Thursday, August 16, 2012

- It's About 'Who You Know'...

The occupy people and the far left want to prosecute Goldman executives for selling structured products. They say that they were crap, and they were. But Goldman never said they were chocolate ice cream - they sold them as 'crap'. And anyone who's ever worked in agriculture knows that crap is not without value in it's own right. It's not worth what chocolate ice cream is, but it's certainly not illegal to sell it so long as you're upfront about it's contents. With all that said though, the drumbeat in the media for criminal prosecutions remains unrelenting.

Meanwhile, the much clearer case of 'illegal' activity at MF Global, is unlikely to be prosecuted. At MF they stole their clients money. Money they were not entitled to. It was exactly as if a Bank raided their customers safe deposit boxes without permission.

Even if there were no malice involved and it happened as a result of incompetence alone, there is more than enough justification to provide a massive disincentive to make sure no other firms decides to do the same.

Of course, with this justice department, no one ever thought a major Democrat player like Jon Corzine would be brought before the bar. At least I certainly never believed it. But it would have been nice to know that the word 'justice' still had some vague connection to the facts in America, and wasn't all about who you know, or what political group you belong to.

This is what it looks like when Republics die I guess.

1 comment:

Chess said...

Ditto the above.China.Stadium.Bullet.Bang. Bill to family.