Skip to comments.MF Global Chief Who Oversaw Missing $1.2 Billion Also Top EPA Financial Adviser
Posted on 12/29/2011 9:16:30 AM PST by Smokeyblue
The same man who oversaw MF Globals $1.2 billion in missing funds, Bradley I. Abelow, is also currently listed on the Environmental Protection Agencys website as the current chairman of the EPAs Financial Advisory Board.
Mr. Abelow also served as former New Jersey Governor Jon Corzines chief of staff before Mr. Corzine went on to become MF Globals CEO. Interestingly, current EPA Administrator Lisa Smith also previously served as then-Gov. Corzines chief of staff. Whether the Corzine connection played any role in Mr. Abelows appointment to the chairmanship of the EPAs Financial Advisory Board is as yet unclear.
Mr. Abelow, who as recently as July 2011 appears to have donated $30,800 in campaign donations to the Democratic National Committee and $5,000 in June to President Barack Obama, said over a dozen times during congressional hearings that he didnt know how MF Global customers funds disappeared under his watch.
(Excerpt) Read more at biggovernment.com ...
MF Global chief missing $1.2B is financial adviser to EPA
During two days of recent congressional hearings into how as much as $1.2 billion disappeared from MF Global customer accounts, the chief operating officer of the imploding investment firm responded again and again that he did not know.
Yet as the House and Senate interrogated Bradley I. Abelow and other top executives at MF Global Holdings Ltd., lawmakers did not mention Mr. Abelows role as a financial adviser for the Environmental Protection Agency, which as of Tuesday listed him as the chairman of its financial advisory board.
Even as he finds himself the public face of a bankruptcy and admitted to lawmakers that he had no idea how client funds disappeared, Congress and the administration have voiced no public concern about Mr. Abelows role advising the $8.6 billion government agency on its finances.
Why do I not find this to be surprising?
“Bradley Abelow is an American businessman and political leader who formerly served as Chief of Staff to the Governor of New Jersey in the Cabinet of Gov. Jon Corzine. Prior to entering Governor Corzine’s Cabinet as State Treasurer, he was a top executive for the Wall Street firm of Goldman Sachs. He is currently Global Chief Operating Officer at MFGlobal”
MBA from Yale School of Management. Apparently it isn’t a very good school.....
UN FREAKING BELIVEABLE
As Rush would say:
“Folks this is too easy - having more fun than a human being should be allowed to have....”
Liberals write their own copy for us.
TAKE OUT THE EPA. Yeah baby!!!!!!
Where the H is the EPA spending the money? (we know it went to their little propaganda projects)
1st place to look EPA. TIME TO GET THE GREEN EYE SHADE TYPES IN THE FBI TO DO A FULL AUDIT!!!
No wait not with the community organizer in charge it is totally believable.
Den of thieves just rearranging deck chairs!
The republican candidates have so much ammo. If only they’d use it!!!!
they are. ( in a circular firing squad)
Many need to go to jail on this.
I’m sure it’s a fine school.Some of the students turn out to be crooks.
Hee hee hee. bttt
Depends on what you mean by 'good'.
After all, this (using the term loosely) American businessman was smart enough to use the EPA to control the direction of U.S. businesses with the 'green' push so as to direct investing in the 'solar' industry where even investments that went broke were guaranteed by our tax money.
Was it not the EPA the directed the funding of, for example, Solyndra?
“Criminal Capitalism” seems to be rampant in the democrat/socialist party.
Pray for America.
The Game Statistics
So, who are these guys at the NRDC? Well, its an interesting list.
Natural Resources Defense Council Board of Trustees
Frederick A. O. Schwartz, Jr.
Partner, Cravath Swaine & Moore; (a British Law Firm) Former New York City Corporation Counsel (under Mayor Ed Koch)
Co-founder, The New York League of Conservation Voters (with RFK Jr.)
Private philanthropist; Former Chairman, Rockefeller Brothers Fund; Former chairman, Citizens Advisory Committee on Environmental Quality; Trustee, the Laurance Rockefeller Charitable Trust
Thomas A. Troyer
Partner, Caplin & Drysdale; Former Chairman, the Foundation Lawyers Group; Former member of the IRS Commissioners Advisory Group on Tax-exempt Organizations; (no conflict of interest there?) Board member, the Carnegie Corporation of New York
Pres & Co-founder
John H. Adams
Former Assistant US Attorney (New York)
Board member, Redefining Progress; Board Chair, Population Communications International; Program Chair, Conservation International
Chairman & Chief Operating Officer, Warner Brothers
Chairman, Concern Inc.; Director, Chesapeake Bay Foundation (a relatively benign group)
Founding Director, Woods Hole Research Center; Co-founder, Environmental Defense Fund (they banned DDT, Alar, etc.)
Co-founder & Treas
Richard E. Ayres
Partner, Howrey & Simon; Former Chairman, National Clean Air Coalition
Member, Pew Environmental Health Commission; Former Manager, National Institute for Environmental Health Sciences; Co-Director, The Bauman Foundation
Former US Secretary of Energy; Former US Ambassador to the United Nations; Former US Congressman (D-NM)
Managing Partner, J.P Morgan Securities
Is this "Natural Resources" defense, or natural resource SUPPLIERS defense?
Now, lets look at who gives the NRDC money, shall we?
Top Funders of NRDC
Descriptions in bold are major energy investors
Pew Charitable Trusts
Blue Moon Fund
This is W. Alton Jones Money (Citgo)
Launched by The John D. and Catherine T. MacArthur Foundation, The Pew Charitable Trusts, and The Rockefeller Foundation. The Joyce Mertz-Gilmore Foundation joined as a funding partner in 1996, and The McKnight Foundation joined in 1998. In 1999, The David and Lucile Packard Foundation joined to support two programs: the U.S. Clean Energy Program (now the Climate Program) and the China Sustainable Energy Program. In 2002, the William and Flora Hewlett Foundation joined to support advanced technology transportation and clean energy for the West.
John D. & Catherine T. MacArthur Foundation
Bankers Life and Casualty money (investment portfolio unknown)
U.S. Environmental Protection Agency
Your tax dollars at work subsidizing the interests of whom?
CNN, and a lot more
Public Welfare Foundation
Too confounded to determine
Charles Stewart Mott Foundation
Major player at Yale.
J. M. Kaplan Fund
William Bingham Foundation
San Francisco Foundation
Rockefeller Brothers Fund
Robert Sterling Clark Foundation
Geraldine R. Dodge Foundation
Bauman Family Foundation
Nathan Cummings Foundation
Educational Foundation of America
Richard & Rhoda Goldman Fund
Mertz Gilmore Foundation
Carnegie Corporation of New York
New York Community Trust
William & Flora Hewlett Foundation
Note also the participation with the Energy Foundation
Quod erat demonstratum.
Most, if not all of these people at NRDC are energy investors.
Same ol' same ol'.
With the usual kudos to FReeper CarieOkie
the coal plants ate my homework!
1. When Congress asked Abelow about "previously working with Corzine," Abelow reluctantly mentioned being Gov Corzine's COS. Abelow MADE NO MENTION of Corzine appointing him to head NJ's Dept of the Treasury---where the two con artists controlled ALL of NJ's tax assets.
2. Abelow and Corzine SHOULD have been pressed about their formation of an investment company while they were principals of NJ govt and controlled its assets. The two "financial geniuses" later said they did not know that was illegal.
3. Corznie should have been asked about using his Senate seat to pass a law that benfited a troubled Japanese bank----the same bank that was taken over by Christopher Flowers who was overseeing Corziner's "blind trust." Corzine said he did not know the law benefited him. Flowers is also an MF principal in the missing $1.2 billion.
4. Corzine should have been asked how much G/S made financing muni bonds while JC was NJ governor----and if bond rigging took place by the Dept of Community Affairs. (Corzine later appointed DCA head Suzan Bass Levin to a millionaire's perch at the Pork Authority).
5. Corzine should have been asked about missing $8 billion NJ School funds, the missing $17.5 billion stimulus Obama sent NJ, and the $8 billion debt he left N
ANALYSIS It defies imagination and common sense that the two "financial geniuses" can't figure out where the $1.2 billion is.
Monies were transferred in and out of MF Global continually.....all done by wire transfer------EFT. There's a clear record of when, where, and how much for EACH wire transfer......like your cell phone bill. Each call is listed, the number dialed, the time of the call, and the duration. So they absolutely know exactly who got the $$, and when it was received.
Corzine was not able to remove the customer funds by himself. It required most of the key back office personnel to do this. ..........and all had to know that it was 100% illegal to do so. Yet NOONE blew the whistle, and called the regulators? This underlines the corrupt corporate culture that predominates today on Wall Street.
So, why did they go along? Were they assured it would be put back in a day or two......that it was a temporary glitch? If they didn't agree, the firm would go under? Their jobs would be lost if they didnt go along?
Savvy observers say many MF insiders are now working out deals with the Feds, to name names and provide direct testimony as to who exactly ordered the customers' funds to be removed from the accounts.
Count on direct testimony that Corzine ordered illegal acts.......written records are also to surface. Corzine is toast. Obama and the Dems will toss him under the bus. Corzine is making a huge mistake by underestimating the anger of Jerseyans he left holding the bag----he socked us with massive debt, bankrupt state agencies, and a state pension fund 25% lighter,
Corzine departed with billions of tax assets unaccounted for. Throwing him under a bus is too good for him......considering the damage he's caused.
After the latest doc dump of the Climategate emails....someone over at WUWT was going through them an ran across correspondence between Goldman Sachs, the World Bank and the ‘scientists’. Interesting stuff.
I can’t find the original link I’m referring to....but this will have to do.
Some investigative journalist is missing a big opportunity to expose the corruption in this administration and make a big name for him/herself. Oops - can’t do that - wrong party.
Don't hold you breath. And it isn't that the Republicans are stupid. THEY ARE IN ON IT!
The list, Ping
Let me know if you would like to be on or off the ping list
This insanity must stop!~!! Missing 1.2 BILLION and he shrugs.....and he’s in charge of the finances of the EPA, which is in the billions.......wait for the shrug.
From Wikipedia: Annual budget, $10.486 billion (2010). Ever hear of Solyndra? One of several near billion dollar commitments of taxpayer dollars that fall outside of the Agency's budget, but for which taxpayers are on the hook. In other words, before losing $1.2 billion of his clients money mismanaging MF Global, he was losing billions of taxpayers' money.
It's a gift. Who lets you lose billions of other people's money?