Friday, August 17, 2012

More of the Same

Whoooo-EEEEEEEEEEEEEEE! The casino's open again, boys!
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. After 10 months of stitching together evidence on the firm's demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
Jesus H. Christ on a Galilean seesaw, and they say vaudeville is dead.

[...]

Criminal investigators can bust the Russian mob. They can break up drug syndicates. They doggedly run 'roided-up pitchers into court. Twice. They beat hell out of Napster. But set them down amid the financial-services crowd and, suddenly, they can't find a whore at high Mass. (Yeah, yeah. "Look on the altar." Ya bastids.) At this point, it is clear that people like Corzine, and Lloyd Blankfein could put on masks and start sticking up fruit stands all over lower Manhattan, and get away with it because of  "the difficulty in prosecuting crimes like these."

This is what "looking forward, not back" really looks like. This is the inevitable consequence of hiring Tim Geithner and steeping yourself in the transparent fantasy that anyone on the upper levels of Wall Street was innocent in the general looting that led to the general collapse.
  Charlie Pierce
...but hey, do what you want...you will anyway.

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