Posted on 08/16/2012 9:07:23 AM PDT by Hojczyk
One of the relatively few criticisms of the Obama administration from the Left has been the curious lack of prosecutions over the 2008 financial collapse on Wall Street.
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.
After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
Ahem. What kind of “porous risk controls” allowed MF Global to bet money that wasn’t theirs on Euro-zone debt? That seems to have faded from view as the issue at MF Global. It’s one thing for JP Morgan to bet the $6 billion farm on risky investments, but when a firm raids its customer accounts in an attempt to cover its own bad bets, that’s supposed to be a felony.
Jeff Carter at Points and Figures smells a rat:
After speaking with CCC lawyer James Koutoulas, and other pro traders I have no doubt that money was stolen from customer segregated funds. There is just too much smoking gun evidence. Anyone with experience in the industry would be able to sift through the legal machinations and malarky to understand the deception involved. If this were adjudicated in an Arbitration or Probable Cause Committee at an exchange, I am relatively confident that Corzine would be found guilty based on the circumstantial facts that I know.
(Excerpt) Read more at hotair.com ...
To paraphrase the late “Queen of Mean” Leona Helmsley, “Laws are only for the Little People”.
Laws don’t apply to democrats or their donors.
Or to directly quote Bob Dylan, “Steal a little and they throw you in jail, steal a lot and they make you king.”
What are they talking about, the porous risk controls ARE the fraud. They are destroying the faith in the market. It is time to leave the market until faith is restored.
There’s also a good quote from Billy Sol Estes, convicted of massively bilking the government by selling them non-existent grain silos: When asked to comment on the charges, Mr Estes was quotes as saying, “If you’re gonna get caught, don’t get caught stealing chickens”.
The head guys at Enron all went to jail...or died.
I stick to Orwell on this (as is obvious from my tagline).
Huh? Enron flourished under Clinton; under Bush, they were prosecuted.
Acknowledge the corruption——Obama/Corzine 2012
: )
Exactly! (Yeah, I'm not one of those Freeper Bush Bashers.)
LOL! Sorry; have to say you didn’t waste words! ;-)
; )
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