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Forum Post: Why is Jon Corzine not in jail ? What is the impact of the MF Global collapse ?

Posted 8 years ago on Nov. 24, 2011, 1:28 p.m. EST by KVNLGN (154)
This content is user submitted and not an official statement

It has been 3 weeks since the MF Global collapse and there has been no true progress or public confirmation with regards to its overall impact on the economy. This situation appears to be much worse than government officials are letting on. Considering the financial industry cover-up and enormous negative effects of 2008 subprime meltdown, I would assume that a similiar cover-up is currently underway.
I believe that the leverage used by MF Global is beyond most peoples understanding and that the risk is systemic. If anyone is familiar with the "futures" market then you are well aware of how leverage can be maximized and abused. Just like in 2008, the financial industry CEO's and government officials will cover-up and delay this eventual collapse until they can find a way to either make a profit or limit their losses. At the expense of unsuspecting and hard working US citizens, of course. The ignorance of the US citizen can be debated later... While this meltdown doesn't have the scope of the mortgage crisis, it still has the ability to cause major ripples in the global capital markets.
At the very least, one should consider the implications of this collapse and prepare themselves. Unfortunately, for many people that means parking their assets in a depreciating dollar. The CEO's, bankers and government officials who caused the 2008 collapse are the same individuals who are running the show now. I know, hard to believe. Why in the world should anyone think that these filthy individuals, who got paid 10's of millions of dollars for making the wrong decisions then, would ever consider making the appropriate decisions now...? Ahh, I feel slightly better now that I vented. Happy Thanksgiving !



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[-] 2 points by enough (587) 8 years ago

Corzine is not in jail because he is better than we are, as are all the other Wall Street bankstas. For that matter, most of congress should also be in jail for trading on inside information, which, no surprise, they made legal for themselves but not for us. The whole system is corrupt from the top down. The only difference between us and a banana republic is that our crooks are not as crude.

[-] 1 points by stevemiller (1062) 8 years ago

Wall street fraud in plain view of regulators


November 20, 2011

The Honorable James Himes United States Representative 4th District of Connecticut

Re: The consistent pattern of CFTC Chairman Gary Gensler to cover up large crimes.

Dear Mr. Himes:

If Jon Corzine had nothing to do with the loss and he had no idea who the identity of the executive was who did lose that money by some gamble of a rogue trader, then Corzine would have denied his own responsibility. He has not denied his own involvement in the loss or stolen money.

It is therefore a ruse by the CFTC, FBI, and CME Group that they are claiming to investigate anything including any potential to recover that money that only Corzine had the authority and power to remove from any segregated account. Money has no feet and no legs to walk away by itself. Corzine stole the money and that money was lost right under the nose of the CME Group.

It is your responsibility as my representative and as a member of the House Financial Services Committee to formally blame CFTC Chairman Gary Gensler for his decision to protect Corzine from criminal charges. Gensler has chosen to conspire to protect Corzine.

On August 20, 2010, I asked for your oversight of the CFTC when I reported artificial prices that rigged treasury futures. When I followed up later with your staff I was dismissed by an outright lie that stated, “Your office lacked the resources to intervene with the CFTC”. When Senator Blumenthal got elected I asked him for oversight of the CFTC in the criminal rigging of treasury futures during July, August, and September 2010.

The CFTC has refused to cooperate with Senator Blumenthal. I identified 83 precise times and prices when PIMCO used the necessary mountain of treasury contracts (30 year, 10 year, and 5 year) necessary to artificially bid treasury prices higher. I am attaching my letters to Senator Blumenthal for your review. These are the official prices from the CME time and sales register. On 7/15/2010 the September Treasury bond contract (USU symbol) was 126-08 at 0730.

On 8/25/2010 the USU was 136-28 at 0900, an increase of $10,625 on a $100,000 bond contract. How many consecutive legitimate winners can any trader make? This will be sent to Senator Blumenthal and Gary Gensler too.

[-] 1 points by mikedenis (49) 8 years ago

totally agree

[-] 1 points by libertyforallofus (1) 8 years ago

because Corzine a long time Democrat, and Obamas largest fundraiser, has an arrangement wih Eric Holder, not to prosecute, and one with Obama, for a Pardon, if He looses election. Holder and Obama, will then feed off of Corzines illicit gains after they leave office. Bill Clinton had a similar arrangement with Mark Rich. Whether You agree with this or not, dig deep, and You will find out the truth.

[-] 1 points by tmoran (1) 8 years ago

Occupiers should camp outside of Corzine's 5th ave apartment until he is put in jail. The message would be very clear! Corzine stole alot of my money. I have 3 college tuitions due which I can not pay. I am out of business and Corzine is drinking champagne. Gensler at the CFTC needs to resign. Shapiro at the SEC allowed to MF Global to use the leverage; she needs to resign. The CME took regulatory fees on every transaction and did not regulate; despicable. JP Morgan has jumped in front of customers and has put one of their attorneys in charge of the bankrupcy. The O'bama administration will do whatever it takes to keep Corzine out of jail since he has raised $500MM for O'Bama year to date. We are 4 years into the worst financial crisis in this nation's history, the people who caused it are still running the show and not one criminal has been put in jail!

[-] 1 points by KVNLGN (154) 8 years ago

Great point, OWS should draw attention to Corzine by protesting in front of his apartment.

[-] 1 points by zootsuit (34) 8 years ago

it's exactly like what chris hedges said about goldman sachs in his opening statement.... about corporate fraud, nobody going to jail, and the government giving a free pass while hard working us citizens get screwed. http://www.youtube.com/watch?v=kgvgHQMV6Mc


[-] 0 points by Renaye (522) 8 years ago

Why is Jon Corzine not in jail? Great question. Now think of all the possible answers. Could it be that it is because this is an engineered crisis? Why aren't ANY of the criminals in jail?