More nonsense from Washington and Wall Street!

Just thinking to myself…if Jon Corzine was anyone else, wouldn’t his passport be taken away? Wouldn’t the powers that be look at him with a jaundiced eye…especially after the Madoff incident? Just a question to ponder. The playing field remains uneven as I believe that if this wasn’t Corzine, that person would be locked away with the key thrown away.

For me, the most amazing part of this story is that this supposed genius of Wall Street, the ex-head honcho of Goldman Sachs…actually and simply repeated the mistakes that brought down so many houses in 2008. To keep leverage above 30-1 with some saying it was much higher…just flies in the face of logic. He says the leverage was there when he started. Let’s say that this was true. It still does not take away from his inaction.

Which leads me to the missing bucks. They know where the money is. I am an RIA. I know how the whole financial business works. There is a trail for everything. There is a trail coming in. There is a trail coming out. Something is not right with this picture and I am confident if the truth comes out, it will be shown that money was moved nefariously to benefit some in front of others.

Which leads me to the media. Why aren’t they and why didn’t they bark up a storm about a man who took over a company, a company that was in business for decades and killed it within a year’s time? I am just wondering if this man had an R in front of his name instead of a D…what would have happened?

I am in hopes the real truth comes out but after watching all the nonsense over the years between Washington and Wall Street, after watching the patty cake questions of the “Honorable” Corzine, I gather somehow this one will end quietly. Think Franklin Raines.

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Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.

4 replies
  1. Avatar
    Mark Hobart says:

    The most amazing part of MF Global / Corzine is how criminal activity on Wall Street is apparently the norm, and how this white collar crime continues to destroy my confidence in our markets and financial system. I am disgusted even more with those who are suppose to prevent this, or at least send those who are guilty to prison, vice a fine that is chicken feed for these billionaire criminals. We really are no better than some rinky dink, third world nation, run by some petty dictator. The big difference is that their crooks are obvious, while our crooks where suites and ties, and actually know that white collar crime does pay, and pays big. It is appalling in every way, and I guess .08% on my online savings account is about all the trust I have of Wall Street anymore.

  2. Avatar
    Jay says:

    Mr. Kaltbaum:
    Nice work; we’re all outraged except Johnny and his pals. But shouldn’t we be wondering who his pals are? What if his pals we’re counter-parties to Johnny’s ostensibly foolish trades? It’s logical that if billions were lost by MF Global, some serious “cheese” was made by unknown counter-parties.
    Just some food for thought for your faithful listeners.
    Las Vegas

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