muses of the moment

June 19, 2012

MF Global

Filed under: MF Global bankruptcy — totallygroovygirlfriday @ 1:49 am

Jesse pulls together some more updated info on the MF Global crime scene. Click here. (Good video at the end of the link.)

Click here for more detailed info.

No, regulation doesn’t work and more regulation doesn’t work. What we need is to enforce the regulations on the books now.

As Martin Armstrong states, there is no rule of law. It is gg’s opinion that capital will go where there is rule of law. And if capital can not get there (say, because of capital controls), it will go underground.

MF Global is just a taste of things to come in a nation with no rule of law.

It is clear now, four years later, that not one of the breakdowns had to happen to the extent that they did. Government regulation in general was relaxed, but in addition, regulators (both public and private) were defunded, fired, turned a blind eye, covered up for a fee. Whistle-blowers from the mortgage industry to banking to the derivative industry were silenced again and again. Debt was covered up, loop-holes were used, and no one, even “independent” accountants raised an eyebrow. Those that did, were railroaded out of the industry.

Until the regulators (both private and government) actually regulate something, you must look after your own investments.

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