Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Thursday, November 03, 2011

Jon Corzine’s MF Global Firm Collapses in Biggest Wall Street Failure Since Lehman Brothers

In a major banking scandal, the commodities and derivatives brokerage house MF Global filed one of the largest bankruptcies in American corporate history — with almost $40 billion in liabilities. It was the largest failure on Wall Street since the collapse of Lehman Brothers in 2008. The chairman and chief executive officer of MF Global is Jon Corzine, a former New Jersey governor and U.S. senator. Corzine is also the former CEO of Goldman Sachs. The firm is the biggest U.S. casualty so far of the European debt crisis. “We’ve just continued to have one financial crisis after another. It’s because of the incentive system on Wall Street that badly needs to change, and has not changed one iota,” says William Cohan, author of “Money and Power: How Goldman Sachs Came to Rule the World." “As we just saw with this bankruptcy of MF Global, there’s nothing in the Dodd-Frank law, nothing in the regulations that are being written, that is going to change the incentives."

Video
Source: Democracy Now! 

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