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Corzine sorry, puzzled by missing MF Global money
Yahoo Finance ^ | December 8,2011 | Sarah N. Lynch

Posted on 12/08/2011 9:02:30 AM PST by Hojczyk

Former MF Global chief Jon Corzine apologized to customers, employees and investors who have suffered because of the brokerage firm's collapse, but said he does not know where missing customer money is.

"Their plight weighs on my mind every day -- every hour," Corzine, a former U.S. senator, said in 21 pages of remarks prepared for delivery on Thursday before the House Agriculture Committee.

"I simply do not know where the money is, or why the accounts have not been reconciled to date," he said.

Corzine's contrite but defensive remarks are his first since MF Global's October 31 bankruptcy and his resignation days later. Revelations of massive bets on European sovereign debt caused markets to lose confidence in the firm.

The search for hundreds of millions of dollars in missing customer funds has sent reverberations through the farm belt and trading floors, and has attracted the attention of the FBI and federal prosecutors. Thousands of customers have had their money frozen.

"It appears to me that nobody has learned a thing from what's gone on here. Wall Street is operating as if 2008 never happened," said Collin Peterson, the top Democrat on the Committee, referring to the recent financial crisis.

In separate testimony, a top executive of futures exchange operator CME Group Inc said MF Global misused hundreds of millions of dollars of customer funds by moving the money to its own accounts, the strongest accusation yet against the bankrupt futures brokerage. "Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act," CME Executive Chairman Terrence Duffy said in prepared remarks. CME, the biggest U.S. futures exchange operator, was a hands-on regulator of MF Global.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Crime/Corruption
KEYWORDS: corzine; democrats; mf

1 posted on 12/08/2011 9:02:34 AM PST by Hojczyk
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To: Hojczyk

Well maybe he is right... he stole the money and then he lost it in the market.. it just is not under his bed..


2 posted on 12/08/2011 9:05:43 AM PST by Hojczyk
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To: Hojczyk
Gosh, I just don't know where that $1.2 billion could be!

It just disappeared, all by itself. Poof! Just like that.

If I were to speculate, I would suspect that it was taken by an evil elf or goblin.

They do that sometimes.

3 posted on 12/08/2011 9:09:56 AM PST by mojito
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To: Hojczyk

Sarbanes Oxley LAW Says CEO responsible period.
So Corzine should be jailed.

http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act


4 posted on 12/08/2011 9:10:28 AM PST by OPS4 (Ops4 God Bless America!Jesus is Lord!)
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To: Hojczyk

check with SOROS, since he hasn’t been seen slithering around


5 posted on 12/08/2011 9:11:30 AM PST by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Hojczyk
Money is probably parked somewhere offshore. They will probably split it up into small individual donations to the Obummer campaign.
6 posted on 12/08/2011 9:12:14 AM PST by Upstate NY Guy
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To: Hojczyk

He must be sharing the same brain as Bernard Ebbers, and hopefully the same cell.


7 posted on 12/08/2011 9:12:25 AM PST by montyspython (This thread needs more cowbell)
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To: OPS4

But of course Sarbanes/Oxley does NOT apply to leftists...ie DEMOCRATS!!


8 posted on 12/08/2011 9:12:37 AM PST by Oldpuppymax
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To: Hojczyk

This guy should share solitary confinement with Berne Madoff where they can spend eternity arguing who was the better investor. Anyone ever see the play “No Exit?”.


9 posted on 12/08/2011 9:13:28 AM PST by Hildy ("When the debate is lost, slander becomes the tool of the loser." - SocratesH)
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To: Hojczyk

He’s sorry alright...a sorry piece of SH!T.


10 posted on 12/08/2011 9:14:20 AM PST by rightwingextremist1776
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To: Hojczyk

11 posted on 12/08/2011 9:14:48 AM PST by VanDeKoik (1 million in stimulus dollars paid for this tagline!)
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To: Hojczyk
...puzzled by missing MF Global money

Maybe he should check the seat cushions in the office. I know sometimes when I sit down I lose money that way. I'll bet a dollar that is where he will find the missing money.


12 posted on 12/08/2011 9:15:43 AM PST by Lazlo in PA (Now living in a newly minted Red State.)
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To: mojito

the missing $ is in Uncle Billy’s (played by Joe Biden) newspaper and then found by Mr.Potter.(played by one of the Koch brothers)


13 posted on 12/08/2011 9:15:52 AM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: Hojczyk
"I simply do not know where the money is, or why the accounts have not been reconciled to date," he said.

In other news, Jeffrey Skilling who currently serving a 24-year prison sentence for fraud said that he simply does not know where the money went or why Enron's stock has not been reconciled to date.

14 posted on 12/08/2011 9:19:06 AM PST by Hoodat (Because they do not change, Therefore they do not fear God. -Psalm 55:19-)
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To: Hojczyk

The only difference between Sandusky and Corzine is the age of the victims.


15 posted on 12/08/2011 9:22:58 AM PST by C. Edmund Wright (Moderator of Florida Tea Party Convention Presidential Debate)
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To: Hojczyk

Of course you don’t know where the money is NOW, Corzine you piece of democrat filth. Those ‘re-hypothecated’ funds have been spent multiple times since you laundered them out of MF Global.

We want to know how you came to lose the money. And if you say you don’t know, expect to be sued for gross criminal negligence.


16 posted on 12/08/2011 9:23:44 AM PST by agere_contra ("Debt is the foundation of destruction" : Sarah Palin.)
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To: Hojczyk

Corzine said he’s sorry. Hey, that’s good enough for me. No prosecution, no jail time for this guy. So he lost hundreds of millions of dollars of investors money. Funds that many of them were counting on to help them survive in their retirement years. Gee, nobody’s perfect. Give the guy a break.

(Heavy dose of sarcasm)


17 posted on 12/08/2011 9:31:54 AM PST by Signalman
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To: WOBBLY BOB
POTTER (looking up): You misplaced eight billion dollars?

JON CORZINE: Yes, sir.

POTTER: Have you notified the police?

JON CORZINE: No, sir. I didn't want the publicity. Harry's homecoming tomorrow . . .

POTTER (snorts): They're going to believe that one. What've you been doing, Jon? Playing the market with the company's money?

18 posted on 12/08/2011 9:33:40 AM PST by KarlInOhio (Herman Cain: possibly the escapee most dangerous to the Democrats since Frederick Douglass.)
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To: Hojczyk
Thanks to Sarbanes- Oxley, this is not going to be a winning strategy for Corazine.
19 posted on 12/08/2011 9:41:23 AM PST by rdcbn
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To: Hojczyk

Waterboard the dirtbag. I’ll bet his memory improves.


20 posted on 12/08/2011 9:46:23 AM PST by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
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To: mojito

That wouldn’t wash, mojito. Everybody knows that the gnome bankers at Gringott’s never lose a cent. I’d suggest the Death Eaters. High-maintenance types there.


21 posted on 12/08/2011 10:05:23 AM PST by BelegStrongbow (St. Joseph, patron of fathers, pray for us!)
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To: rdcbn

I guess we’ll see if SOX applies to the “Governing Class”.


22 posted on 12/08/2011 10:08:22 AM PST by PogySailor (Obama is a SCOAMF)
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To: Hojczyk

So says the kid with chocolate all around his lips when asked who ate the candy bar?


23 posted on 12/08/2011 12:08:18 PM PST by New Jersey Realist (America: home of the free because of the brave)
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To: Hojczyk

Just put him in a cardboard SarBox and keep him there!


24 posted on 12/08/2011 4:17:30 PM PST by jimfree (In Nov 2012 Herman Cain will have more relevant and quality executive experience than Barack Obama)
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To: Doogle; All

http://www.zerohedge.com/news/who-gave-permission-bankrupt-mf-global-sell-italian-bonds-jpm-5-discount-market-value


25 posted on 12/14/2011 3:56:12 AM PST by Doogle (((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)))
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To: KarlInOhio

26 posted on 12/20/2011 7:03:46 PM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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