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Government double talk on MF Global
Dumb and dumber
The system is broken
So let me get this straight.
Bart Chilton is a commissioner at the U.S. Commodity Futures Trading Commission, right?
In spite of that, he talks like an interested amateur outsider who is not one of the people responsible for the collapse of MF Global. Amazing.
Where was this commission when Corzine & Co. were running wild.
1. MF Global was the 8th largest bankruptcy in American history
2. Until this event, no commodity trader ever lost funds from a segregated account even during the Great Depressions of the 1930s when hundreds of banks and stock brokerage companies failed
3. What Corzine & Co. did was a crime. No need for new laws, just put this thieving SOB and his henchmen in jail.
But what's happening instead?
A big nothing.
Corzine is not sure he wants to talk to Congress. No one is talking about indicting him. The people who were robbed are nowhere near to getting their money back.
No one can make sense of MF Global books.
In spite of being audited by Pricewaterhouse (who should go the way of Arthur Anderson), here's a comment from the CEO of Interactive Brokers: "“I always knew the records were in shambles, but I didn’t know to what extent.”
How does that work?
If I can't trace every nickel in the accounting for my business, the IRS (and now the Department of Homeland Security) reserves the right to seize my property and even attempt to jail me for tax fraud, but MF Global - and God only knows who else - can run a criminal enterprise in broad daylight and not even bother to keep books that make sense.
For a sense of perspective, there are 100 Deloite consultants, 60 forensic accountants, and 190 former MF Global employees are trying to find the missing money.
Twenty-five days after the bankruptcy (November 25), they still can't find the missing money.
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