We have had two incidents of direct theft over the past twelve months in the futures brokerage industry. What is astonishing is how differently they have been handled.
Russell Wasendorf sits in jail facing severe charges. Perhaps his mistake was not stealing enough? It appears he only swindled $200 million. Federal prosecutors wasted no time taking him into custody.
Jon Corzine supervised a disappearing act involving 8 times that of Wasendorf's and he walks freely down the streets of East Hampton, NY this summer enjoying a premium cup of coffee.
How can citizens in the US take this seriously? Consider this dispatch from the CME today. Notice that they directly acknowledge fraud in both cases! They even name a new regulation after him! Why is Corzine on vacation in the Hamptons?