Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If you invest in stuff like this you are considered a educated and informed investor, not some hayseed with a 401 rollover check. You are chasing big returns with big risk.
Are you a member of Corzine's sleazy defense team?
Because spreading such blatant falsehoods could get you disbarred.
The investors had futures contracts with MF Global. Their money was supposed to be invested in commodities futures, which is routine for people in agriculture. For example, livestock producers often purchase futures to cover their feed costs, so that they can plan on a fixed cost for feed. Very routine practice in the industry.
But what Corzine did with their money had nothing to do with commodities futures or agriculture.
That's called embezzlement and securities fraud.
The investors had futures contracts with MF Global. Their money was supposed to be invested in commodities futures, which is routine for people in agriculture. For example, livestock producers often purchase futures to cover their feed costs, so that they can plan on a fixed cost for feed. Very normal practice in the industry.
But what Corzine did with their money had nothing to do with commodities futures or agriculture.
That's called embezzlement and securities fraud.
Going to have to call BS on that. MF was primarily selling complex derivatives and other pretty arcane stuff. This was not your normal puts and calls commodity contracts from your average farmer. To pretend otherwise is just .....well BS. Look at their website for crying out loud.
Going to have to call BS on that. MF was primarily selling complex derivatives and other pretty arcane stuff. This was not your normal puts and calls commodity contracts from your average farmer. To pretend otherwise is just .....well BS. Look at their website for crying out loud.
Did you read the ABC article in the OP? According to ABC and every other major news source I've seen so far, they were engaged in bona fide futures trading as far as the investors knew.
But you claim something completely different. That the farmers knew they were making these ultra risky exotic investments on derivatives, high-risk bets which have absolutely nada to do with futures? This is news to me. First time I heard of that one. Can you back this up this incredible claim of yours? Source? Very hard to believe so many conservative farmers from the midwest would be so reckless with their money.
And the MF Global website is no longer in operation, btw. Except for one web page that says the company is bankrupt and out of business.
On second thought, I did find the MF Global webpage regarding futures trading.
Their futures contracts are represented as low-risk, secure investments by a reputable company:
Former Goldman Sachs CEO Jon Corzine, as head of MF Global, embezzled $1.2 billion of his customers money to speculate on high-risk foreign currency trades without their knowledge. The MF Global bankruptcy scandal is the eighth largest in US history.
How would you like it if the CEO of your bank or brokerage firm took all the money in your account and gambled it in Las Vegas? That's like what Corzine did with his customers money. Looks like another Wall Street crook will be getting away with massive theft. He probably used some of the billions he stole to pay off the politicians investigating him. When a major case goes before a 'Senate panel' instead being properly tried in a criminal court of law you know its going to be a sham and a whitewash. If you have enough money you can get away with anything. The laws don't apply to the 1%.
'The company's bankruptcy has devastated thousands of customers
– including farmers, ranchers, grain elevators, small business owners and others.'
Corzine isn't in jail because he hasn't been convicted of a crime (yet). But he sure has lots of splainin to do.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
