Jon Corzine leads campany to bankruptcy, resigns and hires attourneys

[Againsheila]

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.

<<<

It's been happening since the 70's and a big change in corporate laws...it will continue to happen until our government recognizes corporations as corporations again instead of as "people".

 

[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..

kinda like Obama?

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

Laughable

Obama walked into a situation that took 8 years to get to. The destruction of an economy that took over 200 years to build. Let me know how it's working out after he's had at least the same amount of time to rebuild it.

 

[whitehall]

Where would N.J. be if this crook wasn't defeated by republican Chris Christie? The left wing anarchists milling around Wall Street claim to be college grads and they aren't even smart enough to connect the dots between the democrat party and Goldman Sachs and international corruption. Wall Street ain't the problem, the democrat party and fools like Obama, Corzine, Barney Frank and Harry Reid are the problem.

 

[eflatminor]

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

Perhaps true. So what would anyone's response be to such a situation? For Corzine, it was making even RISKIER investments. The guy is so wedded to the idea of Keynesian big government, he invested in Greek debt and that of other European countries. The fucktard deserves to go under as does anyone that allowed their money to be invested by this guy.

 

[Sallow]

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.

Get out of the basement and get into the car sometime. Depending on where you are, it's hard not to bump into some project not started by the Stimulus.

 

[Sallow]

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

Perhaps true. So what would anyone's response be to such a situation? For Corzine, it was making even RISKIER investments. The guy is so wedded to the idea of Keynesian big government, he invested in Greek debt and that of other European countries. The fucktard deserves to go under as does anyone that allowed their money to be invested by this guy.

No.

That's the way the street operates. Holy crap..where have you been for the last 12 years or so.

 

[eflatminor]

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

Perhaps true. So what would anyone's response be to such a situation? For Corzine, it was making even RISKIER investments. The guy is so wedded to the idea of Keynesian big government, he invested in Greek debt and that of other European countries. The fucktard deserves to go under as does anyone that allowed their money to be invested by this guy.

No.

That's the way the street operates. Holy crap..where have you been for the last 12 years or so.

The "street" operates by investing in European debt? Really? Amazing that I've had investments in various markets for 25 years now. Not once did I make such an investment.

 

[Sallow]

Perhaps true. So what would anyone's response be to such a situation? For Corzine, it was making even RISKIER investments. The guy is so wedded to the idea of Keynesian big government, he invested in Greek debt and that of other European countries. The fucktard deserves to go under as does anyone that allowed their money to be invested by this guy.

No.

That's the way the street operates. Holy crap..where have you been for the last 12 years or so.

The "street" operates by investing in European debt? Really? Amazing that I've had investments in various markets for 25 years now. Not once did I make such an investment.

Yeah..sure does. It invests in all sorts of zany things. You ever take a look at the Options Market? Futures? Funds? It's like legalized gambling..except if you win you aren't always assured a payoff.

 

[CrusaderFrank]

Wait a second. MF has been co-mingling funds all this time?

Fur real?

 

[Remodeling Maidiac]

You guys ever read these things before gloating?



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

Obama walked into a situation that took 8 years to get to. The destruction of an economy that took over 200 years to build. Let me know how it's working out after he's had at least the same amount of time to rebuild it.

First of all the fact that you think that this mess was solely created under the Bush years is on its face just plain stupid. You know better so admit it.

Secondly Obama has to earn w second term just like bush to get 8 years. That option isn't lookin so good for you.

Thirdly. I like how you changed the subject. You sly devil.

 

[Sallow]

Wait a second. MF has been co-mingling funds all this time?

Fur real?

Basically..it has to be looked into. But Corzine walked away without the golden parachute. Where's all the outrage about Fuld...who really did a dance at Lehman.

 

[eflatminor]

No.

That's the way the street operates. Holy crap..where have you been for the last 12 years or so.

The "street" operates by investing in European debt? Really? Amazing that I've had investments in various markets for 25 years now. Not once did I make such an investment.

Yeah..sure does. It invests in all sorts of zany things. You ever take a look at the Options Market? Futures? Funds? It's like legalized gambling..except if you win you aren't always assured a payoff.

I've made excellent returns in options and futures, but always in conjunction with a well diversified portfolio with a range of investments, from the ultra safe to the somewhat risky. My point is that Corzine is so wed to the idea of bailouts that he bet the house on it. That is not a diversified strategy and again, he should fail.

 

[KissMy]

My new avi?

Deany, whatcha think?

Obama: Corzine is 'Our Wall Street Guy'

 

[Teals_Of_Wonder]

How many jobs can you create with 4 Trillion Dollars? Maybe 80 Million? So where did the money go?

 

[CrusaderFrank]

No.

That's the way the street operates. Holy crap..where have you been for the last 12 years or so.

The "street" operates by investing in European debt? Really? Amazing that I've had investments in various markets for 25 years now. Not once did I make such an investment.

Yeah..sure does. It invests in all sorts of zany things. You ever take a look at the Options Market? Futures? Funds? It's like legalized gambling..except if you win you aren't always assured a payoff.

Really?

Firms can take customer money like Corzine did and invest it in all zany things?

Are you sure?

 

[Sallow]

kinda like Obama?

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

Laughable

Obama walked into a situation that took 8 years to get to. The destruction of an economy that took over 200 years to build. Let me know how it's working out after he's had at least the same amount of time to rebuild it.

First of all the fact that you think that this mess was solely created under the Bush years is on its face just plain stupid. You know better so admit it.

Secondly Obama has to earn w second term just like bush to get 8 years. That option isn't lookin so good for you.

Thirdly. I like how you changed the subject. You sly devil.

Bush didn't "earn" his first term..and he "earned" his second term by scaring the shit out of everyone. Even then..in the popular election he "won" by just around a million votes.

In any case, yeah..this mess was the product of the Bush administration. He had more then enough warning that something "wicked" was coming his way. Enron was the first be debacle and it wasn't even him that wanted to deal with it..it was Eliot Spitzer. Then there were a bunch of financials that went south before the shit really hit the fan. At any time he could have recinded his tax cuts, reinstated Glass-Steagall or done any number of things to stagger or halt what happened. He didn't. And I didn't "change" the subject..I clarified it for you. Corzine wanted back in, MF was in trouble..so they said, "What the heck, the guy had a good record with Goldman." Big risk on both ends.

 

[Baruch Menachem]

Kind of wonder who hired the guy in the first place. I can see the discussion after the interview. "Geez, he did such a great job in Jersey, lets get him to do the same kind of magic here!"

And while lots of folks were moving out of Greece, he was moving in? I bet all the nuts who were sweating to death over their greek loans and were promising all kinds of moral reform if they could just get out from under were so glad that Corzine called for their greek debt that they all made donations to charities in gratitude at their rescue. Or maybe not.

Back when

 

[CrusaderFrank]

Wait a second. MF has been co-mingling funds all this time?

Fur real?

Basically..it has to be looked into. But Corzine walked away without the golden parachute. Where's all the outrage about Fuld...who really did a dance at Lehman.

So AFTER Lehmann melt down you think it's OK For Corzine to move customer funds right before the auditors come in, then move them back to his hip pocket after they leave?

 

[Sallow]

The "street" operates by investing in European debt? Really? Amazing that I've had investments in various markets for 25 years now. Not once did I make such an investment.

Yeah..sure does. It invests in all sorts of zany things. You ever take a look at the Options Market? Futures? Funds? It's like legalized gambling..except if you win you aren't always assured a payoff.

Really?

Firms can take customer money like Corzine did and invest it in all zany things?

Are you sure?

Yeah..they do crazy things like bundle sub-prime loans into derivatives and offer them up as grade A financial products. Just ask the S&P. Top notch..dude...top notch.

 

[CrusaderFrank]

Yeah..sure does. It invests in all sorts of zany things. You ever take a look at the Options Market? Futures? Funds? It's like legalized gambling..except if you win you aren't always assured a payoff.

Really?

Firms can take customer money like Corzine did and invest it in all zany things?

Are you sure?

Yeah..they do crazy things like bundle sub-prime loans into derivatives and offer them up as grade A financial products. Just ask the S&P. Top notch..dude...top notch.

You keep saying you worked "on Wall Street" and yet you seem to have less than a vague notion about anything we're discussing.

What does illegally co-mingling clients funds have to do with how Fannie and Freddie conducted themselves?