3 votes

No One Will Charged With a Crime for the MF Global Collapse

This is proof that customer funds will NOT be protected if stolen by executives of banks or financial institutions. GET YOUR MONEY OUT OF THE BANKS and money market accounts. You have been warned.

From Article:
The company placed a grossly outsized bet (more than $6 billion worth) on the health of the European debt market last year and when it went south, the firm "borrowed" money from the accounts of its customers to try and salvage its own losses. Most of the blame for those trades fell on its CEO (and ex-New Jersey governor) Jon Corzine, and while his reputation and firm are ruined, it seems he will escape any legal sanction. He could still face massive civil lawsuits or fines from regulators who have a lower standard than a criminal prosecution, but jail isn't in the cards.

More:
http://news.yahoo.com/no-one-charged-crime-mf-global-collaps...



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My question

If you had money in a MF Global account, you would surely have a contract that explains the stipulations of their holdings of your money.

If you signed a contract that allows the company to use your funds to front their investments, then you are an idiot. But if your money is to fund your investments and their company was there to provide the liquidity then they just robbed their customers and is liable from each person who lost money in their accounts. Would they not see many lawsuits for contractual fraud from their previous customers not regulators then? What legal basis do regulators have to sue?

Cuing Gerald Celente in 3, 2, 1...

oops he's still filing his canines to razor sharp. We'll just give him a minute.

Be brave, be brave, the Myan pilot needs no aeroplane.

There was no crime

John C is part of the political elite caste, laws do not apply to him and his peers. They only apply to us the mundanes in society.

It has ALWAYS been this way in the world and America - and as long as we worship the state this is was what we should expect the future to be like.

State = crime. Pretty freaking simple.

peAce

Liberty = Responsibility

True RxN

When I read things like this it always brings to mind a story I read a while back where a homeless man was jailed for stealing a coke from the fountain drinks area of a Macdonalds. Steal 89 cents...into the rape cage you go. Steal 6 billion...well, you know, go burn a blunt with one of your wall-street fat cats and decide how you want to inform the media to explain your "non-punishment".

There is NO DOUBT we would all be better off if we were run by the MUCH more benevolent Mafia. Too bad the Mafia keeps learning new ways to jack people by watching our government. I still don't think the Mafia waterboards though...as least they are kind enough to just break your leg or put a bullet in your head if you don't pay their "fees".

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"We can see with our eyes, hear with our ears and feel with our touch, but we understand with our hearts."