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Witness: Corzine knew about loan made with customer funds
The Hill ^ | 12/13/11 | Peter Schroeder

Posted on 12/13/2011 4:20:38 PM PST by ColdOne

An executive of a financial exchange monitoring MF Global told senators Tuesday that Jon Corzine, the former head of the financial firm, knew that loans were improperly made with customer funds.

The claim was made just minutes after Corzine professed his ignorance for how up to $1.2 billion in customer funds had gone missing.

Terrence Duffy, the executive chairman of CME Group, the exchange that regulates MF Global, told the Senate Agriculture Committee that a CME auditor was told by an MF Global executive that Corzine knew that a loan was made to a European affiliate of the company, and that he has passed along that information to the Justice Department and financial regulators.

"One employee indicated that Mr. Corzine knew about the loans that had been made from the customer segregated accounts," he said, adding that it was unclear whether other funds were improperly transferred.

Sen. Pat Roberts (R-Kan.) called the revelation "a bomb."

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


TOPICS: News/Current Events; US: Kansas
KEYWORDS: corzine; corzinehearing; joncorzine; kansas; mfglobal; patroberts; terrenceduffy

1 posted on 12/13/2011 4:20:41 PM PST by ColdOne
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To: ColdOne

Nice to see his tit in the wringer, isn’t it?


2 posted on 12/13/2011 4:24:01 PM PST by Wally_Kalbacken
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To: ColdOne

This is a “big deal”.


3 posted on 12/13/2011 4:24:11 PM PST by NativeNewYorker (Freepin' Jew Boy)
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To: ColdOne

These hearings are pissing me off. That smartass Corzine is trying to come across as a poor, little old man with Alzheimer’s. They need to put the whole bunch of them in prison. Especially those maggots who were up there protecting him today.


4 posted on 12/13/2011 4:24:28 PM PST by FlingWingFlyer (Stop BIG Government Greed Now!!!!)
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To: ColdOne

KaBooooommmmmmmmmmmmm! Welcome to Obamaville. Will Soros or any of his companies be sanitized by light if it is found the “LOST” monies found (were funneled) to favorable accounts?


5 posted on 12/13/2011 4:24:59 PM PST by Michigan Bowhunter
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To: ColdOne

Bazinga!


6 posted on 12/13/2011 4:25:17 PM PST by rod1
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To: FlingWingFlyer

Records of transactions have to be traceable somehow, down to the IP address cof the computer and the id of the user.


7 posted on 12/13/2011 4:27:06 PM PST by Mygirlsmom (Disgusted with it all.)
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To: ColdOne

criminal charges for Corzine???

sounds like there should be!!


8 posted on 12/13/2011 4:29:30 PM PST by Enchante
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To: ColdOne
...a loan was made to a European affiliate of the company

Consistent with an earlier story by Christopher Elias, MF Global and the great Wall St re-hypothecation scandal(Where the Money Went - Must Read)

http://www.freerepublic.com/focus/f-news/2817823/post

9 posted on 12/13/2011 4:30:32 PM PST by omega4412
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To: ColdOne

10 posted on 12/13/2011 4:32:32 PM PST by NativeNewYorker (Freepin' Jew Boy)
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To: omega4412

That link 404 not found.


11 posted on 12/13/2011 4:32:35 PM PST by ColdOne (I miss my poochie... Tasha 2000~3/14/11)
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To: ColdOne

Surely you jest! None of these major players will EVER be held to the same standard as we would be. They (and politicians) are above the law and have been for some time now. To continue to pretend that laws are for everybody is to believe in Santa Claus.


12 posted on 12/13/2011 4:35:12 PM PST by Deagle
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To: NativeNewYorker

This is a big “f’n deal!”


13 posted on 12/13/2011 4:35:54 PM PST by maggief
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To: ColdOne

Praise the day!
Finally a Wall Street criminal that Freepers don’t adore.


14 posted on 12/13/2011 4:36:06 PM PST by nkycincinnatikid
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To: omega4412

I found it elsewhere. Thanks for heads up


15 posted on 12/13/2011 4:36:07 PM PST by ColdOne (I miss my poochie... Tasha 2000~3/14/11)
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To: ColdOne

Whether Corzine knew about the loans is irrelevant. He committed a felony when he stated, in front of the Ag Committee, that he didn’t know what happened to the customers’ funds. He signed the Sarbanes-Oxley certification stating that he is personally knowledgeable about the firm’s internal financial controls. If he does not have that knowledge and has signed the certification, he has committed a felony.


16 posted on 12/13/2011 4:36:33 PM PST by thesharkboy (poet, know it.)
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To: ColdOne

You mean Jon Corzine, the former head of the financial firm, **knew** that loans to the tune of $1.2 billion in customer funds were improperly made?

Dear America, I am a Nigerian citizen and my uncle, recently deceased, left me $7,500,000 (seven million five hundred thousand dollars U.S.) in his will which unfortunately is blocked in escrow at the Banque de Grosse Foutaise Luxembourg pending proof of a mining certificate which I can only attain through a partnership with a genuine American citizen. I am willing to share half of the aforementioned sum, if...


17 posted on 12/13/2011 4:43:45 PM PST by Youaskedforit
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To: ColdOne

Awaiting the Time cover story in 3, 2... (oh nevermind)

18 posted on 12/13/2011 4:46:03 PM PST by douginthearmy (Still undecided.)
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To: maggief

I stand corrected.


19 posted on 12/13/2011 4:58:02 PM PST by NativeNewYorker (Freepin' Jew Boy)
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To: ColdOne

Sergeant Schulz: “I know nothing..............”


20 posted on 12/13/2011 5:13:01 PM PST by yldstrk (My heroes have always been cowboys)
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To: ColdOne
How can "loaned" money be "missing"?

When I borrow money from my bank, it's not "missing" - the bank knows exactly where it is because I had to identify myself and sign a note promising to repay it. If it's a substantial sum, I have to put up collateral. The bank may want to hold the title to my collateral or place a lien on it. If I default, the bank can sieze my collateral, garnish my wages and haul me into court. They can publish the fact that I'm a deadbeat and ruin my credit so no one will loan to me again.

Doesn't Corzine's World Bank follow the same rules? They let someone(s) borrow $1.2 Billion without signing for it? No collateral? YOU DIDN'T EVEN ASK HIS NAME?

That's not imcompetent, it's CRIMINAL.

21 posted on 12/13/2011 6:39:27 PM PST by ZOOKER ( Exploring the fine line between cynicism and outright depression)
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To: ZOOKER

Usually referred to as an inside job.


22 posted on 12/13/2011 6:58:35 PM PST by going hot (Happiness is a momma deuce)
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To: ColdOne

Corzine, as a top echelon RAT, will prolly get away with it.
Which means they’ll all get away with it, because charging his underlings would risk them ratting on the RAT!


23 posted on 12/13/2011 7:04:21 PM PST by Revolting cat! (Let us prey!)
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To: ColdOne

Why this has not been treated all along as an obvious felony is beyond me.


24 posted on 12/13/2011 8:56:08 PM PST by denydenydeny (The more a system is all about equality in theory the more it's an aristocracy in practice.)
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