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Keyword: mfglobal

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  • Ann Barnhardt: I'm Calling For A General Financial Market Strike

    12/21/2011 7:04:01 AM PST · by sayuncledave · 26 replies
    http://barnhardt.biz/ ^ | December 20, 2011 | Ann Barnhardt
    I have received a few emails asking if I was still content with my decision to shut down my brokerage. Not only am I content, but after seeing the news that broke over the weekend, I am of the considered opinion that the entire financial blogging community should formally call for a general financial market strike. And I’m not kidding. A couple of things have happened regarding the MF Global mess that I don’t think got the attention they should have because they broke over the weekend. So let me fill you all in. First, all notions of personal property...
  • I'M CALLING FOR A GENERAL FINANCIAL MARKET STRIKE

    12/20/2011 11:16:33 PM PST · by SatinDoll · 45 replies
    Barnhardt ^ | Dec. 20, 2011 | Ann Barnhardt
    I have received a few emails asking if I was still content with my decision to shut down my brokerage. Not only am I content, but after seeing the news that broke over the weekend, I am of the considered opinion that the entire financial blogging community should formally call for a general financial market strike. And I’m not kidding. A couple of things have happened regarding the MF Global mess that I don’t think got the attention they should have because they broke over the weekend. So let me fill you all in. First, all notions of personal property...
  • The Silver Rush at MF Global

    12/19/2011 1:02:17 PM PST · by Hojczyk · 38 replies
    Yahoo Finance ^ | December 19,2011 | Erin Arvedlund
    Investors are furious that they can't get back the gold and silver they stashed with the failed brokerage. It's one thing for $1.2 billion to vanish into thin air through a series of complex trades, the well-publicized phenomenon at bankrupt MF Global. It's something else for a bar of silver stashed in a vault to instantly shrink in size by more than 25%. That, in essence, is what's happening to investors whose bars of silver and gold were held through accounts with MF Global. The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets—gold,...
  • THE WHITE HOUSE

    12/17/2011 10:24:32 PM PST · by Rabin · 1 replies
    www.whitehouse.gov ^ | July 16, 2009 | Office of the Press Secretary
    Thank you. It is good to see you. Hello, New Jersey! (Applause.) All right, everybody have a seat. Everybody have a seat. I want to begin by just making a few acknowledgements. First of all, I'm going to have a lot to say about this guy, but I just want everybody to know that one of my earliest supporters, somebody who had faith and confidence in me before I was a United States senator was the man standing next to me right here -- Jon Corzine. (Applause.)
  • Liquidation Of Customer Stored Gold And Silver Bullion From MF Global

    12/17/2011 8:38:03 PM PST · by blam · 97 replies
    TMO ^ | 12-17-2011 | Jesse
    Liquidation Of Customer Stored Gold And Silver Bullion From MF Global Commodities / Gold and Silver 2011 Dec 17, 2011 - 12:27 PM By: Jesse The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt. In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation. Although the details and the individual perpetrators are yet to be disclosed, what is now painfully clear is that the CFTC and CME regulated futures system is defaulting on its obligations....
  • WHERE TO KEEP YOUR MONEY AFTER MF Global

    12/15/2011 6:48:56 PM PST · by Razzz42 · 6 replies
    Armstrong Economics ^ | December 12th, 2011 | Martin Armstrong
    I have been getting a lot of emails asking what to do in the aftermath of MF Global. Quite frankly, it is a very difficult question to answer. This game of trading with other people’s money has got to stop. The NY Press will not expose the truth because their biggest client advertisers are the very firms doing this nonsense. Hedge Funds have suffered losses. Readers as far away as Singapore have their funds frozen when all they had were TBills on deposit. Farmers lost hedge positions. Anyone who wants to really compare the damage, it is 1000 times greater...
  • Cash & burn [more from the democrat Culture of Corruption]

    12/16/2011 11:38:10 AM PST · by BenLurkin · 8 replies
    nypost ^ | 8:25 AM, December 16, 2011 | JOSH MARGOLIN
    The Democratic senator who savaged Jon Corzine at a high-profile Capitol Hill hearing this week had another reason to go hard on her former colleague — she recently pressed him for campaign contributions but didn’t get any. “She would literally call once every two or three weeks,” one Corzine intimate said of Sen. Debbie Stabenow (DMich.). “She called all the time.” Stabenow, chair of the Senate Agriculture Committee, had blasted the former senator and New Jersey governor Tuesday for his failure to explain what happened to $1.2 billion in missing customer money from his bankrupt firm, MF Global. “This isn’t...
  • Records Reveal Contact Between Corzine and the Fed in MF Global's Final Days (Obama's fundraiser)

    12/15/2011 4:12:46 AM PST · by tobyhill · 12 replies
    Fox News ^ | 12/15/2011 | fox news
    It was a humiliating moment, but Jon Corzine was determined to put the best face on it. On Oct. 25 of last year -- six days before the stunning collapse of MF Global Holdings Ltd., the New York-based brokerage and commodities firm he headed -- Corzine released the company's dismal results for the second fiscal quarter of 2012. Revenue, he was forced to report, had declined from the same period the year before, from over $240 million to about $205 million; and selected losses for shareholders were estimated at $191.6 million, an increase of almost $100 million from the prior...
  • The Shocking Mystery That Will Deepen Like a Thriller

    12/15/2011 4:22:16 AM PST · by Kaslin · 19 replies
    Townhall.com ^ | December 15, 2011 | Jeff Carter
    ver read junk novels that are designed for the beach? Every summer, they churn out hundreds of paperback novels that people, most often women, read by the pool or ocean. The plot in these things is the same year after year, only the characters and descriptions of them change. Investment banking scandals are the same. No one involved with MF Global slept last night. Big time bankers are networked to the hilt. They derive a lot of their income from having a great personal network of contacts. Great investment bankers are super connectors. Apply that logic to what is happening...
  • Joe Scarborough's Softball Take on Jon Corzine: ' We Like Him' (But Ho Joe sure hates Newt)

    12/14/2011 4:01:04 PM PST · by tobyhill · 10 replies
    newsbusters ^ | 12/14/2011 | By Grant Dahl
    In a softball interview with Sen. Debbie Stabenow on MSNBC’s Morning Joe, host Joe Scarborough on Tuesday asked the Michigan Democrat if it was difficult for her to grill a friend and colleague, the former New Jersey Senator Jon Corzine, on the MF Global scandal. At one point, Scarborough enthused, "Senator Corzine. I like him a lot. We like him." Co-host Mika Brzezinski started out the interview by asking Stabenow on how they would be taking on the MF Global investigation. The Michigan senator essentially rattled off the hearing's witness list. Scarborough then interrupted, not to press Stabenow about what...
  • Exclusive: Regulators know where MF Global funds went (George Soros sweating bullets?)

    12/14/2011 5:47:41 PM PST · by jimbo123 · 17 replies
    Reuters ^ | 12/14/11 | Christopher Doering
    Regulators now have a more complete picture of money transfers in the final days of bankrupt brokerage MF Global, but must sort out which transactions were legitimate before more money can be released to customers, a top official told Reuters on Wednesday. Jill Sommers, who is heading the Commodity Futures Trading Commission's review of MF Global, said regulators "are far enough along the trail" that they know where the money went. "Now it's just finding out which ones of those transactions are legitimate and which ones of them are illegitimate," Sommers said.
  • Cooking Books at MF Global

    12/14/2011 10:41:07 AM PST · by Kaslin · 6 replies · 1+ views
    Townhall.com ^ | December 14, 2011 | Jeff Carter
    I think what MF Global and John Corzine did is called “cooking the books”.   Here is a link to the hearing.  Some may jump to Corzine’s defense.  If they cooked the books, then he lied at his Congressional Hearing, which is perjury. The question I have is this.  If someone had the lack of ethics to capriciously steal customer funds and fill a hole in their firm’s books-what makes you think they wouldn’t lie at a Congressional hearing to protect their own butt?The funny thing is that the $CME is giving an exact timeline of their data.  They can...
  • MF's Corzine said to know of customer fund misuse (Obama's friend and fundraiser lied to Congress)

    12/13/2011 8:11:38 PM PST · by tobyhill · 10 replies
    reuters ^ | 12/13/2011 | Alexandra Alper and Aruna Viswanatha
    The regulatory arm of CME Group has turned over interviews to the Justice Department that allege former MF Global chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME executive said on Tuesday. The information is fourth-hand but is the strongest statement yet from a regulator that Corzine may have personally known customer funds were diverted for firm use. Federal investigators are probing why hundreds of millions of dollars in customer funds are missing, and whether the futures brokerage raided customer money to try to counter a liquidity crisis, a...
  • Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom

    12/13/2011 8:20:20 PM PST · by JustTheTruth · 24 replies
    Zero Hedge ^ | 12/13/2011 | http://www.zerohedge.com/users/tyler-durden
    Today, in advance of their sworn testimony, each witness to the Senate Agricultural Committee's MF Global hearing was requested to disclose what their prepared remarks would be. Sure enough, CME executive chairman Terry Duffy did that, and his prepared testimony can be found here. In and of itself there was nothing unexpected about said speech, the relevant section of which has been transcribed below. Where things got very ugly for Corzine, is when Duffy literally veered from the script, and added three unexpected sentences, catching everyone in the committee off guard (including those who had given up on the testimony...
  • Witness: Corzine knew about loan made with customer funds

    12/13/2011 4:20:38 PM PST · by ColdOne · 23 replies
    The Hill ^ | 12/13/11 | Peter Schroeder
    An executive of a financial exchange monitoring MF Global told senators Tuesday that Jon Corzine, the former head of the financial firm, knew that loans were improperly made with customer funds. The claim was made just minutes after Corzine professed his ignorance for how up to $1.2 billion in customer funds had gone missing. Terrence Duffy, the executive chairman of CME Group, the exchange that regulates MF Global, told the Senate Agriculture Committee that a CME auditor was told by an MF Global executive that Corzine knew that a loan was made to a European affiliate of the company, and...
  • The Collapse Of MF Global Basically Started On Corzine's Day 1

    12/12/2011 7:51:38 AM PST · by blam · 10 replies
    TBI ^ | 12-12-2011 | Ben Walsh
    The Collapse Of MF Global Basically Started On Corzine's Day 1 Ben Walsh Dec. 12, 2011, 8:36 AM Image: AP MF Global Client's Counsel Blasts Jon Corzine Calling His Prepared Testimony 'Cowardly' And A 'Cop-Out' Five Reasons Why Wall Street Enjoyed Today's Corzine HearingMF Global's Bankruptcy Trustee Finally Pinpointed The Shady Trades In Customer Accounts When Jon Corzine, on a visit to MF Global's Chicago office shortly after becoming CEO in 2010, Dealbook reported that he discovered that a young trader was successfully using a small account to trade the firm's capital, he was enthralled. With widening eyes, Corzine suspended...
  • Transcript for Ann Barnhardt Interview

    12/10/2011 9:59:38 PM PST · by Neil E. Wright · 26 replies · 1+ views
    Financial Sense ^ | December 10, 2011
    Jim Puplava: Joining me as my special guest on the program today is Ann Barnhardt, formerly of Barnhardt Capital Management. And Ann, you were a commodity broker for eight years and then you formed your own independent brokerage for six years. A couple of weeks ago you made the painful decision to shut your doors because you felt your clients’ money and positions were no longer safe. What led you to draw those conclusions?Ann Barnhardt: Well, obviously, it was the MF global collapse and more specifically the fall out after the MF Global collapse and the reaction by the CFTC, the SEC...
  • Corzine’s Testimony Came With Plenty of Caveats (George Soros, Obama fundraising...)

    12/10/2011 7:09:14 AM PST · by jimbo123 · 4 replies
    NY Times ^ | 12/10/11 | PETER J. HENNING
    MF Global’s former chief executive, Jon S. Corzine, was gingerly questioned by the House Agriculture Committee for almost three hours on Thursday, in the end saying little enlightening about the firm’s collapse or the customer money that has gone missing. It seems unlikely that anything at the hearing can be used against him by criminal and civil investigators, so in that sense the testimony was a victory for Mr. Corzine. Rather than invoke the Fifth Amendment to protect himself, Mr. Corzine couched his answers with enough caveats and denials of specific knowledge that it would be nearly impossible to claim...
  • Political ties win Corzine respect in Congress (fundraiser and personal contributor for RATS)

    12/10/2011 7:24:55 AM PST · by Libloather · 6 replies
    Yahoo ^ | 12/09/11 | Alexandra Alper
    Political ties win Corzine respect in CongressBy Alexandra Alper | Reuters – 15 hrs ago WASHINGTON (Reuters) - A day after Jon Corzine got politely grilled by lawmakers over the collapse of futures brokerage MF Global Holdings Ltd, questions remain over the role his deep political ties and generous donations will play as he gears up for another round of congressional scrutiny. Corzine, who resigned as chief of MF Global days after the firm filed for bankruptcy on October 31, has been a prominent fundraiser and personal contributor to Democrats. He personally donated $69,300 to Democratic causes this year alone,...
  • ‘I Simply Do Not Know Where the Money Is’

    12/10/2011 9:46:04 AM PST · by Para-Ord.45 · 24 replies
    http://www.nationalreview.com/ ^ | December 8 2011 | Kevin D. Williamson
    “I simply do not know where the money is, or why the accounts have not been reconciled to date.” Let’s translate that Jon Corzine quote into Latin, engrave it in stone, and make it the official motto of Congress. Anybody remember that this Wall Street Democrat used to sit on the Senate committees on banking and the budget? Question: Why should we believe that the motives of people in (cough, cough) “public service” are different from the motives of people in the for-profit sector? Was Jon Corzine a rapacious self-seeker at Goldman Sachs, then a public-spirited man when he was...
  • Trading With Other People’s Money Why MF Global is worse than Europe

    12/09/2011 7:47:20 PM PST · by Razzz42 · 4 replies
    Armstrong Economics ^ | December 7, 2011 | Martin Armstrong
    The shocking collapse of MF Global with the amount of missing client funds now rising to $1.2 billion, is so devastating, we are at the precipice of complete financial disaster. The United States boasts far too much of its greatness and “liberty and justice for all” but its actions reveal nothing but greed, distain, and contempt of the rights of man that include his right to property. Jon Corzine was a bond trader at Goldman Sachs and has been known as an aggressive trader all along. He intervened at the SEC and changed the direction of MF Global. What is...
  • MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone

    12/09/2011 9:58:44 PM PST · by Para-Ord.45 · 33 replies · 1+ views
    http://www.zerohedge.com ^ | December 07 2011 | Tyler Durden
    Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else In an oddly prescient turn of events, yesterday we penned a post titled "Has The Imploding European Shadow Banking System Forced The Bundesbank To Prepare For Plan B?" in which we explained how it was not only the repo market, but the far broader and massively unregulated shadow banking system in Europe that was becoming thoroughly unhinged, and was manifesting itself in a complete "lock up in interbank liquidity" and which, we speculated, is pressuring the Bundesbank, which...
  • Martin Armstrong Speaks About The Collapsing Euro and Monetary System and the Impact of MF Global

    12/09/2011 5:20:56 PM PST · by appeal2 · 1 replies
    www.KerryLutz.com ^ | 12/9/2011 | Kerry Lutz
    Martin Armstrong is back on the show to talk about what's really happening to the world financial markets. He explains how flimsy the entire Euro structure was from the get-go. He advised the leaders to unify Europe both monetarily and fiscally, but they rejected that advice, rightly believing that theexpanded European Union would never have been approved. His only surprise is that the entire structure held together as long as it has. He believes that Germany will be forced to inflate, because no one is willing to accept the consequences of massive deflation, complete with bank failures and widespread unemployment....
  • Corzine's testimony is 'height of disbelief,' says Congressman

    12/09/2011 12:08:17 PM PST · by Miami Vice · 56 replies
    Legal News Line ^ | 12-9-11 | MIchael P. Tremoglie
    Jon Corzine, the former CEO of the bankrupt brokerage firm MF Global, has testified before Congress about his role in the company losing nearly a billion dollars. His responses were tentative, claiming ignorance of events. This prompted committee member, Rep. David Scott, D-Ga., to remark that it was the "height of disbelief" for Corzine ....
  • CNBC: Soros Bought $2 Billion Ex-MF Global Europe Debt: Report

    12/09/2011 6:09:02 AM PST · by tcrlaf · 35 replies
    CNBC ^ | 12-9-11 | Antonia Oprita
    About $2 billion worth of European bonds owned by MF Global were bought by billionaire investor George Soros's family fund, the Wall Street Journal wrote on Friday, quoting people close to the matter. On October 31 MF Global collapsed into the eighth-largest bankruptcy in U.S. history and an estimated $1.2 billion in client funds remains unaccounted for. SNIP hey were turned over to KPMG, MF Global's bankruptcy administrator in London; they were then offered to big investors immediately after the company's collapse by MF Global's London clearing house, LCH Clearnet, the paper said, quoting a KPMG spokeswoman. A number of...
  • Corzine: I didn’t tell my company to use customer dollars, and if I did, I didn’t mean it

    12/09/2011 7:37:41 AM PST · by SeekAndFind · 34 replies
    Hotair ^ | 12/09/2011 | Ed Morrissey
    I don’t know. Maybe he should have stuck with the Fifth Amendment:CLICK ABOVE LINK FOR THE VIDEO Jon S. Corzine, the former U.S. senator and governor who presided over the collapse of the commodities brokerage MF Global, told lawmakers Thursday that he never intended to authorize a transfer of customer funds to the firm’s accounts and that if he did “it was a misunderstanding.”Under pointed questioning by members of the House Committee on Agriculture, the New Jersey Democrat would not rule out the possibility that someone at the firm misinterpreted him as suggesting that the struggling firm tap into investors’...
  • MF Global and the great Wall St re-hypothecation scandal (Securities Law)

    12/08/2011 11:39:36 AM PST · by Razzz42 · 7 replies
    newsandinsight.thomsonreuters.com ^ | December 7, 2011 | By Christopher Elias
    (Business Law Currents) 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 MFÂ’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules...
  • 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.
  • 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.
  • Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For Everyone

    12/08/2011 9:58:31 AM PST · by Brandybux · 13 replies · 1+ views
    Zero Hedge ^ | December 7, 2011 | Tyler Durden
    Simply said: when one truly digs in, MF Global exposes the 2011 equivalent of the 2008 AIG: virtually unlimited leverage via the shadow banking system, in which there are practically no hard assets backing the infinite layers of debt created above, and which when finally unwound, will create a cataclysmic collapse of all financial institutions, where every bank is daisy-chained to each other courtesy of multiple layers of "hypothecation, and re-hypothecation."
  • MF Global fallout delays U.S. farm seed, land deals

    12/08/2011 9:42:12 AM PST · by socialism_stinX · 26 replies
    CNBC.com ^ | 12/6/11
    CHICAGO - 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 of...
  • 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...
  • 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,"...
  • 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...
  • A Confederacy of Dunces

    12/07/2011 6:00:28 AM PST · by Kaslin · 3 replies
    Townhall.com ^ | December 7, 2011 | John Ransom
    We’ve already established that no one will go to jail over $40 billion turfing of the brokerage firm MF Global, one of history’s largest bankruptcies. MF Global died by the hand of the former Jon Corzine, the former golden boy at Goldman Sachs, the former Senator, the former Governor, the former Obama guru with a master’s degree from the University of Chicago; the sage with the Sixties beard wrapped in a custom-made Burberry suit and tie.   Like a lot of stories these days, Chicago works its way in there like a burr buried deep in someone’s hair since the 1960s.   ...
  • 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...
  • Senator Shelby slams CFTC over MF Global

    12/06/2011 9:10:09 AM PST · by NormsRevenge · 10 replies
    Yahoo ^ | 11/6/11 | Dave Clarke and Sarah N. Lynch - Reuters
    WASHINGTON (Reuters) - The top Republican on the Senate Banking Committee on Tuesday criticized the Commodity Futures Trading Commission's handling of MF Global's meltdown and said its chief is "evading" questions about his role in overseeing the company. Senator Richard Shelby said MF Global customers are waiting for their money to be returned while a "bewildered" CFTC searches for the funds. "The victims of MF Global, I believe, deserve better," Shelby said. Shelby made his comments at a Senate Banking Committee hearing on the implementation of the 2010 Dodd-Frank financial oversight law. CFTC Chairman Gary Gensler is testifying at the...
  • Claim: Bill Clinton Collected $50K Per Month From MF Global

    12/06/2011 4:39:41 AM PST · by DeaconBenjamin · 11 replies
    Human Events ^ | 12/05/2011 | by Neil W. McCabe
    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...
  • Jon-Bubba twist (Clinton's profitable consulting work for MF Global)

    12/06/2011 2:44:59 AM PST · by Cincinatus' Wife · 8 replies
    New York Post ^ | December 6, 2011 | JOSH MARGOLIN
    FRIEND$ AT THE TOP: Former President Bill Clinton and British ex-Prime Minister Tony Blair both sit on the advisory board of Teneo Holdings, which was paid at least $625,000 to do public-relations and financial-consulting work for Jon Corzine’s failed brokerage, MF Global. ....Clinton spokesman Matt McKenna said “President Clinton does not advise clients on the firm’s behalf.” Clinton does make money from Teneo, but has declined to disclose the sum. Corzine and the former president have been close for years. Clinton campaigned for Corzine repeatedly and Corzine, in turn, became the first sitting governor to endorse Hillary Rodham Clinton’s bid...
  • Claim: Clinton Collected $50K Per Month From MF Global

    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...
  • Comment from Retired FBI Agent (Ann Barnhardt posting)

    12/02/2011 3:50:13 PM PST · by No One Special · 15 replies
    barnhardt.biz ^ | December 1, 2011 | Ann Barnhardt
    This caught my eye in the inbox tonight: Ann, I just listened to your interview on financial sense. I am a retired FBI White Collar Crime Supervisor who supervised a Securities Fraud Desk, in the {city name redacted} Division, prior to retiring in {year redacted}. Your analysis of the CME, the Obama Administration, and the sad state of our republic is right on the money. In addition, your 8(a) minority, affirmative action hire comment could not be more true. The effectiveness of federal law enforcement has been jeopardized by the politically correct hiring practices ongoing since George Herbert Walker Bush...
  • Jon Corzine, Obama ‘Partner’ and Campaign Financier, Subpoenaed on MF Global Collapse

    12/02/2011 4:50:16 PM PST · by Free ThinkerNY · 8 replies
    ABC News ^ | Dec. 2, 2011 | Devin Dwyer
    Former New Jersey governor and U.S. Sen. Jon Corzine, whom President Obama once hailed as an “honorable man” and one of his “best partners” in the White House, has been subpoenaed to testify before Congress about his role in the collapse of the investment firm MF Global. Corzine was chairman and CEO of the company between March 2010 and Oct. 31, 2011, when it filed for bankruptcy. An estimated $1.2 billion has not been accounted for, leaving many investor accounts drained. The FBI and Justice Department are also investigating the case. The unanimous, bipartisan vote today to require Corzine to...
  • Market Has Been Destroyed by the MF Global Collapse (podcast interview w/ Ann Barnhardt)

    12/02/2011 12:59:58 PM PST · by Lorianne · 37 replies
    Financial Sense ^ | 01 December 2011 | Puplava inteviews Barnhardt
    (podcast ... a must listen) Was the collapse of MF Global an accident or the calculated move of a political insider? Ann passionately lays the whole scheme bare, explaining the massive implications this has for our legal and financial systems, not to mention how investors should prepare in the face of massive corruption.