Yes, you read that correctly. Steal $1.2 billion from clients, receive a fine of $140,000, and Do Not Go To Jail, Proceed to Go (next lucrative bankster job) and Collect another $200 ($20 million in bonuses).
Federal authorities are struggling to find evidence (um...whaaat!?!) to support a criminal case stemming from the collapse of MF Global, even after a federal grand jury in Chicago has issued subpoenas.
Investigators, unable to find a smoking gun (ok, how about wire transfers to JPMorgan Chase, can you find those!?!) amid thousands of e-mails and documents, increasingly suspect that chaos and poor risk control systems prompted the disappearance of more than $1 billion in customer money, according to several people involved in the case. (Who would that be, Jon Corzine and Jamie Dimon!?!)
When the money first went missing, prosecutors in New York and Chicago scrambled to stake a claim. Now, four months later, both Preet S. Bharara, the United States attorney in Manhattan, and Patrick J. Fitzgerald, his counterpart in Chicago, are shying away from leading the case, one of those people involved in the case said.
Indeed, a number of federal prosecutors have expressed doubts to others involved in the case that anyone at MF Global — including the firm’s chief executive, Jon S. Corzine, and back-office employees in Chicago — intentionally misused customer money, said people involved in the case who were not authorized to speak publicly about the investigation.
The subpoenas by the grand jury in Chicago were disclosed by the CME Group, MF Global’s chief regulator, in a securities filing on Tuesday. But the grand jury, according to the person involved in the case, has yet to hear any evidence on the case — a sign that the investigation has yet to bear fruit.
Still, it is early in the investigation, and regulators and others have yet to finish plowing through the mountain of documentation they recently received from the company.
In addition, authorities have yet to interview key witnesses — including a person who is believed to have transferred client funds in the firm’s final days. (You can't interview the main witness in 4 months!?! Are you kidding me!?!)
The inability to bring a criminal case would certainly disappoint thousands of clients, including farmers, traders and hedge fund managers, who are still without access to at least a third of their money.
The government is still hopeful it can file a civil suit against the company, people close to the case said, though doing so against a bankrupt firm with a long line of creditors could be seen as more symbolic than substantive.
Such a case would most likely center on the firm’s failure to safeguard client money, a cardinal sin in the world of futures firms. The penalty for improperly dipping into customer money is a roughly $140,000 fine, equal to about a thousandth of the overall shortfall that clients are enduring
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21 comments:
With any luck, the brain dead traders who use these brokers will get a clue, and yank their business away from the crooks.
On the other hand, it's clear that just because you have lots of money, that doesn't mean you have any working brain cells. I suspect the same morons will be right back at it tomorrow morning.
Firing squad for anyone involved...
Well, ain't this just peachy!
Bart, you pimpstick skin bag douche of a human being. Whatcha gonna do?
Ann Barnhardt must be going absolutely monkeynuts I am eager to read her post when she vents about this
The lesson to be learned here is that every criminal enterprise, be it JPM, GS, TD Ameritrade, Fidelity, Jeffries or any other brokerage, can, with the complete knowledge they will be immune from prosecution, steal any and all funds from any account, any time, without any accounting and with no fear they will suffer consequences for their actions.
The pirate's flag has be raised.
Conversely, no customer can place or leave their hard earned funds with any of these actual or potentially criminal banks, brokerages or hedge funds without potential for total loss of funds.
Their money is not safe under any circumstances.
Their funds are simple there until and when the banksters decide to pillage the accounts. In this case it is not a matter of IF, but WHEN the assault will commence
And there is an additional dot to be connected in this fiasco. I think the investigators decided the way they did due to an event that might start tomorrow.
Willie, Sinclair and Barnhardt all have noted loudly and effectively that if the CDS is triggered, it will sweep across the Atlantic after crushing the Euro Banks, and gut the capital of our US banks.
IDSA meets Thursday at 11 AM GMT. That is just about now. If the bankers get hammered by CDS, they may know they can do what they will with client monies.
If these banks are in peril of failing, and knowing they won't be prosecuted for fiduciary crimes, they will pillage customer accounts to save their bank, themselves or simply steal to their hearts content, knowing that in the aftermath of this financial debacle, they won't be charged with any crimes.
I might be wrong but these decisions stink and no one is safe since the law is not just toothless, it's a law that is completely the opposite of the rule of law.
this is just a sick fuck world anymore...everything is futile, what the fuck is the point...if we were smart we would quit paying for everything...
Here in South Africa our largest Auction firm has just been bust for using ghost bidders to push up prices. It's a really fat scandal.
I suppose the way to cope with such pervasive human deviance is to expect thievery, and then be pleasantly surprised on the odd occasion when people behave honestly!
The proposed $140 000 penalty for MFG execs, is exactly the net shortfall on my MFG account. What a bitter irony.
As long as nobody dies, there is no crime.
WHAT
DOC....is this for real?
I can't believe they get away with that shit in the USA. Holy fuck!
Anon 10;51 has the answer. If we all just said "fuck you" not one more red cent goes to banks.
What could they do?
There's too many of us.
Crazy Canuck
What we all need to do is to pull all our money from these banks, brokerages, let them go under. The stock market is theft behind closed doors.
Do what most rich families have done to gain their wealth.....lie,cheat and steal. Don't play the bankers game. Keep your money in "scarcity" such as gold silver and other tangibles out of the reach of the tax man. Cheat this corrupt government any way you can.
Strange this is all coming to a head in Mayan 2012 don't you think?......Not saying I'm a believer on specific dates for the "Paradigm Shift" but all very peculiar that everything is going twilight zone at such an accelerating pace.
It also looks likely that we could see the first events leading to WW3 kick off sometime this year too [Iran] as a distraction to the financial chaos.
A coincidence? Just human nature so business as usual? Something metaphysical? or were the Mayans aware of a darker forces agenda that is just unfolding as planned and on schedule?
No idea really, but I am speaking to many people who just intuitively feel SOMETHING AIN'T RIGHT OUR THERE. The currency crisis being a symptom and not the deeper cause. It seems to me that the stacking of silver is related to an understanding of the need to survive [and not just financially]
I know I shouldn't put my normal profile name to this one as I'll probably get a load of flak for speaking so openly on such a fringe topic...but what the hell. Be who you are and don't worry about what others think. Strange Days Indeed.
Conno
Funny you mention the 2012 thing. Could it be that all the bankers and elites know something we don't and they're just grabbin what they can so they can buy their way through the collapse.
I'm not the type of person who just buys into a theory, doomsday or otherwise without first verifying every aspect of the theory, but I too feel deeply that something aint right.
I've always been a "prepared" person,but it's only been about the last 5 or 6 years, that I have had this feeling that something really significant is coming and it has compelled me to really pay attention, in a macro sense, to what's going on in the world.
I just wish I could explain to my wife why I'm into silver stackin, food preppin, survival education. :-)
Crazy Canuck
PS metaphysics is REAL and POWERFUL
Crazy Canuck - Thx for that....maybe I shouldn't have been such a shrinking violet about brining it up. Guilty of not believing in my own intuition and allowing fear of the consensus to stifle individual expression, even if it does looks a bit "out there" ;-)
"Could it be that all the bankers and elites know something we don't and they're just grabbin what they can so they can buy their way through the collapse".
Regarding the lower echelon banksters, in the words of a famous Jedi "These aren't the Droids you are looking for"
But seriously, I'm now utterly convinced that above the droids there is an Elite that understands the nature of reality, and it's a million miles from the version we are sold. So in answer to your question...Yes I do believe they understand fully what is coming, unlike the rest of us who are kept in the dark but fortunately still have our gut instincts to rely on. Illuminati is after all derived from the term The Illuminated Ones.
Obviously all of this is not about money, but power & control over the masses. Maybe this Elite feels it is the only tool left in their box to suppress the change. They also really screwed up allowing the internet to grow into what it has become and are now terrified of what it's doing. Fortunately for us I now think it's unstoppable, but we are going to see bucket's of pain and suffering while the fight ensues. Let's hope it will be worth it and a better world waits on the other side of all this.
Conno
I hear ya
My wife works with a bunch of the lower and mid level droids and I can tell you, having met several of them. They're all fully indoctrinated but still in the dark.
Still, I de-program her often, just to make sure :-)
See you on the other side.
Crazy Canuck
Pure unadulterated bull shit.
I remember reading (a couple of years back) about a "3 strikes your out" guy who got life for stealing a hot dog or something like that. If I stole a candy bar, I would get taised, beaten and jailed for a year, THEN I would get 20 years for resisting arrest, and disobeying a "lawful order" or some non-sense. For some reason I think of "3 strickes your out" guy and wonder WTF has happened to the rule of law. Celente has a saying, "you know what justice means? JUST US NOT THEM! I figured it would go down like this, remember when the story first broke, and some a$$clown judge gave them like 8 million to buy shreaders and a week??
I forgot, I was also thinking of the "man arrested for farting on cop" Search it. This mf global thing stinks to high heaven(pun intended), and this guy got more time then any of these bankster crooks!
PM Bug - That's more like the response I was expecting LOL
Crazy and Conno.
I was told to take the red pill yesterday by someone I respect. What he didn't know what that i took it last year. I'm just real quiet about it, except here on SD.
Just because we feel a bit paranoid and concerned about 2012 doesn't mean there isn't some nasty stuff coming down the road. The signs, if you can call them that, are becoming louder and clearer.
Prepping, buying silver and being aware is just our natural reaction of thoughtful people responding to crises. If it's a false alarm today, or what we suspect will happen does not happen this year, we are no poorer for our suspicions and preparations. We still have the stuff that we stocked.
I am completely convinced that we are due for a major event or two in short order so stay aware and alert If anyone tries to convince you to the contrary, just pay them no mind. But don't forget who they are, because as sure as we post on Silver Doctors, these knuckleheads will be knocking at your door when the SHTF
Don't let their failure to prepare and thus create a crisis for themselves become an emergency for you. Their crisis is theirs. Taek care of yourself.
Besides which, I like being thought of a bit of a kook. It keeps a certain type of person at bay and that's just fine with me.
Blue Pill Red Pill is what it's all about....No point getting upset or angry when the blues don't get it....why would they.
More to that movie than meets the eye too...but then again a red pill popper would say that :-)
That's the equivalent of me stealing my $250,000 house from the bank and then getting a fine of $29.25 for doing so. Must be nice.
$140,000/1,200,000,000= 0.000117%
$250,000*0.000117= $29.25
Imagine this comparison. A bus driver recklessly crashes a bus and kills 25 children. Should he be charged with manslaughter on 1 count or 25?
Thought so.
MF Global should be charged the 140000 fee "per client" for reckless endangerment for their finances--minimum. Regardless, they should pay back the missing funds in full.
(Come on MF Global, do you have one gigantic mattress in the back room and a few sticky notes for record keeping?)
Hopefully there will be a civil case looming that will drive them to the grave.
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