So Corzine took a massive suicidal position on European PIIG bonds with, I’m assuming, the big banks as the counterparty.
And let’s be crystal clear on one thing: that son of a bitch Corzine knew EXACTLY what he was doing. This isn’t a case of “stupid”. This is stone-cold malice aforethought.
When the MF position got bad, Corzine stole the cash in the segregated MF customer accounts and sent it to the big banks, which will now send a cut to Obama. And the CFTC, who, along with the Chicago Mercantile Exchange, were the responsible regulatory bodies, is now calling this a simple case of firm failure and a shining example of capitalism.
THIS coming from the same Obama regime who has been handing out $500 million dollar government “loans” right and left to fake solar companies set up by political cronies that they KNEW would fail, were set up to fail, and were purely a means to loot the United States Treasury. The gall of these Marxist scumbags to turn around and lecture anyone on capitalism and “freedom to fail” is beyond the pale. It’s just evil. That’s what it is. It’s evil incarnate.
Up next: Look for all MF clients to be branded and vilified by the Obama regime and the media as uber-wealthy “1%” greedy fat-cats who deserved to lose their money. After all, only evil, greedy billionaires trade futures.
Yeah, like my friend in Abilene, Texas who works his butt off as an cattle order buyer. Or my friend in Meade, KS who backgrounds feeder cattle. Yeah. They’re “billionaires” who deserve to have their money stolen.
Ann Barnhardt – Barnhardt Capital Management, Inc.