There is simply not enough room in prison for this. Also, the jailers could be part of the problem. For example, until not so many years ago, insider trading was OK for congresspeople I thought. I have wondered how many (if any) elected officials had some of those offshore accounts avoiding tax in Switzerland. Remember that in Greece, the minister getting a list of them from Greece (from France) LOST THE LIST. I understood that he was probably also on it. If no portion of the financial or political or corporate systems is honest, there is just nothing to work with to correct that system. Sad.
That smacks of "regulation".. Republicans have not been for regulation in decades and Democrats like Corzine are capitalizing on the situation. Getting the bill through is unlikely.
If you wish to get political... Oddly, I saw it as clear swift criminal sanctions for regulations already on the books. Which is more a conservative idea. The dems and the left don't really seem capable of doing anything wall street does not want them to do since they the bankers make up most of the dems cabinets.
New blog: MF Global & PFG Best deposit losses have nuanced tax treatment http://www.greencompany.com/blog/index.php?postid=180 Hereâs an important update on dealing with tax write-offs for MF Global (MFG) and PFG Best (PFG) deposit losses and reporting taxable income in subsequent years if more money is recovered for customers over the tax loss amounts taken. According to the Commodity Customer Coalition (CCC), both MFG and PFG bankruptcies are still active files with several unresolved issues, including tax treatment. That puts tax treatment decisions for 2012 up in the air. The CCC has an important conference call update on March 7, 2013 at 3:30 PM EST. (Dial-in number: 1-712-432-3100; conference code: 134556.) We will be there. Read the entire in-depth blog on tax treatment.
I am getting several offers for my PFG claim in the mail. They are currently offering another 25% or so beyond the initial 30%. These companies will be our best friends after they accumulate a large number of claims, because they will sue the banks and others involved on a class action basis and they will do so aggressively. They would not be offering a total of 55% (less the 30% already distributed) if they thought that ultimately only 60% would be recovered. So do not sell your claim. If things go well when they pursue the class actions, we may eventually see a much higher recovery if the banks and auditors etc. settle. And everyone will get the benefit of the final recovery settlement if they hold out and do not sell their claim!
Of course you are taking precisely that risk. Segregation is not insurance and if the fox choses to defraud and eat your hens rather than segregate them you are SOL. In addition even if segregation is properly done it is a segregated pool 9not individually segregated accounts) and if the pool goes at risk (a big client busts out) you are again SOL. The way futures funds are treated is inheriently much more risky than SIPC guarenteed funds. If you want to lobby for an insurance scheme I'm with you but if you want to live in fantasy land ... well, leave me back in the real world.
It would be a mistake to say that they are not doing anything. I have heard that they have quietly allowed themselves to insider trade again. What great people! (It kind of brings a tear to your eye thinking about them.)