spit my dinner all over the floor lol
I remember hearing about this loser when Ann Barnhardt talked about IMF global.
1. Corzine bets the farm (1.6 Billion) on EU sovereign debt bonds.
2. Bonds go bust.
3. Corzine uses IMF customers accounts as collateral (almost none of the shareholder accounts are even affiliated with the EU bond scheme). Operation is underwritten by JP Morgan.
4. Shareholders are locked out of their accounts
5. IMF traders at the Chicago Mercantile board are escorted off the trading floor....accounts are left to float unaided for a week.
6. Shareholders are wiped out. Those who liquidated their accounts up to 90 days before the collapse were subjected to “claw back” by the bankruptcy court.
7. Chicago Mercantile Board had 8 billion in an emergency backstop fund to help the sharholders but decided NOT to activate it. Many shareholders, desperate for cash, sold their claims to vulture loaners for anywhere from .20 to .40 cents on the dollar.
Corzine walked because he’s way too connected with DC leadership and due to his status as an oligarch. Also, I believe there’s an 8th circuit decision that states that once you open a trading account you’ve surrendered your shareholder rights to the trading company.