OWS and Right Wing Hacks Check This Out

MF Global hires bankruptcy lawyers: "...prepare for a possible bankruptcy filing"

The 7th largest bankruptcy in US history was filed today. The company was MF Global whose CEO is Jon Corzine former Democratic Senator and Governor of New Jersey. Allegations of co-mingling of client money and firm funds are already making the rounds. The firm was levered at over 80 to 1 (Lehman was 30 to 1 when it blew). The firm was a Primary Dealer for Treasuries. Corzine was on the short list of possible successors to Giethner as Secretary of Treasury in a possible Obama 2nd term. Once again regulators have proven that they are either inept, bought off, or both.Cites for all the above information are in the first two pages of the Global Meltdown thread.

OWS: This is exactly the type of thing that you guys should point to and say "See this is exactly what we are talking about. This is how the 1% act." So what it's inconvenient that the CEO of the company in question is a member of the party most likely to support you. If you really have principles you'll seize on the opportunity to spotlight a current and yet to be resolved egregious violation of the banking industry.

Right Wing Hacks: You couldn't get a nicer gift dropped in your lap. You've got powerful democrat who Obama tapped to improve relations between the admin and Wall Street (i.e. get some campaign donations) that just blew up a Primary Dealer. The firm was leveraged more than twice as heavily as Lehman.It will be the 7th largest bankruptcy in history right in between Enron and Chrysler. Jon Corzine just dropped something right in your lap you can hammer Obama, Holder, Giethner, and Bernanke with. Do you have the integrity to seek justice even though you believe that markets are over regulated and Dodd-Frank is onerous legislation though it did nothing to prevent this?

I'm not sure what you're trying to get at here. Edit: The above poster got this right. It's a type of troll, but a damned good one.

S & F from me OP.

Bankruptcy is what happens to companies that are simply irresponsible.

Dodd/Fwank(

reply to post by projectvxn


I think Dodd-Frank is as toothless as the latter half of it's namesake. I'd be perfectly happy if it were scrapped and something simpler and proven to work like oh say Glaas-Seagal's 16 pages that kept crap like we've seen over the past decade from happening for almost 70years.

The purpose of this thread I guess could be considered a bit of a troll, but my intention was to cross some wires inside the partisan brains on both left and right. There is a well connected, extravagantly wealth BANKSTER (banker+ganster) elite who have used their wealth to basically own the institutions that should have the well being of all the people in mind. This elite is comprised of individuals on the left and right who gladly loot the nation while left/right bickering drowns out those from either side who say hey this is wrong.

reply to post by jefwane


Indeed.

But my problem isn't that I disagree with the hatred toward banks, I just dislike the mob mentality and the "eat the rich" French Revolution style BS.

OWS people think they have a monopoly on bank hating. And I'm not even that far right.

I have had businesses that weren't working out financially and got out before there was cause to file bankruptcy...I could have if I was as low as the bankers, corporations and Wall Street manipulators.... I guess I have more integrity than those guys have and paid off every body I owed money to and scaled back on my lifestyle..

Anyone see this?

Regulators Investigating MF Global for Missing Money

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

marketwatch.com..

...I'd be taking this as a POSITIVE...
that they're actually being allowed to go bankrupt rather than being bailed out.
Isn't that how economies are supposed to work? You do well, you succeed. You suck, you fail.

Sounds like a working system to me.
...although what it REALLY probably indicates is a lack of willingness for further bailouts... which probably also suggests that people are becoming more and more aware of just how dire the financial situation is.

reply to post by jefwane


Let's just hope they're allowed to fail, like they should be. I have a feeling, though, that since Corzine used to be a "good 'ole boy", it will be bailed out like the other lackeys were.

/TOA

I was just working on a thread for this that I'm going to put on BAN.
I read about it on OWS forums.

I'm kinda disappointed in the lack of hyperbole from either OWS or right-wing media. I did a quick headline check on a couple of conservative sites like WND and theBlaze, and found that WND only had a link to a MSM article and the blazes article was basically an amalgamation of AP and NYT stories. I figured they'd hop all over a major fundraiser for Obama's re-election campaign company failing in spectacular fashion. Especially, since it now appears that not only are regulators investigating but also DoJ and FBI.

I haven't found any mention of this failure in OWS circles and if anyone could point me to any mention of it I'd appreciate it.

I mean come on right wing media. You've got a well known Democrat who previously was both a Senator and Governor who just cratered a Primary Dealer. For those who don't know Primary Dealers are the institutions that make the market for US Government debt. He was a major fundraiser for Obama, and I've heard some rumors that he was the unofficial treasurer of O's re-election campaign.

Gary Gensler, the regulator overseeing the investigation of Jon Corzine's collapsed securities firm, built close ties to Corzine as they rose through the ranks of Goldman Sachs. Later, they collaborated on Capitol Hill to pass an anti-corporate fraud law.
When Corzine ran for New Jersey governor, Gensler gave $10,000 to the state Democratic Party, which was trying to get Corzine elected.

from yahoo biz

Shameless bump with some interesting info about who currently is in charge of the investigation.