MF Global Financial Collapse is Obama’s Hurricane Katrina
Mar 25, 2012
Bill Black is interviewed on the Capital Accounts Show on RT.
I would be glad to show a video of Bill Black discussing important financial matters such as this on a mainstream US video program but there don’t seem to be any.
There were a number of disturbing things in Gary Gensler testimony to the Congress about the role of the CFTC in this. Some of these things are discussed here.
I doubt very much that justice will be done at MF Global. The Banks have been getting away with everything they have done so far, up to and including the blatant stealing of funds from customers that were being held on account, and not even subject to active trading margin.
He can try to pass the buck on this, and there is plenty of company in this on both sides of the aisle and in the media. But the ultimate responsibility for the handling of this falls on Barack Obama and his Administration. It happened on his watch, and it was their job to make it right. That is price of leadership.
He can continue to ignore it, plead ignorance, and even make excuses, but at the end of the day he should be ashamed at how this was handled, and the Congress and the media along with him.
I can only imagine what they would be saying if the President was George W. Bush, and Jon Corzine was his leading Republican fund raiser. With a few notable exceptions, largely solitary voices, where are the so-called progressives on this? Hypocrites!
I do not expect to see justice done here. There are too many powerful people and interests involved, and justice, being truth in action and not words, is not en vogue for misdeeds of the TBTF financial sector. We are way beyond that with this generation of vipers that has infested the Beltway for the past twenty years.