Anyone can commit fraud, steal and break the law. There is no way to know in advance that it won’t happen. If you want certainty, invest in jewelry/gold bars and put in a safe underneath a floorboard in your house.
And it is wrong to say that MF Global “got away with it.” They (MG Global) did not get away with anything – the company is bankrupt and its principals are disgraced and will suffer real civil, if not criminal liability. It is true that certain creditors of the trading affiliate were enriched at the expense of the customers of the brokerage, and there will be litigation for years to come on that issue. If those creditors knew what was happening, they will ultimately have to give money back. If they did not know, then we are dealing with two innocent parties, and the respective rights are what they are. David From: [email protected] [mailto:[email protected]] On Behalf Of [email protected] Sent: Monday, June 04, 2012 3:06 PM To: Progressive Economics Subject: Re: [Pen-l] IRA question . MF Global is a scandal, because money was improperly transferred from the brokerage unit to proprietary trading affiliate when they were desperate for cash. David Shemano --- Thanks David, But this is basically why I was asking. If MF Global could get away with making money disappear, why couldn't Citi? Joanna
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