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Community Manager
Jeff_a_Caldwell
Posts: 1,006
Registered: ‎04-29-2010
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MF Global on the Hill

Chatted with Sen. Grassley this morning a few minutes. He said on December 13, there will be a Senate hearing in which Jon Corzine, the former CEO of MF Global, will face questions about the firm's downfall. Grassley said today he's not sure what will come from the hearing, but insisted "farmers should have confidence in the institutions where they do their commodity trading."

 

What kind of action do you expect to come from that hearing? 

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Jeff Caldwell
Agriculture.com Multimedia Editor
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Senior Contributor
k-289
Posts: 1,812
Registered: ‎05-13-2010
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Re: MF Global on the Hill

"Confidence in institutions"  interesting ---

Senior Contributor
teaspoon73
Posts: 210
Registered: ‎05-17-2010
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Re: MF Global on the Hill

   Absoluty nothing Jon Corzine is an ex senator and will be treated with kid gloves. This is whitecollar crime at its best and its not the first time, ussually he is handsomely rewarded for doing these shady deals with someone elses money. Jon Corzine should be handcuffed and stuffed in Washington D.C. Jail with pedifiles and crack dealers and then his CFO and V.P's of MF Global. should be rounded up and done the same with until the money starts turning up. A 16 year old kid trashing a mailbox gets more punishment than what Jon Corzine will get.!

Esteemed Advisor
sw363535
Posts: 4,776
Registered: ‎07-18-2011
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Re: MF Global on the Hill

"farmers should have confidence in the institutions where they do their commodity trading." ----  obviously he is excluding our leadership institutions with those last 6 words.  This is like Paterno's coaching staff looking into the behavior of one of their own.

 

We all know what will come of these hearings,  political sound bites, preelection posturing, and future speach quotes.  Corzine will fight to stay awake. -------------nothing worthwhile and not enough entertainment value to get more than a sound bite anywhere but c-span.

sw
Veteran Contributor
sonoma72
Posts: 122
Registered: ‎05-13-2010
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Re: MF Global on the Hill

Lord only knows of all of Corzine's shady shenanigans, but I would be very interested to know of his donations to U.S. Senators while at Goldman and at mf global, especially the ones on this panel.   As has been suggested this will be a "joke" of a hearing, and I am sure Corzine sleeps just mighty fine every night, the man is nothing but a hollow, soulless suit!

Veteran Contributor
viperkev
Posts: 87
Registered: ‎05-14-2010
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Re: MF Global on the Hill

Martha Stewart went to jail for hardly any amount of money compared to this. The markets have taken a beating partly because of this mess. Somebody's head should be rolling over this!

Advisor
smokeyjay
Posts: 963
Registered: ‎05-11-2010
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Re: MF Global on the Hill

[ Edited ]

Considering the way Congress has "successfully" averted economic collapse with the spending cuts, I have little confidence they will have the motivation to initiate improvements to regulatory oversight in a way that will actually do some good. The lack of moral fortitude to do the right thing is systemic, apparently.  Self interest is becoming self destructive as well, destroying confindence in "free" market systems that has been the golden boy of capitalism for a century.  CME's willingness to cut bait and not reimburse their customers has proven that beyond a doubt. 

 

My latest edit;  here's what is said about MF Global on a web site.... 

  • MF Global is a derivatives broker. It filed for bankruptcy protection on October 31
  • Derivatives involve betting the value of an underlying asset, like a commodity, will move by an amount over a time period
  • The firm collapsed because of poor bets on European debt
  • Regulators think it could have taken clients' money for its own needs as it collapsed

http://www.dailymail.co.uk/news/article-2064744/MF-Global-bankruptcy-trustee-says-missing-customer-c...

Another financial disaster, thanks to legalized derivative trading, aka legalized gambling with other people's money.

Advisor
nwobcw
Posts: 1,713
Registered: ‎05-13-2010
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Re: MF Global on the Hill

  Events such as this erodes peoples faith in the "system".  It's been said Goldman Sachs runs the world monetary system, of which he was a part of.  70% of stocks are automatically e traded.  Then the talking heads on the business shows wonder why the "average" investor isn't in the market?   Many of us have realized we don't have a chance to compete in that enviornment.

Esteemed Advisor
sw363535
Posts: 4,776
Registered: ‎07-18-2011
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Re: MF Global on the Hill

agree,---------stock market is no place for investment for now

 

Stocks investing changed premise with the 1990's and the explosion of the tech stocks.  Fast , 25-35% annual gains created a different dynamic.  Traditional companies took greater risks and "new accounting methods"(fed by tax law) to compete for the investor's $$.  We became comfortable investing in new tech markets with short life expectancies.  AND  like every other part of the economy, those who are fastest to utalize the new technologies and formats get an advantage, not always a moral or a legal advantage.  In some cases we are so far behind the change that the rules havent been written yet.  

Traditionally Stocks & financials were the safer solid investment.  Now they are not.  Commodities have gained from this for a while now.  As some of u have been trying to point out, traditional thinking does not fit--these are not traditional times

-----Am I way off??

sw
Senior Advisor
kraft-t
Posts: 10,784
Registered: ‎05-10-2010
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Re: MF Global on the Hill

If Martha stewart would have been an anonymous person she wouldn't have been treated as harshly. Too many people filled with blood lust to bring that uppity celebrity down.