Senate Hearing: Corzine knew...

Discussion in 'Congress' started by Jackson, Dec 13, 2011.

  1. Jackson
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    Jackson Gold Member Supporting Member

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    CME chief alleges Corzine aware of transfers

    CME chief alleges Corzine aware of transfers - FT.com

     
  2. Oddball
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    Oddball BANNED Supporting Member

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    Frog march the bastard.
     
  3. whitehall
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    whitehall Gold Member

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    Let's see how far the democrat majority in the senate is willing to go wnen the target is a left wing democrat former governor of New Jersey. My guess is that democrats were more likely to indict a former baseball star for steroid abuse than they are to go after a left wing democrat crook.
     
  4. Jackson
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    Jackson Gold Member Supporting Member

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    Yes, that is a shame, and I cannot believe they wasted all that time on baseball steroid abuse! Disgusting!
     
  5. Katzndogz
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    Katzndogz Diamond Member

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    To democrats Newt Gingrich performing a job and getting paid for it is worse that Corzine stealing 1.2 billion dollars.
     
  6. Trajan
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    Trajan conscientia mille testes

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    well, he lied, so whats new, per an email form his own firm confirming HIS authorization of a transfer from a customer segregated account;

    * Updated March 23, 2012, 5:56 p.m. ET

    Corzine OK'd MF Fund Transfer, Probe Finds

    Jon S. Corzine gave specific instructions to an MF Global Holdings Ltd. MFGLQ 0.00% employee in Chicago to move $200 million from a segregated customer account that contributed to an estimated $1.6 billion shortfall in customer funds when the securities firm collapsed, congressional investigators said Friday.

    Edith O'Brien, an assistant treasurer, wrote in an email Oct. 28 that the transfer, to cover a $175 million overdraft at an MF Global London account at J.P. Morgan Chase JPM +1.14% & Co. was "Per JC's [Jon Corzine's] direct instructions," according to a memo prepared by a House Financial Services subcommittee.

    A deal to rescue MF Global collapsed the following weekend and the financial firm filed for bankruptcy protection Oct. 31. Mr. Corzine resigned as MF Global's chief executive soon after the bankruptcy filing.

    The email suggests that Mr. Corzine, a former Goldman Sachs Group Inc. GS +1.15% chairman and New Jersey governor, gave direct instructions to dip into MF Global's segregated customer funds, which aren't supposed to be touched under federal regulations. In previous testimony to lawmakers in December, Mr. Corzine said he never directed anyone to misuse customer funds.

    The Wall Street Journal reported on Feb. 23 that Mr. Corzine asked Ms. O'Brien to fix the overdraft at J.P. Morgan and that she subsequently ordered the funds moved. But the congressional subcommittee's memo for the first time reveals an email from Ms. O'Brien asserting that she was moving the funds at Mr. Corzine's specific instructions.

    After MF Global moved the money, J.P. Morgan's chief risk officer, Barry Zubrow, called Mr. Corzine to seek assurances that the funds belonged to MF Global and not to customers, according to the subcommittee's memo. J.P. Morgan then sent Mr. Corzine a drafted letter to be signed by Ms. O'Brien and give "broad assurances" that all transfers "past, present and future" complied with federal regulations stipulating that customer funds must not be co-mingled with a financial firm's own money.

    more-
    Corzine OK'd MF Fund Transfer, Probe Finds - WSJ.com





    there is a curious lack of media outrage to this matter, here it is, an uber rich 1%er, former GS head, Gov. huge fund raiser, donor etc etc. pillaging customer funds....I just don't get it.....:rolleyes:
     
  7. whitehall
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    whitehall Gold Member

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    How could Corzine freaking not know? Where does the buck stop? Count on democrats to rally to the side of the crooked democrat politician and the liberal media, true to form, ignore the whole criminal enterprise.
     
  8. saveliberty
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    saveliberty Diamond Member

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    Maybe he can bunk with Madoff.
     
  9. American Horse
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    American Horse AKA "Mustang"

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    He is also a former NJ Democrat US Senator. The media sees it as "just too inside baseball" for us to worry our little heads over. And if they all leave it alone it will go away.
     
    Last edited: Mar 23, 2012
  10. Peach
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    Peach Gold Member

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    I shed no tears when Blago was convicted; I doubt Corzine going in will bother me either.
     

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