Prosecutorial discretion is always exercised for the benefit of Wall Streeters. Why?
|By: masaccio Monday July 8, 2013 4:05 pm|
|By: masaccio Saturday June 29, 2013 10:30 am|
Apparently the CFTC can’t prove something something about MF Global and crimes or there were none or something something. It’s all very confusing.
|By: DSWright Thursday June 27, 2013 12:11 pm|
Former MF Global CEO and New Jersey Governor Jon Corzine has been sued by the CFTC for filing false reports, commingling funds, and other violations. If approved, Corzine could be heavily fined and banned from the futures industry, which would effectively make him ineligible to run a major Wall Street firm which all have a futures desk. While jail time is off the table, this would likely be the end of his career on Wall Street if the CFTC suit is approved by the court.
|By: David Dayen Thursday November 1, 2012 8:37 am|
Barclays plans to challenge the fines. But they should be thrilled that their company stands accused of manipulating energy markets without any individuals actually committing the fraud. FERC proposed only fines for the individual traders who manipulated the markets. Similarly, the Justice Department had the opportunity to nail Barclays traders with criminal charges in the Libor case and passed on it. So bank fraud persists without the kind of accountability that puts the perpetrators behind bars.
|By: masaccio Thursday August 16, 2012 2:52 pm|
And by jury, I mean the candy ass prosecutors at the Department of Justice, who have made an in-house decision that it’s just too hard to indict anyone at MF Global, including friend of Barack Jon Corzine, for stealing billions of customer dollars. It’s just impossible that a friend of Eric Holder’s could be found to be criminally responsible for allowing a company to steal money from its customers to give to its bank, especially when the bank is the much-loved JPMorgan Chase. After all, the Department of Eric Holder is made up of peers of the MF Global crowd, so it’s just like a real trial.
|By: David Dayen Thursday August 16, 2012 6:35 am|
CNN passes along a “no, really this time, seriously” promise that the RMBS (Residential Mortgage-Backed Securities) working group, tasked with looking into securitization fraud, will soon make a major announcement.
|By: David Dayen Wednesday July 11, 2012 7:20 am|
Looks like we have another MF Global on our hands. Peregrine Financial Group, a one-man operation run by Russell Wasendorf, ripped off its clients to the tune of hundreds of millions of dollars, as reported by Reuters. While smaller than the MF Global or the Bernie Madoff scams, on all other levels it’s pretty similar.
|By: masaccio Tuesday July 10, 2012 5:03 pm|
Two officers of Sentinel Management, a Chicago firm, were recently indicted in Chicago, Eric Bloom and Charles Mosley. The case was attributed to the phony Financial Fraud Enforcement Task Force, though the investigation was underway long before the alleged creation of that group. The case is typical of financial fraud enforcement today; there may be criminals in flyover country but ain’t no criminals on Wall Street.
|By: David Dayen Wednesday March 28, 2012 12:10 pm|
At a House Financial Services Committee hearing today, former MF Global CFO Christine Serwinski will testify that customer funds were used to cover proprietary bets. This comes on the heels of a treasurer at the company alleging that MF Global CEO Jon Corzine ordered $200 million to be moved from customer accounts to cover a payment to JPMorgan Chase. And they still haven’t found the money.
|By: David Dayen Saturday March 24, 2012 10:15 am|
In the most damning evidence thus far of malfeasance at MF Global, Bloomberg reports that former New Jersey Senator and Governor Jon Corzine, while CEO of the company, personally ordered $200 million in investor funds transferred to cover an overdrawn account at JPMorgan Chase.