Priorities are a bitch.
The United States won’t prosecute Corzine for raiding segregated customer accounts, but will happily convene a Grand Jury in preparation for prosecuting Julian Assange for exposing the truth about war crimes.
From the New York Times:
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
Corzine is considering opening a new hedge fund, though the notion that anyone — even a slack-jawed muppet happy to buy whatever Goldman ‘s prop traders want to sell — would seed Corzine money so he can trade or steal it away seems absurd — rather like putting a child molester in charge of a day-care.
But nobody knows how much dirt Corzine has on other Wall Street crooks. Not only may Corzine get away with corzining MF Global’s clients’ funds, he may well end up with a whole raft of seed money to play with from those former colleagues and associates who might prefer he remain silent regarding other indiscretions he may be aware of.
But the issue at hand is the sense that we have entered a phase of exponential criminality and corruption. A slavering crook like Corzine who stole $200 million of clients’ funds can walk free. Meanwhile, a man who exposed evidence of serious war crimes is for that act so keenly wanted by US authorities that Britain has threatened to throw hundreds of years of diplomatic protocol and treaties into the trash and raid the embassy of another sovereign state to deliver him to a power that seems intent not only to criminalise him, but perhaps even to summarily execute him. The Obama administration, of course, has made a habit of summary extrajudicial executions of those that it suspects of terrorism, and the detention and prosecution of whistleblowers. And the ooze of large-scale financial corruption, rate-rigging, theft and fraud goes on unpunished.
Could not agree more Corzine is a crook and has no shame, i dont suppose him being a fund raiser for Obama has anything to do with this no prosecution result ??
If i stole a ham sandwich from Tesco they would run me down to the nick quicker than you can say re-hypothecation.
Let me re-hypothecate that sandwich for you.
The government is looking to see how good the NDAA law works.
I bet Assange has much more stuff to publish and the next batch will be very interesting.
Corzine had the assistant treasurer of mf send him an email at the time of the evil doings that made it look like corzine didn’t know it was customer funds. Of course, Corzine was the guy who rose to the top of GS and you don’t get there by being stupid. Anyone who believes Corzine didn’t know where all those millions were coming from is an idiot. Of course he knew. How could he not know? But he got the email. Covered his butt. That’s the way you do it. Like Obama gets the Hawaii Dept of Health to seemingly verify his birth certificate. Smart people cover their bases. They won.
Actually it looks worse for Corzine than you suggest…
That was almost 5 months ago and there is still no talk of putting that man in jail or at least giving him a small fine.
He will always be free even if by some miracle romney wins in November.
He’s Mitt Romney’s kind of job creator.
Great article. When MFGlobal went under with customer funds AWOL, Corzine should have been incarcerated AT LEAST as long as it takes to find the missing funds.
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You make a very interesting observation, John.
MF Global wasn’t too big to fail, but Corzine is. He probably knows enough to drag a whole lot of people with him, so he’s untouchable.
This needs to get into the dictionary:
Take (another person’s property) without permission or legal right and without intending to return it:
“John Corzine corzined hundreds of millions of dollars from customers’ segregated accounts.”
“I was running up and down the Vegas strip corzining wallets and purses.”
“Shut up and keep your hands where I can see them — I’m gonna corzine you, and if you want to stay alive you should do exactly as I say”
thieve, purloin, filch, rob, steal, pilfer, sneak.
The u.s. Government are thieves on a much grader scale than corzine ever could dream of being. The gov is a servant of the banks which are even greater thieves. Who says crime doesn’t pay!
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“But the issue at hand is the sense that we have entered a phase of exponential criminality and corruption.”
99.9% of all criminality is ALWAYS legal. Unfortunately, people simply can not wrap their heads around this notion and therefore hang on to all the fairy-tales they have been taught since nursery school.
It’s just somewhat worse now, but if you look at how systems work, its pretty much the SAME deal.
Remember, premise of ALL systems demands that the Elite get a great deal of the tangible assets of the society. Otherwise, why would the Elite do the crazy stuff they do [kill, slaughter, starve-out, carpet-bomb, steal, defraud, etc.]?
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Ahhh this is small potatoes. Its really just the warm up for how the courts will handle the Marshall Law/Bank Seizure the government is preparing for. Then everybody loses their money and military backed police will be there waiting for you when you try to come get it!
Good luck AmeriKa, time is coming when that will not help though.
ricdesan, one can never know exactly how things will come down, but this is NOT Nazi Germany in the 1930’s.
Keep in mind that pretty much everything worth taking has been taken. What’s left is simply the clean-up and restoration.
History does sometimes repeat itself, but never exactly.
John, the interesting thing is that people are waiting for, “the crash,” when it has already happened, just as they are waiting for the police state, when IT has already happened too.
The Fox is in control of the henhouse!
But seriously, Bankers are definitely in control of the Political and Judicial process.
I have been reading many blogs on the Assange issue. I know the opinions are skewed, as only Civil Libertarians would read the article in the first place, but there is definitely a high level of outrage. I don’t see women writing saying Julian is a rapist. Even women seem to smell a evil plot.
The Australian Government is strangely silent on the issue. What happened to the Aussie value of “Helping Mates”. That is right our Prime Minister was not even born in the Country. This is a farce. Even Obama was born in Hawaii.
The Australian Government has spent billions on Internet infrastructure, but can’t even demand that Julian is extradited to Australia to face a court grilling on his rape allegation, via the same high speed internet that the Government gloats about.
Lets take Corzine for a ride on the NJ turnpike, and this time wait at least 48 hours to respond to the accident.
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Breaking news. I believe the call is going out on Twitter to swamp the UK embassy in Melbourne
It was sooooooo crazy at MF Global, that they didn’t call back the head treasurer of the company from vacation.
Lets see, your company is going down in flames and Corzine decides to NOT call back one of the most important people in the company!? (Like the person responsible for the movement of funds.)
I got it, I got it. Lets put the junior, assistant to the intern in charge of movements of funds at the exact time when you need your best of best.
Fuck them all! Every single one!
I have to make a correction. Corzine did not “steal” the money, he transferred the money. That 200 mil did not just end up in his pocket (which he rightly deserves as a member of the elite ruling class), but it is going to the coffers of every leftist politician in the country.
The transfer of wealth is why is is not being charged.
Thanks for the correction. Oh, wait, where did I say “steal”? I didn’t.
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Frankly Corzine is a figure head, and it is human nature to get so caught up in the day to day hum drum of meetings etc. I bet he is innocent. This stuff happens. Firms get too big. CEO’s get disconnected. I have seen this in organisations where the organisation is about to implode becuase some low level manager is covering his failings and the CEO is none the wiser.
The biggest issue is Julian Assange and I am surprised Corzine is getting more attention.
Here is a whistle blower giving us cold hard facts, and we have everybody looking over at the person yelling fire, instead of the person yelling Murder!
“CEO’s get disconnected.”
BR, since when are you an apologist? The CEO must be accountable, and s/he does this by making those beneath accountable.
In a social culture where outright fraud and stealing is perfectly acceptable, these things become commonplace. For instance, in health care, we are taught that providing a very high level of care means maximum testing and maximum prescribing, i.e., maximum corporate profits.
Corruption is built right into the system, to the extent where it becomes very difficult to operate outside of it. This is the story of social man, and certainly the story of economics and finance.
In theory yes. But practicality no. I don’t know your background, but I have seen how difficult it is for the CEO to know, when he relies on subordinates, with their own career agendas and internal political cover ups. My gut feeling is he basically “f’d up” and is covering his tail, and does not know what happened. The money got lost in the trade. This is the problem with TBTF banks. It is like a massive single manager farmer enterprise and the whole crop fails. If it was left to smaller peasant farmers the different decision makers with local knowledge would provide a buffer.
Well, if that model doesn’t work, “the market” should root it out.
No more excuses.
Corzine instructed that the customer segregated fund accounts be raided, stealing in excess of a billion dollars in his customers money. No treasury officer would do that unless under DIRECT orders to do so. This theft would land most people in prision, but if you are a friend of obama’s you get a pass.
DO NOT excuse this mans actions as a disconnected CEO – that’s just plain bullshit when the truth of the matters points to him!
Have you thought that the Treasury Officer was protecting his own arse, because of failed trades that were manipulated outside of controls?
Or am I being a devils advocate? Innocent until proven guilty. In honour he should fall on his sword as the CEO. However he could be truly innocent and his career lost because of someone else.
I don’t think the Government would allow this, unless their was a true mafia banker criminal element running the Government. That is conspiracy theory.
Its very easy. You first prosecute several lower rung perps and threaten them with jail time. One of those perps will talk and point to a higher up. Eventually you’ll get your man. The notion that NO CRIMINAL PROSECUTION has even started is absurd. Government regulators working with finance to ignore clear and egregious breaches of written law. That to me is not conspiracy theory.
Blah Blah Blah, that is a fair point. I was one day away from investing $100,000 in a MF Global Brokerage account before it went bust. I was very very lucky!
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Since the comments on here are strangely silent on the Assange issue, for the lurkers here I provide this link
So clearly the USA is going to go down the espionage path. THis is no different to a reporter and whistleblower source discussing back and forth how to get the information out about the crime going on.
The USA has been caught with its pants down, and is back peddling as fast as possible. I will always remember (Thanks to Assange’s Wikileakes) the video image of the Helicopter Gunship blasting the innocent Iraqis (They did not get proper confirmation) and especially the children. This happens in war, but it should not be covered up.
BTW if Assange was around in Germany WW2 and got out the video of the Nazis doing their gruesome killing, do you think the German people would have supported him at the time? I don’t think so. I am sure there are noble soldiers in the USA, but rogues have to be brought to justice. If the USA can’t run a war based on Geneva Convention principles then it must leave the War. It is no different to the enemy who defies Geneva Convention principles in an attempt to win (Due to its inadequate technology and military might)
In response to to John’s link above “exposing the truth of war crimes” most innocent Iraqi’s carry guns or RPG to defend themslves from bandits. It is the Wild Wild East who would not carry guns for their own protection. do you think that the right to bear arms is a unique USA right? The soldiers should have investigated further and only engaged once under direct attack. I admit soldiers are nervous creatures but they are professionals and know that Iraqis may carry guns for their own protection:
“Fox News said that of the attack “WikiLeaks appears to have done selective editing that tells only half the story. For instance, the Web site takes special care to slow down the video and identify the two photographers and the cameras they are carrying…. The Web site does not slow down the video to show that at least one man in that group was carrying a rocket-propelled grenade launcher, a clearly visible weapon that runs nearly two-thirds the length of his body. WikiLeaks also does not point out that at least one man was carrying an AK-47 assault rifle. He is seen swinging the weapon below his waist while standing next to the man holding the RPG.”
‘The Guardian stated “It is unclear if some of the men are armed but Noor-Eldeen can be seen with a camera”. Glenn Greenwald of Salon.com said that “the vast majority of the men were clearly unarmed”. Greenwald called the second airstrike a “plainly unjustified killing of a group of unarmed men carrying away an unarmed, seriously wounded man to safety”. The Australian newspaper said the group was displaying “no obvious hostile action”.”
This is good, have a read if you get a chance.
Tuesday, July 3, 2007
The Five Levels of the Economy
I read an interesting article. It said that the economy had five distinct levels: red, pink, white, grey, and black. The red market is the market of legal overt violence, value destruction, and wealth confiscation. The pink market is the market of government-endorsed monopolies and oligopolies of useful services. The white market is legal productive activity. The grey market is activity that would otherwise be legal, conducted off the books. The black market is forbidden activity.
BR, war, by definition, is insanity. The notion that there is a, “correct [moral] way,” to wage it [slaughter people] is equally insane.
It appears as if the vast majority of Americans support the empire’s war machine, and are empathetic to the reality that there is going to be a fair amount of, “collateral damage.”
The details can be left up to bureaucrats and lawyers, after all, the Yankees game is coming on and there’s a sale at the mall.
No, this is not true at all. There are quite rational and justifiable reasons to wage war.
All wars are not equal. A war of defence (say, England in WW2) is a very different moral prospect to a war of aggression (say, the USA in Iraq and Afghanistan).
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