To: Former Proud Canadian
Client segregated funds aren't even "secured bondholders." Under commodity law that is client property and belongs to clients even in the event of a clearing firm bankruptcy. If a bank goes under, you still own what is in your safety deposit box; it is not part of the "bank's estate" that should share losses if the bank gets robbed. As outrageous as the GM-secured-bondholder-raping was, this is a quantum leap beyond that. Not to mention the fact that neither Corzine nor any of the other MFGlobal execs have been arrested or even detained and questioned under oath, notwithstanding a billion dollars in missing funds. One gets the impression of criminality permeating the entire financial and regulatory system.
18 posted on
11/22/2011 7:34:35 AM PST by
coloradan
(The US has become a banana republic, except without the bananas - or the republic.)
To: coloradan; ken5050; CutePuppy
......neither Corzine nor any of the other MFGlobal execs (Corzine's G/S cronies) have been arrested, detained or even questioned under oath.......notwithstanding a billion dollars missing. One gets the impression of criminality permeating the entire financial and regulatory system. Wall street/political veteran Corzine is accustomed to using other people's money to benefit himself. He has no qualms about missing money. Billions went missing when he was tossed out of NJ state govt (details above).
As FReeper ken5050 posted: "If (BIG IF) Corzine faced a criminal trial, was convicted, and sentenced, proven positively that he directly ordered the funds moved.....can he be sued personally for the lost $$.....can the feds force him to make restitution in return for leniency?"
I am sure Corzine will have the best criminal attorney "his money" can buy (/snix). There will also be judge shopping to get the most lenient judge. With the odds in his favor----Corzine will get an enviable deal...and will live happily ever after.
35 posted on
11/22/2011 10:16:02 AM PST by
Liz
To: coloradan
Well, yeah. Agreed.
But I think when the bondholders were summarily raped to pay off Hussein's union buddies, the die was cast and the slippery slope was afoot.
Once the Potus starts the country down that road, this is where you end up. A friend of mine is out over $100K. He is not happy with US brokerages in general, now. He is taking his business to another country. I won't say which one but it is in North America, it wants to build a new oil pipeline to the US, it has a stable banking system, and is less corrupt.
39 posted on
11/22/2011 10:55:58 AM PST by
Former Proud Canadian
(Obamanomics-We don't need your stinking tar sands oil, or the jobs that go with it.)
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