The Astonishing Collapse of MF Global
In the chapters ahead, we will lay out the unraveling of MF Global, from the first major alarm bells heard during the 2008 wheat trading scandal to the broker's dying days and the revelation that a significant amount of customer money had disappeared.
We'll show how a once-venerable broker was thrust into a risk-heavy strategy by a deeply conflicted leader who was trying to play both CEO and chief trader.
We'll explore why internal risk controls, the company's board of directors, and outside regulators failed to curb the company's reckless direction and protect its customers.
And, finally, we'll discuss the lessons that can be gleaned from this collapse, as well as the changes needed to prevent a similar disaster.
Fascinating read!
Sunday, December 18, 2011
Saturday, December 17, 2011
Radio Host Bill Press Tells Tebow: 'S-T-F-U!' About Jesus...
Radio Host Bill Press Tells Tebow: 'S-T-F-U!' About Jesus... National News - NEWS TALK 1090
The leftist commentator used this acronym (which stands for “shut the f**k up”) while speaking on his radio show this morning about his dislike for Tebow’s “in-your face” Christian faith.
“…And you know what I want to say, S.T.F.U. I’m tired of hearing Tim Tebow and all this Jesus Talk,” Press said.
”He better be praying hard this week, because he’s up against a real quarterback on Sunday — against Tom Brady and the New England Patriots.”
The leftist commentator used this acronym (which stands for “shut the f**k up”) while speaking on his radio show this morning about his dislike for Tebow’s “in-your face” Christian faith.
“…And you know what I want to say, S.T.F.U. I’m tired of hearing Tim Tebow and all this Jesus Talk,” Press said.
”He better be praying hard this week, because he’s up against a real quarterback on Sunday — against Tom Brady and the New England Patriots.”
Beach Boys announce a reunion tour, with Brian Wilson, to mark 50th anniversary
Beach Boys announce a reunion tour, with Brian Wilson, to mark 50th anniversary - The Washington Post
The founding members of the classic rock group — Brian Wilson, Mike Love and Al Jardine — announced Friday they are getting back together to celebrate their 50th anniversary.
They’re working on a new album and also plan a 50-date tour that will take them around the world
The founding members of the classic rock group — Brian Wilson, Mike Love and Al Jardine — announced Friday they are getting back together to celebrate their 50th anniversary.
They’re working on a new album and also plan a 50-date tour that will take them around the world
Pete Hoekstra questions U.S. Sen. Debbie Stabenow's 'cozy' past with MF Global CEO Jon Corzine
Pete Hoekstra questions U.S. Sen. Debbie Stabenow's 'cozy' past with MF Global CEO Jon Corzine MLive.com
Stabenow's campaign operatives sought donations from MF Global CEO Jon Corzine earlier this year and took $5,000 in campaign donations from Corzine and his wife in 2006 and 1999
Stabenow's campaign operatives sought donations from MF Global CEO Jon Corzine earlier this year and took $5,000 in campaign donations from Corzine and his wife in 2006 and 1999
Big Green's endangered species money machine
Big Green's endangered species money machine Ron Arnold Columnists Washington Examiner
"Based upon data collected from the PACER National Case Locator federal court data base, attorneys fees were paid in cases where there was no federal court decision, let alone a decision that the plaintiff was a prevailing party," Budd-Falen said.
That should be sufficient to raise suspicions of some sweetheart arrangement between supposedly opposing parties, but actually between blood brothers with the same ideology -- "you sue us, and we'll make sure you're taken care of, even if the court doesn't order it."
"Based upon data collected from the PACER National Case Locator federal court data base, attorneys fees were paid in cases where there was no federal court decision, let alone a decision that the plaintiff was a prevailing party," Budd-Falen said.
That should be sufficient to raise suspicions of some sweetheart arrangement between supposedly opposing parties, but actually between blood brothers with the same ideology -- "you sue us, and we'll make sure you're taken care of, even if the court doesn't order it."
60 Minutes Broadcast Edits Out Laughable Obama Claim as 4th Best President
The issue here is not gonna be a list of accomplishments.
As you said yourself, Steve, you know, I would put our legislative and foreign policy accomplishments in our first two years against any president -- with the possible exceptions of Johnson, F.D.R., and Lincoln -- just in terms of what we've gotten done in modern history.
As you said yourself, Steve, you know, I would put our legislative and foreign policy accomplishments in our first two years against any president -- with the possible exceptions of Johnson, F.D.R., and Lincoln -- just in terms of what we've gotten done in modern history.
Rosemount principal apologizes
Rosemount principal apologizesfor parent-on-student kissing prank
Here's how the practical joke, originated by school staff members, played out during the assembly on Dec. 8.
The captains of the school's winter sports teams -- boys and girls -- were lined up and blindfolded.
They were told they would be kissed and then asked to guess who was on the other side of their lip....
Here's how the practical joke, originated by school staff members, played out during the assembly on Dec. 8.
The captains of the school's winter sports teams -- boys and girls -- were lined up and blindfolded.
They were told they would be kissed and then asked to guess who was on the other side of their lip....
Thirty-three Year Temperature Update - Well Below Computer Model Predictions
Thirty-three Year Temperature Update - Well Below Computer Model Predictions - Hit & Run : Reason Magazine
While Earth’s climate has warmed in the last 33 years, the climb has been irregular.
There was little or no warming for the first 19 years of satellite data. Clear net warming did not occur until the El Niño Pacific Ocean “warming event of the century” in late 1997.
Since that upward jump, there has been little or no additional warming.
While Earth’s climate has warmed in the last 33 years, the climb has been irregular.
There was little or no warming for the first 19 years of satellite data. Clear net warming did not occur until the El Niño Pacific Ocean “warming event of the century” in late 1997.
Since that upward jump, there has been little or no additional warming.
Friday, December 16, 2011
Congressmen can't say 'Merry Christmas' in mail
Congressmen can't say 'Merry Christmas' in mail Campaign 2012 Washington Examiner
Members who submit official mailings for review by the congressional franking commission that reviews all congressional mail to determine if it can be "franked," or paid for with tax dollars, are being told that no holiday greetings, including "Merry Christmas," can be sent in official mail.
Members who submit official mailings for review by the congressional franking commission that reviews all congressional mail to determine if it can be "franked," or paid for with tax dollars, are being told that no holiday greetings, including "Merry Christmas," can be sent in official mail.
Mark Steyn at Restoration Weekend
Mark Steyn at Restoration Weekend FrontPage Magazine
These are serious times.
Federal regulation accounts for 10 percent of GDP.
That’s to say we take the equivalent of the entire economy of India or Canada and throw it down the toilet every year just in complying with federal paperwork
These are serious times.
Federal regulation accounts for 10 percent of GDP.
That’s to say we take the equivalent of the entire economy of India or Canada and throw it down the toilet every year just in complying with federal paperwork
Climategate Bombshell: Did U.S. Gov't Help Hide Climate Data?
Climategate Bombshell: Did U.S. Gov't Help Hide Climate Data? Fox News
Are your tax dollars helping hide global warming data from the public?
Internal emails leaked as part of “Climategate 2.0” indicate the answer may be "Yes."
Are your tax dollars helping hide global warming data from the public?
Internal emails leaked as part of “Climategate 2.0” indicate the answer may be "Yes."
Bill Banning the Use of Public Funds to Collect Union Dues Stalls in Senate
Bill Banning the Use of Public Funds to Collect Union Dues Stalls in Senate [Michigan Capitol Confidential]
There is disagreement in the Senate, apparently, since some Republican senators say they would vote “no” on the bill unless it applies to all labor unions.
It appears that there would be no chance of the bill passing, however, if the language in it was broadened in such a way.
There is disagreement in the Senate, apparently, since some Republican senators say they would vote “no” on the bill unless it applies to all labor unions.
It appears that there would be no chance of the bill passing, however, if the language in it was broadened in such a way.
Omnibus spending deal blocks funding for light bulb efficiency standards
Omnibus spending deal blocks funding for light bulb efficiency standards - The Hill's E2-Wire
The legislation, which would avert a government shutdown, prevents funding from being used for the implementation of certain Energy Department light bulb standards.
The standards would begin phasing in next year.
The legislation, which would avert a government shutdown, prevents funding from being used for the implementation of certain Energy Department light bulb standards.
The standards would begin phasing in next year.
Thursday, December 15, 2011
2012 Primary Schedule « 2012 Election Central
2012 Primary Schedule « 2012 Election Central
The 2012 GOP primary/caucus schedule is nearly set in stone.
The 2012 GOP primary/caucus schedule is nearly set in stone.
The Volokh Conspiracy » Charles Murray on Elite Ignorance of Ordinary Americans
In his new book, Coming Apart: The State of White America, 1960–2010, Charles Murray argues that a new elite class has emerged that is much more ignorant about the lives of ordinary Americans than were the elites of earlier generations:
Tom Friedman Goes Mearsheimer and Walt
Tom Friedman Goes Mearsheimer and Walt Power Line
Support for Israel is strongest among conservatives, but the poll data suggest that it is likely the broadest bipartisan consensus that Americans share on any contentious issue.
Support for Israel is strongest among conservatives, but the poll data suggest that it is likely the broadest bipartisan consensus that Americans share on any contentious issue.
Wednesday, December 14, 2011
JustiaGate: 'Natural Born' Supreme Court Citations Disappear
Articles: JustiaGate: 'Natural Born' Supreme Court Citations Disappear
Did Justia.com deliberately aid Barack Obama in 2008 by helping to hide the one legal case that might prevent him from legally qualifying for the presidency?
Did Justia.com deliberately aid Barack Obama in 2008 by helping to hide the one legal case that might prevent him from legally qualifying for the presidency?
Light rail dies a sudden, painful and expensive death in Detroit
Light rail dies a sudden, painful and expensive death in Detroit Crain's Detroit Business
After all, Detroit's finances are a nightmare:
The city expects to run out of cash by April. By the end of the fiscal year in June 2012, the shortfall is estimated to be $45 million.
The city has an accumulated deficit of about $180 million in its $1.2 billion general fund.
After all, Detroit's finances are a nightmare:
The city expects to run out of cash by April. By the end of the fiscal year in June 2012, the shortfall is estimated to be $45 million.
The city has an accumulated deficit of about $180 million in its $1.2 billion general fund.
Tuesday, December 13, 2011
Scott Brown’s daughter reveals the key to singing the national anthem
Scott Brown’s daughter reveals the key to singing the national anthem - TheHill.com
The singer tells us she was about 16 years old and singing at a church festival when the lyrics suddenly slipped her mind.
Her solution?
“I just made them up. Made up the entire verse,” Brown says.
The singer tells us she was about 16 years old and singing at a church festival when the lyrics suddenly slipped her mind.
Her solution?
“I just made them up. Made up the entire verse,” Brown says.
Treasury to stop producing unneeded dollar coins
Treasury to stop producing unneeded dollar coins – The 1600 Report - CNN.com Blogs
In 2005, Congress enacted the Presidential $1 Coin Act, which mandated that the United States Mint issue new Presidential $1 Coins with the likeness of every deceased President.
But more than 40 percent of the $1 coins that the United States Mint has issued have been returned to the Federal Reserve, because nobody wants to use them.
As a result, nearly 1.4 billion excess dollar coins are already sitting unused in Federal Reserve Bank vaults – enough to meet demand for more than a decade.
But until today, the Mint was on pace to produce an additional 1.6 billion dollar coins through 2016.
Morons!
In 2005, Congress enacted the Presidential $1 Coin Act, which mandated that the United States Mint issue new Presidential $1 Coins with the likeness of every deceased President.
But more than 40 percent of the $1 coins that the United States Mint has issued have been returned to the Federal Reserve, because nobody wants to use them.
As a result, nearly 1.4 billion excess dollar coins are already sitting unused in Federal Reserve Bank vaults – enough to meet demand for more than a decade.
But until today, the Mint was on pace to produce an additional 1.6 billion dollar coins through 2016.
Morons!
Crony capitalism sinks the Navy
Crony capitalism sinks the Navy « Don Surber
Move over Solyndra. You are not the only politically connected alternative-energy company to slop at the public trough thanks to the election of Barack Obama as president.
Over at Hot Air, J.E. Dyer reported that the Navy is forced to pay $16 a gallon for buckets of biofuel from a company named Solazyme — So Lazy Me — I kid you not.
Move over Solyndra. You are not the only politically connected alternative-energy company to slop at the public trough thanks to the election of Barack Obama as president.
Over at Hot Air, J.E. Dyer reported that the Navy is forced to pay $16 a gallon for buckets of biofuel from a company named Solazyme — So Lazy Me — I kid you not.
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