About a billion dollars in client’s segregrated funds disappeared at MF Global, lost in its own unprofitable proprietary trading, and the United States Federal government has determined that no fraud was involved, Zero Hedge reports: Jon Corzine Will Not Only Not Face Prosecution, But May Be Launching A Hedge Fund Imminently.
Of course, these are the same folks who charged RBC, a Canadian bank, with an illegal trading scheme. Don’t bother going after the real crooks, attack a foreign bank. The crony capitalism in the United States has now reached proportions that have vastly exceeded the wildest dreams of tinpot dictators in Africa. It is a coalition of the corrupt banksters, elected politicians and the civil service of the United States government. It is no mere coincidence that Jon Corzine is an important political ally of President Barack Obama.
Zero Hedge asks further, What Should Jon Corzine’s Hedge Fund Be Named? It appears the failed governor of New Jersey and the failed CEO of MF Global now wants to continue managing other people’s money. Good luck with that. Zero Hedge laments that the name “Long-Term Capital Vaporization LP” has already been patented.
Zero Hedge (guest post by Jon Aziz) also reports how successful investment advisers at Goldman Sachs offload the bad investments of their proprietary trading wing onto unsuspecting clients of their investment wing. Corruption like this is a plague on the house of the United States capital markets.
But mind you, if you are minnow, you could go to jail for failing to send an FBAR to Timothy Geithner. They want to criminalize you, while Jon Corzine remains at large. I guess it really does help to have friends in high places.