Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Why You Shouldn’t Get Excited About Gold Price Mini-Rally - 26th Jan 21
The Truth About Personal Savings Everybody Should Know and Think About - 26th Jan 21
4 Economic Challenges for 2021 - 26th Jan 21
Scan Computers 2021 "Awaiting Picking" - 5950x RTX 3080 Custom PC Build Stock Status - 26th Jan 21
The End of the World History Stock Market Chart : Big Pattern = Big Move - 26th Jan 21
Stock Market Recent Sector Triggers Suggest Stocks May Enter Rally Phase - 26th Jan 21
3 Top-Performing Tech Stocks for 2021 - 26th Jan 21
5 Tips to Manage Your Debt - 26th Jan 21
Stock Market Intermediate Trend Intact - 25th Jan 21
Precious Metals Could Decline Before their Next Attempt to Rally - 25th Jan 21
Great Ways of Choosing Good CMMS Software for a Business - 25th Jan 21
The Dark Forces behind American Insurrectionists - 25th Jan 21
Economic Stimulus Doesn’t Always Stimulate – Pushing On A String - 25th Jan 21
Can Karcher K7 Pressure Washer Clean a Weed Infested Driveway? Extreme Power Test - 25th Jan 21
Lockdown Sea Shanty Craze - "Drunken Sailor" on the Pirate Falls Crazy Boat Ride - 25th Jan 21
Intel Empire Fights Back with Rocket and Alder Lake! - 24th Jan 21
4 Reasons for Coronavirus 2021 Hope - 24th Jan 21
Apple M1 Chip Another Nail in Intel's Coffin - Top AI Tech Stocks 2021 - 24th Jan 21
Stock Market: Why You Should Prepare for a Jump in Volatility - 24th Jan 21
What’s next for Bitcoin Price – $56k or $16k? - 24th Jan 21
How Does Credit Repair Work? - 24th Jan 21
Silver Price 2021 Roadmap - 22nd Jan 21
Why Biden Wants to Win the Fight for $15 Federal Minimum Wage - 22nd Jan 21
Here’s Why Gold Recently Moved Up - 22nd Jan 21
US Dollar Decline creates New Sector Opportunities to Trade - 22nd Jan 21
Sandisk Extreme Micro SDXC Memory Card Read Write Speed Test Actual vs Sales Pitch - 22nd Jan 21
NHS Recommends Oximeter Oxygen Sensor Monitors for Everyone 10 Months Late! - 22nd Jan 21
DoorDash Has All the Makings of the “Next Amazon” - 22nd Jan 21
How to Survive a Silver-Gold Sucker Punch - 22nd Jan 21
2021: The Year of the Gripping Hand - 22nd Jan 21
Technology Minerals appoints ex-BP Petrochemicals CEO as Advisor - 22nd Jan 21
Gold Price Drops Amid Stimulus and Poor Data - 21st Jan 21
Protecting the Vulnerable 2021 - 21st Jan 21
How To Play The Next Stage Of The Marijuana Boom - 21st Jan 21
UK Schools Lockdown 2021 Covid Education Crisis - Home Learning Routine - 21st Jan 21
General Artificial Intelligence Was BORN in 2020! GPT-3, Deep Mind - 20th Jan 21
Bitcoin Price Crash: FCA Warning Was a Slap in the Face. But Not the Cause - 20th Jan 21
US Coronavirus Pandemic 2021 - We’re Going to Need More Than a Vaccine - 20th Jan 21
The Biggest Biotech Story Of 2021? - 20th Jan 21
Biden Bailout, Democrat Takeover to Drive Americans into Gold - 20th Jan 21
Pandemic 2020 Is Gone! Will 2021 Be Better for Gold? - 20th Jan 21
Trump and Coronavirus Pandemic Final US Catastrophe 2021 - 19th Jan 21
How To Find Market Momentum Trades for Explosive Gains - 19th Jan 21
Cryptos: 5 Simple Strategies to Catch the Next Opportunity - 19th Jan 21
Who Will NEXT Be Removed from the Internet? - 19th Jan 21
This Small Company Could Revolutionize The Trillion-Dollar Drug Sector - 19th Jan 21
Gold/SPX Ratio and the Gold Stock Case - 18th Jan 21
More Stock Market Speculative Signs, Energy Rebound, Commodities Breakout - 18th Jan 21
Higher Yields Hit Gold Price, But for How Long? - 18th Jan 21
Some Basic Facts About Forex Trading - 18th Jan 21
Custom Build PC 2021 - Ryzen 5950x, RTX 3080, 64gb DDR4 Specs - Scan Computers 3SX Order Day 11 - 17th Jan 21
UK Car MOT Covid-19 Lockdown Extension 2021 - 17th Jan 21
Why Nvidia Is My “Slam Dunk” Stock Investment for the Decade - 16th Jan 21
Three Financial Markets Price Drivers in a Globalized World - 16th Jan 21
Sheffield Turns Coronavirus Tide, Covid-19 Infections Half Rest of England, implies Fast Pandemic Recovery - 16th Jan 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

The MF Global Magical Mystery Tour

Companies / Banksters Aug 22, 2012 - 04:43 PM GMT

By: BATR

Companies

Best Financial Markets Analysis ArticleIt is impossible to make up a fantasy tale that rivals the manifestations of the outlandish MF Global scandal. The evaporation of customer’s monies into an intentional off shore stash is tragic enough, but the indignity of allowing "no consequences" for a horrific crime against all investors is inexcusable. Jon S. Corzine is a fraudster that screams out for the gallows of justice. The manner of fleecing the public by Wall Street crooks has a clear distinction. Corzine walks while Madoff serves time. The original "Magical Mystery Tour" was a precursor of today's reality TV shows. Corzine’s version is more a "House of Horrors".


The lack of definitive disclosure in the MF Global investigation is hampered at every turn. The stonewalling and cover-up is business as usual in the world of special selective prosecution. The frustration shows as Judicial Watch sues SEC, CFTC for Corzine, MF Global docs.
"Judicial Watch said the CFTC acknowledged receiving the group's FOIA on April 25, 2012, but failed to provide a final reply by the statutory deadline of May 23, 2012. Similarly, the SEC told Judicial Watch it received the FOIA on April 25, 2012, but did not provide a final response by the mandatory deadline date.

The American people deserve to know the truth about what FSOC officials knew about the epic failure of MF Global and when they knew it. But once again, the Obama administration refuses to provide basic information related to its 'oversight' of the private sector," stated Judicial Watch President Tom Fitton."

Judging from public polls the attitude towards this dramatic crime hits hard at the diminutive confidence level, which goes a long way to cloud the entire financial community. If MF Global is an aberration, what is the problem of conducting an open and thorough probe that holds the thieves that stole customer’s money accountable?

The public deserves answers. The Daily Finance illustrates this sentiment in the article, MF Global: The Hero, the Villain, and the Anticlimax.
"During an online chat The Motley Fool held shortly after publishing our series on The Astonishing Collapse of MF Global, we polled participants on whether they thought criminal charges would be pressed, and if so, against whom: 71% thought someone would be held accountable and sent to prison. Most thought it would be Corzine. Others eyed JPMorgan CEO Jamie Dimon. Some thought a fall guy (or gal) would be found. But the idea that everyone would walk away seemed impossible.

Ten months later, customers are still fighting for their money to be returned, and getting it in pennies rather than pounds. (A recent ruling will return $130 million more from the CME Group (NYS: CME) JPMorgan Chase is onto its next scandal involving customer accounts and the collapse of a brokerage firm. And Corzine, whose hands-on role at MF Global included roaming the trading floors, is considering starting a hedge fund."

Crime committed among the protected Goldman Sachs fraternity is a foregone conclusion. Investor Daily offers up an even more disgusting prospect in Corzine’s Next Act After MF Global: A Hedge Fund. It looks like the vanishing of $1.5 billion is not a prohibition to running a new money scheme.
"Amazingly, Corzine’s reputation may be irrevocably tarnished, but the latest reports suggest the ensuing criminal investigation is unlikely to lead to any charges against him. Of course, Corzine himself has yet to be interviewed by federal investigators in the 10 months since they began examining the details of the firm’s downfall, though it’s anticipated he’ll agree to such an interview next month."

The infectious relationship between the Corzine Cosa Nostra and the Obama administration is sickening. The Goldman Sachs immunity of their crony connections just keeps on coming over at Eric Holder’s Department of Justice. Breitbart cites: "The New York Times reported that Holder's Justice Department will not be criminally charging Jon Corzine or any MF Global executives in that case either."The New American expands in an article by Bob Adelmann, Former MF Global CEO Jon Corzine Will Likely Get Off Scot-Free.
"With the investigators passing on pressing for criminal charges to be filed against Corzine, there are several glaring ironies remaining. First, the huge bets that Corzine made with company money, and then with customers’ monies when the company’s funds were depleted, turned out to be profitable after all.

Second, investigators are currently negotiating with O’Brien, the assistant treasurer from Chicago, to waive her Fifth Amendment rights in exchange for immunity for her testimony about what actually happened in those last days.

Finally, rumors are surfacing that Corzine is about to start another investment company, this time a hedge fund where he will manage investors’ funds for them. There will be just one stipulation: they must have bad memories in order to play."
A financial wizard like Corzine puts P. T. Barnum to shame. Who needs to gear up a forgery currency printing press, when people simply turn over their treasure to a confidence artist with Goldman Sachs credentials? Such surreal conduct in the world of Wall Street larceny is rarely so blatant.

A mass exodus from entrusting your funds in third party risk financial instruments should be the logical response. However, in the bizarre environment of derivative deception and compulsory arbitration, the average saver has little security in the return of their capital. Once, farmers’ biggest hazard was the weather. Today hedging your crop with future contracts in a Corzine account incurs far greater risk. When the government ignores the crimes of major political donors and refuses to prosecute or recover stolen money, it promotes an outlaw system for and by connected elites. Such an absence of fair dealing in the Obama tour of duty deserves their own jail sentence.

James Hall – August 22, 2012

Discuss or comment about this essay on the BATR Forum

Source http://www.batr.org/negotium/081512.html

http://www.batr.org

"Many seek to become a Syndicated Columnist, while the few strive to be a Vindicated Publisher"

© 2012 Copyright BATR - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules