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Just a question.... What kind of missing is missing, and would we miss the missing, or is it just missing without being missing? I missed the meaning...
This reminds me of good old Terry McCauliffe and Global crossing. He got out after making millions on a small investment just before it went bankrupt. Or Ken Lay or Bernie Madoff. Why are the biggest thieves always so closely tied to the government, particularly the Whitehouse, no matter what the party?
You aint seen nothing yet, there is plenty more of this to come in the future from both the Dems and Republicans. Both parties are corrupt more than any of you even know, Anyone who defends either party is sleeping.
Exactly. Corzine only has one party and that is the Goldmann-Sachs party. And, he is so not alone.
I ask who was dumb enough to invest their money with this guy. I also ask why he is not in jail. I realize the corruption does not respect Party reputations. Usually Democrats limit their excess to campaign contributors and Republicans practice financial fraud but here are exceptions to make it interesting.
Investing money with the corrupt ex governor of the most corrupt state in the country and expecting to do anything by lose? That is self delusion at its best. Fools and their money are soon parted. Corzine and the rest of the executives should be fined their entire fortunes and thrown in jail with the murders and druggies.
Just doing what liberals/dems do best - bankrupting, corrupting whatever they have control of.
No wonder some politicians think all business is corrupt--THEY are thieves, and believe that everybody else thinks and acts like they do.
The bit with violating the sanctity of customer money is a crime against the foundations of our system, which truly is the goose that lays golden eggs. If the charges are true, Corzine ought to be stripped of every asset and prosecuted to the fullest extent of the law.
The worst thing about it is, Dems will use this to promote more regulation--when all the regulations in the world cannot stop the thieves, but certainly can hinder and constrict everybody else who is simply trying to make a living by providing value to others. The good guys do not need the rules; the bad guys don't follow them.
If the charges are true, Corzine is a bigger crook than anyone knew, in addition to being a bigger moron than anyone knew. Leveraging a speculation up to 40 times equity? Sheesh. That he wipes himself out with a bad decision is just capitalism at work. That he imperils the finances of customers by stealing their money? If true, we don't have a good enough punishment on the books.
i can't imagine that MF global is the only company that is going down with their european debt exposure.
i think we can all ask why did BOA shift their derivatives to their federally insured arm? it couldn't be because their european derivative exposure will be backstopped by the taxpayers?
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is UNKNOWN because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.
HOW INSANE IS THAT?
we are at a point of complete dysfunction, thanks to the derivatives and the SECRECY.
This is just an outstanding example of clear cut Media Bias by the Liberal New York Times.
If Corzine had been a Republican, the New York Times would have reported...the former ultra-right-wing Republican Governor of New Jersey..."
But since Corzine is a Democrat, his party affiliation is rather conveniently omitted and left for the reader to guess.
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