{"id":183451,"date":"2013-02-25T22:25:00","date_gmt":"2013-02-26T03:25:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/02\/25\/but-of-course-7\/"},"modified":"2013-02-25T22:25:00","modified_gmt":"2013-02-26T03:25:00","slug":"but-of-course-7","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/02\/25\/but-of-course-7\/","title":{"rendered":"But Of Course"},"content":{"rendered":"<p>The National Futures Association, the organization responsible for &#8220;self-regulating&#8221; the industry, wanted to ban Jon Corzine from the group for life.<\/p>\n<p>They had a problem though, it turns out that <a href=\"http:\/\/dealbook.nytimes.com\/2013\/02\/21\/kicking-corzine-out-of-the-club-proved-to-be-not-so-easy\/\">the former head of the non-bankrupt MF Global was not a member<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">The comedian vowed to avoid \u201cany club that would accept me as one of its members.\u201d Mr. Corzine, the former Democratic senator who ran MF Global until it collapsed in 2011, faced expulsion from a group to which he did not even belong.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">The National Futures Association, the futures industry\u2019s self-regulatory group, convened on Thursday to consider a lifetime ban of Mr. Corzine. Two of the group\u2019s newest board members championed the plan as retribution for Mr. Corzine\u2019s role in the demise of MF Global, which improperly took $1.6 billion from its customers before filing for bankruptcy.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">If a majority of the board members voted yes, the group would have moved to hold a hearing over Mr. Corzine\u2019s status before enacting the ban.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">But when the board emerged from its meeting late on Thursday, the group issued a cryptic statement suggesting that Mr. Corzine could not be so easily ostracized because of, well, a small flaw in the plan: \u201cMr. Corzine is not currently a member of N.F.A.,\u201d the board\u2019s chairman declared in the statement.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">\u2026\u2026\u2026<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">His plan to expel Mr. Corzine grew from mounting frustration over the slowly developing federal investigation into MF Global. After more than a year of investigating Mr. Corzine, regulators and criminal investigators have not filed any charges, feeding concerns that Mr. Corzine will escape unscathed.<\/span><\/p><\/blockquote>\n<p>Of <b>course<\/b>, he&#8217;s going to emerge unscathed.<\/p>\n<p>Silly rabbit, consequences are for little people.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Futures Association, the organization responsible for &#8220;self-regulating&#8221; the industry, wanted to ban Jon Corzine from the group for life. They had a problem though, it turns out that the former head of the non-bankrupt MF Global was not a member: The comedian vowed to avoid \u201cany club that would accept me as one &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985],"tags":[],"class_list":["post-183451","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183451"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=183451"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183451\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=183451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=183451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=183451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}