Has Wall Street become Mafiosi Street?

By Paul Cross

Annuity National Brokerage Co.


It certainly seems possible that Wall Street has become Mafiosi Street — a money laundering destination for politicians and Wall Street gurus.

Jon Corzine — former governor of New Jersey, former Senator, former chief executive of Goldman Sachs and chief executive officer of MF Global — bankrupted MF Global with a wager of $6.3 billion on European debt. Subsequently, $1.2 billion disappeared, and media reports say this figure may double.

A deep-rooted, staunch Democrat, Corzine personally donated $69,300 to Democratic causes this year alone, including $15,000 to the Democratic Congressional Campaign Committee, according to data from the Center for Responsive Politics. Jon Corzine also held a lavish $35,800-a-head fundraising dinner for Obama at his home in April and raised or "bundled" donations of at least $500,000 so far for Obama's 2012 re-election effort.

It’s deja vu all over again

Where’s the money? Nobody knows. It’s deja vu all over again. Enron; WorldCom; Bernie Madoff; the federal Wall Street bailout of $29 trillion, and now a disappearing act. MF Global had $1.2 billion disappear from client accounts. This may turn into our greatest orchestrated Wall Street fraud.

Where’s the money?

The money disappeared from client’s accounts without a trace, and no one knows where the money went.

So who are the major contributors to more than 1.5 million bankruptcies and more than 1 million home foreclosures in 2011?

When the government bailed out Freddie Mac and Ginnie Mae, where did the money go? It didn’t save the 1 million home foreclosures. And, when the government bailed out Wall Street investment firms, where did the money go? It didn’t stop investor losses, or save 401(k)s or other investments in the market, and it certainly didn’t prevent 1.5 million bankruptcies.

It’s time we open our eyes to the obvious incestuous relationship existing between Wall Street and our so-called “representatives” now existing in Washington, D.C. The politicians are addicted to Wall Street money, and they will not act in the best interest of our citizens. They are simply too corrupted, too self-serving and have been bought through a money laundering scheme.

Bribery in the system is legal, and many simply sell their votes. Many of these politicians have benefited from insider trading for years, and that, too, has long been ignored — even sanctioned, accepted and protected within the system.

The result? It costs Americans trillions.

“Government is not the solution, government is the problem.”
–President Ronald Reagan

And unfortunately the government continues to be the problem. Social Security, Medicare and Prescription Drug Liability are now in the red $115 trillion: www.usdebtclock.org

The real question

How can the retired and those soon to retire make provision for their own retirement incomes?

Financial universities and economists around the globe have concluded that income annuities can provide an income for life at a cost as much as 40 percent less than a traditional stock, bond and cash mix; primarily due to market risk and longevity.

Please feel free to express your comments and forward this on. And, be sure to read Lew Nason's article, MF Global’s missing $1.2 billion makes 11 factors obvious to your prospects.