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LIVE THREAD: Corzine testifies before Senate Agriculture Committee: C-SPAN3
CSPAN3 ^

Posted on 12/13/2011 7:45:39 AM PST by ken5050

Senate Agricultural Committee hearing on MF Global bankruptcy just starting. Corzine will testify later. First witnesses are MF Global customers, to talk about the impact of the bankruptcy on their lives and businesses. Also scheduled to appear is the trustee for MF Global, who is expected to provide details of what happened, and, oh yeah..where's the money now, the $ 1.2 billion...

What will be most interesting, IMHO, is that given that this is a Senate committee, controlled by the Dems, how the Democrat senators question Corzine, especially those from swing states...the degree of agressiveness, even hostility, they display, will be telling.


TOPICS: Politics/Elections
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I expect that when Corzine, and the trustee, testify, CNBC and FOX business will televise it live, and the three cable nets may also take the coverage live, or dip in and out. They will all probably have it on their websites, so there are ample ways to watch.

In her opening comments, Stabenow ( who faces a tough election) seemed pretty serious ( I know, I know, that's hard to believe) which may mean that the Dems feel that they have to go after Corzine. We shall see.

As I've written here before, it makes NO sense that they can't figure out where the $$ is. ALL transfers in and out of MF Global are done by wire, EFT..and there's a clear record of when, where, and how much each wire was for. It's like your cell phone bill. Each call is listed, the number dialed, the time of the call, and the duration. So they know exactly who got the $$, and when they received it.

Corzine was not able to remove the customer funds by himself. It required most of the key back office personnel to do this. And they all had to know that it was 100% illegal to do so.

Yet not ONE objected, or blew the whistle, and called the regulators. This speaks greatly to the corporate culture that predominates today on Wall Street.

So, why did they go along? My thoughts..FWIW..they were told this at the last minute..told that it woliuld be put back in a day or two..it was a temporary glitch, BUT if they didn't agree, the firm would go under, and their jobs would be lost. So they went along.

I suspect that many are now working out deals with the Feds, to name names and provide direct testimony as to who exactly ordered the customers' funds to be removed from the accounts.

Since I believe that there will be direct testimony that Corzine ordered this, and possibly written records as well, Corzine is toast. The Dems will toss him under the prison bus. Better to do it now, ASAP..as far removed from the election as possible.

1 posted on 12/13/2011 7:45:48 AM PST by ken5050
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To: kristinn; Liz

FYI


2 posted on 12/13/2011 7:46:12 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: ken5050
It required most of the key back office personnel to do this. And they all had to know that it was 100% illegal to do so.

I've considered one other possibility. Is it possible that MF's accounting controls were so sloppy that they had been commingling funds for a long time, and just didn't fully know which funds were to be segregated as customer funds?

If so, Corzine is an idiot for not knowing anything about the firm's control structure, and so is the CFTC, and the auditors. But, in that case, you'd have more of a steaming pile of constant malfeasance than the focused smoking gun of a particular set of transfers. It could also explain why the trustee hasn't been able to unravel the accounting mess so far.

3 posted on 12/13/2011 7:50:04 AM PST by Pearls Before Swine
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To: ken5050
It required most of the key back office personnel to do this. And they all had to know that it was 100% illegal to do so.

I've considered one other possibility. Is it possible that MF's accounting controls were so sloppy that they had been commingling funds for a long time, and just didn't fully know which funds were to be segregated as customer funds?

If so, Corzine is an idiot for not knowing anything about the firm's control structure, and so is the CFTC, and the auditors. But, in that case, you'd have more of a steaming pile of constant malfeasance than the focused smoking gun of a particular set of transfers. It could also explain why the trustee hasn't been able to unravel the accounting mess so far.

4 posted on 12/13/2011 7:50:30 AM PST by Pearls Before Swine
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To: All

Pardon my ignorance, but couldn’t the missing money be “losses” from the failed investments?

If someone were to buy $10,000 worth of say, Enron stock and Enron went bankrupt, wouldn’t the $10,000 appear to be missing?


5 posted on 12/13/2011 7:53:43 AM PST by OhhTee5
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To: ken5050

http://finance.yahoo.com/blogs/breakout/real-victims-jon-corzine-mf-global-bankruptcy-131108203.html

“.....The gist of Corzine’s defense is that he simply couldn’t understand where the money went. It’s been a performance somewhere between a drug-addled teen trying to track down his keys and Michael Corleone’s testimony in The Godfather II. Corzine totally doesn’t know where the money is and if anyone working for MF Global did anything untoward the titular leader of the firm at the time had no way of knowing about it.

An eviscerating article in Sunday’s NY Times called into question just how hands-off Mr. Corzine was. Citing inside sources, the Times says “Mr. Corzine compulsively traded for the firm on his Blackberry during meetings, sometimes dashing out to check on the markets.”


6 posted on 12/13/2011 7:55:00 AM PST by silverleaf (common sense is not so common- voltaire)
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To: ken5050

I’d like someone to dig into how the heck MFG got and kept its primary dealer status as long as it did.


7 posted on 12/13/2011 7:59:37 AM PST by mewzilla (Santelli 2012)
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To: ken5050

I just cannot figure out why the Senate Agricultural Committee is questioning this thief? Did he break any farming laws?


8 posted on 12/13/2011 8:00:57 AM PST by rocksblues (Obama, the biggest liar in the history of American politics!)
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To: OhhTee5

They bought stuff on margin and the value declined making it necessary to come up with cash to cover the margin call. They ran out of their own cash and dipped into the cash in customer accounts. That is, they co mingled customer funds on account with the trading funds. More margin calls, more cash needed etc.

The practice is like the government dipping into the SS trust to co mingle the SS funds with those on General Fund Account.

They were betting on the come. The come never came

Finally the jig was up. They no longer could cover their losses. it was over. All the money is gone


9 posted on 12/13/2011 8:02:51 AM PST by bert (K.E. N.P. +12 ..... Crucifixion is coming)
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To: Pearls Before Swine

“Corzine is an idiot for not knowing anything about the firm’s control structure, and so is the CFTC, and the auditors.”

Then he must be an idiot! But idiots are not exempt from jail time!

From MF Global’s 10 K for the period that ends March 31, 2011.

“Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this annual report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In addition, no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the fourth quarter of our fiscal year ended March 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.”

http://www.sec.gov/Archives/edgar/data/1401106/000119312511145663/d10k.htm#tx172225_13


10 posted on 12/13/2011 8:02:52 AM PST by Rock N Jones
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To: rocksblues

The first goods to be traded on commodity markets were cotton, wheat, corn, etc. So the Agriculture Committees (he testified foe the House’s A.C. last Thursday) have legislative oversight of commodity markets and dealers.


11 posted on 12/13/2011 8:05:17 AM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: Pearls Before Swine

Bill Clinton was getting paid 50K per month from MF.
He and Corzine know each other.

Corzine knows where the money went and where it is.

He is getting “grilled” by senate democrats so he can get away with being ignorant of any of the operations.

But if he was a baseball player accused of using steroids, then he would be in a heap of trouble.

crony criminals.


12 posted on 12/13/2011 8:06:00 AM PST by Texas resident (Hunkered Down)
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To: rocksblues
I just cannot figure out why the Senate Agricultural Committee is questioning this thief? Did he break any farming laws?

Commodities trading.

13 posted on 12/13/2011 8:07:27 AM PST by kevkrom (Separation of Business and State)
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To: ken5050

Thank you for the thread.


14 posted on 12/13/2011 8:09:40 AM PST by truthkeeper (Vote Against Barack Obama in 2012! (That's my story and I'm sticking to it.))
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To: rocksblues

“cannot figure out why the Senate Agricultural Committee is questioning” Just guessing: I heard MF Global Co was over 250 years old (nice going, Jon). I’ll bet that alot of their long-time investors were farms businesses; before Corzine tried to glam it up and screwed the pooch.


15 posted on 12/13/2011 8:19:50 AM PST by HarleyWoodrowMantz
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To: HarleyWoodrowMantz

wonder where Jon ends up next

he was a big winner in the fake dot.com scam, was a cheat at Goldman Sucks, as governor of N J and now at MF.


16 posted on 12/13/2011 8:23:33 AM PST by advertising guy (dammit)
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To: ken5050

Thanks for the headsup.

As Confuscious say-—”Tis far better to own up to being a blithering idiot than to admit to money laundering and tax evasion.”

December 13, 2011
MFers uncomfortably dumb on missing $$
By KAJA WHITEHOUSE, NY POST

Jon Corzine is back on Capitol Hill today for what is expected to be a repeat of last week’s grilling over the collapse of MF Global. And like last time, victims of the brokerage firm’s demise should prepare to be disappointed. This go-round, the fallen MF chief has been called before the Senate Agriculture Committee to answer questions about $1.2 billion in missing client cash as well as his $6.3 billion bet on risky European debt.

Following in Corzine’s footsteps, two of his ex-lieutenants are expected to echo his claims of ignorance with regard to the missing money. Taking a cue from Corzine’s testimony last week, MF’s President and COO Bradley Abelow will claim distress over the missing funds.

(NOTE: Gov Corzine appointed his G/S crony, Brad Abelow, as NJ Treasury Secy. The two financial geniuses controlled of all NJ assets, and proceeded to form an “investment company”...... then claimed ignorance when told this was illegal.)

The execs are scheduled to testify after MF customers—— two farmers and a grain operator-——among those who have seen up to $5.5 billion in supposedly safe brokerage accounts frozen while regulators comb through MF’s books in search of the missing money.

Read more: http://www.nypost.com/p/news/business/mfers_uncomfortably_dumb_on_missing_W5BzVbZoM4ytikkytMJ02K#ixzz2EwPoEl3d


17 posted on 12/13/2011 8:31:45 AM PST by Liz
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To: Rock N Jones

Re Corzine, you said:

“Then he must be an idiot! But idiots are not exempt from jail time!”

I’d prefer a civil solution—if he forfeited a majority portion of his personal fortune, it would put a serious dent in the amount of funds missing.

I’d add some community service, too. Maybe he could teach finance!


18 posted on 12/13/2011 8:42:29 AM PST by Pearls Before Swine
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To: CutePuppy
Everybody knows.......not one thin dime passes between accounts on Wall Street and beyond-—that isn’t thoroughly and incessantly tracked wherever it goes. Not one thin dime. The whole world knows it.....and they are all watching. .

MF reinforces the impression of criminality permeating the entire financial and regulatory system.

As the CIA says---the crooks always leave a paper trail.

Give me five minutes with the MF books, and I'll tell you where the missing money is.

19 posted on 12/13/2011 9:31:09 AM PST by Liz
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To: Liz

Roberts just asked Corzine directly if he had given an order to move the funds..Corzine is hedging..NOT a clear denial..they know what’s up..all three are apeing Sgt. Schultz..


20 posted on 12/13/2011 9:34:45 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: truthkeeper

Sen Roberts is doing a GREAT job..they are squirming now...


21 posted on 12/13/2011 9:36:08 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: ken5050
Corzine testifies before the Agriculture Committee?

Guess that proves his excuses are recognized as BS!

22 posted on 12/13/2011 9:38:49 AM PST by N. Theknow (Obama - 5 letters; loser - 5 letters; poser - 5 letters; cheat - 5 letters; idiot - 5 letters)
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To: bert

That is exactly what happened. Corzine looks like the liar that he is here.

String him up.


23 posted on 12/13/2011 9:41:57 AM PST by dforest
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To: Liz

Dems are pushing pretty hard...no deference to Corzine...they’ve figured out that he’s a slimeball..and don’t want to be perceived as somehow supporting him...


24 posted on 12/13/2011 9:42:19 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: indylindy

Corzine is all but “taking the 5th” without actually saying so...


25 posted on 12/13/2011 9:43:29 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: All
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).

Corzine pleads "ignorance" whenever he's on the hot seat.

-----------------------------------------------------------

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. VP Biden is on record as having asked Corzine for financial advice----Biden has a son and a brother involved with the Stanford offshore fraud (Stanford is in jail.)

<><> 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 Japanese 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.

26 posted on 12/13/2011 9:45:17 AM PST by Liz
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To: ken5050

I am surprised, as well——that the Dems are hitting hard.

Some of their constituents who lost money on this musta lit a fire under them.


27 posted on 12/13/2011 9:48:47 AM PST by Liz
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To: Liz
As the CIA says---the crooks always leave a paper trail.

Is the CIA some sort of god-like entity to you, that you reference it like some font of infallible dicta? That statement about a paper trail was around long before there was a CIA.

For one example, a Batman Comic Book from 1939 includes a story called "The Paper Trail".

28 posted on 12/13/2011 9:49:28 AM PST by bvw
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To: ken5050; indylindy; Grampa Dave; CutePuppy

I say sic the IRS on them-——check what corz/abel/steink claimed as “interest income.”

That always trips the crooks up.


29 posted on 12/13/2011 9:53:34 AM PST by Liz
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To: bvw

There will be a clear paper trail, because these events all happened over a few days. They were so desperate to get the funds ( from the customers accounts) to cover the margin calls..that they weren’t worried about a cover-up..they fully expected to put it all back in a day or to, and then bury the switch...


30 posted on 12/13/2011 9:58:56 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: Liz

I think that at least one, if not all of these three bozos has already tripped over the “perjury trap”


31 posted on 12/13/2011 10:00:57 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: bvw

Oh please-—get a life. That was an attempt at a joke.

Whereras quoting a comic book for serious consideration on this thread is nonsense.


32 posted on 12/13/2011 10:06:31 AM PST by Liz
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To: ken5050

Perjury———and contempt of Congress.


33 posted on 12/13/2011 10:08:09 AM PST by Liz
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To: ken5050

Sarbannes-Oxley and out-sourcing almost guarantee there is an extensive electronic trial almost impossible to erase.

The one requires archiving of all electronic communication and the second makes that archive outside the corporate sanctum.

My comment was more directed at the use of the “CIA” as an infallible authority.


34 posted on 12/13/2011 10:12:40 AM PST by bvw
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To: Liz

The comic book is a historical artifact clearly demonstrating that the concept “paper trials” as a part of normal detective practice which existed before there was a an overgrowth of Federal Bureaucracy and a CIA.

Batman was a fictional but still PRIVATE SECTOR solution to crime. Does that scare you?

In the instant case of MF Global, PRIVATE SECTOR solutions and investigations would be better than all that comes out of this hearing, I’d bet. Old school practices and concepts of fraud and fiduciary duty fought out mano-a-mano in local equity courts and criminal courts trump the modern Bureaucratic DC Elitocracy and its flaky, hyper-emotional, posturing hearings and its opaque, meandering, investigations, whether those occur in Congressional hearings or by some three letter agency.

The immaturity of the protected, sinecured class — congressmen, bureaucrats is more childish than any comic book.


35 posted on 12/13/2011 10:46:36 AM PST by bvw
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To: Liz; ken5050
They (Corzine, Abelow and Steenkamp) apparently decided that pleading the Fifth was not politically defendable, so they claimed the "I didn't know" version of the infamous "I can't recall" which they hope will be enough to get off the TV screens for awhile, without "lying to Congress" criminal liability.

These hearings are all for show, anyway, but this line of defence is not going to stand scrutiny with investigators, especially with other insiders contradicting them, to save themselves.

From MF Global probe uncovers shady pre-fall trades - NYP, by Mark DeCambre, 2011 December 10

From Regulator's MF Global Priority: 'Get Back the Money' - CNBC, by Margo D. Beller, 2011 December 08

Henri Steenkamp was not only the CFO, who would know, if not explicitly authorized money transfers, he was also a Chief Accounting Officer - the guy keeping the "books" and logging the transactions. He can't possibly avoid responsibility for the "sloppy" or "messy" bookkeping by claiming ignorance.

Another interesting figure to ask would be the director, Chair of the Board's Credit Risk Committee at MFGH, David P. Bolger.
http://www.freerepublic.com/focus/news/2817060/posts?page=23#23

He was previously EVP at Aon, world's largest risk insurer, and likely, one of the fraud risk insurers of MF Global. If Aon is on the hook, they would not be pleased, though amount of their liability may be relatively small (if customers' accounts money is recovered)

36 posted on 12/13/2011 11:27:53 AM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: Liz
Perjury———and contempt of Congress.

If holding Congress in contempt is a crime, then lock me up.

37 posted on 12/13/2011 11:30:01 AM PST by kevkrom (Separation of Business and State)
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To: CutePuppy; Liz
Any thoughts as to why these THREE are appearing before the Senate committee, but only Corzine appeared before the House committee?

As CutePuppy so aptly points out..the "I didn't know"..or "I can't recall" apologias ain't gonna cut it...these three are starting to remind me of Josh Steiner, the Clinton staffer who testified to Congress that he "lied to his diary." Indeed, one Senator asked if any of them had kept a diary..LOL

38 posted on 12/13/2011 11:54:58 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: All

In the 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.


39 posted on 12/13/2011 12:17:40 PM PST by Liz
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To: All

In the 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.


40 posted on 12/13/2011 12:17:40 PM PST by Liz
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To: All

12/6

2 ex-MF Global employees sue Corzine, other execs

WASHINGTON (AP) — Two former employees of failed brokerage MF Global have sued its top executives and directors, including ex-CEO Jon Corzine, the former governor and senator from New Jersey.

The two employees say the executives lied about MF Global’s finances and encouraged workers to put their retirement savings into company stock that later plummeted.

The two are Monica Rodriguez, who was MF Global’s head of credit for the Americas, and Cyrille Guillaume, managing director of its commodities and stock division in London. Guillaume and Rodriguez are seeking class-action status for everyone who got company stock as a benefit of working for MF Global after May 2010.

A Corzine spokesman declined to comment on the suit, which was filed Monday in U.S. District Court in Manhattan.

MF Global failed after making a disastrous bet on European debt. It filed for bankruptcy court protection Oct. 31. Corzine resigned as chairman and CEO a few days later.

An estimated $1.2 billion or more may be missing from MF Global customer accounts. Regulators are investigating whether MF Global used money from customers’ accounts for its own needs as its financial condition worsened. That would violate securities rules. The FBI is investigating whether the firm violated any criminal laws.

MF Global employees were required to take part of their compensation in company stock, the suit says. A separate plan also allowed them to buy company shares at a discount. If they had known the firm’s actual financial condition, “they could have refused to buy in or insisted on compensation arrangements that were all cash,” said Jacob Zamansky, one of the attorneys representing Rodriguez and Guillaume.

“Corzine encouraged MF Global employees to invest their retirement savings and compensation in company stock, and he destroyed their wealth with his risky and outsized bets on (European) debt,” Zamansky said. “He should be held personally accountable for his actions.”

After Moody’s Investors Service downgraded MF Global’s credit rating on Oct. 24, the company’s stock dropped from $3.55 a share to $1.86 the following day. With MF Global in bankruptcy, the shares are nearly worthless; in May 2010, they traded around $8.

Several other class-action suits on behalf of MF Global shareholders also have been filed against Corzine and other top executives, and they are being consolidated by the court.

On Friday, the House Agriculture Committee voted to subpoena Corzine to testify at a hearing Thursday about his role leading MF Global. A committee spokeswoman said Corzine was served the subpoena.

Two other congressional panels announced plans to vote on subpoenas for Corzine.

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41 posted on 12/13/2011 12:20:45 PM PST by Liz
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To: Liz
The three guys are all claimeing that they have NO idea what happened. OK..then we go one step down the rung...

These guys NO nothing...they should at least give back ALL the compensation they earned..since they are all obviously way too stupid to be in charge of a company..

They would have been better off taking the 5th, IMHO...they appear ridiculous..no one can believe them.

Roberts is doing a GREAT job..

42 posted on 12/13/2011 12:36:30 PM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: Liz
The three guys are all claimeing that they have NO idea what happened. OK..then we go one step down the rung...

These guys KNOW nothing...they should at least give back ALL the compensation they earned..since they are all obviously way too stupid to be in charge of a company..

They would have been better off taking the 5th, IMHO...they appear ridiculous..no one can believe them.

Roberts is doing a GREAT job..

43 posted on 12/13/2011 12:36:45 PM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: CutePuppy; ken5050
Corzine encouraged MF Global employees to invest their retirement savings and compensation in company stock....

This why Enron CEO Ken Lay was indicted and convicted (died before he could go to jail).

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

Corzine destroyed employees' wealth with his risky and outsized bets on (European) debt....which he held off the books.

That's why Enron CFO Andrew Fastow went to jail.

44 posted on 12/13/2011 12:39:34 PM PST by Liz
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To: Liz; CutePuppy

I’m leaving now..but wonder how you assess the attitude/performance of the Democrat senators...?


45 posted on 12/13/2011 12:43:19 PM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: HarleyWoodrowMantz; jiggyboy; kevkrom

Thanks!


46 posted on 12/13/2011 12:47:42 PM PST by rocksblues (Obama, the biggest liar in the history of American politics!)
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To: ken5050
These guys KNOW nothing...they should at least give back ALL their compensation since they are obviously too stupid to be in charge of a company....

Corzine and Abelow's comments are even more laughable....when you know what these two did while in control of NJ tax assets.

>>Abelow invested state monies in a company in which his wife was invested.......if that wasn't money laundering, nothing was.

>>Abelow invested in a shaky realty trust when even your pet dog knew r/e was tanking.

>>Abel/Corz sent millions to their cronies on Wall Street----one W/S firm got a hundred million for doing nothing...if that wasn't money laundering, nothing was.

>>Corzine placed W/S cronies in key NJ jobs----several state agencies went bankrupt with no explanation---the $82 billion state pension fund---headed by a hedge fund operator----lost about 25%. The pension fund activities were notorious for secrecy.

>>$8 billion disappeared from a school fund.......if that wasn't money laundering, nothing was.

>>Obama send $18.5 "stimulus"to Corzine which promptly disappeared.......if that wasn't money laundering, nothing was.

47 posted on 12/13/2011 1:00:45 PM PST by Liz
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To: Liz

OOOH..this guy Duffy just flat out said that Corzine knew about the unauthorized transfers from customer accounts...this is BIG...


48 posted on 12/13/2011 1:21:52 PM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: ken5050
how you assess the attitude/performance of the Democrat senators...?

I didn't watch the hearings and don't expect anything concrete to come out of them - it's too early, few facts to press etc., but I would be surprised if Democrats (Senators and Reps in the House hearings) treated MF'ers with kids gloves.

It's just a show at this point and Dems need to show their constituents / voters that they are "tough and fair" and don't "play favorites" with one of their own.

They are (or should be) trying to inoculate themselves from criticism or campaign attacks by distancing from Corzine and his gang; this is an opportunity for them to do just that.

Besides, many of them are sincerely p.o'd with Corzine - it's a very bad publicity for them (even if TV media mostly ignores or slights over the scandal) right in the middle of campaign season. They can't be happy about the timing and WS / Obama / political / Senate (their own) all-in-one connections that Corzine represents... So, maybe some of their anger and frustration is real, but not for the reasons that they would display.

49 posted on 12/13/2011 1:24:23 PM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: ken5050

Catching bits and pieces ... this is getting interesting.

(BTW, who put Stabenow on a diet?)


50 posted on 12/13/2011 1:30:58 PM PST by maggief
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