Massive fraud has been perpetrated and not a single Banking thief has gone to jail.
Except taking out, making, repackaging and creating MBS of SubPrime loans was NOT Fraud.
As it turned out, eventually (after years of being a good investment and returning higher than average returns) these SubPrime loans became a bad investment, but bad investment decisions, even if made by banks or millions of people is NOT fraud.
See, people like you point to crooks like Corzine and say: He's not in jail, therefor he didn't do anything wrong. While in reality 1.2 BILLION dollars were stolen right our of people's fricken accounts.
See the difference.
Yes I see the difference.
Because unlike you, I'm willing to wait to find out what actually happened at Global before deciding on the punishment.
You, like in this and other threads, simply leap to conclusions not supported by the known facts.
There is a HUGE difference between what happened with Madoff and why he is in jail for it, and what happened at Global. Corzine did not pocket that money, so the actual facts about how customer money got used has to be understood to find out who is responsible.
Now if it turns out that he ordered and thus knowing allowed customers money to be improperly used, he will likely go to jail for it, but if it turns out to be an accounting error of some sort, or a mistake made by a computer trading program, then there is no reason to throw him in jail for an error made by the accounting/computer dept.
As I've been reading, the problem seems to be centered around the fact that the Global computer systems DID allow customer money to be used intra-day for normal funding processes, with the expectation that it would be returned by the end of the day. It would appear that the system did not take into account that the money would not be returned if the company went Bankrupt. It would appear from the regulations that this intra-day funding using customer money was legal, but in any case, the exact transactions and who made them and approved them is still not clear because some of the lower level accounting/computer people aren't willing to testify until they get immunity from prosecution.
Still, some of the most recent things appearing in the press don't seem to support the idea that there is any evidence of any criminal activity on Corzine's part.
a number of federal prosecutors have expressed doubts to others involved in the case that anyone at MF Global — including the firm’s chief executive, Jon S. Corzine, and back-office employees in Chicago — intentionally misused customer money
http://dealbook.nytimes.com/2012/02...criminal-case-against-mf-global/?ref=business
On the other hand, a Chicago Grand Jury is looking into it as well, so something may come out of that:
http://www.huffingtonpost.com/huff-wires/20120228/us-mf-global/
Not a single banker crime boss has gone to jail.
Sure they have:
http://blogs.har.com/223/20369/Mortgage-Banker-Sentenced-For-Fraud-/
Others have been charged and will go to jail if convicted:
http://www.washingtonpost.com/busin...d-with-fraud/2011/12/16/gIQAz4FSyO_story.html
And the Justice department has been at it for some time and is still looking at various fraudulent activities and when they find actual evidence of fraud or criminal activity then they charge people with it.
Think long and hard about what "money" is. According to you the USA could print of a single $20 Trillion Dollar note and *poof* the debt has been paid back. What planet are you from arthur?
Total BS Michael, I've never made any such assertion.
QUIT LYING
Do you have any idea how much shit was shoveled onto Fannie Mae and Freddy Mac? Until justice is done (which it won't be) we'll never know because so many people were conned into buying derivatives that were worthless.
These people knew what they were buying Michael.
They were called SUB PRIME loans for a reason.
They had this name because they carried more risk.
But that's why they paid higher interest rates.
Which is why institutions WILLINGLY bought them.
TARP is just one tip and huge iceberg these arsehole banks have ploughed us into. ...
Even CNN has a bailout tracker:
No Michael, CNN is not updating that site.
Here's CNN's more recent take on the Bailout costs:
The bailout, by the numbers, clearly did work. Not only did it forestall a worldwide financial meltdown, but a Fortune analysis shows that U.S. taxpayers are coming out ahead on it -- by at least $40 billion, and possibly by as much as $100 billion eventually.
http://finance.fortune.cnn.com/2011/07/08/surprise-the-big-bad-bailout-is-paying-off/
And if you are at all interested in the actual TARP numbers so far, the CBO publishes periodic reports on the state of the TARP program
This it their report from last Dec. (the numbers in the next report are likely to be much better because both AIG and GM are doing so well in the last few months and they were the biggest drags on repayment)
But according to the CBO on TARP:
$428 billion of the initially authorized $700 billion will be disbursed through the TARP, and the cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $34 billion.
As to the banks though that's turned out quite well and all the big banks have repaid their loans:
Capital Purchases and Other Support for Financial Institutions
To provide support for financial institutions, the federal government disbursed $313 billion, most of which has already been repaid (see Table 2). CBO estimates a net cost to the government of $1 billion from those transactions (see Table 3).
Capital Purchase Program.
Through the TARP’s Capital Purchase Program (CPP), the Treasury purchased $205 billion in shares of preferred stock from 707 financial institutions.
As of November 15, 2011, $185 billion (or 90 percent) of that preferred stock had been repurchased by issuing institutions.
CBO estimates a net gain to the government of $17 billion from the CPP.
http://www.cbo.gov/sites/default/files/cbofiles/attachments/12-16-TARP_report.pdf
