Criminal Negligence at MF Global
I spent an unpleasant few hours watching Jon Corzine play a Congressional Committee like a Stradivarius. Here is a man with a stellar resume: Goldman Sachs financial genius and CEO, senator from NJ, governor of NJ; CEO of MF Global. The congressmen, bless their souls, had no idea what actually happened. Was the risk taken by MF Global excessive? Mind you, there is no agreed upon definition of "excessive." Well, the congressmen are sure that it must have been excessive risk, or else how could the firm go under? Is the Dodd-Frank monstrosity at fault for being insufficiently strict? Nobody knows. Predictably, Democrats think so, and Republicans realize that it is just arbitrary rule-making by bureaucrats who hate anyone who earns money by investing. My own view is that Dodd-Frank is irrelevant in this case. By now, you would think that our congressmen would have educated themselves just a little bit about high finance. After you stop laughing, you might think that they had hired staffers who understood it very well. You would still be wrong. The regulators, whoever they are, obviously don't understand. Geithner and Bernanke lecture the world from a valley of ignorance and cronyism. Some of the go-to pundits on various financial shows have some idea, but they don't explain it coherently. MF Global also had proprietary trading accounts, using firm capital. They had investors (shareholders) in the equity of the entire firm to whom they owed a fiduciary responsibility to manage risk responsibly. There is no established rule on how much risk should be taken. It is up to the shareholders to entrust their money to the resident experts or not. Only fraud or significant misrepresentation would be actionable. MF Global could have run a resident hedge fund. I do not know if they did. There is little difference between that and trading with firm capital.Encompass Auto Insurance Theft - News
Failure to do so would be criminal -- amounting to theft. MF Global also had proprietary trading accounts, using firm capital. They had investors (shareholders) in the equity of the entire firm to whom they owed a fiduciary responsibility to manage
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That is a form of theft. Nor will I take credit for the beauty of my creations. I am at their service. I have drawn this out to show that the same logic that the Christian fathers, Thomas Paine, and Henry George applied to land applies as well to the
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