“Justice delayed is justice denied.”

–Mishnah (Jewish religious text)

So, coming up on two years after commodities trader MF Global imploded, taking over $1 billion of its customers’ supposedly corzinesegregated cash with it, the Commodity Futures Trading Commission (“CFTC”) is set to bring civil charges against MF Global’s former head, Jon Corzine.

Note that that’s civil charges, not criminal.

The significance?

Corzine may be faced to pay a fine, but won’t go to jail.

My two questions:  1) whose pocket will the money actually come from — Corzine’s, or insurance*?; and 2) will Corzine “neither admit nor deny guilt” — the practice in such cases — as part of the inevitable settlement?

*Normally, companies pay civil fines levied on their executives — which in essence means their shareholders.

Ditto for the executives’ legal defense fees.

Call it, getting screwed twice.

But, in this case MF Global is defunct.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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