Another day another bankster caught Thugg’n – PFGBest

Did MF Global start a new business trend when their bankster leaders lost all of the companies money gambling and then stole their clients money too?  Is THUG LIFE the new model for “success” in big business?

Russell Wasendorf Sr’s PFGBest learned the wrong lesson from MFGlobal.  They were not discouraged from making insane bets with borrowed money.  It seems like they were encouraged.  This latest story of fraud and customer fleecing seems to be much worse.

JOSEPH CHECKLER explained the differences between MFGlobal and PFGBest’s recent bankruptcy filling best.  Basically PFGBest has filed for a chapter 7  bankruptcy that will result in assets being auctioned as soon as possible while MFGlobal went a long term route, Chapter 11 which will take much more time to work through.

What really happened?  How did a company that earned so much respect for being one of the best fall flat on their face so hard and fast?  What made this so bad was the fact that so many customers who got burned by MF Global’s fall got ripped again when they moved their money to PFG.  Yeah I’d call that a double wammy for sure.  Its seems obvious now if you are investing with a broker you will end up just that, BROKE-ER.

When Enron was the shining star of wall street people didn’t know that Arthur Anderson was really behind the scenes cooking the books.  When someone asked to really verify all of the opulent wealth reported their whole enterprise crumbled overnight.  Same thing with Lehman brothers and HealthSouth.  Its really an easy scam to figure out.  All they do is lie and steal.  What do thugs do?

How many institutions are in the same shape?  I recently noticed this article which implies the Federal Reserve is responsible for at least half of the value in the stock market.  This basically means that we are locked in a cycle of rewarding failure.  So when the Fed acts to inject liquidity or stimulus the markets go up.  Never-mind the fact that even more debt has been added to the already under-earning economy.  How can a business pay back more debt with less profit?

THUGG’N

This seems to be the consensus solution to the problem.  Obviously there is not enough money coming in to operate the businesses and pay the ever growing interest on the ever growing debt.  So, to get ahead these banksters turn to crime.  It’s no different than the guy on your six’o clock news who steals a purse and writes checks to cover the light bill.  These guys feel their back is up against the wall so they “Do what they have to do“.

The sad thing is they do it with apparent immunity from prosecution or arrest.  The only thing they seem to face after they get caught is paying a fine.  How long will America allow the robber baron bankster class to rob us blind?

   

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