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Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.
RELATED: GOP Will Get to Grill Jon Corzine in Congress
The New York Times is reporting this morning that after ten months of investigation by federal prosecutors, sources say there isn't even enough evidence to charge any of the firm's executives in a criminal probe. The company may have failed spectacularly when it came to oversight and risk management, but the losses cannot be chalked up to outright fraud.
RELATED: Jon Corzine Had Board Approval to Ignore His Risk Officer's Advice
The company placed a grossly outsized bet (more than $6 billion worth) on the health of the European debt market last year and when it went south, the firm "borrowed" money from the accounts of its customers to try and salvage its own losses. Most of the blame for those trades fell on its CEO (and ex-New Jersey governor) Jon Corzine, and while his reputation and firm are ruined, it seems he will escape any legal sanction. He could still face massive civil lawsuits or fines from regulators who have a lower standard than a criminal prosecution, but jail isn't in the cards.
Originally posted by WeRpeons
reply to post by Xcathdra
"Borrowed money?" since when is taking money form private accounts considered legal? It sounds to me more like stealing than it being borrowed. If this was done by any average Joe on the street, they would find themselves locked behind bars.
Brace yourself, and your wallet. Jon Corzine may open up a hedge fund.....for Corzine, it appears it won’t be too difficult to raise money for a hedge fund and start charging 2 and 20. Anthony Scaramucci, founder of hedge fund SkyBridge Capital, apparently has no qualms with handing over money to Corzine telling BI, “Yes, I trust Jon Corzine and think if he starts a fund he will make money and be very successful.
People had better get off their asses and vote this election..
Our elected officlas must be reminded they took an oath of office and not an oath of party.
They must be reminded that the population of the US is not all Republican and not all Democrat and to govern in that manner is rediculous and dangerous.