Jew Scams -- Feds Key In on $325 Million Wire Transfer Made in Last Hours of MF Global

[CrackSmokeRepublican]

Feds Key In on $325 Million Wire Transfer Made in Last Hours of MF Global  


I wonder if this newly released MF Global information is some of the data that the creditor team has been examining and only recently released to Federal investigators.

It was surprising to hear that JPM as a creditor gets to decide how and when customers can have information about their MF Global accounts as reported here.

The truth may come out some day, but will be heavily coated in sugar. They will try to drag this out until the public loses interest and becomes distracted by something else.

A last minute wire transfer of a large cash amount, not to mention a transfer almost certainly involving customer money, would be an automatic clawback in any bankruptcy I have ever heard about. I saw a trial balloon floated out a week or so ago that put forward the theory that the money would not be returned because it was protected by a 2005 bankruptcy law regarding the sanctity of 'commercial paper' payments.

That rationale might work in a friendly court, but would establish an unbelievable precedent about the ability of banks and insiders to seize funds from the carcass of any failing enterprise ahead of other creditors.  

Keep in mind that customers who had requested their money DAYS before the 31st were sent checks instead of the customary wire transfers which they had requested, and those checks were not honored. And I have heard of at least one instance where a customer's wire tranfer was reversed a day later by the banks, which I had thought was not even possible.

This looks like a fraudulent conveyance, and possibly a conspiracy of theft of customer money amongst financial insiders as MF Global slid into bankruptcy.

The more I hear about this, the more outrageous it gets.

    Dealbook
    Investigators Scrutinize MF Global Wire Transfers    
    By AZAM AHMED and BEN PROTESS
    February 26, 2012, 9:07 pm

    Federal investigators examining the final days at MF Global and how customer money went missing are poring over scores of wire transfers in and out of the brokerage firm, including the possible movement of $325 million that may have belonged to customers, according to people briefed on the matter.

    The suspicious transfer, which until now has not been made public, was first discovered in the early hours of Oct. 31, the day the firm filed for bankruptcy. Initially, the firm attributed a shortfall of more than $1 billion in customer money to an "accounting error," records show. But after hours of searching, executives acknowledged to regulators in the firm's offices in Chicago that the shortfall was real — and may have been caused in part by the $325 million transfer, said one of the people briefed on the matter.

    It remains unclear where that money went, or even if it belonged to customers. (Did they lose the receipt?  LOL - Jesse)  But it is one of many significant wire transfers that federal authorities — including the Commodity Futures Trading Commission and the Federal Bureau of Investigation — have spent months reviewing to piece together MF Global's final days.


    Investigators have also reviewed another transfer, of $220 million on Oct. 31, which represented a last-ditch attempt to patch the hole discovered in the customer accounts.

    Once the firm disclosed the shortfall to officials from the C.F.T.C. and the CME Group, the giant exchange that also regulated the firm, MF Global shifted $220 million in customer money from the securities side of the business to its commodities brokerage unit, where the shortfall in client cash was discovered earlier.

    Ultimately, the final attempt came up short. Just hours after the transfer, the firm filed for Chapter 11 bankruptcy...

 http://jessescrossroadscafe.blogspot.co ... l-and.html


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27 February 2012
Scientific Study Shows That The Powerful and Privileged Are More LIkely to Lie, Cheat, and Steal  


I seem to recall my grandmother telling me this about 50 years ago.

I have encountered quite a few of the nouveau riche, barely upper middle class, that are unscrupulous and almost unbearable. And I have met a number of very wealthy people, both old money people and the accidental rich, who are kindly, enjoyable, and exceptionally hospitable.

From my own experience it is not whether a person has money per se. Rather it is the perceived power that a person feels that they have and their attitude towards it, and how differently they consider themselves to be therefore from others.

I have heard that it is easier for a camel to pass through the eye of a needle than a rich person to get into heaven. Perhaps it is a simplicity of heart that opens such doors for us, and the baggage of pride that closes them. None of the spirit can justly feel such pride compared to another. Our comparison, our aspiration, is not to the fellow next to us, but to a model so perfect and so loving that it leaves us equally alike in our unworthiness, attempting that which is unattainable to us on our own, except for the undeserved gift of grace.

But the world says 'Greed is good, baby.' Build the foundations of society on that historically untenable aphorism and enjoy the ride. It's been done many times before.

    "Seven studies using experimental and naturalistic methods reveal that upper-class individuals behave more unethically than lower-class individuals. In studies 1 and 2, upper-class individuals were more likely to break the law while driving, relative to lower-class individuals.

    In follow-up laboratory studies, upper-class individuals were more likely to exhibit unethical decision-making tendencies (study 3), take valued goods from others (study 4), lie in a negotiation (study 5), cheat to increase their chances of winning a prize (study 6), and endorse unethical behavior at work (study 7) than were lower-class individuals.

    Mediator and moderator data demonstrated that upper-class individuals' unethical tendencies are accounted for, in part, by their more favorable attitudes toward greed."

    Higher Social Class Predicts Unethical Behaviour, Proceedings of the National Academy of Sciences of the United States of America, February 27, 2012 Paul K. Piffa, Daniel M. Stancatoa, Stéphane Côtéb, Rodolfo Mendoza-Dentona, and Dacher Keltnera


    "According to Piff, unethical behavior in the study was driven both by greed, which makes people less empathic, and the nature of wealth in a highly stratified society. It insulates people from the consequences of their actions, reduces their need for social connections and fuels feelings of entitlement, all of which become self-reinforcing cultural norms.

    "When pursuit of self-interest is allowed to run unchecked, it can lead to socially pernicious outcomes," said Piff, who noted that the findings are not politically partisan. "The same rules apply to liberals and conservatives. We always control for political persuasion," he said."

    Greed Is Not Good, Wealth Can Make People Unethical