Monday, 23 April 2012

Legalise it. The only cure for bank-ruptcy

Banking fraud.
If you're a bankster, it's the best sh*t you can light up.
It burns everybody
who isn't a bankster

in this alt universe,
Felonies become "Technicalities"
Lawbreaking begets a change in the law (Berlusconi Maneouvre)
Fines are negotiated with the felon

[nice and easy. this show has proof of banking fraud, right from the beginning]

IshitUnot: difficult to avoid such stories. had to pick just one. short attention span
From Jesse's Cafe' Americain 

Did the SEC Facilitate the Fraud at MF Global?

I did not treat this particular issue of the MF Global scandal sufficiently when I first became aware of it thinking, perhaps foolishly, that additional facts and information from the financial press and the investigation would be forthcoming.

That does not appear to be the case. So here is the story that suggests that the SEC had been providing MF Global special treatment to mask its financial difficulties while it floated a large bond offering. They betrayed their sworn duty to make the information public, and to act to protect the average account holder by promoting transparency and the symmetrical disclosure of information to maintain the confidence in the system, and quite likely out of a deference to power and influence.

We have seen many examples of the Fed hiding information and stonewalling legitimate disclosure of key financial information to 'protect the system.' The problem is that this merely serves to allow powerful insiders to game the system, and guarantee the system's decline, while reform withers.

Professional investors, through their own sources and resources, became aware of the MF Global problems and began to flee the firm, leaving the small independent investors 'holding the bag' as it were. It is not likely that JPM was unaware of this.

We have seen other instances of this sort of thing, such as the SEC whistleblower who lost his position when attempting to act on strong evidence of insider trading by one of the TBTF titans.

The Street has had it in for Jon Corzine ever since he betrayed them and profited from the Fed enforced LTCM rescue when he was the head of Goldman Sachs. And MF Global appears to have been the payback.

A dirty business, but as I have said, it is not likely that justice will ever be done. Mr. Corzine may not even be banned from dealing again in the financial markets.