Jon Corzine is still one of Obama’s chief fund raisers. If he had not bankrupted MF Global and stolen $1.2 billion from farmers, he would have been the next Goldman Sachs Secretary of Treasury. This parasite on the ass of America is held in the highest esteem by Obama and the other oligarchs.
2008 Crisis, 2012 election, Abraham Lincoln, Ally Financial, Bernanke, Bull Run, catalyst, corruption, Crisis, Derivatives, Fannie Mae, FDR, Food prices, Fourth Turning, fraud, Freddie Mac, gas prices, GDP, Grapes of Wrath, Great Depression, Hunger Games, Inflation, Jon Corzine, JP Morgan, Mainstream media, MF Global, mortgage fraud, Obama, Occupy Movement, Propaganda, robo signing, Romney, September 2008, stock prices, Strauss & Howe, Tea Party, Wall Street, ZIRP
This is Part Two of a three part series trying to make sense of the Crisis period we entered in 2008. Click here to read: PART ONE
Catalyst of Change
“As late as December 1773, November 1859, and October 1929, the American people had no idea how close it was. Then sudden sparks (the Boston Tea Party, John Brown’s raid and execution, Black Tuesday) transformed the public mood, swiftly and permanently. Over the next two decades or so, society convulsed. Emergencies required massive sacrifices from a citizenry that responded by putting community ahead of self. Leaders led, and people trusted them. As a new social contract was created, people overcame challenges once thought to be insurmountable – and used the Crisis to elevate themselves and their nation to higher plane of civilization.” – Strauss & Howe - The Fourth Turning
Anyone who hasn’t sensed a mood change in this country since the 2008 financial meltdown is either ignorant or in denial. Millions of Americans fall into one of these categories, but many people realize something has changed – and not for the better. The sense of pure financial panic that existed during September and October of 2008 had not been seen since the dark days of 1929. Our leaders used the initial terror and fear to ram through TARP and stimulus packages that rewarded the perpetrators of the financial collapse rather than helping the middle class who lost 8 million jobs, destroyed by Wall Street criminality. The stock market plunged by 57% from its 2007 high by March 2009. What has happened since September 2008 has set the stage for the next downward leg in this Crisis. The rich and powerful have pulled out all the stops and saved themselves at the expense of the many. Despite overwhelming proof of unabashed mortgage fraud, rating agency bribery, document forgery on a grand scale and insider trading based on non-public information, the brazen audacity of Wall Street oligarchs is reminiscent of the late stages of the Roman Empire.
The actions of the governing elite have provoked the darkening mood creeping across the land. The rise of the Tea Party in 2009 was fueled by anger over the bank bailouts, out of control federal spending and ever increasing taxes. The anger spilled over into town hall meetings, as Congressmen felt the wrath of public dissatisfaction. The fury propelled Tea Party Republicans to being elected in large numbers in 2010. But the movement was hijacked by the Republican establishment and defanged. As 2011 progressed, with Wall Street continuing to pillage the American middle class, the Occupy Movement spread to cities across America and around the world. The movement, led by Millenials, claims that mega-corporations and Wall Street manipulate the world in an unbalanced way that disproportionately benefits a super wealthy minority and is undermining democracy. They have shone a light upon the fact the 1% has used their wealth and power to plunder the national treasury, while impoverishing the 99%. The audacity of the 1% was on display for all to see when former Goldman Sachs CEO and former U.S. Senator Jon Corzine absconded with $1.2 billion of his customers’ money and continues to hide it in the vaults of his fellow robber baron Jamie Dimon at J.P. Morgan. To this day, no one has been jailed for this heist or any of the thousands of other crimes committed by the Wall Street titans. These psychopaths will not be satisfied until nothing remains of our country but a barren desert.
“They have plundered the world, stripping naked the land in their hunger… they are driven by greed, if their enemy be rich; by ambition, if poor… They ravage, they slaughter, they seize by false pretenses, and all of this they hail as the construction of empire. And when in their wake nothing remains but a desert, they call that peace.” – Tacitus, The Agricola and the Germania
A few weeks ago I watched The Grapes of Wrath movie for the first time in many years. The novel was written by John Steinbeck during the last Fourth Turning. It is as powerful today as it was in the 1941. It perfectly captures the mood of the country during the Great Depression. The message of the working class being exploited and manipulated by wealthy landowners resounds today. The Joads only sought an opportunity for a job, their own land, simple human dignity, and the chance for a better future. Wall Street has replaced the wealthy landowners as the exploiters of the working class. Steinbeck saw the Federal Government as a solution during the 1930s, but they are a major part of the problem today, as politicians have been captured by corporate and special interests. Their solutions do not benefit the average middle class American.
The feelings about our government and political system is reflected in Suzanne Collins’ Hunger Games novel, which captures the vein of government brutality, oppression of the working class, excessive wealth inequality, and the vapid shallowness of our American Idol culture. The Hunger Games was written in 2008 and the movie version has become a worldwide sensation. The immense divide between the wealthy ruling class, living an obscenely decadent lifestyle, and the exploited working class on the verge of starvation, is portrayed in a cruelly sadistic manner. The fact that it is appealing to Millenials and all generations says much about the changing of attitudes in the last four years. Hunger Games will be viewed as the modern day Grapes of Wrath by future generations.
There is no denying the darkening disposition of the country, except by those whose job it is to deny the reality of our deteriorating situation. Those whose power and wealth are dependent upon a citizenry being kept in the dark and convinced the way out of this mess is to resume spending borrowed money, have pulled out all the stops since the initial catalyst for this Fourth Turning struck with its full fury in 2008. The frantic efforts by those in power to prop up the status quo were predictable. If our leaders had dealt with the initial crisis in a realistic manner, many wealthy powerful men would have gone broke. They have been able to temporarily fend off a full-fledged catastrophe as predicted by Strauss & Howe:
“At home and abroad, these events will reflect the tearing of the civic fabric at points of extreme vulnerability – problem areas where, during the Unraveling, America will have neglected, denied, or delayed needed action. Anger at “mistakes we made” will translate into calls for action, regardless of the heightened public risk. It is unlikely that the catalyst will worsen into a full-fledged catastrophe, since the nation will probably find a way to avert the initial danger and stabilize the situation for a while. Yet even if dire consequences are temporarily averted, America will have entered the Fourth Turning.”
But they have solved nothing. In fact, they have exacerbated the problem areas of debt, civic decay and global disorder with their “solutions”. Our leaders have added $5.6 trillion to the National Debt; the Federal Reserve tripled their balance sheet by taking on $2 trillion of Wall Street toxic debt; the Federal Government assumed trillions in new debt by taking over Fannie Mae, Freddie Mac and Sallie Mae; and real GDP went up by a mere $103 billion (.8%) between the 4th quarter of 2007 and the 4th quarter of 2011. Rescuing the 99% was never the focus of their solutions. It was to save the bankers and wealthy investors (1%) who took the world destroying risks and should have borne the losses of their risk taking. The oligarchs have been wildly successful in this effort. The stock market has doubled from its lows. Borrowing at 0% from the Federal Reserve has done wonders for banker bonuses. Global disorder increases by the day, as politicians and bankers force austerity on their citizens, while continuing to harvest billions in profits and bonuses still waging wars of choice, further enriching the peddlers of debt and the peddlers of death (military industrial complex).
The Great Depression lasted from 1929 until 1940. The GDP of the country actually grew by 80% between 1933 and 1940. The stock market soared by 100% from the 1932 low to its 1933 high. It then soared another 100% from 1934 through 1937. Despite these fabulous economic statistics and investment riches scooped up by the 2.5% of the population that owned stocks, they still call this time period the Great Depression. With unemployment ranging from 15% to 25% during this entire time frame, the common man suffered greatly. There was no recovery for the 99%.
The net worth of the 99% is highly dependent on the value of their homes and their ability to increase their annual wages. Home prices have fallen 34% from their peak and continue to fall, recently reaching 2002 levels. Real median weekly earnings are lower than they were in 2003 and have fallen 3% since the economy supposedly entered its recovery in December 2009. Gas prices have doubled since early 2009. The 1% rejoices as they treat oil as an investment in their diversified portfolio. The 99% suffer as the average household is spending $2,500 per year more to fill up their vehicles. Food prices are up 15% to 25% in the last three years, even using the manifestly manipulated BLS figures.
It is essential for those in power to utilize their mainstream media propaganda machines, massaging of economic information and Ben Bernanke’s printing press to give the appearance of recovery to the masses. In the last three months the hyperbole and extreme spin from the corporate mainstream media has become exceedingly robust. It smells of desperation. Even as the media touts a recovery and Obama peddles drivel about millions of new jobs, Bernanke keeps the throttle of quantitative easing and zero interest rates wide open. Their actions are not consistent with their rhetoric. People who had jobs as accountants making $55,000 per year in 2007 are now stocking fertilizer in the garden center at Lowes making $20,000, with no benefits. This is the face of the jobs recovery. Only a corporate media doing the bidding of their masters could possibly rejoice at the February data showing consumers spending at a rate 450% higher than their income gains as a sign of recovery. There is a concerted effort to revive the auto market by the Federal Government (Ally Financial) and the Wall Street banks by employing exceptionally loose credit standards for auto loans and leases that are reminiscent of the subprime mortgage debacle. I’m sure it will turn out better this time. The downward spiral of trust is accelerating as predicted by Strauss & Howe:
“As the Crisis catalyzes, these fears will rush to the surface, jagged and exposed. Distrustful of some things, individuals will feel that their survival requires them to distrust more things. This behavior could cascade into a sudden downward spiral, an implosion of societal trust.”
The downward spiral of societal trust is well founded. The monied interests have captured the political process. The regulated have captured the regulators. Wall Street has always controlled the Federal Reserve. Corporations and the wealthiest among us select the politicians that will best serve their interests. The governing elite of psychopathic bankers, corrupt politicians, and powerful mega-corporations create crises, then save us from the crises they created, while accumulating more control, wealth and power. This perpetual swindle has been going on for decades and has reached its zenith as it did during the last Fourth Turning. Income inequality has reached the extreme levels last seen in the 1930s. The capitalism storyline has grown old and tired. Complete systematic capture is the reason for those at the top reaping all the benefits of our dysfunctional economic system.
The rampant mortgage fraud, the robo-signing crimes, trillions of shadowy derivatives, unfunded government pensions, unfunded Medicare and Social Security promises, and the bald-faced looting of customer accounts at MF Global have brought about a realization among those capable of critical thought that this Crisis is growing worse by the day. Strauss & Howe clearly understood the factors that would lead to this deficit of trust:
“But as the Crisis mood congeals, people will come to the jarring realization that they have grown helplessly dependent on a teetering edifice of anonymous transactions and paper guarantees. Many Americans won’t know where their savings are, who their employer is, what their pension is, or how their government works. The era will have left the financial world arbitraged and tentacled: Debtors won’t know who holds their notes, homeowners who owns their mortgages, and shareholders who runs their equities – and vice versa.”
Here we stand, three and a half years since the catalyst of this Crisis. What event or events will produce the regeneracy stage of this Fourth Turning and when can we expect its arrival? I’ll try to make some educated guesses in Part Three of this series.
Click here to read: PART ONE
This prick will be at the top of the list when justice is doled out by the victims of his crimes.
An Open Letter to Jamie Dimon
“People fall not from their weaknesses, but from their strengths gone to excess.”- Aeschylus
Dear Mr. Dimon,
I used to be one of your biggest fans. Back when I was 17 years old working at a Salomon Smith Barney branch in Ft. Lauderdale, you were fired from Citigroup when everyone had you pegged as the heir to Sandy Weill’s burgeoning empire. Everyone at the branch was shocked, as we all knew you by reputation as a brilliant CEO-in-the-making, and frankly, most of us were disappointed as we genuinely were all looking forward to working under your leadership one day.
While your ousting was unexpected, you recovered quickly, and perhaps it helped motivate you to accomplish great things in the financial industry. You came to the CEO post at Bank One, then engineered its acquisition by JPMorgan Chase and took the CEO prize for yourself. All the while, Citi floundered, and you led JPMorgan Chase to become the premier American bank. Under your stewardship, Chase eschewed most of the sub-prime crisis and snapped up some of the choicest prizes in the ensuing crisis, namely Bear Stearns and Washington Mutual. Well done, sir.
Personally, I was proud to be a JPMorgan customer and proudly listed in our offering documents that our firm’s operational capital was safely held with your institution. I enjoyed great relationships with both your hedge fund/commercial banking division and your newly resurgent futures prime brokerage group. We were even on good terms with your private bank.
Then, the MF Global bankruptcy happened. And, I became aware of your bank’s involvement with the firm’s collapse. How the New York Times reports that JPMorgan received 325M in segregated customer funds despite the fact that JPMorgan Chase was a primary custodian for them. Then, JPMorgan Chase reportedly failed to return the funds when MF Global reported that they erroneously transferred customer assets and went a step further into “CYA” mode by requesting a comfort letter indicating that JPMorgan Chase had not received customer funds. JPMorgan Chase reportedly did not receive this letter, yet still, it kept customers’ property.
Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property. In response to this, rather than doing the right thing, you closed all of my personal and corporate bank accounts and my personal credit card. I have been told by multiple members of the media that JPMorgan Chase has called them and stated that if their media outlet has me on television again, that JPMorgan Chase will pull their advertising from the offending network.
These bully tactics have only strengthened my resolve to protect my clients whom you have knowingly wronged and continue to wrong by improperly holding their property. It has made me delve deeper into what I have found is a pattern of such malicious conduct across JPMorgan Chase’s business groups. JPMorgan Chase bribed officials in Jefferson County, Alabama, one of the poorest counties in the United States, to enter into a disastrous derivative transaction that bankrupted the county and caused an increase of 400% in sewage prices, forcing these poor people to have to choose between food and clean water. JPMorgan Chase designed an overdraft processing system that intentionally prioritized higher dollar transactions so that as many transactions as possible would overdraft, again generating usurious-like fees on the bank of those who can ill afford it. Let’s not forget about robo-signing, forging foreclosure documents, or, getting back to the futures world, failing to properly segregate customer funds.
Mr. Dimon, why do you impugn your character and reputation by allowing your firm to engage in these immoral activities? Sure, the regulators have failed to assess you any meaningful punishments that would deter you from this conduct on a strict, short-term dollars and cents analysis. Every penny of earnings counts, I get it. But, sir, you do not strike me as someone who is trying to pump your company’s stock price for a quarter or two. You are the face of JPMorgan Chase and, I would assume, you plan on being there for a while. Why intentionally destroy any and all goodwill your firm has to make additional revenue that is mostly insignificant in the short-term and, quite possibly, deleterious in the long-term? The only reason I can think of is: because you can. And, that, sir is where hubris starts.
Lately, it seems you’ve come to relish the role of antagonist, bully, and even, villain. You’ve gone on rants about tax rates, how gosh darn profitable you are going to make JPMorgan Chase, and even gone so far as to call out journalists for their share of salaries versus the revenue of news organizations. Put plainly, the confidence that enabled you to build JPMorgan Chase has now become arrogance. Mr. Dimon, I happen to have been a classics scholar and have read this story many times before. It never ends well.
While you have led your firm to a dominant position in the banking industry and record profits of late, you haven’t done it alone. You’ve had the benefit of taxpayer funds, whether you needed them or not (as you claim). You’ve had extremely favorable regulation and public policy that for years has prioritized re-capitalizing banks over the rights of Main Street Americans to be able to bear the fruit of their labor. Yet, you have begun to act like a megalomaniac, drunk on his own power ala Caligula, and attribute 100% of your success to your personal superlatives. People are starting to notice. While Occupy Wall Street has failed to articulate any clear message or goals, they have tapped into a rage in this country that is real and palpable. You have alienated many of your peers on Wall Street and in the hedge fund industry (yes, you have peers). And, now, you have alienated many members of the media that have the voices to spread the word of the ill conduct which your firm has repeatedly engaged in.
In the Niccomedean Ethics, Aristotle described the worst kind of man as the “Incontinent Man,” namely he who knows what he does is wrong and does it anyway. I believe somewhere deep down, you realize that a lot of what you and the bank that you lead do has become increasingly wrong. Why continue to go on like that? You’re at the pinnacle of wealth and power, and continuing to do wrong will not make you meaningfully richer or more powerful. It can only serve to hurt you. “For what will it profit a main if he gains the whole world and forfeits his soul?”
Based on all of your accomplishments, you may think you’re beyond reproach, that you will never have your comeuppance. But, there’s a reason that during Triumphs in Ancient Rome, a slave stood behind the Emperor whispering “all glory is fleeting” in his ear. Because, it is. And, one day, something bad will happen to JPMorgan Chase. I don’t know if it will be a blow-up of the bank’s some $500 Billion in re-hypothecation exposure or a squeeze on its rumored massive short silver position. Or, if the United States will again see a regulator that believes in, and enforces, stiff punishment for misconduct by banks. But, we will all find out should you continue down the path you are on.
So, rather than continuing to corrupt your soul to harm others for negligible gain to yourself, choose a different path. Use your intelligence and your leadership abilities and your charisma to do the right thing, and set an example for the rest of the financial industry by showing that it is better for all society, JPMorgan Chase and Jamie Dimon included, to not crush those weaker or poorer than you by exacting every last cent from them just because you can. Rein in your malicious activities and focus on the legitimate ones. Be just a little humble — and remove the target you’ve placed on your own back.
Perhaps, you can start by voluntarily returning the returning all the excess overdraft fees JPMorgan Chase overcharged average Americans through mal intent. While you’re at it, give back the hard-earned property of the farmers, ranchers, retirees, and others who were MF Global clients before I come take it back in court. JPMorgan Chase can borrow at 0% interest from the Fed. Do you really need an illicit free loan borne on the backs of farmers?
Whether you realize it or not, you’re at a crossroads. And, I promise you, one Greek to another, I will ardently help you to come to the end of whichever path you choose.
James L. Koutoulas, Esq. President, Commodity Customer Coalition CEO, Typhon Capital Management
Two posts from Jesse that go hand in hand. Being rich does not make you bad. There are good people in the world and evil people in the world. It certainly appears that there are more rich evil people than poor evil people. Studies have proven it and what is happening in the real world has proven it.
From my own experience it is not whether a person has money per se. Rather it is the perceived power that a person feels that they have and their attitude towards it, and how differently they consider themselves to be therefore from others.
Although, I have heard that it is easier for a camel to pass through the eye of a needle than a rich person to get into heaven. Perhaps it is the richness of heart.
Greed is good, baby. Build the foundations of your society on that historically untenable aphorism and enjoy the ride. How’s the trickle down recovery working out for you all?
“Seven studies using experimental and naturalistic methods reveal that upper-class individuals behave more unethically than lower-class individuals. In studies 1 and 2, upper-class individuals were more likely to break the law while driving, relative to lower-class individuals.
In follow-up laboratory studies, upper-class individuals were more likely to exhibit unethical decision-making tendencies (study 3), take valued goods from others (study 4), lie in a negotiation (study 5), cheat to increase their chances of winning a prize (study 6), and endorse unethical behavior at work (study 7) than were lower-class individuals.
Mediator and moderator data demonstrated that upper-class individuals’ unethical tendencies are accounted for, in part, by their more favorable attitudes toward greed.”
Higher Social Class Predicts Unethical Behaviour, Proceedings of the National Academy of Sciences of the United States of America, February 27, 2012 Paul K. Piffa, Daniel M. Stancatoa, Stéphane Côtéb, Rodolfo Mendoza-Dentona, and Dacher Keltnera
“According to Piff, unethical behavior in the study was driven both by greed, which makes people less empathic, and the nature of wealth in a highly stratified society. It insulates people from the consequences of their actions, reduces their need for social connections and fuels feelings of entitlement, all of which become self-reinforcing cultural norms.
“When pursuit of self-interest is allowed to run unchecked, it can lead to socially pernicious outcomes,” said Piff, who noted that the findings are not politically partisan. “The same rules apply to liberals and conservatives. We always control for political persuasion,” he said.”
I wonder if this newly released MF Global information is some of the data that the creditor team has been examining and only recently released to Federal investigators.It was surprising to hear that JPM as a creditor gets to decide how and when customers can have information about their MF Global accounts as reported here.
The truth may come out some day, but will be heavily coated in sugar. They will try to drag this out until the public loses interest and becomes distracted by something else.
A last minute wire transfer of a large cash amount, not to mention a transfer almost certainly involving customer money, would be an automatic clawback in any bankruptcy I have ever heard about. I saw a trial balloon floated out a week or so ago that put forward the theory that the money would not be returned because it was protected by a 2005 bankruptcy law regarding the sanctity of ‘commercial paper’ payments.
That rationale might work in a friendly court, but would establish an unbelievable precedent about the ability of banks and insiders to seize funds from the carcass of any failing enterprise ahead of other creditors.
Keep in mind that customers who had requested their money DAYS before the 31st were sent checks instead of the customary wire transfers which they had requested, and those checks were not honored. And I have heard of at least one instance where a customer’s wire tranfer was reversed a day later by the banks, which I had thought was not even possible.
This looks like a fraudulent conveyance, and possibly a conspiracy of theft of customer money amongst financial insiders as MF Global slid into bankruptcy.
The more I hear about this, the more outrageous it gets.
Investigators Scrutinize MF Global Wire Transfers
By AZAM AHMED and BEN PROTESS
February 26, 2012, 9:07 pm
Federal investigators examining the final days at MF Global and how customer money went missing are poring over scores of wire transfers in and out of the brokerage firm, including the possible movement of $325 million that may have belonged to customers, according to people briefed on the matter.
The suspicious transfer, which until now has not been made public, was first discovered in the early hours of Oct. 31, the day the firm filed for bankruptcy. Initially, the firm attributed a shortfall of more than $1 billion in customer money to an “accounting error,” records show. But after hours of searching, executives acknowledged to regulators in the firm’s offices in Chicago that the shortfall was real — and may have been caused in part by the $325 million transfer, said one of the people briefed on the matter.
It remains unclear where that money went, or even if it belonged to customers. (Did they lose the receipt? LOL – Jesse) But it is one of many significant wire transfers that federal authorities — including the Commodity Futures Trading Commission and the Federal Bureau of Investigation — have spent months reviewing to piece together MF Global’s final days.
Investigators have also reviewed another transfer, of $220 million on Oct. 31, which represented a last-ditch attempt to patch the hole discovered in the customer accounts.
Once the firm disclosed the shortfall to officials from the C.F.T.C. and the CME Group, the giant exchange that also regulated the firm, MF Global shifted $220 million in customer money from the securities side of the business to its commodities brokerage unit, where the shortfall in client cash was discovered earlier.
Ultimately, the final attempt came up short. Just hours after the transfer, the firm filed for Chapter 11 bankruptcy…
Read the rest here.
There are some truth tellers out there. Jesse and Chris Whalen are two. If this continues, there will be blood.
14 February 2012
“But please, to our friends in the Big Media, could we stop saying that we don’t know the location of the missing $1.6 billion of client funds from MF Global? The money is safe and sound at JPM and other counterparties. As with Goldman Sachs et al and American International Group, the banks have been bailed out at the cost of somebody else. And the various agencies of the federal government are complicit in the fraud.”
Chris Whalen, Institutional Risk Analyst
Chris Whalen at The Institutional Risk Analyst lays out the entire MF Global scandal in a few plain words.
It is nice to see that someone who appears on the mainstream media can tell the truth on this. Usually one has to look for sources overseas, small cafes, and the occasional economic maverick to hear what really happened.
But in quiet whispers, the Street knows the truth, that the money was stolen, not once but twice. The first time by MF Global and from the very top, and then afterwards in the courts and the regulatory bodies that used the bankruptcy to take the funds from the customers and give them to the creditors.
And it does stink to high heaven. But the clean up men are giving the evidence a thorough scrubbing while justice waits, Chicago-style. Rather than being under indictment, Corzine continues to raise funds for the re-election of the president.
It has placed a chill on those trading in the US markets. Even they are frightened of such lawlessness. They can’t help but wonder, who’s next?
“Where is the lost customer money? At JP Morgan Chase and other banks, or course. See, “How JP Morgan and George Soros Ended Up with MF Global Customer Money”, www.clearingandsettlement.com.
So why is it that the Large Media have such trouble reporting this story? The fact seems to be that the political powers that be in Washington are protecting JPM CEO Jaime Dimon from a possible career ending kind of stumble with respect to MF Global. By stuffing the commodity customers of the broker dealer via an equity bankruptcy resolution supervised dutifully by SIPIC, JPM and Soros apparently get to benefit at the expense of the commodity customers of MF Global. This situation stinks to high heaven and everyone on the Street we’ve spoken to about the matter knows it. As the article above notes:
“Rather than being treated as a bankruptcy of a commodities brokerage firm under sub-chapter IV of the Chapter 7 bankruptcy law, MF Global was treated as an equities firm (sub-chapter III) for the purposes of its bankruptcy, and this is why the MF Global customer money in so-called segregated accounts “disappeared”.
The effort by former New Jersey governor and MF Global CEO Jon Corzine to save his firm by stealing customer funds seems to warrant further discussion, yet instead we have silence.
Here’s a question: When is Corzine going to be indicted for securities fraud and other high crimes and misdemenors? The answer seemingly is that the Obama Justice Department is afraid to go there. Thus the fraud at MF Global continues and Washington does nothing to inconvenience the banksters as customer funds are expropriated.
But please, to our friends in the Big Media, could we stop saying that we don’t know the location of the missing $1.6 billion of client funds from MF Global? The money is safe and sound at JPM and other counterparties. As with Goldman Sachs et al and American International Group, the banks have been bailed out at the cost of somebody else. And the various agencies of the federal government are complicit in the fraud.”
Chris Whalen, The Institutional Risk Analyst
Drei Groschen Oper – Die Moritat von Mackie Messer English translation.
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