So sure -- there's plenty not to like about Corzine and what became MF Global -- as it acquired the bankrupt CFTC regulated businesses of old Refco in 2005 (itself, at one time, the largest CFTC registered commodities firm in the world). Again, plenty not to like about both firms -- but these combined entities had existed profitably for over two centuries (as Man, and over 60 years, as Refco).
If nothing else -- they had collectively provided up to 100,000 people lifelong careers, across centuries -- and made several families' life-savings. . . flourish, in the decades that they conducted honest businesses. And this all came from slave-owning forced labor -- let's not forget. But read here -- and ask yourself: in what way is the "obvious fraud from the go" of FTX -- and its foppish tossel-headed / slacker CEO of five years' duration, max -- in any way like these long standing trading firms? Other than that they end in ignominy?
[Even Bernie Madoff kept his con going longer than SBF -- in similar sized buckets. And he died in prison, right? Right.]
And now -- as to Corzine not going to jail, remember that the CEO of Refco, Bennett -- got 16 years for his part in the Refco collapse. . . and Corzine was brought in from Goldman as the MF Global ship was clearly sinking, already.
In contrast, SBF was dead set on MAKING his ship sink. And he did it in under a half decade -- with two Stanford law professors as his closest advisors. Sure, Corzine "got a pass" [if you are taken by such flourishes of rhetoric] -- but to say that SBF was treated worse. . . is just silly. He got. . . justice -- and Corzine, a man with a much longer reputation than SBF. . . never really recovered from the debacle:
. . .MF Global declared bankruptcy on October 31, 2011, and the company was liquidated beginning in November 2011. The trustee liquidating the company said that the losses incurred by customers of MF Global stood at $1.6 billion at April 2012. In January 2013, a judge approved a settlement that would return 93 percent of customers' investments, with the prospect of additional payouts from the company's general estate. In December 2014, MF Global Holdings settled a U.S. government lawsuit, agreeing to pay $1.2 billion in restitution and a $100 million fine for customer losses tied to the company's 2011 collapse. . . .
No -- I don't like Jon Corzine. But to say SBF was done wrong here. . . is just silly.
That's all -- do better, CoinDesk -- the victim card for crypto here is just preposterous.
नमस्ते
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