no charges in mf global fiasco?

[buzz]

Authorities are winding down their
criminal investigation of the failed
brokarage firm, MF Global, and despite
the lack of oversight and the loss of
more than $1 billion in customer funds,
it now seems unlikely that anyone at the
firm will face criminal charges.

The New York Times is reporting this
morning that after ten months of
investigation by federal prosecutors,
sources say there isn't even enough
evidence to charge any of the firm's
executives in a criminal probe. The
company may have failed spectacularly
when it came to oversight and risk
management, but the losses cannot be
chalked up to outright fraud.

The company placed a grossly outsized
bet (more than $6 billion worth) on the
health of the European debt market last
year and when it went south, the firm
"borrowed" money from the accounts of
its customers to try and salvage its own
losses. Most of the blame for those
trades fell on its CEO (and ex-New
Jersey governor) Jon Corzine, and while
his reputation and firm are ruined, it
seems he will escape any legal sanction.
He could still face massive civil
lawsuits or fines from regulators who
have a lower standard than a criminal
prosecution, but jail isn't in the
cards.

[parsley]

Hopefully, Romney will win the election. Then,
Corzine will be charged with Fraud. Right now,
it's impossible for an Obama-Appointed Justice
department to charge Corzinne whilst he is
funding OB's election paks

But it ain't over til it's over. And the credibility of
commodity trading will continue to have a bad
taste in it's mouth until someone is made
responsible for dipping into client accounts.

Just can't tolerate that action. No one can afford
to condone it. Pars.

[jensend]

parsley if romney wins how long do you think before charges are laid against corzine and how vigorously do you think they will be pursued? my bet would be no charges and corzine will be back in business very shortly. the republicans are just as much owned by these guys as the democrats and it won't matter who's elected the usa is in decline.

[parsley]

Jensend, now I know you are not, but pretend
you are partisan. ;=) If you were a Republican,
wouldn't you want to nail Corzine's ass to a
political ceiling? And especially if the hammer
you used was a semi of $SuperPaks from client
money trying to get Obama elected? The
Democrats would suffer. Oh my, oh dear. Pars

[jensend]

i think corzine's ass shoud be nailed but i don't think romney cares any more than obama. one party's as rotten as the other. and that's my only point.

[sumdumguy]

The foxes in the chicken coup. Steal from
investors and give to the politicians. Right On!

[cottonpicken]

Goldman sacs people are untouchable.