MF Global's dive shows few changes on Wall Street

After countless new rules designed to make Wall Street safer, it's come to this: Another securities firm has collapsed from risky, poorly disclosed bets.

[goose]

surprise surprise. not!

[Ex-GOP Con]

1) What was the bonus paid out to these people?

2) Why shouldn't they be taxed more for failure?

3) Where are the jobs they are supposed to be creating with their tax savings?

[GoodNewz]

Ex-GOP Con wrote:

1) What was the bonus paid out to these people?
2) Why shouldn't they be taxed more for failure?
3) Where are the jobs they are supposed to be creating with their tax savings?

a private company can give bonuses in any way they wish. if a company receives bail-out money from the government, you would think that there would be restrictions in place. but there is not an indication the government did that. i think almost all of the bank bailout money has been repaid. not so with fannie and freddie.

[horacegreeley]

GoodNewz wrote:

<quoted text>
a private company can give bonuses in any way they wish. if a company receives bail-out money from the government, you would think that there would be restrictions in place. but there is not an indication the government did that. i think almost all of the bank bailout money has been repaid. not so with fannie and freddie.

No, Fannie and Freddie haven't paid back a cent. Meanwhile, the Obama White House has okayed millions in bonuses for senior management, even while they are asking for an additional $7.8 billion in bailout money.

You'd think THAT would be a hotter topic than Rick Perry's brain-freeze last night.

[Ex-GOP Con]

GoodNewz wrote:

<quoted text>
a private company can give bonuses in any way they wish. if a company receives bail-out money from the government, you would think that there would be restrictions in place. but there is not an indication the government did that. i think almost all of the bank bailout money has been repaid. not so with fannie and freddie.

Yes, they certainly can. But let's cut the crap with the "tax cuts create jobs" theory. Tax cuts only create obscene bonuses for failure.

[goose]

horacegreeley wrote:

<quoted text>
No, Fannie and Freddie haven't paid back a cent. Meanwhile, the Obama White House has okayed millions in bonuses for senior management, even while they are asking for an additional $7.8 billion in bailout money.
You'd think THAT would be a hotter topic than Rick Perry's brain-freeze last night.

It would be if it was Republican tracks all over it instead of Democrat ones.

[Ex-GOP Con]

GoodNewz wrote:

<quoted text>
a private company can give bonuses in any way they wish. if a company receives bail-out money from the government, you would think that there would be restrictions in place. but there is not an indication the government did that. i think almost all of the bank bailout money has been repaid. not so with fannie and freddie.

If a company received bailout money, the government should tax the crap out of the executives who received obscene bonuses for their failures.

[Wartime V]

But but....Corzine and Ocommie are good buddies.

Yep, two pieces of sh!t.

[katn]

Hey those azz wipes deserved those bonuses, they need that money wayy more than a bunch of taxpaying wage slaves do. Poor ole granny grunt can grunt all she wants too just as long as she pays her fair share so they can get their well deserved bonuses. Keep working granny they need more of your fine money.

[End Corporate Welfare]

GoodNewz wrote:

<quoted text>
a private company can give bonuses in any way they wish. if a company receives bail-out money from the government, you would think that there would be restrictions in place. but there is not an indication the government did that. i think almost all of the bank bailout money has been repaid. not so with fannie and freddie.

You are so right. It's time to pay back the bailout money, now. We can implement your restrictions idea now with a tax on the banks.

Why should ANY private company get a government bailout or corporate welfare? Let's trust the free market, not corporate welfare.

The banks committed fraud and were rewarded. We need to proscute them.

[MrTax]

What new rules to make Wall Street safer are you talking? Republican or Democrat no real changes have been implemented. Dogmatic followers of either party should not expect anything to change as time passes the hope real change is quickly fading. I am not a OWS type but a person with an independent streak.

To stop the big bonuses increase the capital requirements. That would add safety to the financial system by requiring profits (?) be retained to meet the new higher capital requirements and eliminate/dramatically reduce bonuses paid.

[BandMaster]

Obama and Corzine..."Keep it Going"
Remember that? Both idiots.

[Sheik Yerbouti]

Both parties are solidly in the pockets of wall street sociopaths. Anyone that thinks there will be any meaningful reform is dreaming! Until there are severe penalties for economic crimes (including the death penalty) these amoral criminals will continue to plunder our economy fir their own benefit!

[BandMaster]

13 posts about Corzine, Obama's closest friend, next to Van Jones. I wonder how Topix does it.

[rider]

The Harriman brothers inherited wealth from both sides of their family. By contrast, their father, better known as E.H. Harriman, worked his way up, starting out on Wall Street as an office boy. Although his grandfather had been a successful businessmen, as were his uncles, Harriman's father was a clergyman. At the age of 21 in 1869, Harriman borrowed $3,000 from an uncle to buy a seat on the stock exchange. He first became involved in transportation when he bought a boat that traveled the Hudson River between New York and Newburgh. He became interested in railroads after marrying Mary Williamson Averell, the daughter of an upstate New York banker and railroad president. Harriman rebuilt a small line that he resold for a healthy profit to the Pennsylvania Railroad. He then became vice-president of the Illinois Central Railroad, which served as a stepping stone to his assuming control of the Union Pacific Railroad, famed as one of the two railroads that completed the first transcontinental line but was now long neglected and in poor financial condition. He assumed the chairmanship in 1898, and bought stock in the company, which would form the basis of his great fortune as he revitalized the business. In addition, Harriman became involved in a steamship line to the Orient, as well as interests in banks and insurance companies.
Harriman died in 1909, shortly before his eldest son, Averell, began his college studies at Yale. Roland was just 14 at the time of his father's death. As soon as he graduated from Yale, Averell went to work for the Union Pacific, becoming vice-president for purchasing within two years. During World War I, rather than serve in the military, he turned to shipbuilding. In addition, his banking firm, W.A. Harriman and Company, became involved in a wide range of American and European businesses, including mining, steel mills, motion pictures, and aviation. Roland, who also graduated from Yale, joined W.A. Harriman and Company in 1922, becoming vice-president the following year. In 1927 the brothers formed Harriman Brothers and Company, which along with W.A. Harriman and Company would finally merge with Brown Brothers in 1931, with Roland serving as a vice-president.
Aside from abundant Yale loyalties, the two firms were a good fit: Brown Brothers needed an infusion of cash and the Harriman brothers gained access to long-cultivated business relationships. http://www.answers.com/topic/brown-brothers-h ...
Rise of the Fourth Reich: Bush Family Oligarchy
Prescott Bush was managing partner of Brown Brothers Harriman..... The Rockefeller Foundation made an initial grant of $2.5 million in 1925 to the Psychiatric ...

http://watch.pair.com/reich.html - 84k -

[Telmark]

During a 2010 re-election campaign appearance for then New Jersey Gov. Jon Corzine, Vice President Joe Biden told a crowd of liberal that he personally called Corzine for economic advice during the financially uncertain months between the 2008 presidential election and inauguration day.

Biden said this during the obviously "staged" re-election campaign rally:

“Ladies and gentlemen, the president and I weren’t back there blaming Jon Corzine back in 2008,” Biden is seen saying on a video of the campaign rally.“You know what we were doing? We were on the phone calling Jon Corzine — literally. I literally picked up the phone and called Jon Corzine, and said, "Jon, what do you think we should do?"

“The reason why we called Jon was because we knew he knew about the economy, about world markets, about how we had to respond, unlike almost anyone we knew … we trusted his judgment.”

Corzine’s advice, Biden told the crowd, led to President Obama’s first economic stimulus package, which allocated $862 billion in taxpayer dollars in a plan that the president promised would reinvigorate the American economy.

“What we heard from Jon is what we needed to do. What we needed to do: We needed a serious economic recovery plan,” Biden emphasized.

As New Jersey’s governor, Biden added, Corzine “was already moving in New Jersey on an economic stimulus package, before anybody else was. But Jon knew — Jon knew what other governors know but many didn’t acknowledge. That it wasn’t sufficient, no state was big enough. As strong and as wealthy and as powerful as your state, no state was big enough to be the economic engine for national growth.

“So Jon suggested, and laid out, and we talked a long time about what the elements of the recovery package, nationally, should be. We knew that without a national package it wouldn’t work, and Jon was right.”

As the video closes, the Democratic partisans in the audience are heard chanting,“Jon was right! Jon was right!”

Now Corzine claims that he literally "knew" little or nothing about the economic troubles facing MF Global during his March 2010 through October 2011 tenure as chairman and CEO of MF Global. Nor does Corzine "know" what happened to the 1.2 billion dollars of investor's money that "disappeared" from his company's bank accounts in and around the time it filed for bankruptcy in October 2011 (Corzine conveniently resigned from MF Global in November 2011).

Obama said this of then New Jersey Gov. Corzine:

“You’ve had an honorable man, a decent man, an honest man, at the helm of this state.… He’s fought for what matters to ordinary folks.”

“One of the things you’ve got in Jon Corzine is somebody who tells it to you straight.”

Well, the American voters now know that Obama and Biden "trusted the judgment" of yet another corporate "Wall Street" Democrat.

These statements say much about the ethics, integrity, and intelligence of Obama, Biden, and the likes of those that "support" them.

The facts surrounding MF Global say much the same about Corzine and his kind.

No amount of diversionary "Bush did this or Bush did that" propaganda from the left can change these facts.

[BandMaster]

Corzine and Obama
Sitting in a tree
S_T_E_A_L_I_N_G
.
That's assuming Corzine is smart enough to steal. Obama surrounds himself with stupidity and crime. That's why this country is the way it is.