In a continuation of our storyline regarding why Americans and investors should get completely out of the financial markets, news today broke that the CEO of MF Global is mulling over creating a hedge fund, just months after stealing over $1 billion of his customers money.
In what should be the biggst non-news of the day, the NYT is reporting that not only will Jon Corzine not face any criminal prosecution for vaporizing hundreds of millions in client money (which subsequently condensed in the JPM middle office), but will in fact be launching ... wait for it... a hedge fund. "A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. - Zerohedge
Corzine, once head of Goldman Sachs, Governor of bankrupt New Jersey, CEO of MF Global, and campaign promoter of President Barack Obama, is taking his theft and fraudulent roadshow to its next stop.
We sincerely hope no one with half a brain will even think of investing money in this potential ponzi scheme for the should be incarcerated.