Posted on 12/15/2011 4:12:46 AM PST by tobyhill
It was a humiliating moment, but Jon Corzine was determined to put the best face on it.
On Oct. 25 of last year -- six days before the stunning collapse of MF Global Holdings Ltd., the New York-based brokerage and commodities firm he headed -- Corzine released the company's dismal results for the second fiscal quarter of 2012. Revenue, he was forced to report, had declined from the same period the year before, from over $240 million to about $205 million; and selected losses for shareholders were estimated at $191.6 million, an increase of almost $100 million from the prior year.
One day earlier, the credit ratings agency Moody's, citing MF Global's heavy concentration on European sovereign debt, had cut MF Global's debt rating -- to one grade above junk bond status. Still, Corzine projected optimism, issuing a press release to go along with the earnings report that envisioned only a bright future for MF Global.
(Excerpt) Read more at foxnews.com ...
The primary dealer angle needs a lot more scrutiny.
Corzine is of course a skunk, but what’s up with the reporting in this story. First it talks about Oct 25 of “last year” then it talks about “second quarter of 2012.” Written in a time warp.
But we get the point....
The fake OWS should be all over this and yet?
Media should be all over this Farmers who can't plant because of Corzine.
This is Government by Obama and Goldman.
-——to see if the Fed could help find a buyer for MF Global;-——
This was an act of panic. Corzine was flailing around in the deep end of the pool grasping for anything to keep him afloat. Desperate drowning men steal from their customers.
All the lies aside, that is exactly what the MF’ers did.
>> The fake OWS should be all over this and yet? >>
You are 100% right. The MF Global is exactly what we are told the OWC folks are upset about. Since Corzine is a big liberal - apparently not so much.
This story is going to get much bigger, don’t know why it’s getting comparatively little attention now. Uncle Sam has been shot in the neck here, and Congress is pussyfooting around like they’ve never seen a neck with a bullet hole in it. Well, I guess they haven’t.
99.9% fatality rate and a .1% chance of a miracle.
Shades of Lehrman all over. Egotist at the helm, stupid investments, clients get the shaft.
Maybe Corzine will throw himself in front of a train. LOL, he has his cash overseas and will hit the silk at the first sign an indictment is eminent.
Hussein vowed to raise $1B to campaign for his regime; MF Global mysteriously "missing" $1.2B; coincidence? I think not!
Anybody watching the hearing live? Corzine goes between being terrified (lying, I think) and arrogant. His voice goes back and forth between shaky and condescending.
It infuriates me that Democrats are permitted to get away with telling huge lies that wouldn’t fool a dull child.
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