Skip to comments.Corzine sorry, puzzled by missing MF Global money
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 ...
Well maybe he is right... he stole the money and then he lost it in the market.. it just is not under his bed..
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.
Sarbanes Oxley LAW Says CEO responsible period.
So Corzine should be jailed.
check with SOROS, since he hasn’t been seen slithering around
He must be sharing the same brain as Bernard Ebbers, and hopefully the same cell.
But of course Sarbanes/Oxley does NOT apply to leftists...ie DEMOCRATS!!
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?”.
He’s sorry alright...a sorry piece of SH!T.
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.
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)
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.
The only difference between Sandusky and Corzine is the age of the victims.
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.
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)
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?
Waterboard the dirtbag. I’ll bet his memory improves.
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.
I guess we’ll see if SOX applies to the “Governing Class”.
So says the kid with chocolate all around his lips when asked who ate the candy bar?
Just put him in a cardboard SarBox and keep him there!