Skip to comments.MF Global judge weighs release of insurance money (to pay for RAT Corzine's legal bills)
Posted on 04/06/2012 12:29:41 PM PDT by Libloather
MF Global judge weighs release of insurance money
By Nick Brown and Aruna Viswanatha | Reuters Mon, Apr 2, 2012
(Reuters) - An MF Global bankruptcy trustee asked a judge on Monday to release $25 million in insurance money to pay defense costs for Jon Corzine and other former MF Global officers facing civil lawsuits over the broker's October collapse.
If paid out now, the money, part of $375 million in total insurance funds from multiple policies, could save the broker from facing larger claims later, Lorenzo Marinuzzi, an attorney for trustee Louis Freeh, said in U.S. Bankruptcy Court in Manhattan. Freeh is managing the company's assets in bankruptcy.
Customers of MF Global's broker-dealer have argued they are entitled to the funds to help fill an estimated $1.6 billion hole in their trading accounts.
(Excerpt) Read more at news.yahoo.com ...
Anyone check RAT Corzine's bank account?
He’s worth $200-300 Mil.
But why should he use his own $$ when he can spend
only a little in legal fees, and use it to STEAL more
from the pockets of his victims?
“an attorney for trustee Louis Freeh”
The former Clinton FBI director?
Corzine needs money ?
It’s up to $1.6 billion now?
Last I heard, it was “only” $1.2 billion.
His reputation for fairness and ability to provide leadership earned him the unprecedented promotion, given his youthful age of 43, to the post of FBI director. President Bill Clinton's decision to fire FBI Director William Sessions came on July 19, 1993, owing to questions raised beginning in October 1992 about Sessions' personal abuse of office. Sessions was known to travel in an armored limousine and in a private jet at taxpayers' expense. Now the president needed the appointment of someone who could lead the bureau at a transitional time in its history and at the same time win quick confirmation. Nominated on July 20, 1993, Freeh's reputation in the law enforcement community and with leaders of the Senate (notably Senators Daniel Moynihan, Sam Nunn, and Joseph Biden) resulted in a trouble-free and speedy Senate confirmation on August 6, 1993.
Reminds me of when I was working in 1965 at a place that required Union membership in the Teamsters.
We got assessed an extra $1 a month to pay for Jimmy Hoffa’s legal fees-—because he was on trial for stealing OUR union pension funds.
Nothing like being told to pay for your spouses lawyers in a divorce!!!