New York (CNNMoney) - The search for the missing money at bankrupt brokerage MF Global continued on Capitol Hill Tuesday with a hearing before the Senate Agriculture Committee.
Former MF Global CEO Jon Corzine, who served as a Democratic senator and governor of New Jersey, returned to the hot seat, this time flanked by two former colleagues from the brokerage's parent company, MF Global Holdings: Chief operating officer Bradley Abelow and chief financial officer Henri Steenkamp.
Hey New Jersey – thanks large for foisting this loser on us.
If the Dodd-Frank reforms were in place, then this could be an actual federal crime. As of right now, skullduggery is afoot.
The world has changed world’s banking and stocks have become more corrupt because it is so much easier now, electronic transfers and trading and instant communications anyplace in the world.
Not only that there are supercomputers all over the world with their “algorithms cleverly crunching numbers” in fractions of a second.
Before INSTANT world banking and trading, THERE WAS TIME AND DISTANCE AS A BUFFER, that is not there anymore, “need to find a solution to CORRUPT banking and trading electronically”.
If history and past experience is any indication as to how this will finally resolve itself, this will end on a sad note. There have been numerous scandals and scams in the news since the 2008 financial collapse. Some have resulted in actual criminal charges being filed and ensuing prosecutions. Too many instances have turned heads but rolled none.
There has been a troubling difference between the instances where charges are filed, and those that are seemingly forgotten. When the people at a financial loss has been the average joe, someone from the middle class, the cases seem to go on without any justice being served. When the people at a financial loss has been the wealthy, then we see charges filed, and even the occasional conviction. This is a very disturbing trend.
"House GOP: Senate Democrats holding up spending bill over payroll bill"
Now pay attention folks: You're about to see the MSM go all kinds of IOKIYAR over the next few days. Watch.
from the article:
"The rules about keeping customer money segregated are pretty straightforward," Senate Agriculture Committee Chairwoman Debbie Stabenow said in her opening remarks.
Notice the keyword in the remark, "rules." Not "laws." Rules are regulations that have no enforcement behind them. Laws are regulations that usually do have some degree of criminal punishment associated with breaking them, which does not mean that there is always a logistical structure in place to enforce those laws through prosecution and punishment.
I'm afraid anyone watching to see Corzine, or anyone else testifying, led away in handcuffs is going to be dissappointed.
Obama supported Corzine for reelected as NJ Governor. Now will he support him.