NEW YORK (MarketWatch) — Here’s a thought: Do you think you would be walking free today if you told the police you lost $1.6 billion in other people’s money?

Of course not. But that’s justice in America today.

The man who shot and killed 17-year-old Trayvon Martin in Florida walks free, and the TV talking heads say his “hoodie” was as much to blame as his shooter.

Jon Corzine, who allegedly authorized what amounts to theft of customer funds, hoofs it, too.

Former MF Global CEO Jon Corzine. Reuters

But the so-called flour bomber who “assaulted” Kim Kardashian was promptly detained by police.

Apparently depriving people of their savings and killing people aren’t any match for making dirty laundry.

The lesson? If only Corzine had worn a hoodie, eaten some Skittles and dumped some Gold Medal All-Purpose on Warren Buffett, maybe we wouldn’t be wondering why nearly five months after the bankruptcy of MF Global Holdings Ltd. MFGLQ not a single person has been charged in the looting of $1.6 billion in customer funds.

Until now, Corzine has lost only his reputation from the MF Global blow-up. He’s testified before congressional committees and given evasive answers.

“I simply do not know where the money is, or why the accounts have not been reconciled to date,” Corzine told Congress, adding that it was never his “intention” that client funds be used to pay MF Global’s debts.

Corzine’s answers, as frustrating and inexcusable as they seemed, were plausible at the time. But, as of Friday, the disclosure of an Oct. 28 email has changed the game. In it, MF Global’s assistant treasurer, Edith O’Brien, said she ordered a such a transfer “per JC’s [Jon Corzine’s] direct instructions.” Read full story on email ordering funds transfers.

Again, this isn’t an MF Global smoking gun. Customer accounts can have firm money in them, and that money can be withdrawn. Corzine could have been talking about the brokerage’s cash.

Nor is the email a direct link between Corzine and the transfers. O’Brien could have misunderstood. She may even have been lying to ensure that the money moves were made.

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And as The Wall Street Journal first reported last week, there is some debate about a letter sent by J.P. Morgan Chase & Co. JPM, -0.84% . Bankers there wanted MF Global to sign off on a form vouching that client funds were safe. O’Brien was reluctant to sign it, according to emails.

Legal experts have suggested that all of this is a problem. It’s not that Corzine was participating or responsible, but it’s hard, with so many doubts, for prosecutors to build a case against the former CEO.

But there is a real risk for Wall Street if charges are not brought against the top management of MF Global.

That risk is one of Wall Street getting beat up in a political year. Already there is an Occupy Wall Street movement promising a summer of action. Mitt Romney has praised Florida Attorney General Pam Bondi for going after the banks. See related story on Romney’s praise of Bondi for challenging banks.

And President Obama has attacked the financial industry’s greed, most notably in his State of the Union speech in January. Read text of Obama’s State of the Union address.

Even if you believe OWS, Romney, and the president are all full of baloney, you can see the point. Banks are an easy target because of the perception that Wall Street bad guys get away with their misdeeds. Flour bombers, on the other hand, get the book thrown at them.

Moreover, Corzine, as a top Democrat, former governor of New Jersey, and one of Obama’s biggest campaign donors, will be viewed — fairly or unfairly — as someone who used political influence to dodge paying the price for wrongdoing.

Someone in this case — Corzine or O’Brien or both — isn’t telling the truth. That’s what the public knows. What they don’t know is what’s being done about it by investigators and prosecutors. Shifting customer funds is illegal. And if these funds are lost, they certainly were shifted. They just didn’t fall off the back of a mail truck.

So, regardless of the legal issues, the pressure on the Department of Justice is ratcheting up.

Cases should be forming right now against Corzine, O’Brien and anyone else who was responsible for keeping customer accounts off limits. If not, the public will just chalk it up as another of those double standards of justice. You know, the guy who gets away with murder because his victim was “suspicious” or the activist who could face charges because she spilled something on a celebrity.

Jon Corzine? They’ll say he got away with it because he was rich and politically connected. But, in the court of public opinion, he’s guilty until proven innocent — and so is the industry from which he comes.