The $633 million in missing client funds from Jon Corzine’s now-bankrupt firm MF Global appears to be a result of a “massive hide-and-seek ploy,” a US Commodity Futures Trading commissioner said yesterday.
“This isn’t just a lost-and-found inquiry; it’s a full-on effort to get to the bottom of what appears to be a massive hide-and-seek ploy,” said CFTC commissioner Bart Chilton said in disclosing the MF investigation.
“It’s a distinct possibility, some would say probability, that somebody has done something with the money, and that it’s not going to be ‘all of a sudden discovered’ with an innocent explanation,” Chilton wrote. “If that’s the case, it’s patently illegal. I don’t know yet. Our investigation will uncover that, and we’re aggressively pursuing this.”
The New York Post's economist extraordinaire, John Crudle, reports on four honest family men whose livelihoods were destroyed by Corzine's brazen thievery at MF Global:
“We are just trying to eke out a living,” he added. Moe had to draw $75,000 from a line of credit on his house to stay in business after his firm’s money — which also happened to be his personal dough — disappeared into MF’s rat hole.
Two other traders I’ll call Meeny and Miney are middle-age guys, still paying for their kids’ college educations. Eeny, the fourth trader, is in his mid-30s and has two small children.
All of them were stung hard — not only because their money at MF disappeared overnight but also because they couldn’t even get on the floor of the exchange to conduct business.
Their IDs had been revoked.
Up to 30,000 of MF’s customers worldwide are said to be unable to access money they had in so-called “segregated” accounts at the company. And with the bankruptcy court and a trustee now involved, that money could be locked up for a long time.
“I want to see jail. I want to see one of these guys go to prison,” Moe said, with Eeny, Meeny and Miney nodding in agreement....
Corzine, who took over the sleepy brokerage firm after being defeated for a second term in the statehouse, is the one they hold most responsible.
The traders are now passing around the hat — collecting $500 from anyone willing to pay so they can hire a lawyer. Meeny explained that this wasn’t money lent to MF; it was just on deposit there. So he shouldn’t be considered a “creditor” by the court.
Sounds like exactly the kind of people - middle-class - that Obama swore to protect from thieves like Jon Corzine. And with Obama waging war on Wall Street with his smelly "Occupation" army as his front-line troops, one would think he would use this opportunity to hang Corzine high, to claim an easy, high-profile scalp by someone who is universally loathed.
Won't happen. We know that Obama went to the wall for Corzine in his failed attempt to spend his way to re--election as governor of New Jersey, and we know that Corzine was one of the Obama administration's chief economic advisers, and we know that Corzine was Obama's man on Wall Street, tasked to bundle campaign donations from the fat cats in exchange for the Treasury Secretary position in a second Obama term.
And yet despite all this, Obama could still win in our convoluted political calculus if he threw Crooked Jon under the bus, like he has done to some many others. It would show that Obama meant business, and no one was safe from his crusade on the little man, not even former friends and associates.
So why won't he?
As for that half-million? The Obama campaign says it will give the money back - if Corzine is convicted of a crime. But if history is our guide -the kind of Wall Street firms Corzine once ran became ‘Too Big to Fail.'
Maybe Corzine himself will be too ‘Big to Jail...
Not too big. Just too valuable to Barack Obama. $500 million in Barack's pockets is enough to let you get away with squandering - illegally - almost $700 million in innocent's people's money.
$500 million sounds like a lot, I suppose. But is it a high enough price to sell your values, your soul, and to undermine the justice system of the Untied States of America?
Apparently, our president thinks so...