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Keyword: corzine

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  • Corzine 'stunned' that MF Global couldn't find missing funds

    12/08/2011 7:05:09 PM PST · by Texas Fossil · 69 replies
    LA Times Blog ^ | December 8, 2011 | 11:40 am | None stated
    As the first former U.S. senator to be subpoenaed by Congress in more than a century, Jon Corzine testified Thursday about the “last chaotic days” of MF Global, the trading firm that declared bankruptcy under his watch. Corzine said he was “stunned” to learn that the firm could not locate hundreds of millions of dollars in client money in the days before the firm’s collapse, and said he had no idea where the money had gone.
  • Which is more damaging to USA, MF Global or Fast and Furious? (Vanity)

    12/08/2011 12:58:01 PM PST · by jacquej · 22 replies
    C-Span Hearings | Jacquej
    I am watching Corzine, since it has the potential to take down the entire system. Which is worse, the corruption of our entire financial system, or the corruption of our justice system. Or is everything just about "gone down the drain", and the USA, as we once knew it, over.
  • LIVE BLOG: MF Global Ex-CEO Jon Corzine Faces Congress

    12/08/2011 11:11:17 AM PST · by milwguy · 6 replies
    wsj ^ | 12/08/2011 | wsj
    Jon Corzine's professed ignorance of what's become of his former customers' money doesn't fly with John Roe, a leading member of the 7,000-account strong Commodity Customers Coalition, an ad-hoc group pushing for MF client funds to be released. "Ignorance is not a defense and it implies that his subordinates are at fault," says Roe, who is watching Thursday's hearing from an overflow room on Capitol Hill. "How did he run a state?"
  • MF Global and the great Wall St re-hypothecation scandal (Where the Money Went - Must Read)

    12/08/2011 10:49:36 AM PST · by mojito · 19 replies
    Reuters ^ | 12/7/2011 | Christopher Elias
    A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears that MF Global and some of its Wall Street counterparts have been actively and aggressively circumventing U.S. securities rules at the expense (quite literally) of their clients. MF Global's bankruptcy revelations concerning missing client money suggest that funds were not inadvertently misplaced or gobbled up in MF’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules that allowed for...
  • Corzine Playing Obama's Blame Game

    12/08/2011 10:28:16 AM PST · by CaroleL · 7 replies
    TalkingSides.com ^ | 12/08/11 | CaroleL
    Former US Senator and New Jersey Governor Jon Corzine will testify before a House panel today to explain how MF Global, the firm he led for over a year and a half, collapsed and now can't account for $1.2 billion in client funds. Taking a page from the playbook of his political ally President Barack Obama, Mr. Corzine is expected to blame his predecessors and others rather than admit to his own failures.
  • Fmr. Senator Corzine to Testify in MF Global Investigation (Live)

    12/08/2011 10:27:51 AM PST · by Nachum · 6 replies · 1+ views
    CSPAN ^ | 12/8/11 | CSPAN
    The House Agriculture Committee is questioning former MF Global CEO Jon Corzine on the bankruptcy of the financial firm and a dispute over $1.2 billion in missing funds. According to the Committee's website, the purpose of the hearing is "to examine the facts and circumstances that led up to the bankruptcy, and the efforts underway to recover customer funds and return them to their rightful owners." The former Senator and New Jersey governor is at the center of a dispute over $1.2 billion in missing customer funds. The trading firm’s bankruptcy is the 8th largest in the nation's history.
  • Corzine blames predecessors for MF Global's fall (Bush's Fault!)

    12/08/2011 9:16:47 AM PST · by tobyhill · 22 replies · 1+ views
    Google ^ | 12/8/2011 | DANIEL WAGNER / AP
    Jon Corzine will tell a House panel Thursday that he doesn't know the location of client money that went missing when MF Global failed. And he will argue that he inherited a firm doomed by the risks his predecessors took. Yet Corzine says he accepts responsibility for the firm's risky bets and says its customers' losses weigh on his mind "every day — every hour." The former U.S. senator was subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds...
  • Corzine sorry, puzzled by missing MF Global money

    12/08/2011 9:02:30 AM PST · by Hojczyk · 25 replies
    Yahoo Finance ^ | December 8,2011 | Sarah N. Lynch
    Former MF Global chief Jon Corzine apologized to customers, employees and investors who have suffered because of the brokerage firm's collapse, but said he does not know where missing customer money is. "Their plight weighs on my mind every day -- every hour," Corzine, a former U.S. senator, said in 21 pages of remarks prepared for delivery on Thursday before the House Agriculture Committee. "I simply do not know where the money is, or why the accounts have not been reconciled to date," he said. Corzine's contrite but defensive remarks are his first since MF Global's October 31 bankruptcy and...
  • Corzine: 'I Simply Do Not Know Where The Money Is'

    12/08/2011 8:47:58 AM PST · by lbryce · 28 replies
    Wall Street Journal ^ | December 8, 2011 | SCOTT PATTERSON and AARON LUCCHETTI
    A contrite Jon S. Corzine will express both sorrow and a firm defense of his actions Thursday in his first public appearance since the collapse of MF Global Holdings Ltd. in late October. "Recognizing the enormous impact on many peoples' lives resulting from the events surrounding the MF Global bankruptcy, I appear at today's hearings with great sadness," Mr. Corzine plans to say in testimony prepared for a hearing by the House Agriculture Committee, which subpoenaed the former MF Global chief executive Friday. A copy of the testimony was released early Thursday on the panel's website. The testimony Thursday is...
  • MF Global Ex-CEO Jon Corzine Faces Congress...Live Blog (First time since 1908)

    12/08/2011 7:40:41 AM PST · by milwguy · 15 replies
    wsj ^ | 12/08/2011 | wsj
    Ex-MF Global CEO Jon Corzine’s testimony later today will mark the first time since 1908 that a former senator has been subpoenaed to testify before his former congressional colleagues, according to Senate historian Donald Ritchie. That year, two Senators who shared the same last name but were unrelated were called to testify about a corporate lobbying scandal. Corzine, a Democrat, represented New Jersey in the Senate between 2001 and 2006. In that 1908 hearing, former Sens. Marion Butler of North Carolina and Matthew Butler of South Carolina testified in a House investigation to probe whether The Electric Boat Co. of...
  • Corzine "Simply Does Not Know Where The Money Is" ... Jon Corzine's Complete Testimony To Congress

    12/08/2011 7:18:41 AM PST · by SeekAndFind · 45 replies
    Zero Hedge ^ | 12/08/2011 | Tyler Durden
    Probably far more anticipated than the monetary announcements out of BOE (which just announced it is keeping rates at a record low of 0.5%, but no more QE), or even the ECB, and certainly far more than the latest and not greatest European summit which begins today, is the 9am testimony out of the House Agriculture Committee by one "Honorable" Jon S. Corzine, as well as the Q&A that will follow. Naturally the Q&A will be the focus, but as for the prepared remarks, they have just been released and are presented below. The choice selection: "Obviously on the forefront...
  • Corzine: 'I don't know where the money is'

    12/08/2011 6:08:41 AM PST · by maggief · 51 replies
    CNN ^ | December 8, 2011
    NEW YORK (CNNMoney) -- Jon Corzine, the former chief executive officer of the bankrupt broker MF Global, apologized for his firm's failure Thursday and told a House committee that he doesn't know where the missing money went. "I simply do not know where the money is, or why the accounts have not been reconciled to date," said Corzine, in prepared testimony to the House Agriculture Committee on Thursday. He also apologized "to all those affected." "My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors suffered as a result of MF Global's bankruptcy,"...
  • Jon Corzine to tell House panel he doesn’t know where customers’ money went

    12/08/2011 5:54:33 AM PST · by crosshairs · 24 replies
    Washington Post ^ | 12/8/11 | David S. Hilzenrath
    Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers. In testimony prepared for delivery to Congress on Thursday, Corzine says he was “stunned” to learn shortly before the firm sought bankruptcy protection at the end of October that MF Global could not account for the money. “I simply do not know where the money is, or why the accounts have not been reconciled to date,” the former...
  • Corzine's fortune could invite more lawsuits (Obama's Wall Street friend stole billions)

    12/07/2011 3:42:13 AM PST · by tobyhill · 27 replies
    google ^ | 12/7/2011 | MARCY GORDON / ap
    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.
  • EXCLUSIVE: At House hearing Thursday, Corzine expected to plead the Fifth

    12/07/2011 2:47:23 PM PST · by Free ThinkerNY · 14 replies
    nypost.com ^ | Dec. 7, 2011 | MARK DeCAMBRE and  KAJA WHITEHOUSE
    Former MF Global CEO Jon Corzine will not answer questions from a congressional committee seeking to get to the bottom of the brokerage firm’s collapse, The Post has learned. Corzine, who has been subpoenaed to testify before the House Agriculture Committee tomorrow, is expected to plead the Fifth Amendment in response to most hard-hitting questions, sources said. That means the one person who may know the whereabouts of the $1.2 billion in missing customer cash will not be giving up much. One source close the committee said while he might provide a limited statement, Corzine — the former New Jersey...
  • MF Global fallout delays U.S. farm seed, land deals

    12/06/2011 10:14:23 PM PST · by Razzz42 · 11 replies
    reuters.com ^ | Tue Dec 6, 2011 | Reporting by Tom Polansek; Additional reporting by Jonathan Spicer in New York and Dave Clark in Was
    CHICAGO (Reuters) – For the first time in 25 years, Minnesota farmer Dean Tofteland has missed his deadline to buy seed for next spring’s corn and soybean crops. With $200,000 of his money yet to be returned from the accounts of MF Global, his former broker, the 49-year-old farmer has missed a $5,000 discount for early buyers, and is watching friends and neighbors snap up the best varieties of seeds. In the latest sign of how MF Global’s failure is continuing to cascade across the commodity industry, Tofteland and other farmers who have yet to recover more than a third...
  • Slick Willism?

    12/06/2011 6:50:07 PM PST · by afraidfortherepublic · 8 replies
    National Review -- The Corner ^ | 12-6-11 | Victor Davis Hanson
    There are some preliminary reports about Bill Clinton’s purported $50,000-a-month retainer — paid out to Teneo, a firm where he is chairman of the board — from his friend Jon Corzine’s now broke MF Global. It reminds of Newt Gingrich’s getting $30,000 a month for his work as a “historian” for Freddie Mac up until the eve of its crack-up. One comes away with a sort of despair that our most prominent politicians, who have already done quite well in private and public life, still cannot refrain from cashing in on their contacts for even more cash. The symptoms are...
  • Senate panel to subpoena Corzine on MF Global

    12/06/2011 1:41:56 PM PST · by NormsRevenge · 28 replies
    Yahoo ^ | 12/6/11 | Marcy Gordon - AP
    WASHINGTON (AP) — A Senate panel has voted to subpoena former Sen. Jon Corzine to testify about his role leading MF Global. The trading firm filed for bankruptcy on Oct. 31 after a disastrous bet on European debt. Nearly $1.2 billion is estimated to be missing from customer accounts. Sen. Debbie Stabenow, chairman of the Senate Agriculture Committee, said Corzine's testimony at the Dec. 13 hearing is essential to learn what happened. The vote comes just days after the House Agriculture Committee took similar action to force Corzine to appear at a hearing Thursday. Corzine, a Democrat, represented New Jersey...
  • Jon Corzine is above the law

    12/06/2011 11:21:24 AM PST · by jpl · 12 replies
    The Washington Times ^ | Thursday December 1, 2011 | Eric Golub
    Yet unlike Jerry Sandusky, Jon Corzine will never be held accountable for his misdeeds. Jon Corzine is above the law. For those horrified at the comparison between these two vile men, it is not offered lightly. Most people of all political stripes agree that Jerry Sandusky should burn in a fiery pit of hell. Even people who are against torture would consider making him an exception. The former Penn State football coach sexually violated underage boys. The word "evil" is tossed around cavalierly, but Sandusky's actions fit the bill.
  • Corzine's MF Global Was A Scam Right From The Get-Go

    12/06/2011 9:59:07 AM PST · by Why So Serious · 4 replies · 2+ views
    Earlier this year MF Global issued Investment Grade bonds. In the underwriting process they added a clause to the bonds ... IF Jon Corzine is chosen to be the Secretary of the Treasury the bonds will have an additional 1% kick-in. I would say that was like saying, "Hey, there is a good chance that Jon Corzine is going to be Secretary of the Treasury and you will get another 1% on these bonds." Today bondholders would probably prefer that the clause say that ... "If Jon Corzine takes down the firm you will receive back your principal."This is a...