"Why don't you accept your fate? You will return to your chair and you will sit there. You will entertain me and you will entertain my guests. And if you do not, I will simply kill somebody else. Him, perhaps. It doesn't matter." - Kivas Fajo, Star Trek: TNG, The Most Toys. Fajo explains the modern American Capitalist system and the threats the 1% use to control the Nation.CME Group just robbed the people of Illinois for hundreds of millions and now they are going to transfer the extorted money to cover their losses from other areas of their corporate monstrosity. When faced with their own gross negligence, budgetary shenanigans, accounting fraud and malfeasance CME Group made the simple move of transferring one column of numbers to another column.
MF Global Holdings Ltd. filed for bankruptcy on October 31 after it was forced to reveal that it had made a failed $6.3 billion bet on European sovereign debt.In a real Capitalist system, CME Group would go bankrupt for their shoddy accounting and managerial techniques but in the American Neo-Feudalist System, CME Group just threatens Governor Quinn and uses the power of the Government to take Millions from the Taxpayer to cover their losses due to criminal malfeasance or outright stupidity.
MF Global used at least $700 million of customer funds to “meet liquidity issues” in the days prior to its bankruptcy, according to CME Group Inc., which had auditing authority over the failed futures broker.
CME Group chief operating officer Bryan Durkin told a packed meeting of the National Grain and Feed Association this month, echoing earlier testimony by CME executives to Congress, that MF Global was the culprit, not CME's clearing house.
CME won a tax break from the state, which had hiked the corporate tax rate in January in an effort to plug a budget shortfall.I'm sure innocent investors lost fortunes by being involved with MF Global and CME Group but when an Illinois resident is taken by a Nigeria Lottery Email Scam they can't go to Governor Quinn and demand, 'Unless you cover my losses I'll leave the State' and be given taxpayer money.
The legislation, signed by Illinois Governor Pat Quinn on Friday December 16, will reduce CME's tax bill compared to what it was before the tax hike, shaving off about $77 million annually when it takes full effect in 2014.
This is how these 'Job Creators' cover their losses. CME Group and other financial behemoths don't create anything and have been engaged in a byzantine system of legerdemain and gambling wholly disconnected from labor and adding nothing to the economy.
And then when the bills come due these High Rollers simply march into the State Capital Building and demand the money from the Government. They don't come "hat-in-hand" but come armed with the smug superiority of being the Economic Elites, of being the financial gurus, the Wizards of Wall Street and demand their losses be covered or they will simply destroy more.