[tenderman100]

Jon Corzine, ex head of Government Sach, heavy hitting Democrat Party operative (a HUGE campaign bundler for Obama), for Senate banking committee member, former governor of New Jersey...

DOESN"T KNOW WHERE $1.2 BILLION OF MONEY HE WAS "MANAGING" HAS GONE!!

ttp://www.washingtonpost.com/business/economy/jon-corzine-to-tell-house-panel-he-doesnt-know-where-customers-money-went/2011/12/07/gIQAwLUleO_story.html?hpid=z1

[Samseau]

Some background for those who don't follow finance:

MF Global was one of the largest commodity and FX Exchange firms in the United States. It bought an enourmous amount of Greek Debt, and back in October Greece defaulted on 50% of it's public debt. The default caused MF Global to go bankrupt. Jon Corzine was the CEO of MF Global when it went under.

The guy is pure evil.

I almost gave 5K to MF Global earlier this year. If I had done something as innocuous as that, I would have lost it all without ever have invested any of it. I no longer trust any brokers or anyone on Wall St. There are no rules, people do whatever the fuck they want with your money there.

[tenderman100]

Bad copy on link. Here it is

http://www.washingtonpost.com/business/e...ml?hpid=z1

[tenderman100]

(12-08-2011 02:14 PM)Samseau Wrote:  

Some background for those who don't follow finance:

MF Global was one of the largest commodity and FX Exchange firms in the United States. It bought an enourmous amount of Greek Debt, and back in October Greece defaulted on 50% of it's public debt. The default caused MF Global to go bankrupt. Jon Corzine was the CEO of MF Global when it went under.

The guy is pure evil.

I almost gave 5K to MF Global earlier this year. If I had done something as innocuous as that, I would have lost it all without ever have invested any of it. I no longer trust any brokers or anyone on Wall St. There are no rules, people do whatever the fuck they want with your money there.

What are odds Jon Corzine goes to jail? I think they are increasing.

As you point out, be VERY careful who you give your money to to invest.

I think reputable discount brokers and mutual fund managers (Fidelity, T Rowe Price, Schwab) are fine, but you do have to make your own decisions mostly.

[Brian]

Here's the thing - Securities Investors Protection Corp covers up to a certain amount in "brokerage" accounts like Fidelity, Schwab, etc but MF Global was a Futures and Commodities trading operation which technically isnt covered. This has repercussions a lot of people will never understand.

If this guy doesnt go to jail we are officially in a Banana Republic.

[Samseau]

If Corzine doesn't do some hard time, it wouldn't surprise me at all.