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 ...
I can’t see how he avoids some kind of jail episode.
The “Populist” speech yesterday was the height of hypocrisy and the idiot masses seem to buy it.
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.
I’m fuzzy on this issue. Wasn’t Corzine paying Clinton for something on this?
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.
Past time to give some rich dim thugs a “fair deal” of perp walks to grey bar city!
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.
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.
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!”
Thanks, exit82. BUMP-TO-THE-TOP!
MF Global had W.J.Clinton on retainer as an “advisor” contracted at $50,000/month. Perfectly normal.
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 ...
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.
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.
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.
What did "MF" stand for in 1782?
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
Almost sounds like Teneo is becoming the modern day version of the Soprano family. Pay us a vig or else!
(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.
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