25 February 2013

But Of Course

The National Futures Association, the organization responsible for "self-regulating" the industry, wanted to ban Jon Corzine from the group for life.

They had a problem though, it turns out that the former head of the non-bankrupt MF Global was not a member:
The comedian vowed to avoid “any club that would accept me as one of its members.” Mr. Corzine, the former Democratic senator who ran MF Global until it collapsed in 2011, faced expulsion from a group to which he did not even belong.

The National Futures Association, the futures industry’s self-regulatory group, convened on Thursday to consider a lifetime ban of Mr. Corzine. Two of the group’s newest board members championed the plan as retribution for Mr. Corzine’s role in the demise of MF Global, which improperly took $1.6 billion from its customers before filing for bankruptcy.

If a majority of the board members voted yes, the group would have moved to hold a hearing over Mr. Corzine’s status before enacting the ban.

But when the board emerged from its meeting late on Thursday, the group issued a cryptic statement suggesting that Mr. Corzine could not be so easily ostracized because of, well, a small flaw in the plan: “Mr. Corzine is not currently a member of N.F.A.,” the board’s chairman declared in the statement.


His plan to expel Mr. Corzine grew from mounting frustration over the slowly developing federal investigation into MF Global. After more than a year of investigating Mr. Corzine, regulators and criminal investigators have not filed any charges, feeding concerns that Mr. Corzine will escape unscathed.
Of course, he's going to emerge unscathed.

Silly rabbit, consequences are for little people.


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