No One Will Charged With a Crime for the MF Global Collapse

[X Factor 1,112]

No One Will Charged With a Crime for the MF Global Collapse

Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.

RELATED: GOP Will Get to Grill Jon Corzine in Congress

The New York Times is reporting this morning that after ten months of investigation by federal prosecutors, sources say there isn't even enough evidence to charge any of the firm's executives in a criminal probe. The company may have failed spectacularly when it came to oversight and risk management, but the losses cannot be chalked up to outright fraud.

RELATED: Jon Corzine Had Board Approval to Ignore His Risk Officer's Advice

The company placed a grossly outsized bet (more than $6 billion worth) on the health of the European debt market last year and when it went south, the firm "borrowed" money from the accounts of its customers to try and salvage its own losses. Most of the blame for those trades fell on its CEO (and ex-New Jersey governor) Jon Corzine, and while his reputation and firm are ruined, it seems he will escape any legal sanction. He could still face massive civil lawsuits or fines from regulators who have a lower standard than a criminal prosecution, but jail isn't in the cards.

RELATED: Corzine 'Simply Doesn't Know' Where MF Global's Money Went

Of course, if the company's bankruptcy is the result of incompetence rather than theft that won't make those who were burned by it feel any better. Nor will it help ease the fears of anti-Wall Street types who already believe the financial industry is a wasteland of greed and corruption. Those waiting to see bankers and traders hauled away in handcuffs are going to have to keep waiting a little longer.

http://news.yahoo.com/no-one-charged-crime-mf-global-collapse-111056124--finance.html

[Mr. Big Dog 10,747]

None of this would have happened if Wall Street wasn't so heavily regulated. It's all the feds fault! Romney and Ryan will lift all this burdensome regulation off of Wall Street. Honesty, integrity and honor shall return to the free financial industry.

[Obama 2012 1,714]

None of this would have happened if Wall Street wasn't so heavily regulated. It's all the feds fault! Romney and Ryan will lift all this burdensome regulation off of Wall Street. Honesty, integrity and honor shall return to the free financial industry.

Maybe they'll be nice and re-hire Alan Greenspan to run the Fed again! It will be all peace, love, and happiness once again!

[X Factor 1,112]

One billion dollars!!!! That's not the kind of money you just lose track of. This is really really fishy. Who got paid off?

[Mr. Big Dog 10,747]

One billion dollars!!!! That's not the kind of money you just lose track of. This is really really fishy. Who got paid off?

The Kenyan got paid off. Haven't you learned anything?

[Obama 2012 1,714]

One billion dollars!!!! That's not the kind of money you just lose track of. This is really really fishy. Who got paid off?

Hey the Fed can't account for trillions, so a billion is pennies in comparison...

[X Factor 1,112]

Makes sense since Corzine is a Democrat

[X Factor 1,112]

None of this would have happened if Wall Street wasn't so heavily regulated. It's all the feds fault! Romney and Ryan will lift all this burdensome regulation off of Wall Street. Honesty, integrity and honor shall return to the free financial industry.

There is also a law on the books which basically says; you cannot co-mingle customer funds with brokerage funds. That law is punishable by up to 10 years in prison and a $100,000 fine. That bascially makes it a felony.

[Mr. Big Dog 10,747]

There is also a law on the books which basically says; you cannot co-mingle customer funds with brokerage funds. That law is punishable by up to 10 years in prison and a $100,000 fine. That bascially makes it a felony.

I know. See, if that law wasn't on the books, then they wouldn't have had to look for fancy ways to "borrow" the funds and channel them in ways that they actually end up getting lost in the process. They could have just taken them and everyone would know where they came from and where they went. The reason they're lost is because of this silly law. It needs to come down. There can be no freedom and prosperity with laws like that on the books.

[The Nature Boy 4,224]

None of this would have happened if Wall Street wasn't so heavily regulated. It's all the feds fault! Romney and Ryan will lift all this burdensome regulation off of Wall Street. Honesty, integrity and honor shall return to the free financial industry.

I think a lot of the financial collapse had more to do with loaning money to people to buy property they could not afford.

[Mr. Big Dog 10,747]

I think a lot of the financial collapse had more to do with loaning money to people to buy property they could not afford.

You so smart!

[X Factor 1,112]

How is Jon Corzine different from Bernie Madoff? He has the right political connections...