Posted on 08/25/2012 11:01:14 AM PDT by blam
Tell that to the folks that Jon Corzine stole 1.6 gigabucks from.
“Tell that to the folks that Jon Corzine stole 1.6 gigabucks from.”
Don’t you think investing with MF Global was a bad decision?
You do have a fair point, though, but keep in mind that shit attracts shitflies. So, anyone seeking quick bucks over those companies is bound to get burned.
If you have money to invest but no judgment to invest properly, there are lot of people working overtime to part you from your money.
A lot of those who got burned were farmers and ranchers who were just looking for a place to park the proceeds from one year's harvest/cattle sale until they needed it for the next year's growing season.
MF Global, Peregrine Financial et. al. were allegedly audited and found solvent by the various regulatory agencies for their corners of the securities industries.
How do you propose that the average retail investor personally audit the books of a potential depository to ensure that it's honest?
“A lot of those who got burned were farmers and ranchers who were just looking for a place to park the proceeds from one year’s harvest/cattle sale until they needed it for the next year’s growing season.”
Who those idiot investors are have no impact. They have more money than sense to do a little research on the place that was supposedly giving them a nice return. Nobody is going to stop you if you want to be stupid with your money, regardless of your occupation as farmers and ranchers.
“MF Global, Peregrine Financial et. al. were allegedly audited and found solvent by the various regulatory agencies for their corners of the securities industries.”
That is the downside of trusting the government to do the work you should be doing. If you see a corrupt liberal heading your funds, most likely it is not going to end well. Just facts. It is a free market... you have choice; do not invest with liberals or liberal run companies.
“How do you propose that the average retail investor personally audit the books of a potential depository to ensure that it’s honest?”
Didn’t those “average retail investor” know that it was headed by a corrupt liberal? If so, what were they expecting? If not, then well they were just uninformed and deserved what was coming to them.
I have absolutely no sympathy for MF Global and its victums. In fact, I have no sympathy for the victums of the 2008 crash. They all deserved it for their greed and incompetence.
I presume you then also think the GM senior bondholders deserved to be wiped-out, because they should have known the government would violate long-established bankruptcy law in order to give their money to the UAW.
Did you know that Americans waste 165 billion dollars worth of food each year?....You don’t think that has anything to do with the Government mandated “Use BY....” dates do you? I gave some food (canned) to the annual USPS food drive and was told they could’nt use it because of the date.
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