P.S., while Gary Gensler pretends to be the friend of public investors, he too has been captured by the industry despite a facade intended to portray the opposite.
Your post doesn’t jibe with this outtake...
...However, based upon reliable sources, staff inside the SEC had proposed a rule that brokers could no longer post client’s assets in REPO. Corzine, I believe, hopped on a plane and flew down to DC and met with Mary Shapiro, the head of the SEC to prevent that rule from being implemented. According to sources, Shapiro agreed and stopped the change in rules and that allowed MF Global to continue to use client funds for their own trading.
Mary Shapiro has denied that the collapse of MF Global was any failure to do with regulators. The head of the Commodity Futures Trading Commission, Gary Gensler, recused himself because of concerns of conflict of interest since he and Corzine held prominent positions at Goldman Sachs at the same time during the late 1990s. Does anyone really think he will let his underlings prosecute Corzine? This incestuous relationship between regulators and the big New York firms is destroying the integrity of the financial system and making the United States a laughing stock. How can anyone with a potential conflict of interest be put in charge of a regulator? Based upon good sources, Corzine met with Shapiro PRIOR to the collapse to prevent a rule that would have in fact prevented the demise of MF Global. Who is regulating the Regulators? Does the entire financial system have to turn to dust?... http://www.pbs.org/nbr/site/onair/transcripts/sec_chairman_mary_Schapiro_on_mf_global_111107/...
From my earlier posting here...http://www.freerepublic.com/focus/f-bloggers/2808390/posts
I for one am sooooo sick of these elites screwing up their companies or programs with bad ideas which they expect us taxpayers to pay for. Then they turn around the next day and tell us “boo hoo, we’re out of money....now we have to raise taxes on you chumps.”
Well guess what, guys....I’m tapped out. Now ESAD.
Mrs. Prince of Space