I got home today to watch Gerald on his you tube channel admit his futures trading account got a margin call today, so there is confirmation on that.
but over at ZH the bears link mentioned Fleckenstein got a call too. Can anyone confirm this ?
Hadn't heard this, gotta watch the Celente video. Off to do some research...thanks.
I don't know if you know the whole story. Celente had an account with Lind-Waldock (aka MF Global). He got a margin call because of the bankruptcy of MF Global (which has been in the news a lot lately, and there is a separate thread on this board about the debacle). Anyway, he had positions, and the trustee of the bankruptcy sent all open positions to another firm, but kept some of the margin money at MF global. This caused Celente and hundreds of other MF Global customers to go into immediate margin call.
I also had an account with MF Global and they took my money, too. But since I didn't have any positions (I was 100% cash in my account), I didn't get the transfer of position stuff and the immediate margin call.
So, yes, technically, Celente got a margin call, but no it wasn't because he is poor, or a foolish speculator. He just got caught in something that is national news.
Oh, by the way, Celente described the whole thing very well in an interview with Jeff Rense (of rense.com fame). The interview is a number of places on the internet, and although it is fairly long (about 1 hr) it is well worth listening to.