Jon Corzine stole from his customers. Until Corzine is put on trial in a court of law, no one will be able to get to the truth. He is being protected by the party in charge. The political waters are so virulent that they don’t want to see him tried. The event happened last October. Surely there is enough information available to convene a grand jury and begin indicting people. The public is being played. We are schmucks.
My supposition is that there is a very minute percentage of bankers on Wall Street that engage in the same behavior but haven’t been burned yet. They aren’t excited about seeing a Corzine trial either. Transparency has a way of showing who has clothes on, and who is naked. A simple rule isn’t going to change people that are bent on engaging in bad behavior. Better for the free market to penalize them, if we are willing to let it happen.