And he cleaned the company out right before it died --took all the money.
And there's no punishment.
Posted on 01/08/2013 8:06:34 PM PST by Orange1998
NEW YORK (Reuters) - A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine.
In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case.
The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the company went under.
But the coalition itself is merely a "'watchdog' entity with its own independent goals," hoping to depose Corzine "in furtherance of its own interests" rather than those of the MF Global estate, Glenn said in his decision.
Koutoulas, reached by phone on Tuesday, dismissed that reasoning as "the most minute technicality imaginable.
"I could have filed 10,000 versions of the motion, one on behalf of each customer we represent," Koutoulas said, adding that the coalition is considering appealing the decision.
(Excerpt) Read more at ca.news.yahoo.com ...
Who says crime doesn’t pay?
In the old days, someone would have taken care of this a lIoooong time ago. Just sayin’.
When Goldman Sachs went public he made $400 million —just his money.
Hey, that’s fine —money is good.
That doesn’t change the fact that he’s a criminal.
Ultra ultra Chicago insider, though, so no problem.
Little thieves are hanged, big thieves go free.
And they don’t even get DEPOSED, apparently.
It was so apparent, visible, immediate and blatant.
Hard to imagine such theft would be protected as to make those responsible immune — but there it is.
My mother gave me good advice. She told me that if I was going to be a criminal, to be a REALLY, REALLY BIG criminal. She pointed out Boesky as a good example. Sometimes, I’m sorry that I didn’t take her advice - I didn’t become one at all :)
You know, the usual bedwetters who complain about people going to jail for years on fairly trivial criminal charges have a point. Every day this guy walks free is a peeing on shoes insult to 99.99% of America.
I’m stunned Corzine hasn’t had multiple attempts on his life...
And he cleaned the company out right before it died --took all the money.
And there's no punishment.
Totally outrageous; totally lawless; that’s what the large financial players have become, with the acquiescence of governmental agencies and politicians. The scale of blatant corruption is breathtaking and unimaginable.
Here is the profile for this corrupt scumbag, Judge Martin Glenn (it’s a pdf):
Yes, Corzine is untouchable. With the billions he absconded with, I’m sure he can buy anybody.
Funny how that works.
They should have got elected senator and/or governor.
Corzine had a terrible car accident before his crime, he almost died, I’m guessing he saw where he was going, so he decided to live high on the hog ‘till his death via theft, elites and politicians will keep the flames of hell awfully warm.
“They should have got elected senator and/or governor.”
Why stop there? :)
I remember that —he was being hurried somewhere fast on a highway driven by a highway patrolman.
They were going **90 mph** on the highway when they slammed into someone.
I just read that on Wikipedia.
Speechless. I read article after article, about rampant corruption in this country as well as the vast power and control from the Obama government. I literally cried when I read this one, for several reasons, The frustration of feeling homeless, that our America no longer exists.
Before we jump to conclusions...there was an interesting post on the Yahoo board, concerning the possibility that this particular lawsuit was actually bogus, brought forth by Corzine’s agents.
Speaking of Madoff and Corzine and their ilk, Mark Twain once said "It's easier to fool someone than to convince them they've been fooled!"
Our captains of industry are just foolin around!!!
Our captains of GovernMental bureaucrazy cannot keep pace and haven't a clue!!!
Bogus!
Koutoulas has been featured by video on Barnhardt.biz in the past couple years. He is no admirer of Corzine, much less an agent. I do not for a New York minute believe this lawsuit invalid.
Sounds more like one of Obama’s operatives taking time to slander Koutoulas.
"I'm a friend of both Obama and Bill Clinton. They depend on me for financial advice."
==================================================
CORZINE'S GOT FRIENDS IN HIGH PLACES
THE DEM/CRONY CORRUPTION BEAT GOES ON FOREVER
FACTOID: Dec 05, 2011---Fox News Report: A former MF Global employee accused former president Bill Clinton of collecting (laundering?) $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy, reports Human Events.
Teneo was hired by Corzine MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s world-wide political web. The Teneo contract lasted at least five months-- cancelled after Corzine resigned.
Clinton's Teneo is a dual-track company with one side devoted to merchant and investment banking and the other side set up to provide image and strategy consulting services. Clinton is the chairman of the company’s advisory board, reports Hum/Events
FACTOID Obama TARP'ed (laundered?) $17.5B federal dollars to then-NJ Gov Corzine. Media investigations could not find where the money went----just (heh) "disappeared."
=====================================================
REFERENCE Corzine’s financial my$tery / NY Post, January 8, 2012 / By Jonathon M. Trugman
It’s been a long while now since that frightful Halloween 2011 when MF Global filed the eighth-largest bankruptcy in US history. Too long a time if you are an MF customer and can’t get access or answers to what happened to your money.
Certain individuals at MF Global breached the sacrosanctity of segregated customer accounts to cover for liquidity shortfalls induced from extremely leveraged bets gone extremely bad, reportedly made by CEO Jon Corzine and his confidants (including MF bigwigs Brad Abelow and Chris Flowers).
Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while his firm was leveraging up 40-to-1? And for that matter, where were his lieutenants’ funds held? Unfortunately, those answers are not forthcoming from any of the parties.
It is almost unanimously mandated by Wall Street that officers of brokerage firms keep their investment accounts at the firm where they work. This is done for compliance reasons. If Corzine and his inner cadre of lieutenants had their millions at MF Global, were their accounts breached, as well? Are they being treated identically to other MF Global account holders in terms of the massive amounts of their missing money and the lack of access to what’s rightfully theirs?
If Corzine et al. didn’t keep the vast majority of their money at MF Global, then why not?
It’s been reported that a mere two weeks before filing for bankruptcy, while the skies were darkening for MF Global due to the European tidal wave, Corzine and his wife were apparently chateau shopping in the south of France, no less. While both Corzine and his wife are extremely wealthy people, chateau shopping just 15 days before filing this country’s eighth-largest bankruptcy are not the actions of a man with good analytical skills or who is overly concerned about the fate of his teetering financial empire — unless his own money isn’t at risk. ####
http://www.nypost.com/p/news/business/corzine_financial_my_tery_5cucZtZho95Sr1MhnotnxJ#ixzz2HTaVKt6v
Charges might include:
(1) criminal tax fraud,
(2) deliberately misstated income,
(3) filing false IRS returns,
(4) falsifying official documents,
(5) intentionally mislabeling personal expenditures as business expenses,
(6) utilizing investor funds inappropriately,
(7) fraudulent use of investor funds for lavish personal expenditures,
(8) fraudulently declaring personal expenditures as legitimate business expenses.
==============================================
REFERENCE
The "Bank Secrecy Act" was passed to protect the public from harm by identifying and detecting criminal enterprises, money laundering, tax evasion or other unlawful activities.
Under the Bank Secrecy Act, banks are required to establish, implement and maintain programs designed to detect and report suspicious activity that might be indicative of fraud, money laundering, embezzlement, and other financial crimes.
MODUS OPERANDI Joint bank accounts might be used to facilitate the transfer of funds....may pay for personal and private expenses, credit cards, real estate sunsidies and vehicle purchases.
To cover their tracks, fake invoices might be created to show that money deposited into accounts was being used for legitimate purposes. The scheme might be advanced by issuing statements of payments from other sources that actually covered the transfer of funds for their own use.
L/E is directed to get ahold of: (1) copies of checks, (2) wire transfers, (3) account statements, (4) invoices, (5) bills, (6) delivery tickets, (7) correspondence including e-mail, contracts, loan agreements, and, (8) any other books or records.
L/E should also explore (a) monies paid to brokers, sub-brokers, (b) family members, (c) mortgage brokers, (d) financial managers, and, (e) real estate agents, brokers, and developers.
L/E should scrutinize bank accounts for suspicious activites: (A) large deposits, (B) funds transferred from one account into another, (C) request for withdrawals.
Bank records might also show diversions to secret LLC and other accounts, to operate personal businesses. Fraud can also be facilitated by withdrawals, gift cards purchases, credit card purchases and intrabank transfers from business accounts into personal accounts.
A huge tipoff is whether bank withdrawals support luxurious lifestyle including payments for real estate, investment and stock holdings, jewelry, luxury vehicles, resort travel and gifts from luxury outlets for wives and mistresses.
"Are you kidding? One measly trillion raised from the Fiscal Cliff bill? More like two trillion."
"Bernie from Butner is running the show. My pal Bernie assured me, Nancy
Pelosi, and our fellow dummies, er I mean, Democrats, that he'll make it happen."
" Heck, Bernie's got a tried-and-true formula----he can turn Treasury
cash into trillions. I'm personally cutting a blank Treasury check to Bernie."
Apparently, in this day and age, it pays to be a crook. No one of the political class, nor the captains of industry, are punished for any crime committed.
Our culture is very sick.
And I, not trying to be politically correct, stipulate that a relatively small number of individuals is making our culture look quite corrupted and are really criminal out-laws of the lowest order. Particularily those into white collar crime whose considerable talents are horribly misguided by the Devil, hisself!!!
Now, I must double back and correct one thing I've said here... I did once overhear a liberal hippy-like dude wearing a paint hat watching the news on a resturant's TV about that San Franpsycho law firm gittin shot up by a guy with a couple of Mac Tens with huge clips a few years ago. He was sayin the same thing you said that I'm responding to, that we certainly have a sick society.
Well I verbally jumped his bones and berated his ill-advised comment as adamantly as I thought I dared since I was running for office at the time because I thought he was just another beatnik/hippie/dope-smokin/unhygenic/Commonistic/mystic societal drop-out that had given up on the USA and I just couldn't bear to hear that!!!
Bottom line is... I don't think I would berate anybody about it any more with the way things are developing, (or should I say descending) into a morass of dumbed-down, mental midget, government school indoctrination, etc, etc, etc... In other words, never mind! I'm getting too cynical and about to give up myself!!!
That was a wonderful post and I totally agree with you!
I’ve thought about it since I posted last, and have changed my mind. Because of us old folks, there might be some hope left. We remember...
So...I’ve changed my tagline to reflect my new thinking.
Plus, our grands go to a school that reveres patriotism, and the constitution. They aren’t the only ones in schools like that. Those who are in those schools are our future, and we need to hold down the fort until they are adults.
IOW, I haven’t given up hope, yet. ;o)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.