No Criminal Case Is Likely in Loss at MF Global

New York Times ^ | August 15, 2012 | Azam Ahmed and Ben Protess

[C19fan]

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

[C19fan]

This is disgusting. Corzine is getting off. This reminds me of the time there were Ecclesiastical Courts for Priests and the like or how aristocrats were exempt from the law de jure of de facto. I think it should be a law that firms like MF Global should not be limited corporations but partnerships. That way if Corzine is so incompetent now to install proper risk management systems and procedures then he will be taken to the cleaners and all his property and assets would be liquidated.

[chessplayer]

Shocker. The most corrupt administration in history does it again.

[Venturer]

1 Billion dollars cannot slip through a porous foundation.

1 Billion dollars means a hole big enough to walk through.

[PogySailor]

So much for Sarbanes-Oxley. Or is that only applicable to non-Obama bundlers?

[CPT Clay]

No penalty for stealing peoples assets.

THIS IS OUTRAGEOUS!!!

[Farmer Dean]

I hear that Corzine is bundling money for Obama’s re-election.

[CPT Clay]

Wasn’t Sarbanes Oxley supposed to prevent this?

[newnhdad]

did anyone think this guy was going to get anything other than a soft landing somewhere tropical after the “full and through investigation” by “the Attorney General’s office”..

[Mouton]

Yes, but only if the guilty are not Obama supporters.

Someone said this before: our grandfathers would be shooting by now.

[DuncanWaring]

...criminal investigators are concluding that chaos and porous risk controls at the firm,...

That's BS.

They know where every cent went.

If they don't, it's because someone destroyed the backup/transaction journal files, which I'm fairly certain is also illegal.

[DuncanWaring]

I don’t think Sarbanes-Oxley applies here.

This is simple embezzelment.

[spawn44]

I smell a socialist democratic rat in this investigation.

[Cicero]

Not really a surprise.

I know a few people who had money invested via MF Global. Tough luck.

[DeFault User]

But a $6.3 billion wager on the European sovereign debt proved fatal. The size of the bet was enough to wipe out the firm many times over, and as questions about Europe’s health grew, a run on MF Global ensued. In the panic, the firm tapped customer money to stay afloat, which scuttled a last-minute deal to save the firm.

Nope, nothing wrong here. Probably just a rounding error on a spreadsheet by an intern.

[Hotlanta Mike]

This should be made a key talking point at the RNC convention and any debate that R & R participate in.

Obama railing against Wall Street, but does not prosecute them. Hmmm...

[Mouton]

Well, the good news is no trial was held, it would have been a show trial with some incompetent prosecutor throwing the case. When the DOJ falls back into GOP hands, they can take another look at this.

[scooby321]

I guess Obama-Biden never took the chains off Wall Street sense he has no indicted anyone

[Mortrey]

If Corzine hasn’t spent (or donated to Bath-House Barry) all the money he has stolen, he can certainly afford car starters and food tasters.

[Drill Thrawl]

Further evidence that the system is broken.

Funny that there is no outrage on the left.

[Revel]

People here just don’t get it. There is no rule of law anymore if you are a banker(among other things). This is only one story of many with the same outcome. Criminal bankers who ruined the financial system of the world are walking free because they also paid for privilege to do so. They stole the money of the peon citizens.

Do you want another one to look at from a few days ago:

http://tickerforum.org/cgi-ticker/akcs-www?post=210150

And there was another one having to do with a pension fund.

And then we have the fact that A bank(BNYM) gets to keep segregated customer funds pledged by another bank. The customers who own the money are screwed.

http://market-ticker.org/akcs-www?post=210250

Now none of your money is safe anywhere.

And this is not just a democrat thing either. The GOP is every bit as dirty in the matter. Money rules the world. Figure it out.