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Thursday, August 16, 2012

Obama's bag boy gets off

Corzine is officially deemed above the law:
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
Remember that excuse the next time you're facing an audit. Just tell them it was the result of "chaos and porous risk controls" and that will eliminate any possibility of legal wrongdoing.

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40 Comments:

Anonymous FUBAR Nation (Ben) August 16, 2012 9:03 AM  

This fraud isn't going to stop either until some executives are thrown in prison for a long time, or having their heads separated from their bodies via guillotine or sword.

Blogger Bob August 16, 2012 9:07 AM  

Above the law maybe...

But not above punishment by those he plundered and destroyed.

Blogger LP 999/Eliza August 16, 2012 9:13 AM  

Absolutely above the law in a lawless land...

He did no wrong!

No theft ever took place!!

Anonymous Stephen J. August 16, 2012 9:28 AM  

When he who has the gold makes the rules, it becomes surprisingly easy to prove you haven't actually broken any of them.

Blogger James Dixon August 16, 2012 9:30 AM  

> This fraud isn't going to stop either until some executives are thrown in prison for a long time, or having their heads separated from their bodies via guillotine or sword.

The latter is by far the more likely of those two alternatives.

> But not above punishment by those he plundered and destroyed.

I've often wonder how long it will be before some aggrieved customer decides to seek personal compensation for their loss in such a case.

Anonymous Conrad The Crazed August 16, 2012 9:35 AM  

No laws apply to the power elite, only for us peasants. I think all of us with even a partially-firing brain synapse knew Johnny Corzine wasn't going to suffer much more than a wrist slap, if that.

Then there's Barclays not facing any charges for fixing LIBOR rates, and the CFTC announcing they will drop the investigation into the manipulation of the precious metals market (JP Morgan territory).

As FUBAR Ben correctly noted, this shit will not stop until the perps AND their enablers in gubment are gently swinging in the breeze from various lamp posts or trees, or their rotten melons adorning the tops of various point objects.

It really is that simple folks. They won't stop until they are PHYSICALLY stopped.

Anonymous Conrad The Crazed August 16, 2012 9:37 AM  

Point = pointy.

Anonymous Tschafer August 16, 2012 9:38 AM  

I love that - the money "just disappeared"! No one stole it, no one embezzeled it, it just vanished, doubtlessly due to some strange quantum gravity effect...

Unbelievable.

Anonymous Josh August 16, 2012 9:39 AM  

No one broke any laws!

Don't you all know that the only reason the economy crashed was that Jimmy Carter forced banks to lend to blacks and latinos?

Anonymous Roundtine August 16, 2012 9:46 AM  

I thought it was because Carter was giving away free houses.

Anonymous sth_txs August 16, 2012 9:50 AM  

This gem from Al Gore might have worked to:

"There is no controlling legal authority that says this was in violation of law."
-- Al Gore, seven times (in one form or another), White House news conference, March 3

http://www.washingtonpost.com/wp-srv/politics/special/campfin/stories/op030797.htm

Blogger swiftfoxmark2 August 16, 2012 10:08 AM  

Meanwhile, your kid can't set up a lemonade stand without being tazed by the cops.

I'm going to live in Bizarroworld. At least things make sense there.

Blogger swiftfoxmark2 August 16, 2012 10:10 AM  

By the way, Roger Clemens was put on trial for lying to Congress. John Corzine did the exact same thing, was caught, and now faces no criminal trials. When justice is perverted, the government only holds legitimacy by force. Given that our criminal government is funding tanks for cops in small towns with murder rates of 0.0001%, I'd say they know this.

The question is, will the rest of the dumb masses wake up soon enough to prevent the coming bloodshed. Sooner is better than later.

Anonymous rycamor August 16, 2012 10:11 AM  

"Honestly Honey... that's the only reason I was in bed with that woman: chaos! Porous risk controls! I had nothing to do with it."

Anonymous VD August 16, 2012 10:21 AM  

The question is, will the rest of the dumb masses wake up soon enough to prevent the coming bloodshed.

History suggests this is highly unlikely. It doesn't take a genius to put together the abandonment of law with regards to the financial institutions with the mass purchase of ammunition by the various federal agencies and conclude that there are preparations being made for some sort of financial breakdown followed by mass popular unrest.

Anonymous fnn August 16, 2012 10:23 AM  

Neoliberalism has come a long way since the Reagan Era:
http://www.capitalismwithoutfailure.com/2011/12/bill-black-on-incidence-of-fraud.html
On the prosecution of fraud following the Savings and Loan Crisis: Our agency filed over 10,000 criminal referrals that resulted in over 1,000 felony convictions. We worked closely with the FBI and the Justice Department, to prioritize cases—creating the top 100 list of the 100 worst institutions which translated into about 600 or 700 executives. We went after the absolute worst frauds.
On the prosecution of fraud following the current crisis: We now have appointed anti-regulators. The FBI warned in open testimony in the House of Representatives, in September 2004, that there was an epidemic of mortgage fraud, and they predicted that it would cause a financial crisis if it were not contained. It was not contained. Since then we have had zero criminal referrals. They completely shut down making criminal referrals. Both the Bush Administration and the Obama Administration have not made it a priority to prosecute these elite criminals who caused this devastating injury.

(...)

Anonymous realmatt August 16, 2012 10:33 AM  

Pretty soon, a call to the bank asking about your money is going to resemble that scene in Goodfellas when they whack Joe Pesci and Robert DeNiro calls the old guy to find out what happened.

Anonymous kh123 August 16, 2012 10:42 AM  

"You know, we tried everyting we could, and, uh... it just di'nt work out. And dere's nuttin' we could do about it."

Anonymous JCB August 16, 2012 10:44 AM  

Pertinent to the subject, Alex Jones did a cutting (and hilarious) "interview" with Corzine a few months back.

Don Juan Corzine

Anonymous kh123 August 16, 2012 10:45 AM  

On a side note, given the title of the article, I thought Obama finally came out of the closet, astride that grand rainbow unicorn of social justice.

Anonymous JP (real one) August 16, 2012 10:49 AM  

As I said the last time this came up, why isn't this an election issue? Why no commercials from anger farmers (hedgers) who were totally screwed by MF? The public may not care about wealthy futures speculators getting screwed, but farmers have about as much populist appeal as anyone. Why isn't Romney countering with MF every time "Bain" comes up?

And I don't say this as a Romney-Ryan RHINO type. I'll probably "throw my vote away" for Gary Johnson.

Anonymous Anonymous August 16, 2012 11:04 AM  

The fix is in, Clinton potentially to replace Biden:

http://www.weeklystandard.com/blogs/today-day_650058.html

Blogger IM2L844 August 16, 2012 11:07 AM  

They won't stop until they are PHYSICALLY stopped.

That's never going to happen.

I have no doubt that if you had a bunch of Tea Party enthusiasts demonstrating while carrying automatic weapons like the New Black Panthers did in Houston, they would be unceremoniously gunned down in cold blood by TPTB accompanied by the cheers of the moonbat media.

Anonymous anon123 August 16, 2012 11:23 AM  

I can't wait to Gerald Celente's rant on this latest news concerning his embezzled money.

Anonymous FUBAR Nation (Ben) August 16, 2012 1:21 PM  

Off Topic but Vox will appreciate this game related link:

http://gawker.com/5935102/thoughtful-pimp-explains-rules-2-da-game-of-hoez?utm_campaign=socialflow_gawker_twitter&utm_source=gawker_twitter&utm_medium=socialflow

Anonymous Noah B. August 16, 2012 2:15 PM  

Yeah, if you still have money being managed by someone else after this, you're either crazy or stupid.

Blogger James Dixon August 16, 2012 2:36 PM  

> Yeah, if you still have money being managed by someone else after this, you're either crazy or stupid.

The only times I've had my money "managed" by someone else was when my 401K plan didn't offer index fund options. However, being managed isn't the only problem. Merely allowing it to be in their possession is now apparently an even greater risk than allowing them to manage it while it is.

Anonymous Gen. Kong August 16, 2012 4:05 PM  

Bob:
Above the law maybe...

But not above punishment by those he plundered and destroyed.


Most of those he plundered and destroyed are too fricking stupid to even realize they been plundered and destroyed - much less the hopeless idiocracy who believes the propaganda churned out 24 x 7 x 365 by the Ministry of Truth. Even if there are a few souls out there who comprehend that Corzine is a pathological lying criminal vampire-squid, there's presently a massive Federal stasi in place heavily armed with weapons and gear unavailable to mere zeks and proles just waiting for the order to go after those few who can see and might actually have the will to resist. The ADL and $PLC have already been hacking UserIDs all over the blogosphere.

Maybe if the whole thing crashes to the point that the Banksta regime can no longer pay its orc-legions, there will be a chance someone could get to the likes of Corzine and deliver justice with extreme prejudice. Such an outcome is unlikely even then, since Corzine (being a dual-citizen) will be long gone and living the high life in some small Mediterranean country with his substantial pile of stolen loot. BTW, yet again, have Mittens and Paulie even breathed a mention of this outrage even one time? How about the fact that Corzine is bundling cash for Obama as I write this? Nope, the Repukes have their assigned role in this little Kabuki farce and will not depart from it.

Blogger john August 16, 2012 4:09 PM  

What do you think would happen if I clipped this story and sent it to my Senators and Congressmen and asked how Corzine is not being prosecuted? Would they reply or would my name be simply added to some "list" that identifies me as a subversive for daring to speak up?

On that same note, let's say the S really does HTF. Say I have rifles and ammo stored up? Who am I shooting at and how sensible is it? Armed gangs in my garden are one thing, but what if those armed gangs rolled up in a police issued APC or tank; that is, the armed gang is from the "government?"

Blogger john August 16, 2012 4:10 PM  

"The ADL and $PLC have already been hacking UserIDs all over the blogosphere."


Please clarify.

Anonymous Noah B. August 16, 2012 4:12 PM  

"Armed gangs in my garden are one thing, but what if those armed gangs rolled up in a police issued APC or tank; that is, the armed gang is from the "government?"

If that happens, it means they're there to kill you.

Anonymous map August 16, 2012 6:38 PM  

I think what matters is who exactly were MF Global's clients and how much did they actually lose?

If these were a bunch of Obama-voting speculators, then there really is no loss.

Anonymous fnn August 16, 2012 7:39 PM  

>If that happens, it means they're there to kill you.


Sometimes they just kill your dogs as a warning. Radley Balko specializes in those stories.

Anonymous dh August 16, 2012 10:09 PM  

this was supposed to be Sarbanes-Oxley's great change - "I didn't know" wasn't supposed to work anymore.

Big surprise. All the cost, none of the protection.

Anonymous Noah B. August 16, 2012 11:28 PM  

"Sometimes they just kill your dogs as a warning."

Yeah, but they don't need APCs and tanks for that. Just some SWAT thugs.

Anonymous JP (real one) August 17, 2012 1:49 AM  

Yeah, Sarbanes-Ox and Dodd-Frank. They regulate the stew out of small businesses and give headaches (and job security) to lots of mid-level corporate serfs. But they don't touch the key players.

http://www.economicpolicyjournal.com/2012/07/the-dodd-frank-monster-continues-to-grow.html

Anonymous dh August 17, 2012 9:50 AM  

Well, SOX doesn't apply to non-public firms, but yes on Dodd-Frank. The threshold for regulation is very low for smaller banks.

Anonymous dh August 17, 2012 9:52 AM  

> What do you think would happen if I clipped this
> story and sent it to my Senators and Congressmen
> and asked how Corzine is not being prosecuted?
> Would they reply or would my name be simply
> added to some "list" that identifies me as a
> subversive for daring to speak up?

Congress did it's own investigation, which typically means people being mean to the person in question, so they can later said "well, I was mean to that person, whatelse do you want?"

Chances are they would respond with telling that prosecution is an executive function, not a Congressional one.

Anonymous fnn August 17, 2012 11:14 AM  

Congress did it's own investigation, which typically means people being mean to the person in question, so they can later said "well, I was mean to that person, whatelse do you want?

Funny how, as in the cases of HUAC and Joe MCarthy, Congress "being mean to the person" is one the great crimes of the 20th Century (right up there close to the Holocaust)when those whom Congress was "being mean to" were Communists.

Anonymous WaterBoy August 17, 2012 12:44 PM  

Well, it's not like all top corporate execs have escaped prosecution for their wrongdoings:

Enron
Adelphia
MCI Worldcom
Tyco
Peregrine Systems
etc...

Lesson: Go into banking to avoid prosecution.

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