MF Global’s gigantic shortfall of missing funds now appears to be double (presently estimated at $1.2 billion) the amount previously revealed. This massive crime makes the following 11 points obvious to our society:
1. The MF Global
situation highlights the absurdity of Wall Street’s continued insistence that there is no need for more financial regulation
or for additional, tighter controls on Wall Street.
2. Self-regulation is unrealistic, even ridiculous, and all other existing regulation
is highly ineffective – possibly even by design or intent. Suspicions grow daily as the incompetence and conflict of interest factors grow ever more apparent.
3. Democrat Jon S. Corzine, former Governor, former Senator, and a former top Sachs honcho, was Obama’s planned treasury secretary for Christ’s sake. Corzine, his Sachs cronies and his responsible MF Global executive associates have yet to be held accountable. It is sickening how well-connected and protected they are -- unlike most us who would be put in jail for stealing small items from Wal-Mart’s shelves.
4. An incestuous relationship exists between Wall Street
and the 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.
Bribery in the system is legal, and presently they simply sell their votes. Many of these politicians have benefitted from insider trading for years, and that, too, has long been ignored -- even sanctioned, accepted and protected within the system.
5. More and more American citizens will conclude that this is all “a pretend system,” where they are supposed to believe the fantasy that the government system in Washington works for the people. Our citizens will question their continued support of such an undesirable system. This may be our greatest long-range danger.
6. The SEC and SIPC, (plus FINRA also) need to be revamped so that existing regulations are enforced.
7. Far greater regulations and controls must be enacted and enforced.
8. The mainstream American media is almost ignoring this huge MF Global fraud – one of the greatest frauds ever in Wall Street history.
9. American citizens can only wonder about and question why the main-stream media has chosen to downplay this subject. It follows that citizen trust in the main-stream media will continue to erode.
10. Because of the lack of past appropriate performance over decades, by all involved, our citizens do not expect dynamic or responsible leadership to suddenly appear, or come-forth from the present lot, and address the problems symbolized by Corzine, Wall Street, MF Global, Sachs, etc.
11. Your clients and your prospects will now be more scared, frightened, distrustful and cautious than even before. They will not maintain their faith, trust and belief
in many of the investment options available to them. This loss of confidence will make them more reluctant to do anything.
So once again, you will suffer and be forced to work harder and smarter, because of the greed and corruption of others over whom you have no control. And most of these others will never be held accountable. There is nothing in place within the system to ensure justice prevails.
I am sure there are other horrid additional facts that this MF Global fraud now makes clear to most people, but at this moment I can not think of them. I believe readers can come up with additional truths and realities that are this massive financial scandal makes obvious. As always, your views, opinions and comments are welcomed.