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MF Global Was Sloppy, But Not Criminal (Gov't Alibi)
Fox Business ^ | 2/24/2012 | Sital Patel & Charlie Gasparino

Posted on 02/27/2012 9:07:09 AM PST by LyinLibs

Federal law enforcement officials investigating the implosion of MF Global are concluding that sloppy bookkeeping rather than criminal activity is to blame for the firm’s demise that resulted in more than a $1 billion of customer funds that remains missing, FOX Business Network has learned.

Though officials haven’t totally ruled out bringing a criminal case against MF Global executives, including former chief executive Jon Corzine, the odds are long that a criminal case will be filed, according to people with direct knowledge of the matter.

The evidence that law enforcement officials have gathered so far shows that the firm’s sloppy bookkeeping rather than direct criminal intent to commit fraud is at the heart of both the bankruptcy and the missing customer funds, which could total as much as $1.6 billion, these people tell FOX Business.

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


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: corzine; criminal; mfglobal; theft
Folks, here's the official Federal Gov't (Omarxist) cover story:

$1.6 billion was "accidentally" pulled from customer accounts, then "lost" by Jon Corzine's MFGlobal....

...due to sloppy bookkeeping.

Cue photos of quill pens and coffee-stained ledgers, supervised by "Grandpa Jones" whose memory's been slipping since he injured his hip.

According to Omarxist, the "American system has never worked." Well, not with Communists at the top assisting their cronies in blatant theft and sabotage of free markets.

Where's the GOP on this? Asleep at the wheel, per usual.

1 posted on 02/27/2012 9:07:12 AM PST by LyinLibs
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To: LyinLibs

Sloppy....just like Sandy Berger..........


2 posted on 02/27/2012 9:10:45 AM PST by Red Badger (If you are unemployed long enough, you are no longer unemployed.)
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To: LyinLibs

“Sloppy” bookkeeping. Didn’t the Rats tell us that Sandy Bugler was being “sloppy” when he stole those documents? Sloppy seems to be something out the the Rat playbook.


3 posted on 02/27/2012 9:12:43 AM PST by Lazlo in PA (Now living in a newly minted Red State.)
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To: LyinLibs
The IRS has a sloppy bookkeeping exemption for US taxpayers.

</sarcasm>

4 posted on 02/27/2012 9:18:07 AM PST by Joe the Pimpernel (Islam is a religion of peace, and Moslems reserve the right to behead anyone who says otherwise.)
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To: LyinLibs

MF Global Was Sloppy, But Not Criminal

“more than a $1 billion of customer funds that remains missing”

If line 2 is correct, line one cannot be.


5 posted on 02/27/2012 9:20:28 AM PST by edcoil (It is not over until I win.)
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To: Lazlo in PA

The IRS finds your tax errors were due to sloppy bookkeeping and not criminal. Thank you.


6 posted on 02/27/2012 9:20:42 AM PST by urbanpovertylawcenter (where the law and poverty collide in an urban setting and sparks fly)
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To: Joe the Pimpernel

Moslems are so sloppy, they’ve been accidentally murdering people for 1,400 years.


7 posted on 02/27/2012 9:20:51 AM PST by LyinLibs (If victims of islam were more "islamophobic," maybe they'd still be alive.)
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To: LyinLibs

I beg to differ with the government on this. In banking, sloppy = criminal.


8 posted on 02/27/2012 9:23:33 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: LyinLibs

OK,

How about criminal negligence then and lets proceed with the trial(s).


9 posted on 02/27/2012 9:24:15 AM PST by headstamp 2 (Liberalism: Carrying adolescent values and behavior into adult life.)
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To: LyinLibs
Next we will be seeing Corzine referred as a wizard advising Obama on international finance. He has demonstrated his acumen with international funds transfers and Obama has shown such a need in his campaign funding.

Could Dog the Bounty Hunter haul Corzine off to some jurisdiction where there is real justice?

10 posted on 02/27/2012 9:26:59 AM PST by Truth29
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To: LyinLibs
my wife was off on her books by 3 cents a few years back and it drove her nuts for a week looking for it.
This 1.6 billion is more then the company is worth of 1.4 billion. Thus the judge is flat out lying.
11 posted on 02/27/2012 9:27:18 AM PST by Steve Van Doorn (*in my best Eric Cartman voice* 'I love you, guys')
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To: cuban leaf

The moment ANYBODY commingles client funds with company funds, they’re breaking about 99 laws.

The feds just need to ask “Whose job was moving the money?” Then charge that person and offer them a deal if they talk.

But that will never happen b/c this goes all the way up to Corzine, then above to B. Hussein Omoslem.

This was a twofer: #1 A blow to American free markets by Omarxist, and #2 A money laundering scheme to fuel Omoslem’s campaign via his favorite bundler, Jon Corzine.


12 posted on 02/27/2012 9:29:23 AM PST by LyinLibs (If victims of islam were more "islamophobic," maybe they'd still be alive.)
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To: LyinLibs
Bush's greedy, rich "friends" at Enron were the lead story for 2 years.

Corzine and Bari get a pass from the same media outlets.

13 posted on 02/27/2012 9:31:09 AM PST by TexasCajun
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To: LyinLibs
Bush's greedy, rich "friends" at Enron were the lead story for 2 years.

Corzine and Bari get a pass from the same media outlets.

14 posted on 02/27/2012 9:31:35 AM PST by TexasCajun
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To: LyinLibs

Thank God that Corzine is not one of ours. But then again, which Wall Streeters are?


15 posted on 02/27/2012 9:36:23 AM PST by CainConservative (Santorum/Huck 2012 w/ Newt, Cain, Palin, Bach, Parker, Watts, Duncan, & Petraeus in the Cabinet)
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To: LyinLibs

Now if Corzine had produced a Broadway musical guaranteed to be a flop but wasn’t, instead of just embezzling $1.6 bil, he’d be breaking rocks in the big house.


16 posted on 02/27/2012 9:36:23 AM PST by SpaceBar
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To: LyinLibs

A couple a weeks ago there was a thread on MF Global wherein it was claimed that this whitewash is to cover up that MF, under the language of their account agreements, could legally cover the trading losses that sent them into bankruptcy with the money in those accounts. But to make this clear would destroy customer confidence in these markets and disrupt the syatem, so it is in the interest of the stability of the system to keep this all confused in the minds of the general public.

Just reporting what was said previously to explain why even the congressional hearings can’t seem to clarify and get to the bottom of this.


17 posted on 02/27/2012 9:40:05 AM PST by ngat
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To: LyinLibs
100% bull. 100%.

JPM's lawyers rigged the bankruptcy/regulatory process to bypass protections for segregated accounts.

18 posted on 02/27/2012 9:41:04 AM PST by NativeNewYorker (Freepin' Jew Boy)
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To: SpaceBar

Corzine was born in central Illinois to Nancy June (née Hedrick) and Roy Allen Corzine. He grew up on a small family farm in Willey Station, Illinois and near Taylorville. After completing high school at Taylorville High School, where he had been the football quarterback and basketball captain, he attended the University of Illinois at Urbana-Champaign, where he was a member of the Phi Delta Theta fraternity, and graduated in 1969, earning Phi Beta Kappa honors. While in college, he enlisted in the United States Marine Corps Reserve and served from 1969 until 1975, attaining the rank of sergeant. In 1970 he enrolled in the University of Chicago Booth School of Business, from which he received a Master of Business Administration degree in 1973.

Hmmm...... Chicago student, worked at Goldman Sachs, run a complany into the ground. And now protected by the feds.


19 posted on 02/27/2012 9:41:43 AM PST by EQAndyBuzz (Most Conservative in the Primary, the Republican Nominee in the General.)
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To: LyinLibs

This is incredible in that basically it blamed investors (suckers, victims, what-have-you) for putting their trust in the MF Global people. No matter how sloppy the bookkeeping was, the basic fact is the company took in people’s money and could not account for its disappearance.

First they blamed the imminent collapse of the Euro/EU zone, now it is due to cleric error that the money is gone, but Hey MF Global had the most honorable intent, they didn’t start out with a criminal bend to swindle people’s money.

Keep this up and in next couple of days, the Fed investigation might just award the MF Global with congressional medal.


20 posted on 02/27/2012 9:44:04 AM PST by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: LyinLibs

I thought Sarbanes-Oxley was supposed to prevent this kind of thing.


21 posted on 02/27/2012 9:46:36 AM PST by crosshairs (Maranatha!)
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To: LyinLibs

Disgusting!

Absolutely disgusting.


22 posted on 02/27/2012 9:49:52 AM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et al., STFU. Thank you.)
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To: TexasCajun

Establishment Republicans will buy this lie.


23 posted on 02/27/2012 9:51:42 AM PST by tommix2 ( zz\)
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To: LyinLibs

” sloppy bookkeeping rather than criminal activity “

SOX says that they are the same thing.


24 posted on 02/27/2012 9:56:39 AM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: LyinLibs

You know at some point, you’d think that people would get mad about this stuff.

Instead the response seems to amount to “ho-hum”....


25 posted on 02/27/2012 10:12:57 AM PST by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: Red Badger

When a democrat is caught in a crime, they were just being "sloppy".

26 posted on 02/27/2012 10:23:23 AM PST by FreeAtlanta (Liberty and Justice for ALL)
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To: LyinLibs

GEORGE (screaming at him): Where's that money, you stupid, silly old fool? Where's the money? Do you realize what this means? It means bankruptcy and scandal, and prison! That's what it means! One of us is going to jail! Well, it's not going to be me!

UNCLE BILLY: George, we gave some of that money to the local Democrat Party. We'll never be indicted of anything. We can even blame that old Republican Potter for stealing it if we have to.

27 posted on 02/27/2012 10:30:59 AM PST by KarlInOhio (You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
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To: edcoil
I have worked on LaSalle Street since 1982. There is only on thing that caused that money to disappear ... WRONG DOING!

It is a joke suggest or believe otherwise. These guys misused the funds, pure and simple!

28 posted on 02/27/2012 10:37:51 AM PST by Why So Serious (There is no cure for stupidity!!!)
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To: LyinLibs

If it’s a bookeeping error, why can’t it be corrected and where is the money now?


29 posted on 02/27/2012 10:39:30 AM PST by jersey117 (The Stepford Media should be sued for malpractice)
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To: ngat

When Rob Rubin was attempting to change the law so that Travelers could buy CitiBank the Clinton administration had made changes to the laws. One of those changes allowed for firm to use segregated customer funds “intra-day” so long as the money was returned to the rightful place at the close of business each day. However, if the money is “lost” intra-day how do you put it back.


30 posted on 02/27/2012 10:42:00 AM PST by Why So Serious (There is no cure for stupidity!!!)
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To: EQAndyBuzz
Extra! Extra! Read all about it..

Ex-Marine assassinates MF Global. Claims stupidity and ignorance. More at 11

31 posted on 02/27/2012 10:51:30 AM PST by BigpapaBo (If it don't kill you it'll make you _________!)
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To: Steve Van Doorn
Thus the judge is flat out lying.

Thus proving that $1.6 billion can buy a judge.

32 posted on 02/27/2012 12:13:27 PM PST by UCANSEE2 (Lame and ill-informed post)
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