In one corner, thousands of Occupy demonstrators evicted, pepper sprayed, violently yanked, penned like animals, and arrested.
In the other corner, there’s the FIRE (financial, insurance & real estate) sector. Recent example: MF Global hedge fund racing to bankruptcy in the last week of October.
Nothing to see here. Move along. No arrests, no convictions, no perp walks. Just massive looting. MF Global couldn’t keep its hands off all that luscious customer money.
First $600 million of customer money was missing. Now as much as $1.2 billion may be gone. What’s a few 100 millions between newly minted enemies? MF Global is merely guilty of sloppy bookkeeping.
The FBI and federal prosecutors mobilize. After grave thought and many pizzas, they have an answer. How did the NY Times put it?”
[Their] inquiries have increasingly homed in on the theory that much of the customer money had left the firm.
That sounds like customer greenbacks sprouted legs and arms, strode into the street and hailed a cab.
That money left and it ain’t coming back:
No one at MF Global, including its former chief executive, Mr. Corzine, has been accused of wrongdoing.
You know what’s coming back? History, in the form of repeating itself. Despite the obvious mountain of evidence that the banksters leveraged and speculated themselves into the 2008 economic collapse that’s still playing out as a massive redistribution of wealth from the bottom to the top, no one was held accountable. No one was prosecuted. No one went to jail (except the OWS protestors):
The fallout from the collapse of MF Global has renewed calls for tougher regulation of the futures industry, which has long relied on the principle that customer money is always safe.
In other words, trust the fox to guard the hen house. Up is down. Any regulator (think Elizabeth Warren) or politician (think Dodd-Frank) who remotely hints at oversight is crushed in an extortionate vise.
Days before its Chapter 11 filing…MF Global was taking what amounted to free loans from its clients.
But in your heart of hearts, can you blame the thieves at MF Global? They’re simply keeping up with the Sir Joneses. They’re influenced by the media as much as anyone else. It’s their moral imperative to steal.
Mainstream financial reporting is propaganda, doing the bidding of the monied class because they are the only consumers left standing. Who else can pay $15,000 to fly first class from New York to Singapore? Who else do advertisers want to reach?
Carriers on international flights are offering private suites for first-class passengers, three-star meals and personal service once found only on corporate jets. They provide massages before takeoff, whisk passengers through special customs lanes and drive them in a private limousine right to the plane. Some have bars. One airline has installed showers onboard.
The amenities in the back of the cabin? Sparse.
No one at MF Global is charged with any crime. Sloppy bookkeeping. The customer money marched out the door. If you park your money on Wall Street, you’re a sucker.