I think what MF Global and John Corzine did is called “cooking the books”. Here is a link to the hearing. Some may jump to Corzine’s defense. If they cooked the books, then he lied at his Congressional Hearing, which is perjury.
The question I have is this. If someone had the lack of ethics to capriciously steal customer funds and fill a hole in their firm’s books-what makes you think they wouldn’t lie at a Congressional hearing to protect their own butt?
The funny thing is that the $CME is giving an exact timeline of their data. They can account for all the money that they had their hands on-and it’s critical to point out-CME isn’t at fault and isn’t a target of the investigation. Their hands are clean, and their books are transparent. Terry Duffy did a good job of correcting Senators that either made statements, or asked leading questions to position MF favorably. It was a strong and needed statement by CME.
On the other hand, MF is liable, and it looks like criminal activity took place in the firm. No different than Enron. Of course, I think Enron donated to Republicans and MF was run by one of the most liberal of Democrats.
Wonder how Corzine feels about wearing orange?
One of the government programs started under the Obama administration is Start Up America. It has lead to efforts in various states. Today, they are unveiling Start Up Iowa. The key question to ask comes down to this. Is the money spent on Start Up America offset by an increase in GDP growth from start ups?
The short term answer is “No”, because for any real measurement to take place it will take 5-7 years. Start Ups are not accretive to the economy overnight.
However, the long term answer might be different depending on a lot of variables. The one bad thing about government programs is they never end. I really don’t care that this one says it’s not spending taxpayer dollars, it is using government resources so there is a cost that corresponds with that.
Open Letter to Obama and Congress From Internet Giants Calls For Reining In Government Surveillance | Nick Sorrentino
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