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The Corzine Rule

Doug3370 Wrote: Jun 02, 2012 12:21 PM
Corzine will skate. He's too well connected, and the top dogs have ways to set up layers of insulation from responsibility. He can set the tone and give not-too-explicit hints to subordinates who pass the buck downstream until some pitiful clerk carries the "legal" responsibility for the transfer of money from client accounts to MF's own account. And with enough ink in the water, which account really belonged to who can be made unclear as well. Nobody commits a crime, all the clients get fleeced. It's a perfect arrangement. You just need the get-out-of-trial-free card that being a former Democrat governor of a notoriously corrupt state provides.
traitorbill Wrote: Jun 02, 2012 8:39 PM
If he skates, a second amendment possie needs to be formed. If the Black Panthers could put out a bounty, who is to stop the people from whom Corzine stole a billion dollars from putting out their own bounty?
geotay Wrote: Jun 02, 2012 12:43 PM
Must be nice to be a member of the Corruption-Supported Class.
tynar Wrote: Jun 03, 2012 9:21 AM
of a pernicious interference from Congress, a piece of special-interest-protection-legislation. the “Enron Loophole.”

It was not in the committee version of the CFMA-2000-bill, was slipped in along the way by Sen Phil Graham, R-Texas.

In classic theory, a market is where a willing-buyer-seller strike a price. In the world of traders it's something else, where volatility is rewarded, myths hold sway.

Today there is no actual shortage of crude oil. Supply-demand, according to those who monitor these things, is in balance.

But fear stalks the trading floors, is good for traders, a critical part of oils price.

Wars-rumors-of-wars are relished in trading pits. They raise the specter of coming shortage, introduce the instability the traders

Came across this article on May 29 that talks about the continuing saga of MF Global and Jon Corzine. It’s amazing that this epic financial scandal gets no consistent main stream media coverage. Over a billion was stolen. Corzine is in Madoff territory.

Here is the proposed rule,

Futures brokers would need to get approval from a top executive before making big withdrawals from customer accounts under a rule now pending and referred to in the industry as the “Corzine rule”, after MF Global’s former CEO Jon Corzine.

Why is this stupid? Because it wasn’t a lack...