Skip to comments.No One Will Charged With a Crime for the MF Global Collapse
Posted on 08/16/2012 10:25:49 AM PDT by Mad Dawgg
Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.
(Excerpt) Read more at news.yahoo.com ...
Tell you what, I feel very sorry for Ken Lay and Jeff Skilling and their families these days. They were prosecuted with all the brutality of the law for Enron, but NOBODY is having to pay the freight for the Great Global Heist of 2008.
I would think there would at least be a "Show" trial
Bush/Enron vs Obama/MF Global is the perfect comparison of this corrupt, disgusting, disturbing administration.
I remember MSM, Bush and Enron. Today I just hear crickets.
Pissed doesn't begin to describe how I feel.
If anyone speaks for the investment community on CNBC it is James J Cramer who is a brother to Corzine as they both worked at Goldman Sachs at the same time.
....and you’re aware I hope that he would NOT speak for a single honest wall streeter as he is a big time crook leading the worst of the naked short selling fraudsters who hide as hedgefund pros... usually doing the opposite of what Cramer suggests is a good move, since he is out to line his pocket and screw the small investor...
I doubt God is pleased with these shenanigans.
If Mittens wants to put the fear of God into the thugs who just robbed us blind the past four years, then he will nominate Rudy Giuliani as US AG.
And Sarah Palin is the only one I know of that has acknowledged this fraud as she said in her CPAC speech.
Investment community was not my term but the term employed by the poster that I was originally reponding to.
The better term would have been Wall Street crooks who are a small gang of elitist crooks who feel that they are too big tooo fail and are entitled to a bailout because they are wired to 537 crooks who hold elected office in the executive and legislative branch.
Cramer is a joke. I have been an active trader since 1993 which was well before online trading.
Trading is about assessing risk versus gain which is required in sports gambling if you do it honestly which little guys like myself must do because we have no inside information or opportunities to IPO’s which is now quite funny because we all see that the biggest losers on the Facebook IPO were insiders who had been conditioned to IPO’s over the years like pigs at the feeding trough.
Anyway I sports gambled a bit before I started daytrading which was a good preparation for trading.
I laugh at Kramer because he brags about gambling at the dog track which was evidently near the elitist Ivy League University that he graduated from.
Sports gambling can be about technical and fundamental analysis and properly measuing public opinion which are skills required in trading.
Betting on the dogs offers NO help in developing trading skills but Kramer was a Wall Street insider and as you pointed out he is highly skilled in the pump and dump as was Dan Dorfman who preceded on CNBC.
You are exactly right.
Although this is a conservative forum, I DETEST the term conservative.
When Ronald Reagan was President he worked his tail off to make the term conservative stand for something.
Conservative has been hijacked by Rockefeller Republicans who rebranded themselves neo-conservative which simply another name for the same globalist elite trash which characterized the Rockefeller Republicans like the Bushes, Dick Cheney, Bob Dole, Juan McCain, and Mittens Romney and his Mexican national daddy who illegally ran for President.
I LIKE Rudy Giulani because he is an honest populist NOT an elitist who pretends to be a nationalist and a social conservative like the Bushes, Dole, McCain and Romney.
Rudy Giuliani would NEVER have nominated elitists like Souter, John Roberts and Harriet Mears to the Supreme Court.
Rudy may not be a social conservative but he would have nominated REAL JURISTS who probably had experience in prosecuting criminals in the real world not namby pambies like the treacherous Bush nominee John Roberts.
So he did.
The margin money was the property of the customers.
He had no right to take it.
He had even less right to take his customers' money than Madoff did to take his customers'. Madoff's customers knew or should have known Madoff was up to no good. That's common in con games. The victims are, to some extent, co-criminals.
MF Global's customers, on the other hand, were upright, honest citizens. They trusted that they had placed their assets in honest hands and that any losses they might suffer would be because the market went against them, not because the custodian of their assets was a thief. Thus, my original point stands. Corzine is a lower form of life than Madoff.
JP Morgan has just announced that it wants to hold customer collateral. It wants to be the body that holds customer collateral for FCMs. Now the argument theyre making is, look at these FCMs. You cant trust them, so now we need a third party to hold customer collateral. Guess whos going to get to be that third party?
ITS GOING TO BE JP MORGAN!! They know that the end is in sight, and they know that in a lawless environment, possession is EVERYTHING. They want as much in their physical possession as they can possibly get because they know that when the poop hits the fan and this whole deal collapses, theyre going to be able to keep everything that they have. They want as much as possible.
within the next few weeks to months- I think that what theyre going to try to do is to try to consolidate these mega banks even more, and I think that JP Morgan is probably going to end up making a play for Citi at some point, and they are just going to try to have as much as possible under Jamie Dimons roof, because I think they know that the end is coming. Its rotten to the core.
Were seeing the complete disintegration of the financial system before our very eyes. Everyone needs to get their money out of the financial system. Nothing is safe. Not just the futures markets, but the entire thing. Stocks, 401k, IRA, deposit accounts. And the sooner the better.
Banksters won’t attack their own.
I had account there since 1974. They were honest for many years until the firm changed hands. The futures business operated well on trust for many years. Old timera are now starting new firms based on the old trust, but using the new technology. The business serves an essential need in agriculture. The crooked bureaucrats and judges will be sidelined by free markets. Free markets will develop alternative self policing commerce free of government, like it once was.