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Old 08-13-2012, 07:59 AM   #1
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Legalized Fraud

http://www.silverdoctors.com/federal...pay-creditors/

"A federal appeals court ruled Thursday that brokerages can use segregated client funds to pay off creditors in bankruptcy proceedings."



Longer article on the subject:
http://www.reuters.com/article/2012/...87900T20120810
"A ruling in the case of failed futures brokerage Sentinel Management Group could make it more difficult for customers to recoup money lost in the much larger collapse of MF Global, according to Sentinel's bankruptcy trustee."
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Old 08-13-2012, 09:23 AM   #2
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That's straight up bullshit! Thanks a lot Bin Laden John Corzine.
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Old 08-13-2012, 10:24 AM   #3
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Luckily, the federal appeals courts don't make law - or even reliably set precedent. Each circuit has their own buncha junk, and they often don't agree with one another. This is why IP trolls do "jurisdiction shopping". Sooner or later it tends to get sorted out, but what you really see here is "he who has the gold" is going to wind up making the rules. So if a big bank is a creditor, their chances of getting something they should not is higher. Just like a famous football player might do some nasty stuff and get off. Or any of a number of other crazy examples out there (microsoft funding sco, who lost, but still drove Novell out of business before the courts could award them significant money from MS's earlier crimes in a case being re-tried).

Our legal system sucks. It's pretty hard to find a better one, but it still sucks.
I spend a lot of time spectating over here:
http://www.groklaw.net/

And it never changes. Money wins. Popularity/court of public opinion doesn't hurt either (usually goes with money anyway).
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