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MF Globalís Bankruptcy Nears a Happy Conclusion (lol)
The New York Times ^ | 1/29/2013 | BEN PROTESS

Posted on 01/30/2013 10:36:12 AM PST by rpierce

MF Global’s Bankruptcy Nears a Happy Conclusion

When Mahesh Desai checked his MF Global account 15 months ago, his $580,000 nest egg was gone.

Like thousands of investors and farmers who had their savings with MF Global, Mr. Desai lost his money in the brokerage firm’s chaotic final days. Regulators discovered that $1.6 billion was trapped in a web of improper wire transfers, a stunning breach that sent federal investigators scrambling to build a case.

On Thursday, a bankruptcy court will review a proposal that would return 93 percent of the missing money to customers like Mr. Desai...

(Excerpt) Read more at dealbook.nytimes.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: joncorzine; mfglobal
This is an amazing piece, even for the NYT. It reads like puff piece written by Corzine's PR firm. It's so easy to imagine the young author, Ben Protess (bio info, yep... HuffPost, CBS Chicago, et al.) sitting down to lunch with Corzine's lackeys and accepting a bundle of cash under the table. heh. Here's an example:
And Jon S. Corzine, the former New Jersey governor who headed MF Global when it collapsed, can now claim some small degree of vindication. The European bonds at the center of a $6.3 billion bet by Mr. Corzine fully paid out when they matured in recent months.

Mr. Corzine, a former chief of Goldman Sachs, has started to regain his footing. He spent the summer on Long Island, traveled to France around the holidays and visited Central America for a humanitarian project involving children, setting up what he hopes will become a broader charitable effort. Mr. Corzine, 66, also spends time with his grandchildren and has office space in Midtown Manhattan, where he writes and trades with his own money.

In the most telling indication that Mr. Corzine is taking steps to put MF Global behind him, he was close to cooperating with Richard Ben Cramer, an author and a Pulitzer Prize-winning reporter, on a biography. Mr. Corzine’s lawyers were in the final stages of negotiating with Mr. Cramer this month when the author died from complications of lung cancer.

So much to say about this, but I thought I'd get the ball rolling.

1 posted on 01/30/2013 10:36:13 AM PST by rpierce
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To: rpierce

Why isn’t Corzine in jail ?


2 posted on 01/30/2013 10:37:13 AM PST by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: Eric in the Ozarks

The loss is getting down to a number that Corzine could be sued to replace. I hope they do. He is one stupid sob..crook and RAT that should be punished.


3 posted on 01/30/2013 10:41:33 AM PST by Oldexpat
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To: Eric in the Ozarks

He’s a Democrat. I wouldn’t like it if someone stole my money and fled but when caught said “Okay you caught me, I’ll give you 93% of your money back and we’re good” and the cops just let him go.


4 posted on 01/30/2013 10:43:05 AM PST by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: Eric in the Ozarks

Apparently because theft and gross violations of all fiduciary responsibility can now be explained away as simply having had the money “trapped in a web of improper wire transfers.”


5 posted on 01/30/2013 10:44:02 AM PST by rpierce (We have taglines now? :)
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To: rpierce

I find it touching. Corzine and family vacationing in France trying to put all this behind him.


6 posted on 01/30/2013 10:44:57 AM PST by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: Eric in the Ozarks

Because he’s a Democrat?


7 posted on 01/30/2013 10:45:04 AM PST by Kozak (The Republic is dead. I do not owe what we have any loyalty, wealth or sympathy.)
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To: rpierce

A love piece on Jon Corzine. Gotta re-habilitate his image so he can continue bundling millions for the DNC.


8 posted on 01/30/2013 10:46:34 AM PST by Thane_Banquo ( Walker 2016)
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To: rpierce

A love piece on Jon Corzine. Gotta re-habilitate his image so he can continue bundling millions for the DNC.


9 posted on 01/30/2013 10:46:42 AM PST by Thane_Banquo ( Walker 2016)
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To: rpierce

Happy talk, keep talkin’ happy talk,
Talk about things you’d like to do.
You got to have a dream,
If you don’t have a dream
How you gonna have a dream come true?
(Happy Talk - AKA NYTimes Propaganda Devision)


10 posted on 01/30/2013 10:48:01 AM PST by Flick Lives (We're going to be just like the old Soviet Union, but with free cell phones!)
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To: rpierce
I think it was a crime but you can be darned sure that Corzine was clearly not acting as a Fiduciary- otherwise he could be held liable to the full extent of his net worth. Brokerage firms always make sure that the customers know they are not acting as fiduciaries
11 posted on 01/30/2013 10:48:01 AM PST by bt-99 ("Get off my Lawn")
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To: rpierce
Had to say it!!

"...at this point, what difference does it make.."

12 posted on 01/30/2013 10:50:47 AM PST by free from tyranny
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To: BipolarBob

They lost more than 7%.

What has the market done since MF folded?


13 posted on 01/30/2013 10:51:03 AM PST by proudpapa (A school is supposed to be a safe place!' Yeah well so is a womb!)
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To: rpierce

Oh, so after raiding segregated client accouts to make JPM whole after his personal Eurobond gamble failed the proles may now get back up to 93% of their stolen funds.

And Corzine is now a great humanitarian.


14 posted on 01/30/2013 10:52:56 AM PST by bereanway
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To: bt-99
I think it was a crime but you can be darned sure that Corzine was clearly not acting as a Fiduciary- otherwise he could be held liable to the full extent of his net worth. Brokerage firms always make sure that the customers know they are not acting as fiduciaries

The law says brokers cannot violate the rule of segregation of customer funds. Full stop. No if's, and's, or but's. Fiducuary or non-fiduciary doesn't enter into it. Corzine committed theft of hundreds of millions, and fraud in trying to cover it up.

15 posted on 01/30/2013 10:52:56 AM PST by Thane_Banquo ( Walker 2016)
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To: free from tyranny
"...at this point, what difference does it make.."

lol. Brilliant.

Hillary surely has uttered the new "Progressive" battle cry.
16 posted on 01/30/2013 10:55:11 AM PST by rpierce (We have taglines now? :)
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To: rpierce

Sandy Bergers “In a moment of sloppiness”


17 posted on 01/30/2013 11:00:08 AM PST by al baby (Hi Mom)
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To: Thane_Banquo

“The law says brokers cannot violate the rule of segregation of customer funds. Full stop. No if’s, and’s, or but’s. “

Oh but that’s US law, all these “transfers” happened over in London so no laws were broken. At least that’s the fig leaf Corzine is using to keep him and his buddies out of even paying a fine. Don’t look for justice until he’s standing in front of the one true judge as all of NY is a bought off play ground for the bankers. Even the federal judges have been long ago bought off. Still surprised no farmer that suffered heavy loses didn’t take the bastard out but these guys live charmed lives it appears.


18 posted on 01/30/2013 11:04:17 AM PST by trapped_in_LA
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To: trapped_in_LA
Oh but that’s US law, all these “transfers” happened over in London so no laws were broken. At least that’s the fig leaf Corzine is using to keep him and his buddies out of even paying a fine.

The money was transfered from US accounts, owned by US-domiciled customers. The Feds, including the SEC and CFTC, have claimed jurisdiction in much weaker contexts.

19 posted on 01/30/2013 11:12:56 AM PST by Thane_Banquo ( Walker 2016)
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To: Thane_Banquo

“The money was transfered from US accounts, owned by US-domiciled customers. The Feds, including the SEC and CFTC, have claimed jurisdiction in much weaker contexts.”

I did say it was the fig leaf they were using to protect a politically connected thief did I not? Of course if it was you or I that did that we’d be in jail for life plus 30.


20 posted on 01/30/2013 11:22:36 AM PST by trapped_in_LA
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To: proudpapa

The 7% loss was loss of customers money. (I read earlier that the customer loss was about 20%. Including those who had numbered gold bullion stored in their facility.)

The investors lost 100% of their money as I understand it.


21 posted on 01/30/2013 11:28:36 AM PST by Texas Fossil
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To: Eric in the Ozarks

Royalty doesn’t go to jail; they only have to worry about Romanian term limits.


22 posted on 01/30/2013 11:45:53 AM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: rpierce

Where IS that MF’er Corzine anyway?


23 posted on 01/30/2013 11:52:19 AM PST by crosshairs (All we are saying, is give a high cap piece a chance.)
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To: rpierce

I’d love to have Ann Barnhardt’s take on this latest.


24 posted on 01/30/2013 12:15:45 PM PST by FreedomPoster (Islam delenda est)
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To: rpierce

I hope her utterance comes back to flatten her and the rest of the elite(sarc)like a steamroller. But, for now little flicks to the side of head would be just fine.


25 posted on 01/30/2013 1:02:23 PM PST by free from tyranny
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To: FreedomPoster

Yeah, that was one of my thoughts too after reading all this. Pinging Ann Barnhardt!


26 posted on 01/30/2013 1:04:12 PM PST by rpierce (We have taglines now? :)
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To: Eric in the Ozarks

With Lanny Breuer retiring the perp walks of the financial execs may finally begin, including Corzine.


27 posted on 01/30/2013 1:13:24 PM PST by Hotlanta Mike ("Governing a great natiorn is like cooking a small fish - too much handling will spoil it." Lao Tzu)
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