The money isn’t coming back, and no one is going to jail.
|By: David Dayen Saturday December 10, 2011 5:00 pm|
If you needed to appeal to one authority on banking regulation, you could do worse than to consult Sheila Bair, the former chairwoman of the FDIC. And now she’s advocating scrapping the Volcker rule and starting over. She comes at this by looking at the spectacle of MF Global – a brokerage house that would not be covered under the Volcker rule – and asking whether they would be permitted to trade depositor funds on their own account if they were a bank. The answer is far less clear-cut than it should be – and that’s the problem with how the Volcker rule emerged from the sausage grinder of the regulatory apparatus.
|By: David Dayen Thursday December 8, 2011 7:01 am|
Former Senator Jon Corzine faces a House Agriculture Committee panel today, where he will testify that he doesn’t know “where the money is” from customer accounts that was used by his former company, MF Global, to trade on the company account.
Joe Weisenthal points us in the direction of Corzine’s testimony, which he will give without pleading the 5th Amendment, despite still being liable for criminal charges in the MF Global case.
|By: kberke Wednesday November 23, 2011 8:55 am|
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.
|By: David Dayen Wednesday November 16, 2011 12:55 pm|
A new report finds that prosecution of financial fraud has fallen to a 20-year low. If you’re like me, you don’t believe that the financial industry stands at its cleanest point in the past 20 years.
|By: David Dayen Tuesday November 1, 2011 9:25 am|
Jon Corzine’s investment company, MF Global, filed for bankruptcy after it was reported the firm was missing hundreds of millions in investor funds. It’s not clear where the money went, but the fund had invested heavily in European debt.