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I am surprised that no one stigmatized this since it is so symptomatic of what is wrong with the political economy on US soil and what could lead to genuine collapse as I have precisely defined it.
The head of MF Global was former Goldman Sachs and governor of New Jersey.
Instead of using his wealth and political contacts to do something productive, like invest, say, in manufacturing or alternative energy on US soil, he indulged in international financial speculation, borrowing money to buy stressed eurozone sovereign debt, betting that his counterpart EU banksters/politicians would solve the crisis sooner rather than later.
His fellow banksters/politicians will probably bail him out in one way or another.
A ruling class that indulges in financial speculation, then. It is this type of irresponsible, even criminal, behavior that could lead to genuine economic collapse.
Yet the whining US middle classes, themselves by now merely professional consumers rather than producers, relying on coolies to do the real hard productive work for them as if they themselves were on some kind of high horse, continue to vote for this same cabal of banksters/politicians whom they attempt to imitate, hence flatter.
Corzine was always shady and played fast and loose with money as long as it wasn't his. Goldman Sachs is a company I wouldn't mind seeing get taken down a peg or two, they're too clsoe to the current administration and the White House in general.
Corzine should be heading to jail for commingling client money with prop trading. MF Global has already admitted to the authorities that it has committing criminal acts in its final days to save the firm. It's a small firm and he's politicallly connected, so maybe he buys his way out. Lehman went broke from incompetency (in my opinion). This is much worse.
I share the contempt, but was the behavior criminal?
I share the contempt for Corzine, but sometimes I wonder if the knee-jerk application of the word "criminal" to everyone connected to Wall Street goes too far. At MF Global the guy made poor investment decisions and is now in bankruptcy for it. That's what should have happened. I see no one rushing to bail him or his firm out, and that's the way it should be. People should not be protected (bailed out) from their own stupidity, be it a firm like MF Global and its contemptible head or Joe Schmo homeowner. Let MF Global be a lesson to others; you can over-reach and fail.
As far as intermingling client money, I thought people put money with MF Global for it to be invested, and in this case the investments chosen by the firm were so bad it failed? If there's more to this, I remain with an open mind to hear it.
I am surprised that no one stigmatized this since it is so symptomatic of what is wrong with the political economy on US soil and what could lead to genuine collapse as I have precisely defined it.
The head of MF Global was former Goldman Sachs and governor of New Jersey.
Instead of using his wealth and political contacts to do something productive, like invest, say, in manufacturing or alternative energy on US soil, he indulged in international financial speculation, borrowing money to buy stressed eurozone sovereign debt, betting that his counterpart EU banksters/politicians would solve the crisis sooner rather than later.
His fellow banksters/politicians will probably bail him out in one way or another.
A ruling class that indulges in financial speculation, then. It is this type of irresponsible, even criminal, behavior that could lead to genuine economic collapse.
Yet the whining US middle classes, themselves by now merely professional consumers rather than producers, relying on coolies to do the real hard productive work for them as if they themselves were on some kind of high horse, continue to vote for this same cabal of banksters/politicians whom they attempt to imitate, hence flatter.
Maybe they will get what they deserve?
Good Luck!
Greetings bale002,
Its is a perfect example of the problem. While I have solutions at the state level for both boom and bust, what can be done about handing over our money? MF may very well stand to gain, but all that noncollectable debt is our legal tender.
Well, what do you expect when you bailout Wall Street and send the message that there is no risk because the tax payer will always be there, checkbook in hand? The wrong message hasn't been sent yet. What we've seen is a cavalier investment firm that didn't obey the unenforced and unenforceable rules the SEC sets forth. It's just another in a long line of painfully obvious examples that regulations don't do much. They have to be enforced, and almost never are. So MF Global went bankrupt. That's the market at work.
Hopefully, DC sets a floor on too big to fail in this case. Let it go through bankruptcy, and don't give JPM Chase a dime. Grant Park, MF Global's parent company, filed Chap 11 today. So long as Washington stays out of it and let's the bankruptcy play out this will be a good thing that will go some small measure to restoring confidence in our financial markets.
Given the current political climate, I think Corzine will be persona non grata. He may still avoid a jail term with his connections. Now it looks like New jersey democrats are glad he lost since this would be a political nightmare.
He's been sucking Wall st. dry since moving to N.J.
After he took Goldman Sachs public... he made a clean 400,000,000.00
$400 million.
Do people realize that he is paid by their retirement dollars.
One deal $400 MILLION.
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I share the contempt, but was the behavior criminal?
