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08-24-2007, 04:20 PM
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#41 (permalink)
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Grand Sanitation Manager
Join Date: Dec 2006
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Re: Nsfg
NSFG is officially over.
Quote:
Important Update
Yesterday evening our broker in London, BGC, made a margin call on all our accounts after a drop in equity made it impossible for us to maintain the large open negative positions we have been holding for a while. It forced us to liquidate all open market positions, including both arbitrary trades and the hedged position for an all out loss. The large negative P&L had been built up as the global equity markets plummeted following the serious credit concerns and it caused a major unwound of the carry trades, not only in the Yen pairs but also in the Swiss Franc crosses. Attempts to trade around these arbitrary positions failed and we are forced to close down the company following this margin call since we have no liquidity left. Hundreds if not thousands of hedge funds and investment firms around the world have severely suffered from this global incident and we regret not to have
been able to pull ourselves through the credit crisis unharmed.
This liquidation has serious consequenses for everyone involved. Personally, I have lost my own private trading account and are now forced to sell my house and liquidate my personal assets to be able to cover expenses until I can move and I will most likely end up with a serious amount of debt to banks and credit institutes. Along the way NSFG has been confronted with obstacle after obstacle and although we have tried our very best to stear clear of these obstacles, this last financial crisis killed our dream. There is no way we can regain what has been lost and the sensible thing to do is pull the plug now and get things closed down for good.
Ken, on behalf of NSFG Ltd
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08-24-2007, 10:51 PM
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#42 (permalink)
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Junior Crapper
Join Date: Mar 2007
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Re: Nsfg
like I told Stijn. The latest updates were just some more bullshit.
NSFG = N(obull)S(hit)F(uck Its)G(ameover)
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08-25-2007, 08:51 PM
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#43 (permalink)
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Crapper
Join Date: Mar 2007
Location: Poblacht na hÉireann
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Re: Nsfg
ah, I can't believe I put my trust in these blundering idiots. I did withdraw a large amount of my funds recently and was hoping for a few good months trading before I pulled out fully.
I'm not sure what to believe. Can anyone actually verify their claims... ??
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08-26-2007, 03:53 AM
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#44 (permalink)
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Grand Sanitation Manager
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Re: Nsfg
The MA holders might be able to. Anyone?
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08-26-2007, 08:52 AM
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#45 (permalink)
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Licensed to Flush... Anyone
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Re: Nsfg
Quote:
Originally Posted by Jude
The MA holders might be able to. Anyone?
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I think it's what really happened, I spoke with one of the managed account owners.
What I can't understand is how is it possible for this to happen especially after they sent out mail saying they'll trade more conservatively.
I have a maybe crazy theory. What is the best they could do if they wanted to steal the pooled money and present it as a failure? Think about it.
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08-26-2007, 10:36 AM
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#46 (permalink)
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Junior Crapper
Join Date: Mar 2007
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Re: Nsfg
Quote:
Originally Posted by mbongwe
I have a maybe crazy theory. What is the best they could do if they wanted to steal the pooled money and present it as a failure? Think about it.
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Mmm, withdraw all money left in the pool account and put it in swiss bankaccounts, then blow up the MA's on purpose, which was very easy to do with the financial crisis.
Thats not a bad theory mbongwe, too bad even if your theory is true, its nearly impossible to proove it. I think Ken and Paul with get away with all this, sadly.
Last edited by makila : 08-26-2007 at 10:41 AM.
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08-26-2007, 11:07 AM
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#47 (permalink)
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Licensed to Flush... Anyone
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Re: Nsfg
Quote:
Originally Posted by makila
Mmm, withdraw all money left in the pool account and put it in swiss bankaccounts, then blow up the MA's on purpose, which was very easy to do with the financial crisis.
Thats not a bad theory mbongwe, too bad even if your theory is true, its nearly impossible to proove it. I think Ken and Paul with get away with all this, sadly.
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Exactly my thoughts. I can't prove the theory in any way, but they can easy prove it if they just give someone access to the pooled account.
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08-26-2007, 02:54 PM
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#48 (permalink)
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Crapper
Join Date: Mar 2007
Location: Poblacht na hÉireann
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Re: Nsfg
Quote:
Originally Posted by mbongwe
I have a maybe crazy theory. What is the best they could do if they wanted to steal the pooled money and present it as a failure? Think about it.
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I don't think you're theory is crazy at all. That's the first thing I thought of when they announced the loss last week. and yes, I'm sure they will get away with it... 
I had big hopes for this program when it first launched but it's just been disaster after disaster...
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08-26-2007, 05:02 PM
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#49 (permalink)
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Crapper
Join Date: Feb 2007
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Re: Nsfg
That's the same that I think and they must show a proof of this "margin call" to all investors.
Quote:
Originally Posted by mbongwe
I think it's what really happened, I spoke with one of the managed account owners.
What I can't understand is how is it possible for this to happen especially after they sent out mail saying they'll trade more conservatively.
I have a maybe crazy theory. What is the best they could do if they wanted to steal the pooled money and present it as a failure? Think about it.
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