Posted on 10/31/2011 11:02:18 PM PDT by Kartographer
What do you do? Do you go ahead and tell your superior that the firm is broke even though the co-opted media is trumpeting every 5 minutes that "MF Global is fine", knowing full well you will be immediately fired for being the bearer of bad news, or do you assume that courtesy of your uber-boss being the former head of the Vampire Squid, and thanks to infinite moral hazard which after Lehman made sure nobody would ever fail ever again, that there is simply no way that you will be left without some miraculous rescue, if only you can last one more day, and as a result proceed to "commingle" some client funds with the firm's cash. It turns out that at MF Global you do the latter... over and over... until you have literally stolen hundreds of millions from the firm's client accounts in hopes that the miracle rescue will come on Friday...
(Excerpt) Read more at zerohedge.com ...
PING!
This topic has been hot for awhile at Zerohedge.
Good on you for keeping lagging Freepers up to date.
:: What do you do? ::
Conscript as much “stimulus” as possible and buy a small condo in Aruba...tell the wife to join you after 15APR2012.
....aaaand, it’s gone.
“This is precisely what very likely happened at MF Global in the past 72 hours”
Precisely? likely? Kinda sorta? Is he kidding?
Hopefully Corzine, but will never happen. But at least he is proved the fraud he is and may even bankrupt the idiot for betting the wrong way on the Euro Zone.
You mean there is some remote suggestion, some hint of a whispered notion that John Corzine might not be the formost exemplar of honor? I am shocked and amazed.
Corzine, Wintour, film execs top list of Obama campaign big-money bundlers
Corzine’s Obama Clause in MF Global Offering Stuns Wall Street
Corzine: The un-Christie.
Looks like the “financier” is “well-positioned” for TurboTax Timmy bailout courtesy the US TaxPayer....
Why is he not in jail? He spent taxpayer $$ to keep his emails secret?
Where are the defenders of the people?
buncha crickets is all I hear.
Jon Corzine has hired an ex-Soros trader to make MF Global surge
I’m wondering how much of the Fed’s and IMF’s actions have been motivated by a desire to help their buddies.....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
