Tag: chapter 11

A Hedge Fund Operater of Conscience

~ Pharmer

Ann Barnhardt Shuts Down Hedge Firm With ‘Going Galt’ Letter | TheBlaze.com.

Ann Barnhardt,  has shut down her brokerage which specialized in the cattle and grain futures and options.   This move seems to have been  propelled by the handling of  the MF Global  firm run by Jon Corzine, which shuttered and ripped off the cash of its customers.  The accounts were frozen and the owners were not allowed to liquidate while the rest of the markets continued trading.   Barnhardt says that this  differed from the usual response of the market which had been  to allow customers’  assets to remain liquid when a firm broke down, while its function could be replaced by another firm.   The reason for the difference appears to be the connectedness  of  Jon Corzine to the Obama administration.   It has cost his customers the money they invested, plus it could eventually put assets which they had recently removed from MF Global at risk too.

Over a thousand people are laid off at MF Global, and their clients money has disappeared.

Barnhardt’s evaluation is that the basis for the system of leveraged futures trading has been ripped away, and she can  no longer in good conscience advise anyone to invest their money in what is now an entirely unsupported  system.  She recommends that other hedge fund investors get out of the  newly unprotected market which is also threatened by the financial instability of Europe.

You can read the entire  farewell letter written by Ann Barnhardt at her politically incorrect blog, which she says will continue to remain in operation.  There are no kind words for the Obama administration, which she blames for the bulk of the MF Global disaster.  Also available for your viewing interest is the AnnBarnhardt youtube channel.

E-Mails Suggest Solyndra Pushed Layoff Notices Past Elections – Amy Harder – NationalJournal.com

~ Pharmer

E-Mails Suggest Solyndra Pushed Layoff Notices Past Elections – Amy Harder – NationalJournal.com.

You remember Solyndra, the solar energy company which got a half billion dollar loan from the government, then filed bankruptcy?

While they were in their death throes, the folks at Solyndra were wanting to lay off some of the work force but were advised to delay such notices until after the 2010 election day.

In addition their government loan was restructured to allow private investors ahead of taxpayers in order of priority for repayment. Inquiring minds at the   House Energy and Commerce Committee wonder if this was legal.  It’s of particular curiosity as taxpayers are now stuck for most of that $535 million dollar loan.

Solyndra filed Chapter 11 bankruptcy in Sept of this year.

From the National Journal:  ““They did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3—oddly, they didn’t give us a reason for that date,” states an October 2010 e-mail exchange between advisers for Argonaut Private Equity, the top investor in Solyndra that was founded by George Kaiser, an Oklahoma oil billionaire who bundled campaign donations for presidential candidate Barack Obama in 2008.”