6 things no one will tell you about MF Global

[PoliticAverse]

Which corporate honcho bragged recently about his company’s strong resources, positive outlook and outstanding “execution” skills? Who said he was “particularly pleased” at recent developments, and predicted “competitive returns to shareholders in the quarters ahead”?

Tim Cook at Apple? Alan Mulally at Ford? Mike Duke at Wal-Mart?

None of the above. The answer is Jon Corzine, who runs MF Global Holdings Ltd. He made those remarks a week ago. Yesterday the company filed for bankruptcy.

One week. No kidding.

Read the rest: http://www.marketwatch.com/story/mf-globals-risk-mismanagement-2011-11-01?pagenumber=2

[luckyleftyme2]

1. don't take long

when you piss off the wrong people-bet he'll live like a king while his employees retirement fund is robbed

[midnight]

2. This statement from Alan Greenspan, one of the Architects I give

credit for this looting of Americas reserve says this: "Former Fed Chairman Alan Greenspan once told a crowd in Boston that America should pretty much leave manufacturing to China and concentrate on our “core competence” of running financial firms. Like MF Global, no doubt. Or Lehman Brothers."

[Turbineguy]

3. This is good news

The more of these firms go bankrupt the better the chance the economy will survive. As it is now, I think the financial services industry will destroy the world economy within 2 years.

Yesterday on Bloomberg radio somebody from JP Morgan was expressing concern that the stock market catered to traders and that investors were leaving. By their nature, Traders take money out of the markets while Investors put it in. If the Investors decide that zero percent return on their passbook savings accounts is better than the stock market, well, you are left with a bunch of cannibals who can only turn on each other.

Wall Street's job, function and purpose is to match people with money to invest with people who need money to build business assets. It is fair that they get paid for this service. Wall Street no longer does this. They invent sham financial instruments for others who perform no useful function to society to trade. The financial services sector takes about a trillion dollars per year out of the system.

[PoliticAverse]

4. Yes what is supposed to be 'allocation of capital' has become a capital casino... n/t

[olleander]

5. Fish rots from the head

Corzine was the head of the D Senate Campaign Committee who
selected candidates and matched money to them.  He was the
Governor (and party face) of one of our largest states who
used his position (among other things) to pay off Wall Street
by leveraging his state to the moon.  Until the people's party
purges itself of the malign influence of the Wall Street
neo-liberals, the people will suffer.    

[zalinda]

6. And, he works for the Obama campaign. n/t