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The Corzine Rule

Marc63 Wrote: Jun 04, 2012 5:17 PM
Groucho Marx said it best - Politics is the art of looking for trouble, finding it, misdiagnosing is and then misapplying the wrong remedies. that is right it is not lack of rules or regulations it is the wrong ones trying to fix what is wrong in the wrong way. in the Beltway Forrest Gump syndrome is always on over time - you know stupid as stupid does

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...