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A Little Justice

The BBC reports that MF Global files for Chapter 11 bankruptcy protection

US brokerage firm MF Global has filed for Chapter 11 bankruptcy protection after revealing £4bn of eurozone debt exposure.

The US brokerage, which has 2,000 staff worldwide including 600 in London, is said to be planning to sell its assets to rival Interactive Brokers Group.

Jon Corzine, who took over as chief executive of MF Global last year, made big bets on sovereign bonds issued by European countries, it is claimed.

MF Global’s roots go back nearly 230 years to a sugar brokerage on the banks of the River Thames in London.

They lost big bets made by a new CEO and they were a very old established firm. That’s the quick read.

This is being reported because it could be the first ‘rock’ of the coming avalanche caused by greed and austerity, but the mention of the sugar trade of 230 years ago should have reminded those that stayed awake in history class of the Atlantic Triangular Slave Trade, sugar being a major element of that system.

Even more interesting is the CEO. Yes, it is the same Jon Corzine who was a CEO of Goldman-Sachs before becoming a Senator and then governor of New Jersey. He was such a wonderful governor, that the voters elected Chris Christy to replace him. A dyed through the hide cerulean cur of a Democrat, who showed people where Zero wants to take the entire country. The 1% enjoy the thrill of gambling, but they do it with other people’s money.

Update: according to Duncan’s quoted article it would seem to have been ‘other people’s money’.