Corzine’s MF Global fiasco keeps getting worse. We already discovered that the government regulators, entrusted with protecting us, stole customers aggregated accounts and gave the money to creditors such as JP Morgan Chase. Read here: Government Sponsored Theft.
Forbes is reporting the latest: It seems that instead of protecting investors, the regulators and bankruptcy trustees are suppressing information. They won’t release any information of what went on, what is going on, or where the missing money went.
Apparently, what we do know is that brokers and dealers are putting risky trades on their books with weak or non-existent controls. Cronyism and sloppy procedures have replaced the SEC’s public filing system.
Louis Freeh, former FBI Director turned MF Global Holdings trustee, is running cover for MF’s largest creditors, which includes JP Morgan Chase, Bank of America, Barclays, etc. Read here.
Why don’t the Republican candidates talk about how they will deal with this issue instead of attacking each other?