By Karl Denninger, The Market Ticker
Oh Gary!!! Gary Johnson!!! Where are you Mr. Bankster-sucking candidate? (And yes, Obama is right there kneeling beside him performing obscene acts; this seems to be a common practice among our political class…)
The habitual filching of customers' funds - even if the funds are later replaced - goes way beyond sloppy bookkeeping. It goes way beyond bad judgment. Just because MF Global got away with it for a long time before it blew up in its face doesn't mean one can call it sloppy bookkeeping and have any reasonable person believe it. If federal investigators and law enforcement people want to make public statements like this, one should investigate corruption in their ranks. They seem to be providing undeserved excuses as a trial balloon to see if it will fly. Nice try, but it's not working.
Habitual. Got that?
It's kinda like me filching your car every night at 3:00 AM and returning it at 5:00. You don't miss it, as you don't need to go to work until 7:00. Arguing that MF Global did nothing punishable under these circumstances is an open invitation by you to similarly "borrow" your car, right? After all, you're not using it at that moment in time, and I will bring it back before you need it again (well, right up until I smash it into a tree anyway….. kinda like what happened with MF Global eh?)
And here's Janet Tavakoli's idea, which I like a lot and will expand on - Federal investigators should be looking at the public statements of everyone who is excusing this behavior, including politicians, to see if there's any hint of corruption present and if there is they should all be indicted and tossed in prison.
Janet, incidentally, is not some "political hack." She's a subject-matter expert on derivatives who anyone with a brain and even rudimentary knowledge of the industry respects. If you don't have the chops to enter an intelligent debate with her and refuse to spend the time and effort to become knowledgeable then just admit to your shortfall in this regard and accept her perspective.
Incidentally, I have taken the time and, having done so, concluded she's right.
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