Another Week, Another Bankster with Impunity

This week, the bankster who will avoid all legal accountability is MF Global and its CEO Jon Corzine. So says the NYT.

While I’m disgusted by that news, I’m not shocked. I’ve grown used to the guarantee that top banksters are immune from all laws.

What I’m interested in is how NYT conveys their news.

First, note what crime they claim MF Global might have committed: fraud. Not theft.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

I guess if you said “theft” then you couldn’t suggest the money just disappeared–poof!–rather than got taken to pay off the company’s own obligations.

Plus it’d be a lot harder to accomplish the article’s other main objective, besides reporting yet another Get Out of Jail Free card. While the story seems to have been seeded by people in Preet Bharara’s neighborhood to set the expectation that he would once again fail to bring charges against a bankster, the NYT seems intent on rehabilitating Corzine’s reputation. Consider that they dedicate paragraphs 6 and 7 portraying the tragic plight of a multi-millionaire with a cloud hanging over him.

While the government’s findings would remove the darkest cloud looming over Mr. Corzine — the threat of criminal charges — the former Goldman Sachs chief is not yet in the clear. A bankruptcy trustee on Wednesday joined customers’ lawsuits against Mr. Corzine, and regulators are still considering civil enforcement actions, which could cost him millions of dollars or ban him from working on Wall Street.

Mr. Corzine, in a bid to rebuild his image and engage his passion for trading, is weighing whether to start a hedge fund, according to people with knowledge of his plans.

It takes the NYT four more paragraphs before it mentions the plight of the farmers who had their money stolen. But their plight is a mere aside in the sad fate of poor Jon Corzine!

Even with the worst behind him, Mr. Corzine’s reputation has suffered lasting damage.

After the collapse of the firm, which left farmers and other MF Global customers out millions of dollars, Mr. Corzine became another face of Wall Street recklessness.

But don’t worry. The NYT isn’t helping to rehabilitate someone who took money from farmers! Nope, they’re rehabilitating a reckless man; that is all.

One final note on this: this article came out not days before Corzine walked by a phalanx of journalists for his interview with Preet. Rather, that interview is still at least several weeks away.

Which suggests the takeaway from this article ought to be: “Jon Corzine to be freed of charges shortly after November 6.”

Tweet about this on Twitter6Share on Reddit0Share on Facebook4Google+0Email to someone

11 Responses to Another Week, Another Bankster with Impunity

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11

Emptywheel Twitterverse
JimWhiteGNV RT @DCreDC: Please note, #MI03, @RepJustinAmash's brave (1 of 8) and humane No vote tonight against funding the 5%-effective #IronDome whil…
3hreplyretweetfavorite
JimWhiteGNV RT @drunkenpredator: "Also, we blew some folks up with robots. Lotta folks, come to think of it."
4hreplyretweetfavorite
JimWhiteGNV @Pedinska Indeed. Then it turns into what we call UFC grooming.
4hreplyretweetfavorite
bmaz Just saw my first @RubenGallego commercial on TV, was at 6:51pm on @CNN Good to see, need more. Go Ruben!
4hreplyretweetfavorite
bmaz It is really brave of High Holy Civil Rights Constitutional Law Scholar+Humanitarian Obama to "condemn" the Palestinians in face of genocide
4hreplyretweetfavorite
JimWhiteGNV This grooming session looks peaceful for now, but is likely to escalate to violence. http://t.co/gdcySOJOkN
5hreplyretweetfavorite
emptywheel Apparently Director of "Intelligence" Clapper doesn't remember that just 5 years ago govt declassified more than 480 pages of torture docs.
5hreplyretweetfavorite
emptywheel RT @ChadPergram: DNI Clapper: The redactions were the result of an extensive & unprecedented interagency process..to protect sensitive clas…
5hreplyretweetfavorite
emptywheel @Casual_Obs Most of what @onekade is riffing on is in this post. http://t.co/HBWMUN6eR9 I was riffing too.
5hreplyretweetfavorite
emptywheel @Casual_Obs No, I used that. It's the mid-point of estimates, but as @onekade notes, some estimates are 3X that.
6hreplyretweetfavorite
emptywheel @jilliancyork You had me worried! @EFF
6hreplyretweetfavorite
emptywheel @Kittfornow Well, sure. But faking accountability while protecting the powerful comes naturally to Bayh. Like breathing. @onekade
6hreplyretweetfavorite
August 2012
S M T W T F S
« Jul   Sep »
 1234
567891011
12131415161718
19202122232425
262728293031