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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Monday, March 12, 2012

MF Global, Corzine and Goldman Sachs

Looking at the way the bankruptcy of MF Global was handled gives you a good idea about where the financial system in the US is going.  When you listen to the linked video, the future prospects of finance do not look good.  The corruption of the financial system thus continues on and it seems that only a few hardy individuals are standing up for the rights of others and for the rule of law.  All those regulatory agencies seem impotent.

MF Global:  Mark Melin Interviews Haar and Koutoulas on What Really Happened
By Jesse - Le Café Américain

. . . .

Here is an interview conducted by Mark Melin of Uncorrelated Investments, who represents a particular financial firm, Opalesque Investments. These days one must take the facts where one may find them.

In the first half he interviews Stanley Haar who discusses MF Global, and also the commodity markets in which he trades. He says that there was a concerted effort, a 'conspiracy if you will,' by JPM and Goldman Sachs to use their power and influence to structure the bankruptcy in an unusual way, twisting justice to favor their financial interests. If they are successful it will set a dangerous precedent in undermining the integrity of customer accounts and the entire US financial system.

In the second half he interviews James Koutoulas who formed the Commodity Customer Coalition which informally represents the interests of most of the 8000+ customers whose money was stolen.

. . . .

(The video won't embed but you can see it here.)

Jesse also has some interesting comments to make regarding this video here


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