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Peregrine Financial CEO Indicted On 31 Charges
ZeroHedge ^ | 8/13/12 | Tyler Durden

Posted on 08/13/2012 9:00:41 PM PDT by Kartographer

Is it good that Wasendorf is going away, most likely for the rest of his life? Of course- the man is a sociopathic criminal. But the problem is that the incentives, the controls, and the "processes" that PFG engaged in to cheat thousands of clients out of their life savings are pervasive throughout the US financial system. It is this, and not an individual appeals court case which incidentally has no impact on a completely standalone bankruptcy process and whose outcome can be appealed under any other jurisdiction, that US investors, or what's left of them, should be worried about. Because it is the fundamental flaws in the US financial system which virtually assure that all capital currently residing with US banks as financial intermediaries will, sooner or later, in the parlance of MF Global, vaporize.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy
KEYWORDS: peregrine; ponzi; ponzischeme; wasendorf
Wasendorf's real problem is he didn't donate money to the right people or have close friend appointed to the Treasury or the Justice Department.
1 posted on 08/13/2012 9:00:44 PM PDT by Kartographer
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To: E. Pluribus Unum; blam; houeto; STARWISE; Chunga85; Neidermeyer

PING!


2 posted on 08/13/2012 9:02:03 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

And Jon Corzine is indicted on.... Oh, Never mind


3 posted on 08/13/2012 9:04:51 PM PDT by PMAS (All that is necessary for the triumph of evil is that good men do nothing)
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To: Kartographer
the problem is that the incentives, the controls, and the "processes" that PFG engaged in to cheat thousands of clients out of their life savings are pervasive throughout the US financial system.

Reminds me of some entity ... the name of which escapes me.

4 posted on 08/13/2012 9:15:01 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: Kartographer

The interesting thing about trust is that once it’s been destroyed, it’s nearly impossible to get it back.

This applies to everything, from Friendship to the Financial system to Government.


5 posted on 08/14/2012 2:51:09 AM PDT by The Working Man
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To: Kartographer

My father-in-law took a lump sum from his employer on retirement and promptly lost over half of it to a “money manager.” Never trust someone else with your money...they are more than likely trying to take it from you.


6 posted on 08/14/2012 3:14:27 AM PDT by ez (When you're a hammer, everything looks like a nail.)
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To: Kartographer

Corzine is innocent!


7 posted on 08/14/2012 3:46:56 AM PDT by 1010RD (First, Do No Harm)
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To: 1010RD

You be surprised how many right here on FR see Corzine as a victim and merely a guy who was trying to make a buck.


8 posted on 08/14/2012 6:33:08 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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