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News & ArtsThursday, December 8, 2011
Economy The Eternal Mystery of Money
Posted by Charles Mudede on Thu, Dec 8, 2011 at 7:46 AM
Where is the money?
Much of the day's testimony is likely to focus on a significant shortfall in customer funds at MF Global. As Mr. Corzine scrambled to stabilize the firm in its last days, it was discovered that hundreds of millions of dollars were missing in customer accounts.It just vanished. It went up in a puff of smoke. It evaporated into thin air. When it comes to the poor, there is none of this hocus pocus—records are kept, bills are sent, late fees are charged, each penny is counted and confirmed. But with the rich, the location of money becomes such a big mystery.The trustee overseeing MF Global's liquidation estimates the amount at $1.2 billion. Mr. Corzine will say in his testimony that he had little to do with the mechanics of moving customer cash and collateral and that he was "stunned" when he learned on Oct. 30 that the money was missing.
"I simply do not know where the money is," he will say, noting that "there were an extraordinary number of transactions during MF Global's last few days."
2
Mystery? Thieves! They are the most skilled thieves of all. They don't need to hide their faces or find a gun. They know the tricks. They know the inner sanctum of the holy of holies. No trace, no tax, no law. It's a religion.
3
Yeah, it "mysteriously" ended up in someone's pocket. To paraphrase the old commercial, "we make money the old-fashioned way - we steal it."
4
The tea baggin' Koch brothers had billions on deposit with MF just days before MF collapsed, but "somehow" they knew to pull their money out just in time.
I wonder how they knew?
I wonder how they knew?
5
Does that mean that when the investigators find it, they can claim "finders, keepers" and apply it toward stabilizing the economy?
6
Oh they'll find it. Chasing down $1.2 billion will employ a virtual army of top legal talent. It'll take a decade or so, but the people about to sue the shit out of MF Global's dead corpse will track it down.
7
@6 - A decade from now will be far too late. Either it will be squirrelled away into off-shore accounts, or our economy will be in such a shambles that no one will have the time or will to extract it from the Koch-heads.
All this money, what is left of it, continues to disappear into the pockets of the rich, leaving the poor and the state holding a bag full of debt.
So much for sharing the wealth.
All this money, what is left of it, continues to disappear into the pockets of the rich, leaving the poor and the state holding a bag full of debt.
So much for sharing the wealth.
8
@6, Westside forever,
I wouldn't be too sure of that, Westy, just like most of the commenters at this site actually believe Obama, in spite of his consistent support for the Republican and Wall Street agendas, is a "democrat" of some sort??????
Goldy believes that only God dispenses vaccines, and regardless of how many countless times Eli Lilly, Merck, et al, are saddled with the largest criminal penalties in American, history, somehow when it comes to vaccines, suddenly big pharma goes all holy and shit!
Most Americans, after still don't understand the following sentence:
They privatized the profits, while socializing the debt.
Now the simple arithmetic of that phrase has come to light, with a member of the Treasury, Alan Krueger, recently stated that between 2007 to 2009, US holdhold wealth shrunk by an estimated $17 trillion.
That is the socializiation of the debt.
He is, of course, correct. How do I already know this?
Because of that GAO audit of the Federal Reserve some months back, which exposed that the Fed, between 2007 to 2009, pumped out $16.1 trillion both nationally and worldwide to various banks and private corporations.
And during that time we witnessed that $750 billion TARP bank bailout, which, when added to the fees for those hedge funds overseeing the disbursement of those bailout funds (Blackrock, et al.) the cost set aside for the bailouts total was $ .9 trillion; thus adding $16.1 trillion to $ .9 trillion and we see the balancing of $17 trillion disbursed to banksters, and that is the privatizing of the profits.
Because those funds went to their super-sized salaries, super-sized bonuses, luxurious junkets, etc., etc., etc.
the people are out $17 trillion
Privatization of the profits: the banksters are replenished by $17 trillion, after having made billions and billions of profits in peddling hundreds of trillions of securitized debt.
More...
I wouldn't be too sure of that, Westy, just like most of the commenters at this site actually believe Obama, in spite of his consistent support for the Republican and Wall Street agendas, is a "democrat" of some sort??????
Goldy believes that only God dispenses vaccines, and regardless of how many countless times Eli Lilly, Merck, et al, are saddled with the largest criminal penalties in American, history, somehow when it comes to vaccines, suddenly big pharma goes all holy and shit!
Most Americans, after still don't understand the following sentence:
They privatized the profits, while socializing the debt.
Now the simple arithmetic of that phrase has come to light, with a member of the Treasury, Alan Krueger, recently stated that between 2007 to 2009, US holdhold wealth shrunk by an estimated $17 trillion.
That is the socializiation of the debt.
He is, of course, correct. How do I already know this?
Because of that GAO audit of the Federal Reserve some months back, which exposed that the Fed, between 2007 to 2009, pumped out $16.1 trillion both nationally and worldwide to various banks and private corporations.
And during that time we witnessed that $750 billion TARP bank bailout, which, when added to the fees for those hedge funds overseeing the disbursement of those bailout funds (Blackrock, et al.) the cost set aside for the bailouts total was $ .9 trillion; thus adding $16.1 trillion to $ .9 trillion and we see the balancing of $17 trillion disbursed to banksters, and that is the privatizing of the profits.
Because those funds went to their super-sized salaries, super-sized bonuses, luxurious junkets, etc., etc., etc.
the people are out $17 trillion
Privatization of the profits: the banksters are replenished by $17 trillion, after having made billions and billions of profits in peddling hundreds of trillions of securitized debt.
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