QUOTE OF THE DAY
“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.”
Sooooooo, does that mean that if I walk into your house and remove your flat-screen tee vee machine from your living room and then take it to my house I can avoid prosecution by claiming that chaos and porous risk controls, and not my own deeply criminal malfeasance, were responsible for your loss.
We really are ruled by the worst people in the world.
August 16th, 2012 at 4:00 pm
Another Shameful episode. I can’t help but think Corzine is at least partially getting a pass because he is friends with the Prez
August 16th, 2012 at 6:12 pm
The NYT notes that Corzine wants to become a hedge fund manager. Why would he even be allowed to get back into anything financial with other people’s money? Just waiting for the Justice Dept. to not prosecute any U.S. banks for their part in the LIBOR scandal. If that happens then you know the banks and Wall Street have won and we are doomed.
August 16th, 2012 at 6:55 pm
This is abhorrent!!
Who the fuck is auditing these people?? Kinder Surprise???
How can 1B just disappear and NO ONE is held accountable?
This is real Sin.
August 16th, 2012 at 9:23 pm
Wherever the money went, it certainly did not “disappear.” Shame on anyone who even uses that word in this context.
August 17th, 2012 at 2:45 am
In other words gross incompetence, mismanagement, and a complete lack of any accountability within the firm.
August 18th, 2012 at 1:45 pm
Being Governor of New Jersey equipped Corzine to be the head of this totally incompetent business.