By Tyler Durden
Shortly after Jon Corzine not only destroyed MF Global but “vaporized” $1.6 billion in supposedly segregated client funds which were illegally commingled with operating cash, Jon Corzine had a brief encounter with the legal system including several kangaroo court sessions in Congress, which ultimately led to absolutely nothing for two simple reasons.
And Reason #2:
In fact, Jon Corzine’s quiet disappearance into the shadows was apparently only punctuated by one new notable entry in the Urban Dictionary for the term “Corzined”
… but not before rumors emerged that Corzine, whose dream has always been to run his own capital, would start a hedge fund.
In August 2012 we wrote that “after 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.” And algos… And glitches… And faulty software installs… And some junior person who has long since left the company… and, and, and, lots and lots of passive voice… Because in the Banana republic of the crave, no bundlers can ever go to jail, no matter how heinous the crime, …read more