let this be a lesson about regulations.

[AK Forty Seven]

Quote from Arnie:

So you think all those upper West Side/Palm Beach Jews were Republicans?

Palm beach voted Allen West as their US Rep.Republicans won that district 4 out of the last 5 elections


Sanford operated out of Houston with most his his clients in Texas and Louisiana.They were the ones whining the most

 

[Max E.]

What you said the first time is embarassing enough, you should really know when to "fold em"

Quote from AK Forty Seven:

Palm beach voted Allen West as their US Rep.Republicans won that district 4 out of the last 5 elections


Sanford operated out of Houston with most his his clients in Texas and Louisiana.They were the ones whining the most

 

[AK Forty Seven]

Quote from Max E. Pad:

What you said the first time is embarassing enough, you should really know when to "fold em"

Maybe you don't understand that if palm beach keeps electing republicans as their representatives there are a lot of republicans there.

 

[tomdavis]

Quote from Free Thinker:

what is happening at pfg is an outrage and i do not know the political leanings of this firm but i find it interesting how when things are good people hate regulations and clamor to kill them. then something happens to them and what is the first thing they call for. more regulation. something that i agree is needed.


http://managed-futures-blog.attaincapital.com/2012/07/10/pfgbest-broken-promises-shattered-trust/

MF Global had us angry, but this time, it’s personal. Our clients have money with PFGBest. We have money with PFGBest. We were misled by senior leadership that we trusted in business. We were let down by regulators. We were failed by our government.

There are many laws against bank robbery, yet over 5,000 banks get robbed every year. Thousands more are hit by embezzlement. Having more laws against robbing banks won't change anything.

I'd like to know if this is a result of lax regulations -- something that could be fixed by changing the regs; or if this is a result of a thief who saw an opportunity and took it -- like a bank robbery.

 

[Max E.]

Quote from tomdavis:

There are many laws against bank robbery, yet over 5,000 banks get robbed every year. Thousands more are hit by embezzlement. Having more laws against robbing banks won't change anything.

Thats just it, there were already many laws in place to make this kind of shit illegal, what good does it do introducing a bunch of new laws, if the regulators coudnt even do anything about it to begin with....

What good does it do to add more laws so that criminals like Corzine go to jail, if no one is even willing to enforce the laws that are already on the books....

 

[PocketChange]

Solution is simple:

All fiduciaries entrusted with client funds must maintain a surety bond at all times equal to 110 % of the daily mark to market value of all assets and cash in their control.

You can't drive without insurance.
Soon you can't live without insurance.
You can't do business without insurance.

Make it mandatory... All the banks pay for FDIC.

If I were a broker/dealer I would get a surety bond and advertise to all clients your funds and assets are 100% insured.

Quote from Max E. Pad:

Thats just it, there were already many laws in place to make this kind of shit illegal, what good does it do introducing a bunch of new laws, if the regulators coudnt even do anything about it to begin with....

What good does it do to add more laws so that criminals like Corzine go to jail, if no one is even willing to enforce the laws that are already on the books....

 

[wjk]

In order for regulation to work, there must be accountability. Madoff was held to account, Corzine has not been. I find it interesting that one was a politician, one was not. One is in jail, the other is a free man. Side note: The free man is not a republican.

 

[Ricter]

Quote from PiggyBank:

Why would that be what i should say? They only 'self-regulate' to please the feds anyway. My point was crime can't be prevented. However as the last poster pointed out, it can be punished. Make the common law penalties/sentences much more harsh and you will get people thinking twice about fucking over their clients.

If a behavior is not against a law/regulation then how can it be formally punished?