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 ...
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.
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