Everybody who understands the MF Global story knows Corzine ripped off $600 million from clients.
But he’s not in jail.
We don’t have rule of law; we have the law of the rulers.
One thing’s for sure: Corzine is a much savvier con man than Madoff.
Very true. It is (to me) a measure of just how accustomed, how inured we are to fraud that Corzine and MFGlobal are nowhere to be found in the daily reporting. By all rights, this case should seriously undermine confidence in our markets. The idea that the CME is throwing $300 MM into the pot to temporarily take care of the accountholders is itself something of an indicator. As if...this makes it OK.