Senate Hearing: Corzine knew...

[Jackson]

CME chief alleges Corzine aware of transfers

CME chief alleges Corzine aware of transfers - FT.com

Jon Corzine, the former chief executive of MF Global, “was aware” that the broker-dealer made use of customer funds during its desperate fight for survival, a US Senate hearing was told on Tuesday.

Terry Duffy, chief executive of CME Group, the futures exchange operator that supervised MF Global’s handling of customer money, said a CME auditor heard an MF Global employee say during a conference call involving senior MF Global employees that “Mr Corzine was aware of the loans being made from segregated accounts”.

 

[Oddball]

Frog march the bastard.

 

[whitehall]

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.

 

[Jackson]

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.

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

 

[Katzndogz]

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

 

[Trajan]

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.....

 

[whitehall]

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.

 

[saveliberty]

Maybe he can bunk with Madoff.

 

[American Horse]

[...]

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.....

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.

 

[Peach]

[...]

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.....

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.

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

 

[chanel]

In case you’re counting, it’s been seven long months since Corzine’s firm was forced to file for bankruptcy, leaving 3,200 people without jobs. That’s about the number who work at Facebook.

Since then, not a penny of the billion-plus in “missing” funds has been recovered. Mr. “I Don’t Know Where the Money Is” hasn’t even been hit with civil charges, after he assured Congress late last year that he “never intended” to break any rules.

Many industry executives have now resigned themselves to the idea that there will be no charges forthcoming, despite the massive losses incurred by upwards of 30,000 customers.

Little wonder. Corzine, who is considered one of President Obama’s most effective “bundlers” of campaign contributions, used his influence with laser-like focus before the firm’s demise.

Read more: Terry Keenan: Lack of charges for former MF Global boss Jon Corzine shows there's no justice on Wall Street - NYPOST.com

Anyone surprised?

 

[CrusaderFrank]

VP Biden says he called Jon Corzine for advice - YouTube

Guess who was the financial architect of the Failed Stimulus?

 

[chanel]

Where are the OWS people with their burning effigies?

 

[RetiredGySgt]

[...]

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.....

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.

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

Didn't you claim you were an undecided?

 

[dadsgm]

This will drag out in Congressional Committee forever and nothing will be done about it for he is a friend of them all nd all the hearings are for show.. Any and all Congressmen or politicians should treat him as a hostile witness and condemn any and all dealings with or by him. For he is a pox upon the system but a friendly pox for he helps fund elections

 

[WillowTree]

obummer has not uttered one little word about corzyne theft of 1.2 Billion dollars. not one little syllable, not one little consonant, not one little noun, not one little vowel.. not even a whisper.

 

[American_Jihad]

"We spread so much wealth we won't need another 4 yrs"


Why Is Trump Bigger News Than, Say, Jon Corzine?