As salaried employeeI would argue the US to be much worse than working in Germany or Asia. In Germany you pay about similar tax rates compared to someone toiling in NYC (federal income tax and local tax ad well as sales tax...) and the absolut wage in financial services might be a little lower than in Manhattan but you get a huge bag of social goodies in exchange. Asia, particularly HK is a paradise for all those who work in financial services and wanna toil for a few years in exchange for a nice package. Top income tax bracket 15% for all non US citizens or long term visa holders. Why someone wants to live and work salaried in NYC and pay ridiculous taxes that I think also amount To close to 50% is beyond my understanding.
He's Back! Jon Corzine Considers Launching Hedge Fund
- Thread starter JamesL
- Start date
She is not selling herself out (yet) to any media outlet but intelligently uses the media. After all she is only the most powerful woman in the world for many years and probably the most intelligent head of state in the world in the past 20 or so years. Maybe a slight exaggeration but I think it comes close...and I take your bet...she will enjoy her private life after she retires or gets retired. No tours nor book for her.
Time doesn't heal all wounds, or dismiss all crimes
Corzine wants to do what!
By Daniel P. Collins
April 22, 2015 • Reprints
When the Commodity Futures Trading Commission (CFTC) charged Jon Corzine in relation to the demise of MF Global, there was renewed interest of the case in the financial media. Unfortunately many of the people reporting on the charges came in cold and did not fully understand what occurred and the extent of the damage.
Since it was becoming clear that most of the victims would receive 100% of their money back perhaps it didn’t see so serious to the uninitiated. They did not seem to understand that the damage done by the MF Global bankruptcy, which put many people out of business and threatened an entire industry by violating the sanctity of customer segregated funds. It forced the closure of commodity trading advisors and introducing brokers. Prevented farmers from buying seed and equipment and ranchers from restocking herds.
Don’t pay your mortgage for two years and see if you can just pay the face value of what you are in arears without penalty—if you hadn’t already been foreclosed on.
Worse yet, some in the media painted it as a story of how responsible you should hold a chief executive “for the conduct of an employee fairly well removed from his direct supervision.” (Evidence shows that Corzine personally directed said employee to transfer funds from the segregated account). This showed a complete lack of knowledge of the situation. We have noted here many times that it was Mr. Corzine that directed the trading the put MF Global at risk. He was warned about it by risk managers. When he did not relent and only increased his position, the risk manager was gone. Corzine fought regulators over the margin that should be required. Corzine lobbied the CFTC to keep in place rules that allowed him to access non-US customer funds (part 30) to back his proprietary trading.
We logically concluded from this that Corzine was the person who lacked supervision.
We have also pointed out how it was disturbing that every time there appeared to be new developments in the MF Global debacle investigation, stories appeared in major news outlets citing unnamed sources that there would be no criminal charges brought by the justice department. The worst of these was a story in the New York Times that not only suggested there would be no criminal charges but that sources close to Mr. Corzine indicated he was contemplating starting up his own hedge fund. To include that is an indication the authors did not understand the gravity of what occurred at MF Global.
This seemed incredulous to us.
But once again—with the CFTC case still pending, that would require Corzine to pay restitution and fines as well as banning him from participating in any regulated futures markets—a story is floated, this time in the Wall Street Journal, that Mr. Corzine is contemplating starting up a fund.
This appears to be a transparent attempt by the Corzine camp to downplay the seriousness of the charges Corzine is facing, and the destruction his actions wrought.
About the Author
Editor-in-Chief of Futures Magazine, Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange. Dan joined Futures in 2001 and in 2005 he was promoted to Managing Editor, responsible for overseeing all the content that went into Futures and futuresmag.com. Dan’s incisive reporting and no-holds barred commentary places him among the most recognized national media figures covering futures, derivative trading and alternative investments.
Corzine wants to do what!
By Daniel P. Collins
April 22, 2015 • Reprints
When the Commodity Futures Trading Commission (CFTC) charged Jon Corzine in relation to the demise of MF Global, there was renewed interest of the case in the financial media. Unfortunately many of the people reporting on the charges came in cold and did not fully understand what occurred and the extent of the damage.
Since it was becoming clear that most of the victims would receive 100% of their money back perhaps it didn’t see so serious to the uninitiated. They did not seem to understand that the damage done by the MF Global bankruptcy, which put many people out of business and threatened an entire industry by violating the sanctity of customer segregated funds. It forced the closure of commodity trading advisors and introducing brokers. Prevented farmers from buying seed and equipment and ranchers from restocking herds.
Don’t pay your mortgage for two years and see if you can just pay the face value of what you are in arears without penalty—if you hadn’t already been foreclosed on.
Worse yet, some in the media painted it as a story of how responsible you should hold a chief executive “for the conduct of an employee fairly well removed from his direct supervision.” (Evidence shows that Corzine personally directed said employee to transfer funds from the segregated account). This showed a complete lack of knowledge of the situation. We have noted here many times that it was Mr. Corzine that directed the trading the put MF Global at risk. He was warned about it by risk managers. When he did not relent and only increased his position, the risk manager was gone. Corzine fought regulators over the margin that should be required. Corzine lobbied the CFTC to keep in place rules that allowed him to access non-US customer funds (part 30) to back his proprietary trading.
We logically concluded from this that Corzine was the person who lacked supervision.
We have also pointed out how it was disturbing that every time there appeared to be new developments in the MF Global debacle investigation, stories appeared in major news outlets citing unnamed sources that there would be no criminal charges brought by the justice department. The worst of these was a story in the New York Times that not only suggested there would be no criminal charges but that sources close to Mr. Corzine indicated he was contemplating starting up his own hedge fund. To include that is an indication the authors did not understand the gravity of what occurred at MF Global.
This seemed incredulous to us.
But once again—with the CFTC case still pending, that would require Corzine to pay restitution and fines as well as banning him from participating in any regulated futures markets—a story is floated, this time in the Wall Street Journal, that Mr. Corzine is contemplating starting up a fund.
This appears to be a transparent attempt by the Corzine camp to downplay the seriousness of the charges Corzine is facing, and the destruction his actions wrought.
About the Author
Editor-in-Chief of Futures Magazine, Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange. Dan joined Futures in 2001 and in 2005 he was promoted to Managing Editor, responsible for overseeing all the content that went into Futures and futuresmag.com. Dan’s incisive reporting and no-holds barred commentary places him among the most recognized national media figures covering futures, derivative trading and alternative investments.
How is this guy not in jail. This is an example for a broken judicial system. You guys throw female teachers in jail who have sex with 17 year olds while you let a fraud walk after embezzling $500m in segregated brokerage funds.
Historically to prove these cases has been very difficult especially against persons with a large war chest and sophistication IE someone who knows how not get caught red handed eg Stephen Cohen of Point72 Asset Management aka SAC...
As Daniel Collins so eloquently points out in dealmakers post above, MFG did a lot of damage to a lot of people and yet Corzine remains free, and this is because he has contacts in government who continue to protect him. Compare this to the PFG mess in 2012 - Russell Wasendorf of PFG was Corzine's approximate equivalent, ie. the person ultimately responsible, and he is in, and will very likely die in, federal custody. Why? Because he was not politically connected and so he has been held accountable for his crimes as dictated by the law. That same law does not apply to Corzine. All the spin in the world cannot change the fact that Corzine should be behind bars.
Well that is for Americans to sort out. But the broad public prefers to remain educated to evening news standards and bullshit fed by people of a certain race in that country that make up only 1% of all citizens but own more than 40% of American total wealth and literally control politics, finance, film and movies, news, and entertainment. It is in their interest to keep people stupid and to rescue their own. Corzine is one of them hence why are you surprised?
Ps: Did I forget to mention that as soon as anyone touches on this topic the big invisible hammer comes and hammers down all the nails that are sticking out? Mark my words...I give it less than 30 minutes...
Ps: Did I forget to mention that as soon as anyone touches on this topic the big invisible hammer comes and hammers down all the nails that are sticking out? Mark my words...I give it less than 30 minutes...
You are correct volpunter, sadly.
You are exposing yourself as narrow minded, blaming societies ills on one ethnic group....
yeah I guess so, you must of course be right. How I could err so badly is beyond my understanding. My evil German genes must be responsible for such mishap.