MF Global did Free Market the right way. We should salute them.
- Thread starter Chausey
- Start date
Attaboy!
Free markets and anarchy are not the same thing.
Capitalism requires a minimal legal framework that needs to be efficiently enforced without prejudice.
MF Global clearly broke the rules and committed criminal acts.
If we cannot rely on the law to protect people from having money stolen from them then we have anarchy.
I don't want a bailout. I want the money that has been stolen from me to be returned. I wouldn't expect to walk out of a 7Eleven with a candy bar that I hadn't paid for and not face charges.
Likewise, Jon Corzine must face charges.
Clearly this thread is just a wind up.
Capitalism requires a minimal legal framework that needs to be efficiently enforced without prejudice.
MF Global clearly broke the rules and committed criminal acts.
If we cannot rely on the law to protect people from having money stolen from them then we have anarchy.
I don't want a bailout. I want the money that has been stolen from me to be returned. I wouldn't expect to walk out of a 7Eleven with a candy bar that I hadn't paid for and not face charges.
Likewise, Jon Corzine must face charges.
Clearly this thread is just a wind up.
No, that wasn't "free market", that was a company lying to its customers to make money for itself.
As long as the money comes from "industry" and not government, then that is still free market and I hope that's what they do. The industry created the rules, the industry broke the rules, the industry should make it right. If they don't, that's free market too, but self destruction. Obama better not bail them or the Fed, although we would never know for sure if they did.
You can have rules set by the industry itself and if any firm working inside that breaks the rules, then the industry sets it right for the sake of its own reputation. You don't need the Federal Courts to stand behind a free market platform. Making people whole would take 1 or 2 days, now these poor customers will waste more money on lawyers for appeals and 10 years of legal wrangling.
Regarding what happens personally to Corzine, if the damn system didn't have the Feds, they would be the only ones to do anything and not rehiring the bastard would keep the parasite out. Now he likely won't serve time and probably get rehired by a top firm and make a few million a year. Talk about punishment. Anybody want to shovel more money into their trading account now? There is no accountability to this system inside of it. I hope every trader has a lawyer hired permanently because this is just the beginning of an avalanche of fraud to come over the next 10-20 years. I have a new idea for Congress, they should hire all these new lawyers graduating and every trader who opens an account, gets a newly appointed government lawyer ready to go when the call comes in.
MF Global story details seem to be hidden so far - http://www.youtube.com/watch?v=E5QNM9RYeBc