Re: JP Morgan Legal Motion
AskAsa
11/8/2011 8:55:07 AM
Yes, for all the criticism of OWS, the group's basic premise of greed and unethical behavior by the country's top bankers is unarguably accurate. What a shame to see an alleged respected "leader" take advantage of investors/traders...and probably his own mother, too.
Re: JP Morgan Legal Motion
driven
11/8/2011 8:33:26 AM
We should be watching Corzine very closely...perhaps some of those missing funds will explain how he funds his extravagant lifestyle in the coming months.
Re: JP Morgan Legal Motion
yalanand
11/7/2011 11:01:09 PM
Behind every mess on Wall Street always lie the name of JP Morgan and Goldman Sachs.
@Ashish,so true. I think incidents like this will only intensify the Occupy-wallstreet campaign.
Re: My sympathies
yalanand
11/7/2011 10:56:19 PM
But imagine right now there there are people that do this for a living, floor traders, who have their entire nut locked up in court -- some folks like $500,000-$1M.
@Scott, Its really sad to know that this is affecting the livelihood of traders. Do you think these people will sue MF Global over this fiasco ?
Re: JP Morgan Legal Motion
Broadway
11/7/2011 10:03:04 PM
I'd argue that the FDIC going down would be far worse than Enron and WorldCom. The average joe could have cared less about Enron, WorldCom. There's already an ingrained mistrust for corporations built into the working class, even the middle class. You'd assume corporate types are up to shenanigans. But if the FDIC goes down? That means average joe's checking accounts, CDs, etc. are at risk and people will PANIC. The FDIC is one thing they understand.
Scott- this is a really through analysis of what appears to be a sticky situation. Good job. I hope you are able to recover your funds.
Re: JP Morgan Legal Motion
Value Hiker
11/7/2011 5:05:25 PM
If the FDIC is close to bankruptcy, I don't think SIPC is healthy either. Without the protection of FDIC & SIPC, every investor will be spooked, and market can melt down overnight.
It reminds me what happened a decade ago, when investors found that they can't trust the financial reports anymore, big companies like Enron, WorldCom are cooking their books with the help from big name auditor like Arthur Anderson. There is really no place to hide in situation like this.
During the weekend, I attended conference held by Charles Schwab. I asked the presenters the details about Schwab's private insurance on client's asset above SIPC limitation, no one can give me a clear answer, it is really scary.
Ashish,
Given the giant loopholes and the corruption in the system do you think it temps those in the industry over to the "dark side" so they try to get away with this stuff and try to push the limits to see how much they can actualy get away with?
Also, do you think what is happening with MF now is going to change anything or will it just go back to normal once the smoke clears?
The insurance is not federal -- this is not a bank convered by FDIC (which is indeed broke), it would come out of the SIPC, a private insurance fund.
Ashish,
Agreed.. it always comes down to the lawyers, eh.
The line I guess the Trustees are giving now is customer money not covered by bankruptcy proceedings will be covered by the SIPC... we'll see.
--Scott
The blogs and comments posted on Investor Uprising do not reflect the views of Investor Uprising, PRNewswire, or its sponsors. Investor Uprising, PRNewswire, and its sponsors do not assume responsibility for any comments, claims, or opinions made by authors and bloggers. They are no substitute for your own research and should not be relied upon for trading or any other purpose.
|
 |
Latest Blogs
Telecom-equipment maker Ciena is a stock trader’s dream, as long as the timing is correct.
The FTC is offering a $50,000 cash prize to the person or group that can come up with a solution to those annoying robocalls.
Akamai is in the middle of four significant tech trends.
John Malone of Liberty Media will be taking over Sirius XM satellite radio when the existing CEO Mel Karmazin steps down. What's it mean?
Demand for students of the humanities exists, despite widespread aspersions on the discipline.
IU Education
Resources to help you become a better investor
Investor Uprising on Twitter
25 market-moving companies we're tracking
|
Tweet This