MF Global Independent Investigator Called For
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-05-03 10:05
by Karl Denninger
in Corruption
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MF Global Independent Investigator Called For
 

Janet opines in the Huffer's Post this morning....

Rep. Michael Grimm (R-NY) is a member of the House Financial Services Committee, and he has reportedly circulated a letter in the House asking for an independent investigator and is seeking signatures and support. Obviously appearances are important, and the "investigation" into MF Global so far has every appearance of being broadly compromised. Given our ongoing financial crisis and bailouts, so far it's a shameful performance by Congress, Justice, regulators, and the bankruptcy trustees.  The dialogue the financial community has heard so far lacks credibility and basic decency.

No kidding.  But it certainly is congruent with what we've seen thus far going back to 2008 when it comes to these firms.

This is not a MF Global-only story.  There are more than enough cockroaches and rattlesnakes in the den here to cover the world several times over.  The sins go back to 2003 and even before; as I've repeatedly written about back in the 1990s Clinton's Administration knew that there was  massive fraud going on in the Internet space with regard to securities claims and made the intentional and willful decision to do exactly nothing about it.

How do I know this?  Because I was one of the people who spoke directly with people inside his administration and told them so.

It didn't matter, just like it didn't matter this time.  Nor will it the next, so long as we the people of this country continue to believe we can find redress at the ballot box by voting for either Republicans or Democrats.

There are other candidates on the ballot.  Unfortunately there are also infiltrators (cough-Johnson-cough) on some of those tickets as well, and what there are not are principled leaders in those parties -- cough-Hinkle-cough -- who will stand up and say "no damn way are you doing that crap here."

So here we are, six months or so away from an election, with one party running under two names and a third party running under the same name when it comes to financial frauds.

I hope Janet will pardon me if I don't believe that Mr. Grimm is serious in his intent; I'll take him seriously when a special prosecutor is appointed and indictments issue -- and not one minute before.

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User Info MF Global Independent Investigator Called For in forum [Market-Ticker]
Winstonsmith2009
Posts: 1060
Incept: 2009-08-05

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Political grandstanding in an election year trying to make Obama look bad (only needed for those who haven't been paying attention... but that's most everyone). They may actually try to fry some high-level financial sector criminal (was that redundant?). But it'll be the Bernie Madoff one example out of thousands thing. All such prosecutions will then end if a Repug is elected prez (unlikely, IMO).
Rrasmuss
Posts: 914
Incept: 2007-12-22
Green
HHH WA
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Calling Bill Black, calling Bill Black..

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I'm moving to California
Cogito Cogito, ergo Cogito sum, Cogito
J0nx
Posts: 3066
Incept: 2008-08-12
Green
The trashcan of the nation
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Agreed. Until I see BB appointed to some kind of enforcement committee then I know it's all bull****. TPTB are petrified of BB. They will scatter like roaches if/when he moves towards something like this.

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The fraud and lies are only allowed to continue because the people allow it. Either through apathy or ignorance, they still allow it.
Jpg
Posts: 329
Incept: 2009-03-23

MI
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Article from Ann Barnhardt about an outfit called "Penson Worldwide" about to go the way of MF Global:

http://www.barnhardt.biz/
Steph4liberty
Posts: 1676
Incept: 2010-10-22
Gold
Raleigh, NC
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Well Karl...if you and Ann are right about Penson, then we'll need another independent investigator. See? They're creating jobs! smiley

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"Man will never be free until the last Banker is strangled with the entrails of the last Politician" - unknown

"This isn't a market anymore, it's a computer game." - Drench
Preidt2
Posts: 552
Incept: 2009-07-31
Green
spokane/wash
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all them are dipping in to the well to line their pockets to the destruction of the country so nothing will come of justice.omama has endorsed and needs to be IMPEACHED no one has done more destruction of this great country

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Puppets Under Destruction
Marvinmartian
Posts: 746
Incept: 2011-03-16
Green
Pasadena, CA
Online
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Whats really awful is in the HuffPost article:

MF Global prepared a crisis plan about 6 months in advance.

They executed their plan on Halloween 2011.
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