Put in to protect us from Wall Street, Dodd/Frank is costing the banking sector billions to comply. We are supposed to believe the two people most responsible for the housing crisis could protect us from anything.
The same administration can’t find the $1.6 billion of investors’ money missing from MFGlobal. The last time a debacle of lost investor money from non-segregation of investor funds happened was in 1936. It wasn’t a part of the Drexel Burnham failure in 1990 or even Lehman Bros.
And, after four months, the Feds haven’t found the money. Nor, is Obama’s good friend Jon Corzine facing any criminal or civil changes. The same Futures Market people who are being accused of driving gasoline prices up by the Democrats, are suggesting criminal charges need to be explored.
All of us on Main Street are sleeping better knowing Dodd/Frank kept us safe from MF Global and their outright theft of investor money. It’s reassuring to know that all the regulations put in place from 1936 are working in our best interests. And, to know the federal regulators can unravel a $1.6 billion embezzlement of investor funds can be resolved in short order.
So, here’s the bottom line. If you want to steal $1.6 billion from your investors it helps to be a former senator and governor. When you face a senate hearing, it helps to be a former senator and a Democrat. So, don’t try what Corzine did at home.
