Skip to comments.Witness: Corzine knew about loan made with customer funds
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 ...
Nice to see his tit in the wringer, isn’t it?
This is a “big deal”.
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.
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?
Records of transactions have to be traceable somehow, down to the IP address cof the computer and the id of the user.
criminal charges for Corzine???
sounds like there should be!!
Consistent with an earlier story by Christopher Elias, MF Global and the great Wall St re-hypothecation scandal(Where the Money Went - Must Read)
That link 404 not found.
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.
This is a big “f’n deal!”
Praise the day!
Finally a Wall Street criminal that Freepers don’t adore.
I found it elsewhere. Thanks for heads up
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.
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...
Awaiting the Time cover story in 3, 2... (oh nevermind)
I stand corrected.
Sergeant Schulz: “I know nothing..............”
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.
Usually referred to as an inside job.
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!
Why this has not been treated all along as an obvious felony is beyond me.