Financial fuckery thread

[Cain]

http://www.bloomberg.com/news/2012-03-23/mf-global-s-corzine-ordered-funds-moved-to-jpmorgan-memo-says.html

Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)'s chief executive officer, gave "direct instructions" to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage's JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.

Edith O'Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was "Per JC's direct instructions," according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.

If Corzine doesn't get done for this, you may as well accept you now have an aristocracy.  This is so blatantly and overtly illegal....and also shows Corzine was lying when he testified in front of Congress.

It'll also destroy investor confidence in brokerages like MF Global.  No consumer protection = lots of nervous people.

[Cain]

Two protestors in Italy have self-immolated in protest of government austerity cuts.

Spainairds have not gone that far yet, opting to set fire and riot in Barcelona instead.  Large protests are also affecting other Spanish cities.  In some places, public sector workers have gone for 4 months without pay.

[Juana]

This is about to get interesting, isn't it?

[Cain]

It doesn't look good.  Our Spanish cleaners are of the opinion that their country is fucked, based on my conversation with them this morning.

Best part is that the budget has not even been unveiled yet.  When it does, I expect things to get even worse.  And Spain has a 23% unemployment rate.  If you add in the scores of civil servants who are clearly not getting paid, it's probably closer to 25%.  In particular, the 18-24 unemployment rate is just shy of 50%.

That's enough people to cause a significant disturbance.

[P3nT4gR4m]

How come the UK aint in the same shit? Did we end up with a fat wad of the yen that went to our american overlords, or are we just better at mismanaging our finances?

[hirley0]

11 IX{jaguar 6:25 pdT = 5 min TV.news = THAT ? this

[hirley0]

4/1 2nd 1/4 started / Au  1669 Ag 32.32 > 50 : 1

[Cain]

How do you know the UK economy is bad?

When "Pret a Manger set to create 550 jobs" is considered BBC website newsworthy.

Note: UK unemployment is 2,680,000.

[hirley0]

6:54:32.1 KidNap4RandSum Aberdeen N Lanicshure "Last Week" ice Cream

[Faust]

Two protestors in Italy have self-immolated in protest of government austerity cuts.

Spainairds have not gone that far yet, opting to set fire and riot in Barcelona instead.  Large protests are also affecting other Spanish cities.  In some places, public sector workers have gone for 4 months without pay.

And here is the first Ive seen of the greek self immolations.
http://www.rte.ie/news/2012/0405/pensioner-commits-suicide-outside-greek-parliament.html
If the government don't defuse that by this evening they could be looking at an outright rebellion.

[Anna Mae Bollocks]

Two protestors in Italy have self-immolated in protest of government austerity cuts.

Spainairds have not gone that far yet, opting to set fire and riot in Barcelona instead.  Large protests are also affecting other Spanish cities.  In some places, public sector workers have gone for 4 months without pay.

And here is the first Ive seen of the greek self immolations.
http://www.rte.ie/news/2012/0405/pensioner-commits-suicide-outside-greek-parliament.html
If the government don't defuse that by this evening they could be looking at an outright rebellion.

The link says he shot himself, is that the right one?

[Faust]

He shot himself on the Greek Parliaments doorsteps.
Immolation does not strictly mean setting fire to oneself.

[Cain]

Well, actually, it does, but it can be classed as the same form of protest, I suppose.

Looks like the protests have turned violent again.  Not getting much in the way of real information about the situation on the ground from the BBC though.

[Faust]

Well, actually, it does, but it can be classed as the same form of protest, I suppose.

Looks like the protests have turned violent again.  Not getting much in the way of real information about the situation on the ground from the BBC though.

Fair enough, I was referring to the offering up as a sacrifice as protest. didn't know it was strictly a burnt offering.

[Reginald Ret]

I also thought it was all about fire, but it turns out Faust is right.
It comes from the latin for sprinkling with meal and is related to the verb to grind.

Definition of IMMOLATE
transitive verb
1
: to offer in sacrifice; especially : to kill as a sacrificial victim
2
: to kill or destroy often by fire
— im·mo·la·tor noun
See immolate defined for English-language learners »
See immolate defined for kids »
Examples of IMMOLATE

    a man who immolated himself as an act of protest
    <a ceremony in which they immolated their cherished possessions so that the gods would send rain>

Origin of IMMOLATE
Latin immolatus, past participle of immolare to sprinkle with meal before sacrificing, sacrifice, from in- + mola sacrificial barley cake, literally, millstone; akin to Latin molere to grind — more at meal
First Known Use: 15th century

Cool, learned something.