MF Global is the big story on the wires the past few days. That along with Greece and its referendum on the Euro bailout.
Can you imagine that now! A voter referendum. How positively gauche!
How dare Papandreou attempt to inject democracy into a feudal crony-capitalism ponzi system. May advice to Papa would be to double up his security detail as the parasites that inhabit our Fed, the EU, ECB and various other crony elitist entities and their banking masters are petrified of a referendum, of democracy, of information.
Well, in one word.... Iceland.
The Icelanders found out what was going on before the parasites could shove their way down their collective throats.
Hopefully the citizenry of Greece will offer the same 'middle finger' gesture to the global banking thugs that the Icelanders did. In other significant news Greek Prime Minister Papandreou overnight sacked the entire military brass of the country. Did he smell a coup coming? Was he worried about whose pocket the military brass was in? I know not.
If you follow me on twitter you know I have been tweeting quite a bit on the subject of MF Global and its brilliant CEO (and ex Goldman Sachs CEO) Jon Corzine.
Forget the fact that client account monies which by law are supposed to be segregated from the firms is now missing. Forget that MF just sold a couple hundred mill in bonds to pension funds valets and never made a coupon payment. Just remember Corzine is yet another in a long of of alum from the firm purported to be doing God's work.
Oh yeah, did I mention MF Global was levered up 40x. Yes more debt and more leverage fix everything. Jon Corzine bet the ranch on Spanish, Italian and Greek bonds all in the hope that his expert network of contacts, cats like Draghi, Carney, et al. who have assured him bailouts infinitum are coming would materialze.
And when it doesn't? Heads I win tails you lose.
Jon Corzine besides being a thug and a thief is a sham. He is yet another in a long line of faux fund managers. You know from the David 'investing is easy' Tepper school of fund management. Where you bet the ranch on crony-capitalism bailouts and intervention in the hope of reaping huge windfalls which let you prosper. And if you bet goes awry. Well, then of course the clients, the taxpayers, anyone but your smug, arrogant inflated ego ass self takes the hit.
Better to let your 5 yr old manage the money. At least you know there are no nefarious aspects to the deal and it is simple luck.
Just remember this the next time some mainstream media boob fawns over a Wall St. guru while on bent knee asking what its like to be a billionaire. Remember this the next time some beauty pageant contestant (male or female) turned bingo caller describes the Occupy Wall St. movement as socialist, marxist, anarchist. They have no clue what any of those words mean until the teleprompter tells them so.