I would be glad to show a video of Bill Black discussing important financial matters such as this on a mainstream US video program but there don't seem to be any.

There were a number of disturbing things in Gary Gensler testimony to the Congress about the role of the CFTC in this. Some of these things are discussed here.

I doubt very much that justice will be done at MF Global. The Banks have been getting away with everything they have done so far, up to and including the blatant stealing of funds from customers that were being held on account, and not even subject to active trading margin.

He can try to pass the buck on this, and there is plenty of company in this on both sides of the aisle and in the media. But the ultimate responsibility for the handling of this falls on Barack Obama and his Administration. It happened on his watch, and it was their job to make it right. That is price of leadership.

He can continue to ignore it, plead ignorance, and even make excuses, but at the end of the day he should be ashamed at how this was handled, and the Congress and the media along with him.

I can only imagine what they would be saying if the President was George W. Bush, and Jon Corzine was his leading Republican fund raiser. With a few notable exceptions, largely solitary voices, where are the so-called progressives on this? Hypocrites!

I do not expect to see justice done here. There are too many powerful people and interests involved, and justice, being truth in action and not words, is not en vogue for misdeeds of the TBTF financial sector. We are way beyond that with this generation of vipers that has infested the Beltway for the past twenty years.

I would just like to see the stranded customers made whole for what was taken from them, and their long anxiety ended, which is what has happened promptly in every brokerage failure that I am aware of post WW II, including Lehman Brothers and Bear Stearns. Oh no, you just don't understand. It is different this time.

Yes, because of who is involved. How naive do they think the people are? If the individual customers had not banded together and taken proactive legal measures, the system would have had their way with them. Almost all the good that has come of this wretched affair is due to the actions of the people in the Commodity Customer Coalition, and not those sworn to protect them.

"When bad men combine, the good must associate; else they will fall one by one,
an unpitied sacrifice in a contemptible struggle."

Edmund Burke

And the public relations campaign of spin, leaks, and misinformation that has enveloped this financial scandal since day one is an absolute disgrace and a failure of the greater part of the independent press.

So far they have ignored it. Next they will be ridiculing those who call for reform such as the Occupy Wall Street movement as ignorant and rabble. But reform is inevitable, it will happen, or there will be no sustainable economic recovery, and no peace.

This is Obama's Hurricane Katrina. And viewed not as an isolated incident, but in the context of all that has happened, it is an effect of the credibility trap that grips the nation's leadership, of both financialized political parties.

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In providing information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Comments

larry wagner
26 Mar 12, 01:13

MF Global is Obama's Katrina

Agree with your article with one small exception. Occupy Wall Street has not said a word about MF Global to the best of my knowledge.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.