Jon "Teflon Don" Corzine and his Posse Roam Free ahead of new MF Global Hearing
It's been almost 6 months since MF Global surprised it's customers with its Halloween, surprise bankruptcy filing.
Since then, the official line from sources close to the investigation is that the "case has gone cold." But has the case really gone cold, or are those who are in charge of the investigation, the regulators and the trustees, simply spraying teflon on every potentially sticky piece of evidence that could lead to criminal prosecutions and ultimately to the recovery of stolen customer money?
We wish that MF Global were just a one-off affair - a bad apple if you will. Unfortunately, it is just another milestone in the history of criminality that has swept through the financial services industry like some sort of medieval plague - the black death for capital formation.
It seems that the only time people are held accountable anymore is when they commit crimes that affect the super-rich. Bernie Madoff is a prime example. How long did it take for the media and the courts to hang the man accused of running the largest ponzi scheme in history? Not long at all. Madoff is securely behind bars, but Jon "Teflon Don" Corzine is busy ordering caramel frappuccinos at the local starbucks, bothered only by the low din of discontent emanating from the blogosphere and from show's like Capital Account.
What a nuisance we must be to the new Goodfella's of Wall Street. And what a nuisance our guest, Mark Melin, who has been hot on the MF Global trail must be as well. He is joining us today to give us an update on the "cold case" that is MF Global.