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Corzine's fortune could invite more lawsuits (Obama's Wall Street friend stole billions)
google ^ | 12/7/2011 | MARCY GORDON / ap

Posted on 12/07/2011 3:42:13 AM PST by tobyhill

The millions that Jon Corzine amassed as head of Goldman Sachs have become an alluring target for investors who were crushed by the collapse of MF Global, the brokerage firm he led until earlier this month.

And Corzine isn't the only one who may be financially vulnerable after the eighth-largest bankruptcy in U.S. history. Others include MF Global's other top executives; its auditor, PricewaterhouseCoopers; and some big Wall Street banks.

Even MF Global itself, which can't be sued while in bankruptcy protection, could sue its former executives.

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


TOPICS: Extended News; News/Current Events
KEYWORDS: bankrupt; corzine; joncorzine; mfglobal

1 posted on 12/07/2011 3:42:17 AM PST by tobyhill
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To: tobyhill

I can’t see how he avoids some kind of jail episode.


2 posted on 12/07/2011 3:48:20 AM PST by pepsionice
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To: pepsionice
When Corzine testifies, the GOP needs to make sure and point out in every sentence that Corzine is a personal friend and campaign bundler for Obama.

The “Populist” speech yesterday was the height of hypocrisy and the idiot masses seem to buy it.

3 posted on 12/07/2011 3:53:51 AM PST by tobyhill (Obama, The Biggest Thief In American History)
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To: tobyhill

Sometimes a privately-held company where the owners have some sense will insist upon a CEO buying into the company with a significant portion of their personal net worth.

If half of Corzine’s net worth was in restricted MF Global common stock, he would have either a) been more careful and protected his holdings or b) lost with the other shareholders.

But it’s customary with publicly-held companies to have no such requirement that officers “buy in”. So their CEO’s have very little to lose and plenty of bonuses to gain.


4 posted on 12/07/2011 3:58:39 AM PST by PieterCasparzen (We have to fix things ourselves.)
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To: tobyhill

I’m fuzzy on this issue. Wasn’t Corzine paying Clinton for something on this?


5 posted on 12/07/2011 4:25:01 AM PST by gortklattu (God knows who is best, everybody else is making guesses - Tony Snow)
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To: pepsionice

Odds are, at least a good portion of his portion is offshore and untouchable, so I’m sure he’s fine doing some jail time.


6 posted on 12/07/2011 4:29:19 AM PST by Jonty30 (If a person won't learn under the best of times, than he must learn under the worst of times.)
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To: tobyhill

Past time to give some rich dim thugs a “fair deal” of perp walks to grey bar city!


7 posted on 12/07/2011 4:33:07 AM PST by LRS ("This is silly! It can't be! It can't be!!" "Oh yes it is! I said you wouldn't know the joint.")
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To: LRS

Why is it these guys never seem to steal from the “wrong guy”. UNKO, like someone hanging around some social club in Little Italy. If they did, problem solved...no court time.


8 posted on 12/07/2011 4:35:27 AM PST by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: gortklattu

Corzine had hired Teneo, a management consulting company, for the last five or six months at $ 50,000/mo. Bill Clinton is a partner in Teneo.

MF Global WAS an excellent company, tracing it roots back to 1782.

Think of all it saw in 230 years.

Then this robber baron Corzine ruins it in less than two years, $ 1.2 billion in customer funds disappear, and the futures market is ruined. The Chicago Mercantile Exchange broke all of its own rules covering for him on this.

Corzine is an evil plunderer.

My opinion is that Corzine is a player in the whole Obama/Soros cabal instituting a Cloward Piven strategy to ruin this country.

With Obama’s speech yesterday in Kansas it is clear the gauntlet has been thrown down, with no pretenses any more.

We are in a fight for the soul and future of a free America.


9 posted on 12/07/2011 4:42:40 AM PST by exit82 (Democrats are the enemies of freedom. We have ideas-the Dems only have ideology.)
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To: Mouton

There is an army of willing stooges who love getting reemed by the likes of CoreAzeen, Princess Nancy, etc. “Please, stick it to me deeper, and I’ll protest the Tea Partyers!”


10 posted on 12/07/2011 4:44:40 AM PST by LRS ("This is silly! It can't be! It can't be!!" "Oh yes it is! I said you wouldn't know the joint.")
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To: exit82

Thanks, exit82. BUMP-TO-THE-TOP!


11 posted on 12/07/2011 4:59:43 AM PST by PGalt
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To: gortklattu

MF Global had W.J.Clinton on retainer as an “advisor” contracted at $50,000/month. Perfectly normal.


12 posted on 12/07/2011 5:03:03 AM PST by Broker (Beware of Community Organizer in Chief!)
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To: All

Claim: Clinton Collected $50K Per Month From MF Global
http://www.humanevents.com/article.php?id=47938 ^

FR Posted on Monday, December 05, 2011 1:17:26 PM by kcvl

A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution.

“They were supposed to be helping Corzine improve his image as a CEO—I guess you can tell how that went,” he said. Corzine resigned as CEO and chairman November 4.

Before Corzine joined MF Global in May 2010, the firm was a smart and well-run commodities broker, a culture that was turned upside-down by his leadership style, he said.

“The traders would be shaking their heads,” he said. “They would come back to their desk and say, ‘Well, I thought we were going to do this—but Corzine would come by and do something else all by himself,’” he said.

The Teneo contract with MF Global lasted at least five months, he said. “The board cancelled it after Corzine resigned.”

The source, who is no longer associated with MF Global, said 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. His duties and compensation have not been released. The other member of the board is former British prime minister Tony Blair?.

Two of the three founding partners are very close to the former president and his wife, Secretary of State Hillary R. Clinton. They are Douglas J. Band, who is the former president’s counselor and has served

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


Report: Bill Clinton Reaped Big Bucks from Corzine Firm Before Collapse

December 05, 2011

Report: Bill Clinton Reaped Big Bucks from Corzine Firm Before Collapse

MF Global Employee Links Clinton to the Bankrupt Firm

A former MF Global employee accused former president Bill Clinton of collecting $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 MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution, according to HE.

The Teneo contract with MF Global lasted at least five months, the souce said. “The board cancelled it after Corzine resigned.”

The source, who is no longer associated with MF Global, said 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 HE.

http://nation.foxnews.com/mf-global/2011/12/05/report-bill-clinton-reaped-big-bucks-corzine-firm-collapse#ixzz1fhH3pHHH


13 posted on 12/07/2011 5:56:27 AM PST by Liz
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To: All
Corzine has been subpoeaned by three Congressional committees.....he has a lot of explaining to do. Corzine orchestrated a smash-and-grab raid in broad daylight on the wealth of thousands of private individualsinvested in MFGlobal.

Yet the SEC---the outfit that let Madoff run wild----is looking at "debt-masking techniques" as if that was the biggesr crime committed by these Wall Street crooks.

Neither Corzine nor any of the other MFGlobal execs (Corzine’s G/S cronies appointed to NJ govt jobs) have been arrested, detained or even questioned under oath, notwithstanding a billion dollars missing.

One gets the impression of criminality permeating the entire financial and regulatory system.

Wall street/political veteran Corzine is accustomed to using other people’s money to benefit himself. He has no qualms about missing money. Billions went missing when he was tossed out of NJ state govt (details below).

Everybody knows.......not one thin dime passes between accounts-—on Wall Street and elsewhere-—that isn’t thoroughly and incessantly tracked wherever it goes. Not one thin dime. The whole world knows it.....and they are all watching.

=================================================

SO WHERE IS THE MISSING MF GLOBAL MONIES? Time to connect the dots

<><> Corzine is a well-rounded operator. As Governor, he left the state of NJ $8 billion in debt. $8 billion went missing from one state agency....other agencies like UI and the Transporation Trust Fund went bankrupt with no explanation why. The $82 Billion state pension fund lost about 25%.

<><> Right before Corzio’s reelection, Obama sent $17.5 Billion stimulus to NJ-—which promptly vanished.

<><> Gov Corzine made several highly suspicious trips to Israel when he had no political reason to be there. Israel is the only place in the world where you can take a suitcase full of money to a bank-—and noboody asks where it came from. Isreal also has many businsses in NJ funded with NJ state “grants” as well as an Israeli Chamber of Commerce.

<><> MF Global principal Brad Abelow was Corzine’s appointee as NJ Treasury Secy——controlling ALL NJ assets. Gov and Secy started an investment business——but the two “financial geniuses” said did not know this was illegal.

<><> MF Global principal Chris Flowers handled Sen/Gov Corzine’s “blind assets” ......Flowers led the taskeover of a Japanerse bank for Corzine——Sen Corzine passed a bill giving the bank a US tax break......said he did not know the bill benefitted him.

<><> Corzine registered three corporations in super-secret financial haven——Delaware——BEFORE taking office.

<><> All three of the above-named MF Global principals were G/S cronies.

<><> Ponzi king Bernie Madoff made a generous contribution to Corzine’s campaign.

14 posted on 12/07/2011 6:03:27 AM PST by Liz
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To: All

TRUE CRIME—DEMOCRATS IN HOT WATER (Corzine accused of looting investors; Dodd-Frank on the run)
FR posted 12/5/11 by Liz

According to recent Bloomberg reports, MF Global is the first Wall Street firm to fail since the 2010 Dodd-Frank regulatory overhaul.

Chris Dodd (D-Conn) went on the run, managed to escape huge questions about his financial activities and ethics problems by quitting Congress and getting a cushy job working for Hollywood moguls.

Barney Frank (D-Mass) has recently stated he will quit Congress -— apparently to escape from his own mounting problems.

MF filed for bankruptcy protection Oct. 31; Corzine, a Democrat US Senator and Goverfnopr of the state of NJ, resigned on Nov. 4. The CFTC, SEC and DOJ are investigating the missing client funds. Bankruptcy Trustee, James W. Giddens, estimates the shortfall at $1.2 billion in missing client funds.

It is yet to be determined the ascope of wrongdoing and if MF Global’s missing funds are related to practices that would be prohibited by the Dodd-Frank rule.

The House Agriculture Committee voted to compel Corzine to testify at a Dec. 8 hearing. The Senate Agriculture Committee and House Financial Services Oversight and Investigations subcommittee separately announced plans to consider Corzine subpoenas this week.


15 posted on 12/07/2011 6:08:33 AM PST by Liz
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To: exit82
MF Global WAS an excellent company, tracing it roots back to 1782.

What did "MF" stand for in 1782?


16 posted on 12/07/2011 7:15:36 AM PST by magooey (The Mandate of Heaven resides in the hearts of men.)
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To: magooey

MF stands for Man Financial. It was started by James Man in 1783 as a sugar trading business.

Here’s more:

http://en.wikipedia.org/wiki/MF_Global


17 posted on 12/07/2011 7:50:53 AM PST by exit82 (Democrats are the enemies of freedom. We have ideas-the Dems only have ideology.)
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To: tobyhill

Almost sounds like Teneo is becoming the modern day version of the Soprano family. Pay us a vig or else!


18 posted on 12/07/2011 8:16:07 AM PST by LRoggy (Peter's Son's Business)
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To: exit82
Very interesting. Thanks.


19 posted on 12/07/2011 8:20:59 AM PST by magooey (The Mandate of Heaven resides in the hearts of men.)
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To: CutePuppy; thouworm; Inwoodian; miss marmelstein

(WIKI) In the immediate wake of the MF bankruptcy, Corzine and the board were criticized in the financial press for their apparent non-awareness of the company’s condition in the immediate lead-up to the event and their apparent inabilities to manage the risk the company had assumed. MF Board at the time of bankruptcy filing:

Jon S. Corzine, Chairman and Chief Executive Officer

David P. Bolger, independent member, formerly Chicago 2016 and Aon Corporation

Eileen S. Fusco, attorney and CPA formerly for Deloitte & Touche

David Gelber, independent member, formerly ICAP plc, Citibank NA, Chemical Bank and HSBC

Martin J.G. Glynn, independent member, former CEO HSBC

Edward L. Goldberg, founder of Longview Investments, LLC, formerly Merrill Lynch

David I. Schamis, managing director at J.C. Flowers & Co. LLC, (Chris Flowers oversaw Corzine’s “blind trust” when JC held public office)

Robert S. Sloan, founder and managing partner of S3


As a US Senator Corzine used his office to get a law passed giving a tax break to a troubled Japanese bank——Christopher Flowers (a G/S crony) led the effort to takeover the bank for Corzine’s “blind trust.” Corzine said he “did not know” the law benfited him.

Another MF principal was Bradley Abelow (a G/S crony)-—appointed by Gov Corzine as NJ state Treasurer——Abelow and Corzine controlled billions of NJ’s assets.....many of which promptly disappeared, lost value, while some state agencies went bakrupt.

Treasurer Abelow and Gov Corzine formed an “investment company”....but the “financial geniuses” said they were “not aware” it is illegal for state officials to do so.


20 posted on 12/07/2011 8:57:20 AM PST by Liz
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To: Liz

MF Global didn’t list the European debt on its balance sheet for all to see. Instead, those holdings were shifted to the company’s “off-balance sheet,” deep in its financial statements. Some separate filings with regulators excluded the European debt entirely.

Under a 2002 anti-corporate fraud law — which Corzine co-wrote as a U.S. senator — CEOs of public companies must personally certify the accuracy of their company’s financial statements.
~~~~~~~~~

Irony, anyone?


21 posted on 12/07/2011 11:01:08 AM PST by thouworm (.)
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To: thouworm

Enron scam——erasing/holding debt off the balance sheet.....that’s why Enron CFO Andy Fastow went to jail.

His wife also went to jail-—for signing fraudulent tax returns.


22 posted on 12/07/2011 1:43:17 PM PST by Liz
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To: Liz; thouworm
Data compiled from multiple sources:

MF Global Holdings Ltd. (NYSE: MF)

Officers and Management

Title Name Age Salary Bonus

Chairman and CEO Jon S. Corzine 64 36,458
1,500,000
President and COO Bradley I. (Brad) Abelow 52
CFO Henri Steenkamp 35
Global Head, Retail (ex-CFO) J. Randy (Randy) MacDonald 55 450,000
Co-Head, Chicago John Brady
Managing Director, Europe James L. Rowsell 53 339,129
1,500,000
Co-Head, Chicago Benita Levy
General Counsel Laurie R. Ferber 57 271,780
1,250,000
Managing Director, North America Thomas M. Harte 58 289,059
200,000
Global Head, Equities Peter C. Forlenza
Chief Compliance Officer Tracy L. Whille
Chief Risk Officer Michael K. Roseman 50 350,000
850,000
Global Head Human Resources Thomas F. Connolly 53
Global Head, Foreign Exchange Paul G. Farrell

Board Members

Title Name Age
Chairman and CEO Jon S. Corzine 64
Director Robert S. Sloan 47
Director Edward L. Goldberg 71
Director Eileen S. Fusco 54
Director Martin J. G. Glynn 59
Director David P. Bolger 54
Director David Gelber 63
Director David I. Schamis 37

Mr. Corzine is Chairman of the Board of Directors and Chief Executive Officer of the Company. Before joining MF Global, Mr. Corzine most recently served as New Jersey's 54th Governor from January 2006 until January 2010. Before serving as Governor, he was elected to represent New Jersey in the United States Senate and served from January 2001 until January 2006. During his tenure as a United States Senator, Mr. Corzine served on the Senate Banking, Budget, Energy and Natural Resources, and Intelligence Committees.

Prior to serving in the United States Senate, Mr. Corzine was the Chairman and Senior Partner of The Goldman Sachs Group, L.P. from December 1994 to June 1998 and Co-Chairman and Co-Chief Executive Officer of The Goldman Sachs Group, L.P. from June 1998 to January 1999. Mr. Corzine began his career at Goldman Sachs as a bond trader in 1975. Mr. Corzine is also an operating partner and advisor at J.C. Flowers & Co. LLC, which is an affiliate of the holder of MFGH's Series A Series. He also holds the title of John L. Weinberg / Goldman, Sachs & Co. Visiting Professor at Princeton University's Woodrow Wilson School of Public and International Affairs for the 2010-2011 academic year.

On March 7, 2011, the Company's board of directors appointed Mr. Bradley Abelow, the Company's current Chief Operating Officer and an Executive Vice President, as its President and Chief Operating Officer. In this expanded role, Mr. Abelow, is responsible for overseeing the execution of the Company's strategy while continuing to oversee risk, client services, human resources, information technology, procurement and real estate activities.

Mr. Abelow joined the Company in September 2010 to be its Chief Operating Officer. Prior to joining the Company, Mr. Abelow was a founding partner in NewWorld Capital Group, LLC (NewWorld), a private equity firm investing in businesses active in the environmental sector. Before co-founding NewWorld, he served as Chief of Staff to Jon S. Corzine, Governor of the State of New Jersey and the Company's current Chairman and Chief Executive Officer. Prior to his service as Chief of Staff, Mr. Abelow served as Treasurer of the state of New Jersey. Before serving in New Jersey State government, Mr. Abelow was a partner and managing director of The Goldman Sachs Group (Goldman Sachs) where he managed the operations division of Goldman Sachs, which was responsible for the global processing and corporate services functions of the firm. Earlier, while based in Hong Kong, he was responsible for Goldman Sachs' operations, technology, risk and finance functions in Asia. Mr. Abelow joined Goldman Sachs in 1989 in its investment banking division's corporate finance department.

On March 2, 2011, the board of directors of MF Global Holdings Ltd. appointed Mr. Henri J. Steenkamp, age 34, the Company's Chief Financial Officer and an Executive Vice President, effective as of April 1, 2011. As Chief Financial Officer, Mr. Steenkamp, oversees MF Global's financial operations, including treasury, accounting, and all global financial control and reporting functions.

He is responsible for aligning MF Global's finance and capital structures to support the firm's business strategies and serves as a member of the firm's senior management team. Mr. Steenkamp reports to Jon S. Corzine, MF Global's Chairman and Chief Executive Officer. Mr. Steenkamp will also continue to hold his position as MF Global's Chief Accounting Officer. Mr. Steenkamp joined the Company in 2006 as Vice President of External Reporting and was promoted to Chief Accounting Officer later that year. Before joining the Company, Mr. Steenkamp spent eight years with PricewaterhouseCoopers (PwC), including four years in PwC's New York office as part of its Transaction Services group where he managed a variety of capital raising transactions on a global basis for multinational companies. Mr. Steenkamp is a chartered accountant.

Randy MacDonald, global head of retail, joined the company in April 2008 as Chief Financial Officer. Before joining MF Global, Mr. MacDonald held a number of positions at TD Ameritrade Holding Corp. from 2000 to 2007, including executive vice president, chief financial officer and treasurer, chief administrative officer and chief operating officer. Prior to joining TD Ameritrade, Mr. MacDonald was chief financial officer of Investment Technology Group, Inc., a specialized agency brokerage and technology firm. From 1989 to 1994, he was a vice president and group manager for Salomon Brothers. Earlier in his career, Mr. MacDonald was an audit senior manager at Deloitte & Touche focused on commercial banking, real estate joint ventures and financial services. He began his career at Ernst & Young performing financial audits with a focus on international operations. Mr. J. Randy MacDonald remained as the Company's Chief Financial Officer until the close of business on March 31, 2011, and thereafter continued to head the Company's retail operations.

Ms. Ferber is the General Counsel and is responsible for legal and compliance functions, has operational and administrative responsibility for the internal audit function, and is also responsible for the regulatory relationships. As a member of the Office of the CEO, she also plays a key role in developing and implementing MF Global's corporate strategy. Prior to joining MF Global in 2009, Ms. Ferber was general counsel and chief regulatory officer for International Derivatives Clearing Group (IDCG). From 1987 to 2008, she held a number of business and legal positions at Goldman, Sachs, including roles in J. Aron & Company, the Economic Derivatives group, the Power Trading group, the Fixed Income, Currency and Commodities group, and Business Selection and Conflicts. Earlier in her career, Ms. Ferber was general counsel of Drexel Burnham Lambert Trading Corp. and also traded energy products. She was an associate at Skadden, Arps, Slate, Meagher & Flom, and at Schulte, Roth & Zabel. Ms. Ferber earned her J.D. from New York University School of Law and her B.S. from the State University of New York at Buffalo. She currently serves on the Board of Trustees of the Institute for Financial Markets and New York University School of Law, and is a member of the Lincoln Center Business Council.

Mr. Roseman has served as the Chief Risk Officer since August 2008. He is responsible for the overall management of MF Global's risk department worldwide including market, credit, and operational risk. Before joining MF Global, Mr. Roseman served as chief risk officer for the Americas at Newedge Group. He joined Newedge (formerly, Fimat, USA) in 2004 before its merger with Calyon, and while at Newedge, he oversaw all aspects of risk related to their Americas brokerage business. Before his position at Newedge, Mr. Roseman headed U.S. risk oversight at Bank of Montreal from 2001 to 2004. He also held several positions at Sanwa Financial Products from 1994 to 2001 including head of market risk. Mr. Roseman has a B.S. in Engineering from the University of Delaware and an MBA from the Kenan Flagler Graduate School of Business at the University of North Carolina.

Mr. Bolger was the Chief Operating Officer of Chicago 2016, the effort to bring the 2016 Olympic and Paralympic Games to Chicago. Prior to assuming that role, he was Executive Vice President and Chief Financial Officer of Aon Corporation, the world's largest insurance and reinsurance intermediary.

Prior to joining Aon, Mr. Bolger worked for 21 years at Bank One Corporation and its predecessor companies, serving in various roles including President of American National Bank & Trust Company of Chicago. Mr. Bolger serves as a Director of MF Global Holdings, Ltd., a NYSE company headquartered in New York City, and as a director of the Lincoln Park Zoo, the Chicago History Museum, and Merit School of Music, all of Chicago. Mr. Bolger also serves on the Alumni Advisory Board of Northwestern University's J.L. Kellogg Graduate School of Management and on the Dean's Advisory Council of Marquette University's College of Business Administration. Mr. Bolger has extensive experience in commercial banking, risk management, financial reporting and financial control. Mr. Bolger is Chair of the Board's Credit Risk Committee.

Ms. Fusco is a member of the Board of Directors and Chairman of the Audit and Risk Committee of the Board of Directors. Ms. Fusco retired as a Senior Partner of Deloitte & Touche's Financial Services Industry Group, where she was a Partner from 2001 to 2007. From 1997 to 2000, Ms. Fusco was Regional Tax Counsel of UBS AG. In 1996, she was the Chief Financial Officer of Twenty-First Securities Corporation, a firm that specialized in structured transactions. From 1992 to 1995, Ms. Fusco was a Managing Director and Director of Tax of Kidder, Peabody & Co., Inc. Ms. Fusco began her career as a Tax Partner at Ernst & Young LLP and Spicer & Oppenheim. Until it was recently sold, she was also a board member and Audit Committee Chair of ICT Group, Inc., a company listed on the NASDAQ, Vice Chair of Pro Mujer International. Ms. Fusco is both an attorney and a certified public accountant and received a B.A. from Douglass College, a J.D. and M.B.A. (Accounting) from Rutgers University.

23 posted on 12/07/2011 5:42:33 PM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: CutePuppy; ken5050; stephenjohnbanker
"May be of interest" MF / Corzine ping.

From Corzine, Directors Sued by MF Global Employees - WSJ (no sub), by Julie Steinberg, 2011 December 06

"Rats" are fleeing from the "MF ship" and are turning on Corzine:

From MF Global ignored warnings on European bets - NYP, 2011 December 06

From Missing MF Global money potentially found in UK: report - NYP, 2011 November 29

From CFTC 'Going to Go After' MF Global: Commissioner - CNBC, by Jeff Cox, 2011 December 05

On December 5, during its scheduled meeting, CFTC tightened some regulations; specifically, some of the instruments explicitly can no longer be considered as "safe" investments for "sweeping" customers accounts.

From Pols on MF: Bad watchdog! - NYP, by Kaja Whitehouse, 2011 December 07


24 posted on 12/07/2011 5:44:20 PM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: pepsionice

It SHOULD be a blot on Obama, But the media will probably obfuscate.


25 posted on 12/07/2011 5:45:51 PM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: exit82
Bears repeating:

MF Global WAS an excellent company, tracing it roots back to 1782. Think of all it saw in 230 years. Then this robber baron Corzine ruins it in less than two years, $ 1.2 billion in customer funds disappear, and the futures market is ruined. The Chicago Mercantile Exchange broke all of its own rules covering for him on this.

26 posted on 12/07/2011 5:52:21 PM PST by denydenydeny (The more a system is all about equality in theory the more it's an aristocracy in practice.)
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To: CutePuppy; Liz

Thank you for ping. Excellent posts, which will no doubt be helpful as we follow this.

Especially interesting (and potentially most damaging to Cozine) from your post.

Michael Roseman

“MF Global Holdings’ chief risk officer told the board several times of his concerns about the firm’s bet on European bonds, The Wall Street Journal reported Tuesday.

Sources told the newspaper that the executive, Michael Roseman, also took up the matter directly with then chairman and CEO Jon Corzine. But Corzine, former governor of New Jersey and ex-chairman of Goldman Sachs, told Roseman that his gloomy scenarios were too extreme and would not come to fruition, the sources said. Roseman resigned from MF Global in March, according to the WSJ.”


27 posted on 12/07/2011 6:13:03 PM PST by thouworm (.)
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To: thouworm
Yes, it would be difficult for Corzine and the board to explain.

My guess is that Corzine is instructed by his lawyers to plead the Fifth during the Congressional committees hearings. He'll be humiliated one way or the other, but he won't have to face "lying to Congress" charges.

But there is no love lost for Corzine from former employees like Michael Roseman. Everybody is looking to save their own skin now, so it could pose the big problem for Corzine and few other people at MFGH.

Another thing to watch - Roseman left MFGH in March 2011; "coincidentally," on March 2 the board appointed new CFO - Henri J. Steenkamp which took effect, ironically, on April 1, 2011 (April Fool's Day). That might be significant because of the timing of money transfers.

New CFO is young and aggressive, and also holds the position of Chief Accounting Officer (responsible for the "messy books"). "Mr. Steenkamp spent eight years with PricewaterhouseCoopers (PwC), including four years in PwC's New York office as part of its Transaction Services group where he managed a variety of capital raising transactions on a global basis for multinational companies". PwC happened to be the audit firm of MF Global.

The ex-CFO, Randy MacDonald was moved laterally, within the company. He should very be interested in cooperating with investigation. Unlike Michael Roseman, he was with the company at the time when most of the shenanigans seem to have gone into overdrive.

It should be interesting to see how this CFO "switch" dynamic plays. I would start looking at the possible differences and changes in the "books," money transfers and the balance sheet reporting starting right around March-April period. Might also help find "missing" money from the customers' accounts.

28 posted on 12/07/2011 10:37:10 PM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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