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Congressional probe: Corzine is to blame for MF Global fall
Chi Trib ^ | 11-14 | Reuters

Posted on 11/14/2012 12:31:33 PM PST by ExxonPatrolUs

Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, U.S. congressional investigators have determined.

Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel's chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Chit/Chat
KEYWORDS: corzine; global; mf; mfglobal

1 posted on 11/14/2012 12:31:40 PM PST by ExxonPatrolUs
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To: ExxonPatrolUs

Obama’s presidency is only about helping the super rich loot this country.


2 posted on 11/14/2012 12:38:18 PM PST by nickcarraway
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To: ExxonPatrolUs

Do you think this will disqualify Corzine from being named the next Secretary of the Treasury?

I don’t.


3 posted on 11/14/2012 12:45:25 PM PST by 43north (BHO: 50% black, 50% white, 100% RED)
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To: ExxonPatrolUs

A $1.6 billion larceny is a felony, not a “poor management decision”.


4 posted on 11/14/2012 12:47:54 PM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: ExxonPatrolUs

Ridiculous! The collapse was cause by to much government red tape and over regulation.


5 posted on 11/14/2012 12:49:08 PM PST by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: ExxonPatrolUs

Capital punishment is too nice for this scumbag.


6 posted on 11/14/2012 12:52:39 PM PST by wolfman
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To: ExxonPatrolUs

You mean Dodd-Frank didn’t protect the investor/trader??

Wow, who’d a thunk it.


7 posted on 11/14/2012 12:56:58 PM PST by MichaelCorleone ('We the People' can and will take this country back...starting today.)
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To: wolfman

Corzine really should be in a federal prison.


8 posted on 11/14/2012 1:00:14 PM PST by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: ExxonPatrolUs

It took Congress this long to figure out what those of us in the capital markets had figured out after about four weeks.

Corzine is responsible. Corzine should be under indictment, at the very least.

But he isn’t, and I don’t think he will be at any time soon.


9 posted on 11/14/2012 1:23:33 PM PST by NVDave
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To: Liz

ping


10 posted on 11/14/2012 1:34:41 PM PST by thouworm (.)
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To: ExxonPatrolUs

Strangely the Senate could find no fault with their ex-colleague.

Birds of a ........


11 posted on 11/14/2012 1:38:10 PM PST by itsahoot (Any enemy, that is allowed to have a King's X line, is undefeatable. (USS Taluga AO-62))
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To: ExxonPatrolUs

This rich slimey RAT should write a check for $1.6 billion, or spend the rest of his life in solitary confinement.

If Martha Swewart (I know, I know) can spend time in the slammer for making a few friendly quid in the stock market, this guy who required his company to pony up $1.6B of customer owned funds needs big time jail time!


12 posted on 11/14/2012 1:46:39 PM PST by Noob1999 (Loose Lips, Sink Ships)
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To: ExxonPatrolUs

This is extremely bizarre.

“Lax protection for customer funds.” That’s an interesting way to describe using (supposedly) segregated customer funds to back up your own tanking risky trading schemes.

If they had no legal right to use these funds in this way, isn’t it theft and fraud, not just “laxity?”


13 posted on 11/14/2012 1:47:40 PM PST by Sherman Logan
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To: ExxonPatrolUs

This is extremely bizarre.

“Lax protection for customer funds.” That’s an interesting way to describe using (supposedly) segregated customer funds to back up your own tanking risky trading schemes.

If they had no legal right to use these funds in this way, isn’t it theft and fraud, not just “laxity?”


14 posted on 11/14/2012 1:47:55 PM PST by Sherman Logan
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To: ExxonPatrolUs

how do you LOSE $1.6 BILLION dollars????

Did they look and their other pants pocket?

i mean.. someone MUST be entering data into a computer program somewhere...

Was it all in CASH?

And how much was funnelled to the DNC???


15 posted on 11/14/2012 1:49:47 PM PST by Mr. K (We need a TEA PARTY MARCH ON GOP HEADQUARTERS!)
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To: ExxonPatrolUs

Didn’t Obama tell us that Corzine is an honorable man?


16 posted on 11/14/2012 1:50:08 PM PST by Proud2BeRight
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To: ExxonPatrolUs

how do you LOSE $1.6 BILLION dollars????

Did they look and their other pants pocket?

i mean.. someone MUST be entering data into a computer program somewhere...

Was it all in CASH?

And how much was funnelled to the DNC???


17 posted on 11/14/2012 1:50:09 PM PST by Mr. K (We need a TEA PARTY MARCH ON GOP HEADQUARTERS!)
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To: Eric in the Ozarks

Old news....

The Tribune is bringing this up now....why?

Not that the Current Occupant of the White Hut has much need for Jon Corzine any more. Another failed bank/brokerage house/money laundering scheme does not make that much difference to the bunch of treason promoters and currency manipulators once they got their hands in the Big Time, the US Treasury.

Prominent Democrats will not serve any prison time so long as the Current Occupant of the White Hut remains entrenched.


18 posted on 11/14/2012 1:54:56 PM PST by alloysteel (Bronco Bama - the cowboy who whooped up and widened the stampede.)
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To: ExxonPatrolUs

Protections of customers funds...

Customer money was stolen with all the corporate authority possible given on every transfer.

Protection - the protection is that Corzine should be in jail as a convicted felon for embezzlement.


19 posted on 11/14/2012 1:59:10 PM PST by Triple (Socialism denies people the right to the fruits of their labor, and is as abhorrent as slavery)
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To: ExxonPatrolUs

It doesn’t matter. Dems are immune from “laws”. I going to become a Dem and lie, cheat and steal and I’ll be heralded and worshipped!


20 posted on 11/14/2012 2:14:57 PM PST by Fledermaus (The Republic is Dead: Collapse the system. Let the Dems destroy the economy!)
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To: thouworm
Thanks for the headsup. As Stock Market Watch reported: “MF Global had a choice. Do we cheat or go out of business. And they cheated. They broke the law. And took customer funds to cover margin calls.”

=========================================

No question: AG Holder is the biggest enabler of financial crime in US history.

MF Global Was Client of Eric Holder’s Law Firm / By Wynton Hall / breitbart.com

Those wondering why the DOJ has refused to go after Jon Corzine for the vaporization of $1.6 billion in MF Global client funds need look no further than the documents uncovered by the Government Accountability Institute that reveal that the now-defunct MF Global was a client of AG Eric Holder and Asst AG Lanny Breuer’s former law firm, Covington & Burling. There’s more. Records also reveal that MF Global’s trustee for the Chapter 11 bankruptcy retained as its general bankruptcy counsel Morrison & Foerester--the very law firm from which Associate AG Tony West came to DOJ. And more.

AND THIS: Dec 05, 2011---Fox News: Bill Clinton Reaped Big Bucks Before Collapse---MF Global Employee Links Clinton to Corzine's Bankrupt Firm

A former MF Global employee accused former president Bill Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy, reports Human Events.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution, according to Hum/Events. The Teneo contract with MF Global lasted at least five months, the souce said. “The board cancelled it after Corzine resigned.” The source, who is no longer associated with MF Global, said Teneo is a dual-track company with one side devoted to merchant and investment banking and the other side set up to provide image and strategy consulting services. Clinton is the chairman of the company’s advisory board, reports Hum/Events.

http://nation.foxnews.com/mf-global/2011/12/05/report-bill-clinton-reaped-big-bucks-corzine-firm-collapse#ixzz1fhH3pHHH

=================================================

Screwed MFG investors need to mobilize The Bank Secrecy Act----enacted by Congress to protect investors, bank patrons, depositers, etc, from fraud. Charges might include: (1) criminal tax fraud, (2) deliberately misstated income, (3) filing false IRS returns, (4) falsifying official documents, (5) intentionally mislabeling personal expenditures as business expenses, (6) utilizing investor funds inappropriately, (7) fraudulent use of investor funds for lavish personal expenditures, (8) fraudulently declaring personal expenditures as legitimate business expenses.

======================================================

REFERENCE Corzine’s financial my$tery / NY Post, January 8, 2012 / By Jonathon M. Trugman

It’s been a long while now since that frightful Halloween 2011 when MF Global filed the eighth-largest bankruptcy in US history. Too long a time if you are an MF customer and can’t get access or answers to what happened to your money.

Certain individuals at MF Global breached the sacrosanctity of segregated customer accounts to cover for liquidity shortfalls induced from extremely leveraged bets gone extremely bad, reportedly made by CEO Jon Corzine and his confidants (including MF bigwigs Brad Abelow and Chris Flowers).

Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while his firm was leveraging up 40-to-1? And for that matter, where were his lieutenants’ funds held? Unfortunately, those answers are not forthcoming from any of the parties.

It is almost unanimously mandated by Wall Street that officers of brokerage firms keep their investment accounts at the firm where they work. This is done for compliance reasons. If Corzine and his inner cadre of lieutenants had their millions at MF Global, were their accounts breached, as well? Are they being treated identically to other MF Global account holders in terms of the massive amounts of their missing money and the lack of access to what’s rightfully theirs?

If Corzine et al. didn’t keep the vast majority of their money at MF Global, then why not?

It’s been reported that a mere two weeks before filing for bankruptcy, while the skies were darkening for MF Global due to the European tidal wave, Corzine and his wife were apparently chateau shopping in the south of France, no less. While both Corzine and his wife are extremely wealthy people, chateau shopping just 15 days before filing this country’s eighth-largest bankruptcy are not the actions of a man with good analytical skills or who is overly concerned about the fate of his teetering financial empire — unless his own money isn’t at risk. ####

http://www.nypost.com/p/news/business/corzine_financial_my_tery_5cucZtZho95Sr1MhnotnxJ#ixzz2HTaVKt6v

21 posted on 11/14/2012 2:35:51 PM PST by Liz ("Come quickly, I'm tasting the stars," Dom Perignon)
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To: Liz; Sherman Logan

Thanks, Comprehensive as always...

In cased you missed, did you note Sherman Logan’s pithy comment on the tepid weasel words. I almost pinged you to another dup and locked thread in which he posted the same, but I noticed he posted it (#13) here as well:
~~~~~~~~~~~~~~~~~~

This is extremely bizarre.

“Lax protection for customer funds.” That’s an interesting way to describe using (supposedly) segregated customer funds to back up your own tanking risky trading schemes.

If they had no legal right to use these funds in this way, isn’t it theft and fraud, not just “laxity?”
~~~~~~~~~~~~~~

No jail time for Corzine.......sigh......and grrrr.

Sherman Logan: See Liz post #21 for equally pithy long answer.


22 posted on 11/14/2012 3:00:31 PM PST by thouworm (.)
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To: ExxonPatrolUs

Did any of the MF (heh, heh) chumps, err, investors get a dime of their $1.6 billion back?


23 posted on 11/14/2012 4:25:28 PM PST by newbie 10-21-00
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To: Liz

MF Global and Teneo are a huge scandal. Unfortunately, we don’t have a website where this criminality can be properly revealed.


24 posted on 11/15/2012 4:13:19 PM PST by HAL9000 ("No one made you run for president, girl."- Bill Clinton)
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To: HAL9000; thouworm
AND THE CORZINE/CRONIE CORRUPTION BEAT GOES ON----Then-NJ Gov Corzine's cockamamie plan to "monetize" NJ roads----meant billions for his old firm----bonding agents Goldman Sachs.

NOTE Corzine's job at G/S was to get suckers to buy those bonds. Monetizing roads w/ tax-exempt bonds meant eternal billions for Corzine and G/S til the end of time.

CONNECTING THE DOTS

<><>Jon's G/S crony Brad Abelow had total control of NJ tax dollars as NJ Treasury Secy (also hung around as Jon's COS).

<><> NJ Treasury Secy Abelow and Gov Corzine "didn't know" it was illegal for state officials to form an investment firm.

<><> Jon's G/S crony Chistopher Flowers handled Jon's "blind trust." Flowers led the takeover of a Japanese bank as then-Sen Corzine said he did not know legilsation he drafted significantly improved his blind trust investment.

<><>Under Gov Corzine, several pots of state money---including the $8bill School Construction Fund, UI, and the NJ Trans/Trust/Fund went bankrupt....without an explanation.

<><> Gov Corzine gave ex-DCA head Suzan Bass Levin (who handled muni bond sales) a lucrative perch at money-grubbing Pork Authority--she got an apt, perks up her kazoo, and a 2nd Corzine no-show job to pad her pension (some might call that a payoff "for services rendered" since Levin controlled muni bond sales).

NOTE Corzine, Flowers and Abelow are all MF Global kingpins and have never been detained or questioned under oath about MFG's financial frauds.

25 posted on 11/15/2012 4:44:31 PM PST by Liz ("Come quickly, I'm tasting the stars," Dom Perignon)
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