FedUpUSA

The 6 Billion Dollar Bet

 

The following video is Frontline’s expose on Jon Corzine and MF Global.  The film features Christopher Whalen from Institutional Risk Analytics.  Mr. Whalen spells it out pretty clearly when he says that MFGlobal’s use of client funds in risky leveraged bets is ‘fraud.’  As the film shows, MFGlobal was a commodities trading firm.  Hundreds of farmers throughout the country relied upon their execution of trades in order to offset their risk of perhaps having a poor crop, or losing some of their cattle herds; they didn’t use MFGlobal to leverage their money 40:1 and use it to place bets on risky European sovereign debt.  As usual, the question remains:  why has no one been prosecuted?  There are people out there who are missing a collective $1 billion dollars.  Don’t these people deserve justice?  How about equal application of the law?  It appears that Jon Corzine and his former company cohorts are exempt from the laws that apply to the rest of us, merely because Corzine was a former executive of Goldman Sachs and a former governor….oh, and a friend and ‘trusted advisor’ to Barack Obama.   Precisely how much more will the American people stand?

Part 1

Watch Six Billion Dollar Bet on PBS. See more from FRONTLINE.

 Part 2

Watch Six Billion Dollar Bet on PBS. See more from FRONTLINE.

 

Frontline

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