Jon Corzine leads campany to bankruptcy, resigns and hires attourneys

[Remodeling Maidiac]

Well how could this happen?

A Democrat..... Let me repeat that A DEMOCRAT led another one of our institutions down the tubes. 20 months after taking over the firm goes belly up. This bankruptcy is the nations 7th largest in history.
I thought democrats knew what we needed after the financial collapse? It's nuts. Many are saying he single handidly destroyed this company with his reckless vision.

MF Global CEO Jon Corzine resigns under fire | Reuters

Snip-

The New York-based company's decline accelerated last week after it revealed more details about this exposure, posted a larger-than-expected quarterly loss, and was downgraded by major credit rating agencies to "junk" status.

U.S. regulators, meanwhile, are conducting a broad review of the company's business as they try to track down more than $600 million of missing customer money.

 

[CrusaderFrank]

He nearly bankrupted New Jersey

 

[Remodeling Maidiac]

Democrats like to blame all this on greedy republicans yet here we have a.......?

 

[CrusaderFrank]

And he funnled money to Obamas campaign...shades of Solandrya

 

[CrusaderFrank]

 

[Trajan]

what interesting to is, especially in the NY Times articles, they had several about MF etc., no where do they say Corzine was a dem. senator and gov. sasnd major bundler for Obamaetc.....typical.*shrugs*

oh and he apparently condoned using client money without their permission to buy the bonds etc. that sunk the co. His ass should go to jail.

 

[eflatminor]

Well obviously, we just need to grant more power to regulators, create a few new laws, and increase funding. Just look at how well that strategy has worked so far...

 

[Teals_Of_Wonder]

Everything that involves Dem's and millions of dollars involves a ponzie&money laundering scheme,just like with Solyndra. Obamaz&Cronies= The Next Bernie Madoff scheme.

 

[CrusaderFrank]

Corzine made off with $700MM of his clients money too. When the auditors came in, they shifted the money to the client accounts, as soon as they left, it went back to Corzine & Co.

This is a great lesson is seeing how much of a fraud Social Security is too. The money we put into Social Security is immediately co-mingled to fund operations of the house and instead they give us "securities" that can only be bought by the house. That's how Corzine wanted to run FU Capital.

The main difference between Corzines FU Capital and Social Security is that his clients actually have a chance of recouping some of the money they had with the firm; we'll never see a dime of what we put into bankrupt Social Security

 

[CrusaderFrank]

Corzine was going to be Obama's SecTres and probably will still be. Look at what Obama's done to the country: downgraded, record debt and deficits and continues to spend like a crack ho. Corzine might be an improvement

 

[CrusaderFrank]

My new avi?

Deany, whatcha think?

 

[uscitizen]

He just changed to republican.

 

[Remodeling Maidiac]

Interesting, the left is avoiding this story like the plague.

Expected I guess.

 

[CrusaderFrank]

Interesting, the left is avoiding this story like the plague.

Expected I guess.

It's Group Think and 1984.

All Greedy Wall Streeters are equal but Democrat Wall Streeters are more Equal than each other.

The Left won't respond until the watch Jon Stewart tonight.

They're only talking point so far is "Keep your fucking mouth shut" and they follow it perfectly

We have nothing to say about Corzine

 

[CrusaderFrank]

Rezko, Geithner & Corzine should form their own investment bank

 

[naturegirl]

Thank God the danged ole GOP has obstructed the President from taking our country down this same road. Spending other people's money and thinking it is all so "cool" is a lot of fun, til you run out of it. Wonder how much higher the debt would be if it weren't for those dam*ed Obstructionists!!

 

[Remodeling Maidiac]

Interesting, the left is avoiding this story like the plague.

Expected I guess.

It's Group Think and 1984.

All Greedy Wall Streeters are equal but Democrat Wall Streeters are more Equal than each other.

The Left won't respond until the watch Jon Stewart tonight.

They're only talking point so far is "Keep your fucking mouth shut" and they follow it perfectly

We have nothing to say about Corzine

Your presuming that Stewart or BSNBC will even cover the story.

 

[Sallow]

Well how could this happen?

A Democrat..... Let me repeat that A DEMOCRAT led another one of our institutions down the tubes. 20 months after taking over the firm goes belly up. This bankruptcy is the nations 7th largest in history.
I thought democrats knew what we needed after the financial collapse? It's nuts. Many are saying he single handidly destroyed this company with his reckless vision.
MF Global CEO Jon Corzine resigns under fire | Reuters

Snip-

The New York-based company's decline accelerated last week after it revealed more details about this exposure, posted a larger-than-expected quarterly loss, and was downgraded by major credit rating agencies to "junk" status.

U.S. regulators, meanwhile, are conducting a broad review of the company's business as they try to track down more than $600 million of missing customer money.

You guys ever read these things before gloating?

'GREAT SADNESS'

In a statement, Corzine said his "difficult" decision was voluntary, and was best for the company and its stakeholders.

"I feel great sadness for what has transpired at MF Global and the impact it has had on the firm's clients, employees and many others," Corzine said. "I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm's assets."

Corzine is not seeking severance, the company said. He had been entitled to a $9 million payout if he were let go without cause, a July regulatory filing shows.

MF Global said Chief Operating Officer Bradley Abelow and lead director Edward Goldberg will remain in their positions.

The company's bankruptcy is the seventh-largest in U.S. history, according to BankruptcyData.com and Reuters data. A trustee plans to liquidate MF Global's U.S. broker-dealer unit.

LAWYERS HIRED AS REGULATORS ZONE IN

Brokerages such as MF Global are required to keep customer money segregated from their own cash.

Questions about whether MF Global failed to do this have attracted the attention of the Federal Bureau of Investigation as well as regulators.

Corzine has hired prominent white-collar defense lawyer Andrew Levander of the law firm Dechert to represent him in cases that might stem from the bankruptcy filing, a legal source briefed on the matter said on Thursday.

Levander has represented outside directors of Lehman Brothers Holdings Inc and former Merrill Lynch & Co chief John Thain, among others. Corzine hired another lawyer, Schuyler Carroll of Perkins Coie, for the bankruptcy case.

"We will look at every aspect of how the firm conducted business," Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, told Reuters on Thursday.

SURPRISE HIRE

Corzine's decision to join MF Global surprised many on Wall Street at the time.

He has referred to himself as a "recidivist banker," saying that financial regulatory reform would force big banks to shrink, leaving growth opportunities for potential rivals that were "too small to care about."

One of the biggest market concerns about MF Global had been its roughly 33-to-1 leverage ratio, with well in excess of $40 billion of assets despite having just $1.4 billion of equity.

Going into the 2008 financial crisis, some of Wall Street's biggest companies had had similar leverage, and Corzine has called that risk unacceptably high.

Last month, before MF Global's collapse, Corzine spoke with a group of equities traders in New York and said that his perspective had changed.

"He said Wall Street needs more clarity about the rules and better incentives for doing business and taking risk," said a person who attended the off-the-record event organized by the National Organization of Investment Professionals.

(Reporting by Jennifer Ablan, Matthew Goldstein, Jed Horowitz, Jennifer Merritt and Jonathan Stempel in New York; Editing by Derek Caney and Lisa Von Ahn)

Corzine went into a situation that was risky to begin with..

 

[Remodeling Maidiac]

Well how could this happen?

A Democrat..... Let me repeat that A DEMOCRAT led another one of our institutions down the tubes. 20 months after taking over the firm goes belly up. This bankruptcy is the nations 7th largest in history.
I thought democrats knew what we needed after the financial collapse? It's nuts. Many are saying he single handidly destroyed this company with his reckless vision.
MF Global CEO Jon Corzine resigns under fire | Reuters

Snip-

The New York-based company's decline accelerated last week after it revealed more details about this exposure, posted a larger-than-expected quarterly loss, and was downgraded by major credit rating agencies to "junk" status.

U.S. regulators, meanwhile, are conducting a broad review of the company's business as they try to track down more than $600 million of missing customer money.

You guys ever read these things before gloating?

'GREAT SADNESS'

In a statement, Corzine said his "difficult" decision was voluntary, and was best for the company and its stakeholders.

"I feel great sadness for what has transpired at MF Global and the impact it has had on the firm's clients, employees and many others," Corzine said. "I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm's assets."

Corzine is not seeking severance, the company said. He had been entitled to a $9 million payout if he were let go without cause, a July regulatory filing shows.

MF Global said Chief Operating Officer Bradley Abelow and lead director Edward Goldberg will remain in their positions.

The company's bankruptcy is the seventh-largest in U.S. history, according to BankruptcyData.com and Reuters data. A trustee plans to liquidate MF Global's U.S. broker-dealer unit.

LAWYERS HIRED AS REGULATORS ZONE IN

Brokerages such as MF Global are required to keep customer money segregated from their own cash.

Questions about whether MF Global failed to do this have attracted the attention of the Federal Bureau of Investigation as well as regulators.

Corzine has hired prominent white-collar defense lawyer Andrew Levander of the law firm Dechert to represent him in cases that might stem from the bankruptcy filing, a legal source briefed on the matter said on Thursday.

Levander has represented outside directors of Lehman Brothers Holdings Inc and former Merrill Lynch & Co chief John Thain, among others. Corzine hired another lawyer, Schuyler Carroll of Perkins Coie, for the bankruptcy case.

"We will look at every aspect of how the firm conducted business," Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, told Reuters on Thursday.

SURPRISE HIRE

Corzine's decision to join MF Global surprised many on Wall Street at the time.

He has referred to himself as a "recidivist banker," saying that financial regulatory reform would force big banks to shrink, leaving growth opportunities for potential rivals that were "too small to care about."

One of the biggest market concerns about MF Global had been its roughly 33-to-1 leverage ratio, with well in excess of $40 billion of assets despite having just $1.4 billion of equity.

Going into the 2008 financial crisis, some of Wall Street's biggest companies had had similar leverage, and Corzine has called that risk unacceptably high.

Last month, before MF Global's collapse, Corzine spoke with a group of equities traders in New York and said that his perspective had changed.

"He said Wall Street needs more clarity about the rules and better incentives for doing business and taking risk," said a person who attended the off-the-record event organized by the National Organization of Investment Professionals.

(Reporting by Jennifer Ablan, Matthew Goldstein, Jed Horowitz, Jennifer Merritt and Jonathan Stempel in New York; Editing by Derek Caney and Lisa Von Ahn)

Corzine went into a situation that was risky to begin with..

kinda like Obama?

Democrats are never responsible for the results they produce unless those results are widely viewed as positive.

Laughable

 

[Teals_Of_Wonder]

It just boggles me that O'Bozo complains about the GOP not passing his bills to create jobs, yet you will never see Obama complain about the hundreds of billions he pissed off in 2009/2010 that could of created thousands of jobs by now.