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RE: MF Global used loophole to legally take client mone... - 12/12/2011 1:03:16 AM   
Fellow


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Joined: 9/21/2009
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quote:

I never said I supported Obama in his handling of this or TARP.

Problem is, it didnt start with Obama.


Of course not, government corruption is ubiquitous phenomenon. In my memory the financial crime game took really off  during president William J. Clinton years. Consider IPO scams, merger scams, financial deregulation that created favorable climate for fraud, the culture of stock market mass-manipulation, and so on. Bush-Greenspan credit bubble was, of course, scam by itself. I do not doubt it was no accident. They surely expected collapse, it came just a little too early. If they could have stretched it just a little Obama would have all the blame. Clinton dumped dot.com and other scams successfully on Bush and many believe to this day he was an economic genius. Obama has raised corruption to a new even higher level. It amounts to looting. The whole Congress is inside trading, as it was recently published. Some hedge fund managers take home billions per year (trading on inside information, high frequency trading scam, and so on). How much the system can absorb? It seems, the threshold has been reached some time ago.  I have to agree with people who predict the US total financial collapse in near future as inevitable.

(in reply to tazzygirl)
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RE: MF Global used loophole to legally take client mone... - 12/12/2011 3:08:17 AM   
Politesub53


Posts: 14862
Joined: 5/7/2007
Status: offline 		It took off under Reagan and Thatcher and continued from there. It reached its zenith under Bush and Blair/Brown all of whom loved the revenue these dodgy deals provided in tax. No one gets a free pass and it remains to be seen what Cameron and Obama do to stop it happening again.

(in reply to Fellow)
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RE: MF Global used loophole to legally take client mone... - 12/12/2011 3:11:49 AM   
Politesub53


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Joined: 5/7/2007
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quote:

ORIGINAL: willbeurdaddy

The difference is that THIS administratrion is the ADMINISTRATION trying to be reelected. Blaming Bush and "he did it too" is nothing more than an ability to defend Obama's actions.




Odd that you are so concerned but kept quiet while Bush was in power though. Your statement above is no different from the myriad of Republicans blaming Clinto for leaving Bush a mess to sort out.

(in reply to willbeurdaddy)
Profile   Post #: 23
RE: MF Global used loophole to legally take client mone... - 12/12/2011 9:07:30 AM   
willbeurdaddy


Posts: 11894
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quote:

ORIGINAL: Politesub53


quote:

ORIGINAL: willbeurdaddy

The difference is that THIS administratrion is the ADMINISTRATION trying to be reelected. Blaming Bush and "he did it too" is nothing more than an ability to defend Obama's actions.




Odd that you are so concerned but kept quiet while Bush was in power though. Your statement above is no different from the myriad of Republicans blaming Clinto for leaving Bush a mess to sort out.



That must have been in the UK papers, because there was no "myriad" of blame Clinton whines here.

_____________________________

Hear the lark
and harken
to the barking of the dogfox,
gone to ground.

(in reply to Politesub53)
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RE: MF Global used loophole to legally take client mone... - 12/12/2011 10:20:04 AM   
Politesub53


Posts: 14862
Joined: 5/7/2007
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quote:

ORIGINAL: willbeurdaddy

That must have been in the UK papers, because there was no "myriad" of blame Clinton whines here.



Claiming it didnt happen doesnt make it true. Using the search button shows you that.

Guess who posted the following, at least the bottom line is correct.


"The Clinton economy WAS the internet bubble, the housing bubble, and ill-advised reductions in defense spending....all false prosperity that we are paying for now. Even Obama is getting some of the blame for what originated under Clintons watch.

You fail to see what you dont want to see. "

(in reply to willbeurdaddy)
Profile   Post #: 25
RE: MF Global used loophole to legally take client mone... - 12/13/2011 10:41:54 PM   
InvisibleBlack


Posts: 865
Joined: 7/24/2009
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quote:

ORIGINAL: tj444

The article talks about the US & the UK... so.. are there any countries in the world that prohibit the corps like MF Global from using their clients money as collateral?

Are there any corps anywhere in the world that dont do the exact same thing as these too big to fail corps have done and I expect are still doing?


In all honesty, I don't know. I know that US, UK and Canadian banks all allow high levels of hypothecation. I'm not familiar with banking regulations in, say, Australia or Hong Kong. I suspect in the not very distant future however this information will become readily available as people 'in the know' will start looking for a safer haven for their savings.


quote:

ORIGINAL: Termyn8or

Similar to what tj brought up...... there are supposed to be regulations about this shit.


There were. Most were put in right after the Crash of 1929. They repealed and/or changed most of 'em right around 2000. It took about ten years for the system to slag down again - this time in new and interesting ways.


quote:

ORIGINAL: tazzygirl
Yeah, sweetheart, because we know all this mess began with Obama.


I agree that the issues underlying the 2008 meltdown and the trainwreck the financial system is in trace back to long before the current administration. However, the specific issue of MF Global is extremely recent. Jon Corzine only became CEO in March of 2010. While Obama is probably not actively involved in any malfeasance, if there was an atmosphere of complacency in the regulatory environment surrounding the investment banking industry in 2011, President Obama shares the blame - even if it's only through unconcern and/or disinterest.

Certainly now that MF Global has gone belly up, the holes in the existing regulations have become apparent and it's looking like innocent investors may well lose huge chunks of their savings, how the Department of the Treasury, the Federal Reserve, SIPC the CFTC and the like react will speak volumes about the President. While the Congress passes laws to create such agencies and regulations, the actual operation of the agencies and the enforcement of those laws is an Executive Branch function. 

I would certainly say that it disturbed me no end when the President appointed Larry Summers to to direct the NEC, re-appointed Ben Bernake to be Chairman of the Federal Reserve and put Timothy Geithner in as Secretary of the Treasury. That's not a break from the Bush-Clinton cast of financial characters and it comes as no surprise that the same problems that led to the 2008 crisis are still existing in our financial markets.

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Consider the daffodil. And while you're doing that, I'll be over here, looking through your stuff.

(in reply to tj444)
Profile   Post #: 26
RE: MF Global used loophole to legally take client mone... - 12/14/2011 8:14:03 AM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
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quote:

ORIGINAL: Politesub53


quote:

ORIGINAL: willbeurdaddy

That must have been in the UK papers, because there was no "myriad" of blame Clinton whines here.



Claiming it didnt happen doesnt make it true. Using the search button shows you that.

Guess who posted the following, at least the bottom line is correct.


"The Clinton economy WAS the internet bubble, the housing bubble, and ill-advised reductions in defense spending....all false prosperity that we are paying for now. Even Obama is getting some of the blame for what originated under Clintons watch.

You fail to see what you dont want to see. "



OK. I guess in the Queens English 1=myriad. And hardly a whine. A simple statement of fact.

_____________________________

Hear the lark
and harken
to the barking of the dogfox,
gone to ground.

(in reply to Politesub53)
Profile   Post #: 27
RE: MF Global used loophole to legally take client mone... - 12/14/2011 9:54:43 AM   
Politesub53


Posts: 14862
Joined: 5/7/2007
Status: offline
quote:

ORIGINAL: willbeurdaddy

OK. I guess in the Queens English 1=myriad. And hardly a whine. A simple statement of fact.


Try using the search feature or google and you wont look so silly ( again )

To suggest no one blamed Clinton for the mess left by Bush is a nonsense, and you and i both know it.

(in reply to willbeurdaddy)
Profile   Post #: 28
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