts in the issuing company's system, you may do so. You should call either your firm's or the issuing company to obtain information on the ways and the documents needed for such changes. You can note that to change or add a broker at the moment you decide to trade your holdings thru your broker might make a slight slow-down in getting the shares to your brokerage in time for settlement. You must as soon as possible tell the issuing company of the loss or theft and ask for a replacement physical share. If you have an account with a firm, you may demand your brokerage firm to tell the issuing company for you. Other financial institutions where you have relationships, like trust companies, may also notify the issuing company for you if you desire. The issuer can ask you to provide an notarized legal document providing the reasons of the missing shares. You will be required to cover the expense of an indemnity bond to assure the issuing company against subsequent claims on the physical shares. (Indemnity bonds usually cost approximately 2% of the value of the stock.) If you find your certifcates after you have received a replacement certificate, you should immediately return it to the issuing company or your broker. Do not delay having your shares registered directly with your transfer agent. The way that the economics world has shaped of late, you may be destroyed if you don't. If you have any concerns you can educate yourself more at Gold Precious Metals Exchange Direct Registration Service, Street Name Registration, Share Certificates Street Name Registration, Street Name Registration, Street Name Registration (Comment on this)