According to a report in today’s New York Times
, a criminal investigation into the collapse of the brokerage firm MF Global and disappearance of about $1 billion in customer money is in its final stages and no criminal charges are expected against any top executives, including New Jersey’s former Governor who ran the firm.
“Investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear,” says The Times.
Do you buy that? Can $1 billion get misplaced accidentally without criminal intent?
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When will Wall Street enforcement get serious and start putting people in jail?
While we Americans love to point out at how corruption in China enables baby toys to be sold with lead in them, shoddy construction that ignores building codes, or pollution of the air and water, is America really any better at policing corruption?
We won’t clean up the crooked capital markets that caused the mortgage crisis and allowed Wall Street to get away with robbery until we hold people accountable for their actions.
No one has gone to jail for the mortgage crisis, which has cost Americans billions of dollars in losses and bailouts, not to mention widespread crisis in homes across the nation.