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Keyword: mf

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  • New Congresswoman Rashida Tlaib Goes off on Trump: ‘We’re Going to Impeach the Bleep!”

    01/04/2019 3:58:54 AM PST · by RoosterRedux · 155 replies
    Mediaite ^ | Joe DePaolo
    <p>Rep. Rashida Tlaib (D-MI) — who was sworn in earlier Thursday — is coming out of the gate swinging at President Donald Trump.</p> <p>According to accounts from multiple reporters, the new Congresswoman made a sharply-worded pledge to a crowd at a reception held by the progressive group MoveOn near Capitol Hill on Thursday night.</p>
  • Congressional probe: Corzine is to blame for MF Global fall

    11/14/2012 12:31:33 PM PST · by ExxonPatrolUs · 24 replies
    Chi Trib ^ | 11-14 | Reuters
    Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, U.S. congressional investigators have determined. Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel's chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday.
  • Exclusive: Senior MF Global Executive Said Corzine Knew About Misuse of Funds (Jail-time Jonny?)

    09/12/2012 2:30:59 AM PDT · by Libloather · 18 replies
    Fox Business ^ | 9/11/12 | Charlie Gasparino
    Exclusive: Senior MF Global Executive Said Corzine Knew About Misuse of FundsBy Charlie Gasparino Published September 11, 2012 FOXBusiness In the days following MF Global’s stunning implosion last year, a senior executive at the firm made a startling concession to investigators looking into both the company’s demise and the loss of more than $1 billion in customer money, according to people with direct knowledge of the matter. MF Global’s chief financial officer for North America, Christine Serwinski, told investigators that her boss, MF Global’s chief executive, Jon Corzine, was well aware of the use and possible misuse of the customer...
  • No One Will Charged With a Crime for the MF Global Collapse

    08/16/2012 10:25:49 AM PDT · by Mad Dawgg · 75 replies
    Yahoo News ^ | 8/16/2012 | Dashiell Bennett
    Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.
  • MF Global judge weighs release of insurance money (to pay for RAT Corzine's legal bills)

    04/06/2012 12:29:41 PM PDT · by Libloather · 8 replies
    Yahoo ^ | 4/02/12 | Nick Brown, Aruna Viswanatha
    MF Global judge weighs release of insurance moneyBy Nick Brown and Aruna Viswanatha | Reuters – Mon, Apr 2, 2012 (Reuters) - An MF Global bankruptcy trustee asked a judge on Monday to release $25 million in insurance money to pay defense costs for Jon Corzine and other former MF Global officers facing civil lawsuits over the broker's October collapse. If paid out now, the money, part of $375 million in total insurance funds from multiple policies, could save the broker from facing larger claims later, Lorenzo Marinuzzi, an attorney for trustee Louis Freeh, said in U.S. Bankruptcy Court in...
  • Report: It Looks Like Corzine Will Likely Stay Out Of The Slammer

    02/26/2012 2:33:19 AM PST · by Libloather · 40 replies
    Business Insider ^ | 2/24/12 | Rob Wile
    Report: It Looks Like Corzine Will Likely Stay Out Of The SlammerRob Wile | February 24, 2012 (AP)Dealbreaker's Bess Levin reports (via FoxBusiness) that former MF Global CEO Jon Corzine will not face criminal charges for his role in the firm's diverting of client funds and subsequent collapse. Sources told FoxBusiness regulators were having "a very tough time" gathering evidence that would have put Corzine in the clinker.
  • No MF Global customer cash in JPMorgan account: trustee (RAT Corzine not behind bars yet)

    02/19/2012 3:44:28 PM PST · by Libloather · 28 replies
    Reuters ^ | 2/17/12 | Nick Brown
    No MF Global customer cash in JPM account: trusteeBy Nick Brown Fri Feb 17, 2012 5:11pm EST (Reuters) - The trustee managing the assets of bankrupt MF Global Holdings Ltd said none of the roughly $26 million being used to fund the futures brokerage in Chapter 11 is part of a $1.6 billion shortfall in customer accounts. **SNIP** "After an exhaustive investigation - which included the review of volumes of bank statements and an extensive population of cash transaction activity during October 2011 - the trustee does not believe that any of the cash in the JPM account ... represents...
  • MF Global Clients May Lose in $700 Million Bankruptcy Fight (RAT Corzine not behind bars yet)

    01/26/2012 2:14:00 AM PST · by Libloather · 8 replies
    Link only - MF Global Clients May Lose in $700 Million Bankruptcy Fight
  • Corzine’s financial my$tery (Was Corzine's MF cash co-mingled or protected?)

    01/08/2012 6:02:04 AM PST · by jimbo123 · 9 replies
    NY Post ^ | 1/8/12 | Jonathon M. Trugman
    It’s been a long while now since that frightful Halloween when MF Global filed the eighth-largest bankruptcy in the history of the United States. Too long a time if you are an MF customer and can’t get access or answers to what happen to your money. Certain individuals at MF Global breached the sacrosanctity of segregated customer accounts to cover for liquidity shortfalls induced from extremely leveraged bets gone extremely bad, reportedly made by CEO Jon Corzine and his confidants. Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while...
  • Investigation Into MF Global Expected to Heat Up (RAT Corzine goes to the big house?)

    01/02/2012 6:14:53 AM PST · by Libloather · 17 replies
    NY Times ^ | 12/30/11 | BEN PROTESS
    Investigation Into MF Global Expected to Heat UpBy BEN PROTESS December 30, 2011, 1:30 pm When customer money disappeared from MF Global over Halloween weekend, it seemed implausible the cash would remain at large come New Year’s Day. But two months later, the hunt for roughly $1.2 billion in client money continues. Some MF Global customers, including farmers and hedge funds, are still without about a third of the money in their accounts at MF Global, the brokerage firm once run by Jon S. Corzine, the former governor of New Jersey. Against this backdrop, and as 2012 gets ready to...
  • Feds: MF Global improperly moved customer money

    12/30/2011 8:22:12 AM PST · by Libloather · 18 replies
    Post Bulletin ^ | 12/29/11 | Azam Ahmedben Protess
    Feds: MF Global improperly moved customer moneyBy Azam Ahmedben Protess New York Times News Service Posted: Dec 29, 2011, 7:02 am WASHINGTON — Federal authorities investigating the demise of MF Global think that the firm began improperly moving customer money to a middleman on Oct. 27, according to people briefed on the matter. The transfers, which indicate the brokerage firm misused client funds earlier than previously believed, represent a new line of inquiry in the hunt for more than $1 billion in missing money. In MF Global's last days, the brokerage house was frantically winding down trades to shore up...
  • Bam’s still pocketing MF money

    12/26/2011 10:02:37 AM PST · by Nachum · 6 replies
    New York Post ^ | 12/26/11 | Josh Margolin
    President Obama is trying to put some distance between himself and the wreckage of bankrupt brokerage MF Global. But not too much distance. After returning more than $70,000 to Jon Corzine, the CEO who led MF Global into bankruptcy, the president’s re-election organizations are still hanging onto nearly $150,000 connected to the firm, The Post has learned. An Obama campaign official said no MF Global donations besides Corzine’s have been refunded. “Contributions will be reviewed on a case-by-case basis, and if the facts merit it, they will be returned,” the official told The Post. Late Friday, aides revealed that Obama...
  • E-Mail Clues in Tracking MF Global Client Funds

    12/21/2011 6:18:51 AM PST · by Libloather · 14 replies · 1+ views
    NY Times ^ | 12/20/11 | BEN PROTESS and AZAM AHMED
    E-Mail Clues in Tracking MF Global Client FundsBy BEN PROTESS and AZAM AHMED December 20, 2011, 9:00 pm Federal authorities investigating the collapse of MF Global have uncovered e-mails that detail the transfers of money in the firm’s last days, including transfers that contained customer money, according to people close to the investigation. One e-mail chain refers to the transfer of roughly $200 million that MF Global owed JPMorgan Chase on Oct. 28 — the firm’s last business day before it filed for bankruptcy. In that chain, a senior official in the firm’s Chicago office was told to make the...
  • Corzine's Loss May Be Soros's Gain

    12/08/2011 5:14:59 PM PST · by FreeAtlanta · 12 replies
    Investor George Soros's family fund bought about $2 billion of European bonds formerly owned by MF Global Holdings Ltd., the debt that helped force the securities firm to file for bankruptcy protection Oct. 31, according to people close to the matter. Under the direction of MF Global's former chief executive, Jon S. Corzine, the firm accumulated $6.3 billion of short-term debt issued by various European nations, mostly from Italy, in a bid to boost trading profits. Over the summer, this debt led to nervousness by investors, regulators and ratings companies, resulting in the firm's collapse just over a month ago.
  • 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 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 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,"...
  • MF Global proves Enron-era (off-balance-sheet) accounting lives on

    12/02/2011 6:45:46 AM PST · by Libloather · 5 replies
    Yahoo ^ | 12/02/11 | Nanette Byrnes
    MF Global proves Enron-era accounting lives onBy Nanette Byrnes | Reuters – 2 hours 14 minutes ago REUTERS - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global . Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk than it really was. On Thursday, Mary Schapiro, chairman of the Securities and Exchange Commission, told a committee of Congress...
  • MF Global Money Found in Britain?

    11/29/2011 5:24:58 AM PST · by Libloather · 21 replies
    CNBC ^ | 11/29/11 | Ben Protess and Azam Ahmed
    MF Global Money Found in Britain?By: Ben Protess and Azam Ahmed The New York Times Published: Tuesday, 29 Nov 2011 | 7:01 AM ET About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The discovery could be the most significant breakthrough in a monthlong hunt for the missing funds. During MF Global's [MFGLQ 0.00 --- UNCH (0) ] last chaotic days, the brokerage firm overdrew an account at JPMorgan [JPM 29.16 0.68 (+2.39%) ], according to another person who is close...