And, yes, I DO take it personally: Why is Jon Corzine still at large? All bets are off. It's not reassuring.

Sunday, December 04, 2011

Why is Jon Corzine still at large? All bets are off. It's not reassuring.

Is there still an Attorney General in this country? Will somebody please follow Eric Holder down a hallway and see if he leaves a trail of sawdust on the floor. Or did congress just retract all the fraud statutes by stealth in the same way that the Federal Reserve handed out $7.7 trillion in bailouts back in 2008 (much more than the generally accepted figure of the $800 billion TARP) without anyone finding out until three years later when some Bloomberg reporters rooted the numbers out of a Freedom of Information Act (FOIA) filing. And by the way, what is the US Federal Reserve doing handing out billions of dollars to the Royal Bank of Scotland? Was Scotland admitted to the Union by stealth, too? Or did Jamie Dimon just buy it as a birthday present for Barack Obama, who likes golf.

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Jon Corzine has not revealed the destination of the loot (somewhere between $600 million and $2.5 billion, estimated) that vanished from the "segregated" accounts of his many clients at MF Global. The rumor is that it went to cover a rude margin call from Jamie Dimon's bank, JP Morgan, after JC took some unfortunate positions in European sovereign bonds in a bad month. Beyond the question of why Mr. Corzine is not in jail (as a flight risk, just like DSK) is how come the Department of Justice has not so much as issued a statement saying that they were looking into the matter, so as to reassure both the victims and the financial markets that this is not a culture that just makes shit up as it goes along - i.e. that we have predictable rules and formal procedures for doing stuff.

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Nobody knows what anything means anymore. Anything goes now. All bets are off. It's not reassuring.

this goes back to my post from yesterday...