Chris Whalen, senior managing director at Tangent Capital Partners, and Bill Rochelle from Bloomberg News talk with Bloomberg Law’s Lee Pacchia about how the so-called in pari delicto defense stops trustees from suing for fraud in cases such as MF Global and Bernie Madoff. Whalen argues that appointing equity receivers, a popular remedy 100 years ago, in these cases would allow court appointees to pursue third parties on behalf of victims for fraud. The question is whether Congress is willing and able to change the law.
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Somebody once said something along the lines of “if I can control the money supply, I care not who makes the laws”. Therein lies the problem. Our system is not run “for the people, by the people”. It never wil be as long as we permit central banking and let private bankers control and issue the money supply. Today the laws and the “justice system” only apply to those that don’t own the system.