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.”

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11 Responses to Another Week, Another Bankster with Impunity

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bmaz @gracels @dcbigjohn That is a given.
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bmaz @gracels Naw, I have sat with @dcbigjohn My bet is you would actually like him quite a bit! Seriously. And he has passion for border stories
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bmaz @KanysLupin @emptywheel @MonaHol Not sure of context or question, but I would imagine prior statuses or placements on a list. Sorry, dunno.
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bmaz @dcbigjohn This is fucking outrageous.
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bmaz @kdrum Yeah. This is just ugly. I am turning to the Boise State game on ESPN2 I think. Or Netflix and a beer.
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bmaz @cody_k You are NOT doing very well quarterbacking the USC Trojans tonight. Not very helpful for the ASU Sun Devils. Please do better!
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bmaz Will NOBODY rid me of these pesky Bruins?? Jeez. This is what I get for needing help from, and rooting for, ONE TIME, the USC Trojans. #Ugly
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bmaz @gracels @21law @jacklgoldsmith As much as I hate it, yeah, they are their own little fiefdoms. Again, I go off what I see where I practice.
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bmaz @21law @gracels @jacklgoldsmith If properly charged and within boundaries of state, yes amenable to process for Rule 8 state speedy trial
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bmaz @gracels @21law @jacklgoldsmith well, want the conviction for that purpose+willing to lock em up here even if no deport. thats my concern.
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bmaz @21law @gracels @jacklgoldsmith In fact, willfully itinerant and belligerent to Fed policy when they can be. Think lot of GOP places may be.
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bmaz @21law @gracels @jacklgoldsmith Ah, thanks. We shall see. But my experience here is county prosecutors are undeterred by Fed policies.
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