Posted on 02/14/2012 12:05:27 AM PST by Razzz42
The trustee overseeing MF Global's liquidation has come out and confirmed that the amount of customers’ funds of the failed brokerage are now expected to be at least $1.6 billion. This gap has now risen from the previous estimate of $1.2 billion. This is the biggest financial crime perhaps in history far worse than Madoff. This is the outright theft of client funds that nobody is being called to account for no less the recipients of such funds being made to return them. The collapse of MF Global, which was headed by former Goldman Sachs CEO, Senator, and New Jersey Governor, Jon Corzine, was the eighth-largest corporate bankruptcy in U.S. history.
About $1.2 billion previously reported as missing has been traced to customer accounts and banks. The US Regulators are investigating only whether MF Global tapped into client money from clients' accounts as its financial condition worsened. They are ignoring the fact that it was trading with client money prior to the last few days. Brokerage Houses are required to keep customer money separate from the firm's money but that is simply not being enforced in the instant case. Judge Glenn has a history of ignoring the law. In the case of Princeton Economics, a public mutual fund was under management at Deutsche Bank. He seized the entire public mutual fund without tracing any alleged assets, and made all the customers in the public fund PROVE the money they put into the fund was theirs. As any lawyer what is the law. If a receiver is going to seize assets, he has to prove he has a right to do so. Martin Glenn reversed the law, proved NOTHING of the sort, was prepared to confiscate depositor’s money to help New York Bank as he is again doing right now, and made people prove it was their own money. Every investor in the public fund had to sign an affidavit swearing it was their money. And they made this guy a judge?
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About $700 million in customer money is located in Britain. Here the US Trustee, James Giddens, is in a legal dispute over that money with the British administrator overseeing the liquidation of MF Global's division in London. A large portion of customer accounts that have been affected are from California, Florida, Illinois, New York and Texas. These amount to about 40% of all claims and represent funds that belonged to farmers, ranchers and other business owners who utilized MF Global for hedging their production. Under no circumstances should the clients be losing ANYTHING. The banks that accepted the funds AS A MATTER OF LAW should have been compelled to return them. When the courts in New York only protect the NY Banks, you have to be nuts to have any money there.
<><>Obama directed the WH take over Corzine’s campaign.
<><>Obama campaigned in NJ three times, Biden was there twice.
<><>Obama TV ads ran relentlessly on costly NY media.
<><>Obama put the power of the WH political machine behind Corzine.
The NY Times reported:
(a) every TV ad Corzine put on the air was being screened by Obama’s WH “geniuses.”
(b) Corzine’s aides gave the WH daily briefings.
(c) Obama’s pollsters took over for Corzine’s polling team, and,
(d) White House operatives were on the ground for internal strategy sessions.
(e) Obama sent NJ $17.2 billion "stimulus" which promptly disappeared.
All of it led to Corzine's humiliating defeat at the hands of a conservative Republican with now campaign machine and war chest to even remotely match Corzine's.
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Corzine's bundling a $150k campaign donation to 2012 Obama is cheezy considering Obama brags he will have a $1 billion reelection war chest.....
BUT WAIT----that $150K reported figure is just for public consumption---to dupe the public.
Corzine helped Obama secrete hudreds of millions of federal funds---- Wall Street knows how to make money disappear faster than a cream puff at a Weight Watcher weigh-in.
FOR EXAMPLE: Obama sent Corzine $17.2 billion "stimulus"....... which promptly disappeared when it hit NJ.....
Can you say money-laundering?
No one is more disappointed that Corzine made bad bets and lost all the collateral than O’bummer. The bailouts continue but here, only a select few are funding the losses by getting so much on the dollar back (yet to be determined).
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