The MF Global meltdown is on a par with Lehman Brothers with the effects just beginning to be seen - another example of all that is wrong (and unchanged) in our financial system - but no meaningful mention here?
1) The 8th largest bankruptcy in the US - ever.
2) Clear 'contagion' from the EU sovereign debt crisis affecting the US being responsible with huge bets on European bonds gone bad - perhaps some of the dumbest 'bets' on could make
3) 'More of the same' - with 40 to 1 leveraging, overly aggressive trading and more with MFG refusing to cooperate with regulators
Why so little coverage here. This is EXACTLY the type of CRIME #OWS has been so vocal about, EXACTY what is wrong with our financial system
Corzine was a former Democratic Senator and Governor - and was even mentioned as a candidate for Treasury Secretary.
He would have been 'better' than Geithner?
I am convinced that the Democrats are either
1) horribly incompetent and ignorant as to how our financial system (does NOT) work
2) are as bought and paid for as the Republican Party
The only 'good' thing about this is now that a leading DEMOCRATIC figure has been caught in blatant fraud, they may actually start calling for MORE government regulation and oversight......... (nah.... will never happen despite the political capital to be gained... they're owned by the financial guys and aren't going to piss them off).
Again.... why haven't the Democrats pushed HARD for tougher regulation, reinstatement of Glass-Steagall and FAR FAR more? There should be cries of outrage but ....crickets... that whole Corzine connection is a bit embarrassing huh?
More mentions than you can count on a Google News search 4470 on 'MF Global Bankruptcy'