Jon Corzine directed $200m of now disappeared money to be removed from a segregated customer account. He will, I'm pretty sure face no punishment. LOL America.

http://www.bloomberg.com/news/2012-0...memo-says.html

How the heck is he going to face no punishment? This is pretty damning.

Sorry, I shouldn't say 'no punishment.' He may very well agree to a financial settlement without admitting any wrongdoing. Lots of bankers have done much worse and not a single one is in jail. (No, ponzi schemes and slam-dunk insider trading cases don't count).

Another Goldman Sachs boy, btw. And former US Senator!

And also very tight with Obama and almost the Treasury secretary.

Obama really keeps great company. Bill Ayers, Reverend Wright, Tony Rezko, and this Madoff-esque scumbag.

you know, all those people who rob liquor stores and banks and get 10 years if caught are fools. if you really want to steal , do white collar crime, possibly get away with millions and most likely you will do no prison time. these guys are the real bad asses.

I haven't followed this closely, damn happy not to be the Treasurer of MF Global. What do you think happened to the "missing" cash? I would guess that it is a reconciliation problem as opposed to embezzlement. Any ideas Riverman?

Steal x amount of money. Pay 10% of x in fines. Justice.

It looks like most of the missing MF Global money is in "vaults" belong to JPM.

This. I think there's a case for making the punishments on white collar crime much larger than that of blue collar crime. The economic damages are often much higher and the perpetrators more likely to rationally respond to the deterrent. It's not just cronyism to blame, though, it's probably that voters have higher opinions of bankers (even crooked ones) than muggers, so don't actually want to enforce higher penalties. Let the punishment fit the crime!* (*but only if you look like a thug).

Am thinking of posting this in the FTP thread w/ the teaser 'guess where this comes from and the amount involved?'

“Over the course of that week, [blanked out] financial position deteriorated, but the firm represented to its regulators and self-regulatory organizations that its customers’ segregated funds were safe,” said the memo, written by Financial Services Committee staff and sent to lawmakers.
a spokesman for [guess who?], said in a statement that ****** “never gave any instruction to misuse customer funds and never intended anyone at ****** to misuse customer funds.”

White collar crimes are alot harder to get in a position to do. You don't have to punish white collar crimes as severely because the people who get to a high enough position to commit them have way more to lose if they get caught. They can be much more morally ambiguous than armed robbery as well.

im troubled and concerned. this is troubling. why should this guy face charges again? im pretty sure he is tight with obama and goldman. you guys know there isn't really any corruption and cronyism, right?

Here's a hint, Riverman made that up

Will the customers get their funds back? Will all those involved go to jail?

http://www.youtube.com/watch?v=xm3VMrKqJSA

Biden explains how Jon Corzine was literally the first person he called.