muses of the moment

March 29, 2012

Lasciate ogne speranza, voi ch’intrate.

Filed under: MF Global bankruptcy — totallygroovygirlfriday @ 3:26 pm

groovygirlfriday thinks Dante’s Inferno is an excellent allegory for the current US financial system. As we continue to descend into the circles of Hell.

Jesse over at Cafe Americain has another great post about the MF Global crime scene.

Click here.

Part one. There was the conscious transferring of customer assets to meet a margin call by JP Morgan in London in what was intended to be an ‘over the weekend’ transaction with the funds replaced on Monday. Edith O’Brien is at the center of this, although it is almost inconceivable that she acted alone.

Part two. In part the failure of MF Global was caused by the refusal of certain parties to honor requests for wire transfers of legitimate funds. These parties almost certainly had insider knowledge of MF Global’s finances, and may have even had a financial interest in MF Global’s failure.

Part three. In hiding funds seized at the last hour from MF Global, and using influence to steer the bankruptcy to Chapter 11 versus the much more appropriate Chapter 7, certain parties, which may include some regulators most likely at the SEC and CFTC, and the hiding of the funds from investigators and the customers, it is quite possible that there was a conspiracy to obstruct justice.

And as in all scandals such as this, it is the obstruction of justice that can become the real giant killer in covering up ‘a third rate burglary.’

….

From my perspective,  MF Global is a symptom of what is wrong with the system in addition to being a shocking injustice. It has all the elements of a system gone wrong. White collar criminality, privileged elites, the double standard of law,  secretive proceedings, craven media, posturing Congressmen, non-involved Justice Department, seizure of private property, compromised regulators, and a culture of fraud and deceit that serves the monied interests above all else, above oaths and honor. The sign on the entrance to the Anglo-American financial system should read, ‘Abandon all hope. ye who enter here.’

Direct link to the Forbes story.

4 Comments »

  1. abandon all hope

    man who the gold gang helped get out of the can with thousands of letter on his behalf is talking trash about the dedication of gold investors.

    I firmly believe he is dead wrong, and shooting himself directly in the foot. I knew him in the 70s and I guess nothing really ever changes.

    Respect and gratitude is not the long suit of many. Have no fear because we are here.

    Regards,
    Jim

    Comment by chop — March 29, 2012 @ 5:58 pm

  2. Have you seen the audios being put up on YouTube such as JamesRickardsTV?

    http://www.youtube.com/user/JamesRickardsTV

    Comment by C. D. — March 30, 2012 @ 12:02 pm

  3. I will check it out.

    gg

    Comment by totallygroovygirlfriday — March 30, 2012 @ 12:21 pm

  4. The Q&A on this playlist is fascinating

    Comment by C. D. — March 30, 2012 @ 12:47 pm


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