MF Globals Jon Corzine is going before a U.S. House of Representatives committee to explain how he bankrupted MF Global Holdings Ltd. This is the most serious collapse of a futures trading house on record. It further highlights the holes in the Dodd Frank bill and it clearly shows what can and does happen when elites run into trouble. They simply apologize, pay a fine and are back in business the next day. It is now considered a cost of doing business in America. Take big risks with other people’s money, if it works out, you win big, if it goes belly up, oh well, too bad investors lose. Heads I win, tails you lose.
The U.S. Futures markets are a mess and the treatment/abuse of MF Global clients shows the U.S. futures markets are riskier than buying Somali Bonds. Why would any respectable firm do business in the U.S futures markets when the rules designed to protect are easily flaunted and abused. If your from New York and you raise funds for politicians, you are untouchable. A clear indication that money buys freedom and American politicians as well.
Jon Corzine will go before the house, apologize for what happened and then head off into the sunshine or more likely, join another firm and get right back at it. No penalties, no jail, maybe a small fine with no admission of guilt. The rot is readily visible, yet Americans cannot and do not do anything. How sad.
A recent Jon Corzine fund-raiser >>>> For just $38,500, you could join the estimated 60 guests, many of them Wall Street CEOs, who’ve paid top dollar to attend a fundraising dinner for Obama at the home of former Goldman Sachs CEO/former governor of New Jersey Jon Corzine. He is perhaps one of Obama’s biggest supporter and we know Obama will turn a blind eye to the MF affair, he has proven himself a coward and a phony and this will never change. Speaking of Change, wasn’t that Obama’s calling card during the 2008 Presidential elections ?
The damage that Corzine has done will likely total in the billions, given his strong political ties and his political capital, he will not be investigated nor charged. This is for sure. Money is missing from MF Global accounts and he has no idea what happened. What a failure !
When will the American people awaken? They have no idea how they are being fleeced and they will only wake up after the collapse when it will be too late. At that point, Obama will be signing his memoirs and spending his multi million dollar book advances.
No one can be trusted, Democrats and Republicans are all alike. As I write, both Newt and Mitt are out soliciting lobbyists and business for their financial support.
Americans have little choice….they remain asleep at the wheel. One day they will awaken and realize those they elected have sold them out.