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Hey, did you hear the one about the banker that pilfered over $1billion from his clients and got away with it? Oh wait, that’s not a joke – it’s real life. How about a proverb: Give a man a gun and he can rob a bank – give a man a bank, and he can rob the world. Oh wait, that’s real life too!
Last week came word from US regulators that neither Jon Corzine, nor any of his senior management, will be prosecuted for stealing $1,000,000,000.00+ of client funds to back their terrible company bet on European sovereign debt.
From the NYT http://dealbook.nytimes.com/2012/08/15/no-criminal-case-is-likely-in-loss-at-mf-global/ we read how Jon and company are getting away with it.
“A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.
After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.”
But Mr. Corzine isn’t going to let a $1BILLION fraud problem get him down. No sir, he’s going right back to work. “Mr. Corzine, in a bid to rebuild his image and engage his passion for trading, is weighing whether to start a hedge fund, according to people with knowledge of his plans. He is currently trading with his family’s wealth.
If he is successful as a hedge fund manager, it would be the latest career comeback for a man who was ousted from both the top seat at Goldman Sachs and the New Jersey governor’s mansion.
When will these clowns be thrown in jail? Will it ever happen? Trade well and follow the trend, not the so-called “experts.”
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500
- VA sell @ 10:43am at 1414.25 = -0.50 & -0.75
- Algorithm positions (2)
- “Reading the Tape” positions (0)…combined Secret’s, Algo, & “Reading the Tape” total… -1.75
Click Here to See Yesterday's Detailed Results
ES 1415.00 / 1413.00
POC... 1414.50
YM 13244 / 13230
NQ 2776.50 / 2770.00
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Keep a civil tongue.