iOwnTheWorld.com

@ Tim, my sentiments exactly. Probably Corzine, the slime, has filtered some of that money into Obama’s campaign. Would not surprise me.

+7

that’s ok.
i don’t think the statute of limitations will have run when mitt takes over.

+9

Romney should tie the SEC incompetance (Madoff) to MF to Justice so as to illustrate that the government departments have gotten fat, lazy and corrupt over the years and filled with cronies. It shouldn’t be too hard to show that Obama and the Dems only made the problems worse and that a new administration is needed to clean up the mess. It doesn’t have to be the main thrust but will go hand in hand nicely with the economy being his main point of attack.

+4

Does he routinely avoid dark alleys?

Just askin’.

+4

corizine will die a very old man in luxury, while the American taxpayers waste away strugling to pay tribute to king obama!

This country has become lawless!

+8

If I could wave my magic wand I would stop all tax payments to the government.

+2

Barnhardt has a post about the 7th Circuit and the Corzine crap – they’ve already ruled in one similar instance and Corzine can’t be brought to justice.

This scum-sucking thief is neck deep in BO’s and Holder’s socialist shit. They’re divvying up the ducats while the country goes into financial crashdive.

When the country devolves into chaos, this POS should be put on everyone’s proscription list.

+8

@Reddecaesari & scr north – I agree, Mitt needs to clean the Wall Street swamp. At least he understands capital markets. The question is will he have the moral fortitude to do the right thing?

Derivatives are very complicated instruments, but I can tell you one thing, they produce NOTHING of value for the economy. They are gambling games played by the Wall Street investment bankers.

The housing market collapse – while started by the federal government’s CRA lending requirements, and then juiced by Fannie and Freddie – was exacerbated ten-fold by the credit default swaps derivatives market.

Some hedging instruments are necessary, when used for commodities – products that add value to the economy by the way – but as Wall Street began looking for more ways to make a profit without producing anything of value, synthetic derivatives grew and grew.

There was no underlying product produced, just a bet that some outcome for which the sellers and buyers had no control over, would or would not happen. In the case of credit default swaps, trillions and trillions of dollars were bet on the outcome that I might or might not default on my mortgage loan (a grossly simplified example).

Enter John Corzine and MF Global and the use of customer funds to make these bets. If he wins, no harm done. If he loses, Eric Witholder won’t be able to find sufficient evidence to prosecute anyone. THAT is outrageous!

I’d be willing to bet that part of the reason that no evidence could be found, is because the whole racket is so damn complicated that very few people understand what they are looking at or dealing with – including some of the investment bankers.

And now we find out that there are over $250 trillion dollars of derivatives floating out in the market, with four banks coprising 95% of the exposure. You think AIG was too big to fail?? These banks reap the profits if the bet is successful, and then pass the risk on to the taxpayers if they bet wrong.

If we get through this, that whole racket needs to be shut down.

+5

The lesson, as always, is that it pays very well to be one of the elite, but sucks rather hard to be one of the peasantry.

Hell, Zerohedge did some calculations for the average return on financial crimes by big companies (generally profits less fines, since there’s almost never a real prosecution), and it usually works out to about 350% or more.

Or, to paraphrase the Ghetto Boys: Damn, it feels good to be a bankster!

+4

@reddecaesari: “i don’t think the statute of limitations will have run when mitt takes over.”

Won’t matter. The government bureaucrats who would actually do the prosecuting won’t have changed, unfortunately.

+1

Since we have become a lawless Nation, who needs all the lawyers ?!

+2

@Bill: “This country has become lawless!”

The GOP’s pretty much been of the opinion that “no crimes occurred” in connection with all of these financial shenanigans, too. Hell, go back to Bush II’s first term: he was saying that, AT MOST, 1% of these big companies were bad actors.

+2

“But if I try to keep my own money instead of letting the government steal it from me, I’d be in the slammer.”

No Claudia, you wouldn’t get off that easy.

They would let you work to pay back what you owed AFTER they’ve seized your home, car, savings, and belongings.

Try keeping a job if your employer has to work it out when your wages are to be garnered by the government. You won’t be working there much longer.

Try practicing your new line’s for your next job…

“Welcome to McDonalds, would you like to try our (fill in the blank) today?*

*White men need not apply.

+4

@Anonymous: “Since we have become a lawless Nation, who needs all the lawyers ?!”

Any peasant who stands accused of something by the gummint or a well-connected entity. They power they can wield against an individual is truly terrifiying.

+4

Well go figure, had campaign fundraisers for Obama at his house, why wouldn’t he walk.

+6

But if I try to keep my own money instead of letting the government steal it from me, I’d be in the slammer.

“YOUR money”? AYKM? “You” have no money, except that which King Barry has granted you! What do you think this is, America? That place hasn’t existed for quite some time. You didn’t build that!!!

+4

That’s why we have to catch O & Joe together– to prevent scumbags like Corzine from being pardoned.

+1

@Boobie: “That’s why we have to catch O & Joe together– to prevent scumbags like Corzine from being pardoned.”

I’m sure MFG was smart enough to cover its bases and donated to key people in both parties, if not providing some nice investment opportunities. They may have paid off Obizzle more, but I’m sure they’ve got payments to everyone they needed to grease.

+2

@roscoe

not true. mitt will appoint new heads for all federal prosecutor offices. they clean house.

@stirrin

what banks have this on their books? you mentioned four.
do we know if there are any civil lawsuits against him?

+1

Michelle Bachman for attorney general.

+1

@reddecaesari: “not true. mitt will appoint new heads for all federal prosecutor offices. they clean house.”

He’ll appoint new guys at the top, sure. But the guys at the top aren’t the ones who actually prosecute cases – they just set policy. Expect that to be a big political fight, if it looks like the gravy train of donations will get cut-off. Plus, Romney stil won’t control the judges, and most of them haven’t been overly aggressive as guardians of the public weal, either.

Another thing to consider – the government’s resources to go after stuff like this will become more and more limited. One, they simply don’t have the money. Two, say they did take down someone like B of A or Goldman Sachs. They’re going to be putting tens of thousands in the unemployment line – not a popular act, and devastating to the tax base – those are the people who fund a lot of stuff.

+2

Some day, some day!

I hope I live to see them all fall.

+3

@Reddecaesari – sorry, I lost internet connection last night, so am just getting back on line. If you’re still reading this, the four banks are

1. JP Morgan $78 trillion
2. Citibank $56 trillion
3. B of A $53 trillion
4. Goldman $48 trillion

There are no civil suits that I am aware of because the transactions are legal.

0