You have totally missed the true target of your anger: SEC and other auditing arms of the government (You smartazz must know the names of those auditing agencies because you all took Series 8, 14, and 54, you can fill the blank here). Suppose there are a few thieves in a neighborhood, they want to steal stuff for various reasons. And there are the cops who are supposed to catch them. If the cops know these thieves in the neighborhood and look away when stealing is going on, should the neighborhood residents blame the cops or the thieves? Similarly, Wall Street firms have thieves, they try to steal for various reasons (to average in, to hold a losing position [I am sure most of you did the same!!! So don't laugh at Corzine for doing it.], to wait for the position to come into the green zone, to hope, to pray, to wish, etc. [I am sure most of you did the same!!! So don't laugh at Corzine]. Anyway, they need the money to meet the margin requirement! Don't laugh at the way Corzine "borrowed" the money from the customers' accounts, because most of you did the same: borrow money from credit cards, borrow money from your parents, friends, spouses or home loans to fund your trading accounts.....You pathetic losers!). But, SEC/others knows it, and doesn't do a thing to stop him! SEC knew Madoff didn't make a trade in years, but didn't do a thing to stop his ponzi scheme! So while we blame the thieves for stealing, let's not forget the cops who are supposed to stop the thieves after they find out the stolen goods in the thieves' houses. SEC/others audits the brokers regularly. They know the missing funds from the customers' accounts (It takes a few minutes for Interactivebrokers to find out the missing money!). Why don't they stop Corzine? SEC/others must be laughing at you morons for blaming Corzine.
anybody who traded for a while at a prop firm... almost definitely stopped averaging down on losers. old traders bold traders - you know old traders bold traders no old bold traders. 2. we blame the theives. we already know the govt is corrupt. the career path at the sec is to get out and get paid by wall street.
no, but I would like to be a classics scholar. I believe in mormon beliefs the angel moroni is symbolized as the guy blowing the horn at the top of the mormon temples. The one in San Diego is prominent enough that it prompted to me to ask a mormon I knew who that guy is at the top of the temple.
The track record for sending all these fat cat wall street type crooks to prison isn't all that encouraging, I hope they do in this case, all of them involved. The bigger picture is the confidence of the futures industry in segregated accounts. As noted above, regulators exchanges, comissions, whatever were asleep at the switch, it'll send shock waves if traders (myself included) are not made whole. (and in a timely manner)
Maybe we need to outsource our SEC enforcement team to the Chinese. http://www.dailymail.co.uk/news/art...minals-executed-organs-sold-black-market.html Smart folks these chinese... they execute them with clinical precision and then harvest and sell their organs. Who says your not worth anything dead.
yeah... but in the good old usa these execs get to burn through all of their firms assets defending themselves until they get a full release from any and all claims. Even if they are found guilty their assets first go to pay their lawyers and then any claimants. Pretty much why no one goes to jail... most investors will take the haircut upfront than litigate for 5 years to obtain an uncollectable judgement or worse a not guilty verdict. The Chinese are much harder on their white collar thieves. 55 offenses lead to lethal injection with one double appeal process. Drug smugglers, fraud and even attempted fraud can buy you a bullet. I believe after international pressure they revamped their criminal laws this year removing tax fraud and gold / silver smuggling from the mandatory death list. I find the fact that they impose the death penalty on corrupt politicians and make their relatives pay for the bullet interesting. We would have to fill all of our elected offices every year if we followed their standards. http://www.eai.nus.edu.sg/BB412.pdf OFFENSES LIABLE FOR CAPITAL PUNISHMENT AS STIPULATED IN THE 1997 CRIMINAL LAW Crimes Endangering National Security (7 capital offenses) ⢠Plotting to jeopardize the sovereignty, territorial integrity and security of the country ⢠Instigating to split the country ⢠Organizing, plotting, or carrying out armed rebellions, or armed riots ⢠Organizing, plotting or acting to subvert the political power of the state ⢠Espionage ⢠Stealing, secretly gathering, purchasing by bribery or illegally providing national secrets or intelligence to foreign institutions ⢠Providing the enemy with armed equipment or military materials Crimes Endangering Public Security (14 capital offenses) ⢠Arson ⢠Breaching dikes ⢠Causing explosions ⢠Poisoning ⢠Threatening public security with dangerous methods ⢠Sabotaging transportation instruments ⢠Sabotaging transportation infrastructures ⢠Sabotaging electric power ⢠Sabotaging inflammable or explosive facilities ⢠Hijacking an aircraft ⢠Illegally manufacturing, trading, transporting, and mailing guns, ammunition or explosives ⢠Illegally trading or transporting nuclear materials ⢠Stealing guns, ammunition or explosive materials ⢠Forcibly seizing guns, ammunition or explosive materials Crimes Undermining the Socialist Market Economic Order (15 capital offenses) ⢠Producing or distributing bogus medicines ⢠Producing or distributing poisonous or harmful foods ⢠Smuggling weapons and ammunitions ⢠Smuggling nuclear materials ⢠Smuggling counterfeit currencies ⢠Smuggling cultural relics ⢠Smuggling precious metals ⢠Smuggling rare plants and their products ⢠Counterfeiting currency ⢠Fund-raising frauds ⢠Financial instrument frauds ⢠Letter of credit frauds ⢠Credit-card frauds ⢠Illegally issuing value-added tax invoices ⢠Counterfeiting or selling counterfeit value-added tax invoices Crimes Infringing upon the Rights of the Person and his Democratic Rights (5 capital offenses) ⢠Murder ⢠Rape ⢠Statutory rape ⢠Kidnapping ⢠Abducting women and children Crimes Encroaching on Property (2 capital offenses) ⢠Robbery ⢠Theft Crimes Disrupting the Order of Social Administration (8 capital offenses) ⢠Imparting criminal methods ⢠Organizing a jail break ⢠Prison riots using weapons ⢠Illegally digging and robbing ancient remains or tombs ⢠Illegally digging or robbing fossils of ancient human beings or fossils of ancient vertebrate animals ⢠Smuggling, trafficking, transporting or manufacturing narcotics ⢠Organizing another person to engage in prostitution ⢠Forcing another person into prostitution Crimes Endangering the National Defense Interest (2 capital offenses) ⢠Sabotaging military weapons, military installations or military communications ⢠Knowingly providing unqualified weapons or military installations to the armed forces Crimes of Graft and Bribery (2 capital offenses) ⢠Graft ⢠Bribe-taking Crimes of Violating Duties of Military Servicemen (13 capital offenses) ⢠Refusing to carry out an order in wartime ⢠Deliberately concealing military intelligence, furnishing falsified intelligence ⢠Refusing to disseminate military orders, or falsely disseminating military orders ⢠Surrendering to the enemy ⢠Deserting on the eve of a battle ⢠Obstructing commanding officers or on-duty servicemen from carrying out their duties ⢠Defecting to a foreign country ⢠Illegally obtaining military secrets ⢠Illegally providing military secrets to foreign organs ⢠Fabricating rumors to mislead people during wartime ⢠Stealing or robbing weapons or military materials ⢠Unlawfully selling or transferring military weaponry ⢠Injuring or killing innocent residents or looting property from innocent residents during wartime