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Message Subject THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Poster Handle RoXY
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Wall Street Financial Fraud: US to drop criminal probe of MF Global
by Barry Grey
August 21, 2012

The New York Times published a front-page article on August 16 reporting that the US Justice Department is preparing to end a ten-month criminal investigation into the collapse of the Wall Street brokerage firm MF Global without charging the company or any of its employees.

This is despite what the Times called the “disappearance” of some $1 billion in customer money that emerged when the firm filed for Chapter 11 bankruptcy protection last October 31. MF Global raided clients’ accounts in an attempt to meet margin calls in the days leading up to its collapse. The newspaper reports that $175 million of this stolen money went to JPMorgan Chase.

The failure of the firm, on the other hand, left “farmers and other customers out millions,” according to the Times report.

Nevertheless, the company and its former chairman and CEO Jon Corzine are likely to be given a free pass by the government. The Times cited “people involved in the case who spoke on condition of anonymity,” making clear that news of the government whitewash had been deliberately leaked, presumably in an effort to prepare public opinion and dampen popular outrage.

The Times is no doubt also motivated by concerns over the impact on the Obama reelection campaign of yet another official cover-up of Wall Street criminality, given that Corzine is a former Democratic senator and governor of New Jersey and a top fundraiser for the Obama campaign. He hosted Obama’s first reelection fund-raising event at his Fifth Avenue apartment overlooking Central Park in Manhattan.

Failure to prosecute the multi-millionaire Goldman Sachs CEO (1994-1999)- turned Democratic office-holder will create difficulties for a campaign based — absurdly and cynically — on casting Obama as a quasi-populist alternative to his pro-Wall Street opponent.

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