Ensuring a Recurrence

Like the maître d' at a $40,000-a-plate restaurant, Jon Corzine filled the room, made sure he got the right people at the right tables.  And now he has the free lunch.  No prison orange tuxedo for the man many say raided segregated customer funds to back a bad euro bond gamble.  New rules must be implemented.  New precautions.  Move along now; nothing to see here.  "Segregated" customer funds really didn't mean "segregated."  (What made you think that it did?) Case closed. This was predictable.  No one was really held responsible for the misdeeds of mortgage and securities industries in '07 and '08.  And soon Corzine will also be "old" news, like Paulson, Rubin, Fuld, Blankfein, Mozilo, Raines, Johnson, Cox, Frank, Dodd, et al. The trail grows cold. It is remarkable that there were few, if any, violations of security laws in the events leading to the 2008 financial debacle.  Certainly what is missing is discovery of illegal behavior...(Read Full Article)

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