Finally, a Congressional subcommittee is conducting a hearing about the $1.6 billion in customer money that seems to have disappeared from the coffers of bankrupt MF Global, but only after discovery of a memo showing that $200 million had been transferred from customer accounts to JP Morgan to cover an overdraft.
How long will Congress continue to cover for white collar thieves, their buddies in political circles? Is it not enough that they have helped such degenerates escape the results of their bad bets by loading the losses onto American taxpayers? Do they not feel shame at having destroyed the dollar in order to appease their greasy friends at GS? (Of course not, the current administration is filled with Goldman-Sachs alums.)
Meanwhile, 38,000 hardworking Americans are getting stiffed. Their retirement funds are gone. Jon Corzine, CEO of MF Global (and former New Jersey governor) denies wrongdoing. Well, who ya gonna believe, the former governor or a mere 38,000 citizens?
Until our federal government holds the people who use the financial industry as their personal cash garden accountable for their crimes, anybody who invests is completely at risk. Your money will disappear, and you will have no recourse. Why would anybody in the financial industry have concern for ethics? One of the prime authors of the Sarbanes-Oxley bill was ..... you guessed it, Jon Corzine.
Disclosure legislation doesn't assure compliance with anything other than the paperwork. When CEO's can swear that their company is carefully controlling the integrity of other people's money, while that money is being stolen, and no CEO is charged with a crime, the law is just a waste of trees.
Hold Congress accountable. Your only chance is with your vote. However, the major parties don't care whether you vote or not -- they have the system well under their control. "Waste" your vote on an independent, which amounts to voting "no."
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