“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 segregated 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...Read More
Jon Corzine Free Until . . . 2022? “Peter Madoff Pleads Guilty to Fraud.” —Headline; The Wall Street Journal (June 29, 2012) Coming up on the four year anniversary of the demise of Bernie Madoff”s multi-billion dollar Ponzi scheme, his younger brother, Peter, has now plead guilty to fraud. Given that the case was cracked...Read More
Juxtaposing U.S., Chinese Justice Systems According to a Chinese government report released today, “primary leadership responsibility for the bullet-train collision rests with top Railway Ministry officials.” The report noted that 54 government, ministry and industry officials face disciplinary action, including possible criminal charges. —China Blasts High-Speed Rail System; The Wall Street Journal (12/29/2011). Former MF Global CEO Jon Corzine says...Read More
Getting Busted for the Cover-Up — Not the Crime I have no idea — based on the handful of stories I’ve read — if MF Global broke any laws, and if so, whether it will face prosecution. But if so, here’s my guess what the company and/or its principals will ultimately be charged with: not engaging in the ruinous, numbingly...Read More
Wall Street’s Machiavellian Sharks Perhaps it’s uncharitable to complain about the piddling $12 million severance Jon Corzine was poised to gain if he had managed to sell his current firm, MF Global Holdings, over the weekend. But I’m going to complain anyway. The idea that Corzine, who single-handedly destroyed MF Global Holdings, was in a position to...Read More
Recycled Fortunes Ashes to ashes, dust to dust. –Genesis As it is with men, so it is with their fortunes. In this country, at least, it seems like vast business fortunes often get returned to the economy — or at least, media consultants — in the form of spending on political campaigns. That would certainly...Read More
