MF GLOBAL COVER-UP SHOULD SEND A CHILL DOWN YOUR SPINE « The Burning Platform

MF GLOBAL COVER-UP SHOULD SEND A CHILL DOWN YOUR SPINE « The Burning Platform

There's a feeder fund issue in the MF Global scandal, as well. One would be led to assume the deafening silence and lack of details surrounding the case is because prosecutors are putting together a case. It seems that would not be the case. There have been relatively few prosecutions for white collar crimes, and those are just the crimes we know about.

Even calling MF Global failure a scandal is giving in to the spin. It was outright theft. If I understand it correctly, client funds were borrowed for other lines of credit. When the institution failed, the client funds were taken as collateral by foreign interests who refuse to return them.

Two things are wrong with this case. First, as this article points out, no transparency. There is no deterrent effect of prosecution with this kid glove handling of persons of interest. Maybe there is no justice anymore. Secondly, who were the foreign interests, the Russian mob, sovereign funds, who? Again, no transparency, and thus no justice.

The first American Revolution was fought because of the lack of redress over taxation. The lack of redress over justice for the individual in favor of those more powerful remains to be seen. This is in direct conflict the the US Constitution and Bill of Rights. This won't end well, when the peasants revolt after everything of any value has already been stolen, and the US is indebted to the rentier class in perpetuity. There are two possible outcomes, a return to individual freedom, or a police state. It isn't hard to figure out which direction we're headed.