dre Posted December 8, 2011 Report Share Posted December 8, 2011 http://money.cnn.com/2011/12/08/news/companies/corzine_mf_global/index.htm?hpt=hp_t3 Oops sorry, I overleveraged my company, drove it into the ground, and I have no idea where the investors money went. Its missing. This comes on the heels of large fines paid by a number of investment firms and banks for investor fraud, with Wells Fargo being the most recent. When are some of these pieces of shit going to go to jail? How the hell is it that Martha Stewart goes to jail, but ceos of all these investment firms and banks are still on the loose, planning their next big scam? Quote Link to comment Share on other sites More sharing options...
guyser Posted December 8, 2011 Report Share Posted December 8, 2011 How the hell is it that Martha Stewart goes to jail, but ceos of all these investment firms and banks are still on the loose, planning their next big scam? They dont lie to the feds.....or if they do lie they know no one can disprove it. Martha was stupid and arrogant....and lied to the Fed Prosec. Martha served time for lying, not doing anything else bad. Quote Link to comment Share on other sites More sharing options...
dre Posted December 8, 2011 Author Report Share Posted December 8, 2011 They dont lie to the feds.....or if they do lie they know no one can disprove it. Martha was stupid and arrogant....and lied to the Fed Prosec. Martha served time for lying, not doing anything else bad. These financial companies paying huge fines basically got caught lying too. Thats what investor fraud is. The difference appears to be that the governments financial apparatus is staffed almost entirely by people that used to work at these firms a few short years ago, and they may have been in on a lot of the fraud that lead to the 2007/8 meltdown. Quote Link to comment Share on other sites More sharing options...
Shwa Posted December 8, 2011 Report Share Posted December 8, 2011 "My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors suffered as a result of MF Global's bankruptcy." "of course" it "pales in comparison" Sounds like he has been punished enough, what with being burdened with all that sadness. Quote Link to comment Share on other sites More sharing options...
eyeball Posted December 8, 2011 Report Share Posted December 8, 2011 The difference appears to be that the governments financial apparatus is staffed almost entirely by people that used to work at these firms a few short years ago, and they may have been in on a lot of the fraud that lead to the 2007/8 meltdown. Yep, the old revolving door, you see a lot of that. In my industry, commercial fishing, it seems to result in the concentration of access and wealth into fewer hands. Go figure. Quote Link to comment Share on other sites More sharing options...
wyly Posted December 8, 2011 Report Share Posted December 8, 2011 They dont lie to the feds.....or if they do lie they know no one can disprove it. Martha was stupid and arrogant....and lied to the Fed Prosec. Martha served time for lying, not doing anything else bad. martha was high profile celebrity but a nobody in the bigger financial world... Quote Link to comment Share on other sites More sharing options...
wyly Posted December 8, 2011 Report Share Posted December 8, 2011 "Too big to fail" an excellent movie I thought, I have to watch again I still don't fully comprehend how it all came about... Quote Link to comment Share on other sites More sharing options...
GostHacked Posted December 9, 2011 Report Share Posted December 9, 2011 Getting F'd by MF Global. I think I already posted about this, but yeah I am SURE Corzine is totaly innocent. Like Celente says 'Where's the perp walk?' Quote Link to comment Share on other sites More sharing options...
Bonam Posted December 10, 2011 Report Share Posted December 10, 2011 I was surprised not to see a thread on MF global earlier. I kept meaning to make one, but somehow didn't get around to it. Anyway, Corzine and MF Global, now those are some REAL crooks on Wall Street. I'm surprised people like jacee were not all over this one. I guess maybe cause they are really political hacks and ignored it since Corzine is good buddies with Obama? Or maybe it just slipped past their attention. Who knows. Anyway, I agree, Corzine should be in jail, right beside Madoff and for just as long. Not keeping customer funds segregated, as required by law, is a terrible breach of trust. Betting the company's own money, failing, and going bankrupt is one thing. That's just stupidity. But betting the company's money, failing, and then trying to bet even more with customer funds that you are supposed to be safe-guarding, well, that's just plain criminal. It is blatantly in contravention of customer contracts and agreements, and is contradictory to expected industry norms. Quote Link to comment Share on other sites More sharing options...
Wild Bill Posted December 10, 2011 Report Share Posted December 10, 2011 Yep, the old revolving door, you see a lot of that. In my industry, commercial fishing, it seems to result in the concentration of access and wealth into fewer hands. Go figure. You're right, eyeball! Sadly, all too right! That seems to be the case in ANY industry these days! Quote Link to comment Share on other sites More sharing options...
GostHacked Posted December 10, 2011 Report Share Posted December 10, 2011 I was surprised not to see a thread on MF global earlier. I kept meaning to make one, but somehow didn't get around to it. Anyway, Corzine and MF Global, now those are some REAL crooks on Wall Street. I'm surprised people like jacee were not all over this one. I guess maybe cause they are really political hacks and ignored it since Corzine is good buddies with Obama? Or maybe it just slipped past their attention. Who knows. Anyway, I agree, Corzine should be in jail, right beside Madoff and for just as long. Not keeping customer funds segregated, as required by law, is a terrible breach of trust. Betting the company's own money, failing, and going bankrupt is one thing. That's just stupidity. But betting the company's money, failing, and then trying to bet even more with customer funds that you are supposed to be safe-guarding, well, that's just plain criminal. It is blatantly in contravention of customer contracts and agreements, and is contradictory to expected industry norms. What was the last tally 1.2 billion? 2.5?? Quote Link to comment Share on other sites More sharing options...
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