The mainstream media is reporting that banks are preparing for collapse by preparing “recovery plans” and have been advised that they may not rely on government help.
Last week a court ruled that a Futures Commission Merchant (FCM) that trades in commodities was allowed to use “customer segregated funds” as collateral and to pay its debt. This ruling sets a precedent for greedy bankers and traders to get off scot-free while using customer money for collateral and paying debt, just like the MF Global case that is unfolding.
