Submitted by: Donald Hank
Imagine if you took a bunch of family heirlooms to a storage center and locked it up prior to moving and then you got a letter from the storage center's lawyer saying that they couldn't give it back because they were in bankruptcy and it was to be sold at auction and you would recover perhaps a fraction of the proceeds.
This is EXACTLY what is happening with MF Global. If this is legal, then two things need to be done:
1--no one should EVER trust a financial institution ever again and everyone should take every penny out of every stock or bond investment ever made because they can steal from you legally (I saw the heavy hand of government in the stock market early in the 90s and stopped investing then).
2--a tough new regulation needs to be made to prevent this from ever happening again. Of course, it is not clear whether the Republicans would have the guts to do this. They have this lopsided notion that banks have all the rights and you have whatever rights are left over after they get their cut. Crony capitalism is baked into this pie. And the Dems? Maybe if there is something in it for them, they will consider regulating. Not likely though. We are without a party.
America is in incredibly bad shape, folks.
