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August 16, 2012

Good News: You Can Now Officially Steal $1 Billion From Your Customers And Avoid Proseuction, As Long As You're Hooked Up With the Self-Styled "Party of the Common Man"

Special people have special privileges.

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 firmís 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.

I don't know why we're talking about porous risk controls because this is not money which was improvidently invested. This is money which simply vanished.

A billion dollars of customer money just disappeared -- it wasn't lost in bad investments, it was lost as in "I can't find it" -- and apparently there is no criminality here.

People lose wallets. They lose cell phones. They lose pencils. They lose lighters.

They tend not to lose a billion dollars. Not without someone wishing it be "lost."

Points and Figures has some expert insight into the swindle:

fter 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.

But what you don't know is this guy is one of Obama's biggest bundlers and a high ranking apparatchick in the Democratic-Corporate State.


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posted by Ace at 03:12 PM

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