Jon Corzine STOLE the customer cash at MF Global

What's going on around here. Obama's top Wall St. fundraiser, former Goldman Sachs, former Dem Senator, former Dem Governor of New Jersey, poster boy for the O administration's fiscal propriety. Via Legal Insurrection, one honest American businesswoman "an old-school commercial hedge broker specializing in CATTLE and GRAIN. Farmers, ranchers, etc. Actual hedging of actual cattle and grain using futures and options. Very old-school original." has had enough:

The futures markets are very highly-leveraged and thus require an exceptionally firm base upon which to function. That base was the sacrosanct segregation of customer funds from clearing firm capital, with additional emergency financial backing provided by the exchanges themselves. Up until a few weeks ago, that base existed, and had worked flawlessly. Firms came and went, with some imploding in spectacular fashion. Whenever a firm failure happened, the customer funds were intact and the exchanges would step in to backstop everything and keep customers 100% liquid – even as their clearing firm collapsed and was quickly replaced by another firm within the system.

Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.

Will the Chicago Way administration destroy one of Chicago's founding businesses?

...Remember, this administration looted GM for the unions, putting those with a senior claim, previously sacrosanct in contract law, behind Obama's UAW cronies. This administration most recently put taxpayers subordinate to their campaign donor cronies at Solyndra. Are we surprised by the moral bankruptcy and lawlessness of these Dems? No, but it's still shocking, and a costly lesson.

P.S.  These guys want Corzine in prison
Beacon Power follows Solyndra into bankruptcy