Posted on 12/08/2011 9:16:47 AM PST by tobyhill
Jon Corzine will tell a House panel Thursday that he doesn't know the location of client money that went missing when MF Global failed. And he will argue that he inherited a firm doomed by the risks his predecessors took.
Yet Corzine says he accepts responsibility for the firm's risky bets and says its customers' losses weigh on his mind "every day — every hour."
The former U.S. senator was subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds remains unaccounted for.
In prepared testimony for the hearing before the House Agriculture Committee, Corzine apologizes to "all those affected" by MF Global's failure. The company filed for bankruptcy protection on Oct. 31 after making disastrous bets on European government debt.
(Excerpt) Read more at google.com ...
Corzine was surprised?
I guess he took a leaf out of Obama’s blame-game book.
He’s got quite a problem there because if the company already was doomed wwhen he took over, he didn’t alert investors to that risk. Never mind risk, inevitable failure!
Does anyone take the blame anymore with this bunch?
At some point vigilante justice is going to have to take over.
Once again you have to read thru the entire, rather lengthy, article before Corzine's party affiliation is mentioned. In this instance it was in the second from last paragraph. If Corzine were a pubbie it would certainly be mentioned prominently in the lead paragraph, or, in the artcles title.
Thomas Sowell
...the MF'er should share the same cell and time with the criminal Blago....
What’s not in that article is what is being reported on TV now - that he really wasn’t “experienced” in the day to day transactions of the company. IOW, he had a job he wasn’t qualified for. Hmmm - kinda like another creep democrat we’ve had our fill of. In fact - there’s a whole bunch of ‘em on the loose in our country!
What in the devil was he doing in a company that handled those kind of transactions with that many clients and that much money if he was inexperienced?? Have any of us ever gotten a job we weren’t qualified for?
He’s poster boy for national ‘Stuck on Stupid’ week!
The CME says that the money was there on October 26th. It was gone on October 31st. How could that possibly be the fault of the people who ran the company 20 months earlier.
I am in this business, FWIW!
So what happened to the guys in charge of Enron?
Let's see if the “Governing Class” will HOLD him to that standard.
“What in the devil was he doing in a company that handled those kind of transactions with that many clients and that much money if he was inexperienced??”
Lobbying???
http://www.youtube.com/watch?v=N_4OYwetMNw
Obama & Biden Praise Crook Jon Corzine
http://www.nj.com/news/index.ssf/2009/02/corzine_stimulus_package_will.html
Corzine: Stimulus package will yield $1B in N.J. budget relief
Published: Monday, February 23, 2009,
http://www.politico.com/news/stories/0411/52618.html
Barack Obama fundraiser at Jon Corzine home
http://newyorkfed.org/markets/pridealers_current.html
Oct 31, 2011
MF Global has been deleted from the list of primary dealers, effective October 31, 2011.
Revised Primary Dealers List ››
...
Feb 2, 2011
MF Global Inc. and SG Americas Securities, LLC have been added to the list of primary dealers, effective February 2, 2011.
Revised Primary Dealers List ››
2 ex-MF Global employees sue Corzine, other execs
WASHINGTON (AP) — Two former employees of failed brokerage MF Global have sued its top executives and directors, including ex-CEO Jon Corzine, the former governor and senator from New Jersey.
The two employees say the executives lied about MF Global’s finances and encouraged workers to put their retirement savings into company stock that later plummeted.
The two are Monica Rodriguez, who was MF Global’s head of credit for the Americas, and Cyrille Guillaume, managing director of its commodities and stock division in London. Guillaume and Rodriguez are seeking class-action status for everyone who got company stock as a benefit of working for MF Global after May 2010.
A Corzine spokesman declined to comment on the suit, which was filed Monday in U.S. District Court in Manhattan.
MF Global failed after making a disastrous bet on European debt. It filed for bankruptcy court protection Oct. 31. Corzine resigned as chairman and CEO a few days later.
An estimated $1.2 billion or more may be missing from MF Global customer accounts. Regulators are investigating whether MF Global used money from customers’ accounts for its own needs as its financial condition worsened. That would violate securities rules. The FBI is investigating whether the firm violated any criminal laws.
MF Global employees were required to take part of their compensation in company stock, the suit says. A separate plan also allowed them to buy company shares at a discount. If they had known the firm’s actual financial condition, “they could have refused to buy in or insisted on compensation arrangements that were all cash,” said Jacob Zamansky, one of the attorneys representing Rodriguez and Guillaume.
“Corzine encouraged MF Global employees to invest their retirement savings and compensation in company stock, and he destroyed their wealth with his risky and outsized bets on (European) debt,” Zamansky said. “He should be held personally accountable for his actions.”
After Moody’s Investors Service downgraded MF Global’s credit rating on Oct. 24, the company’s stock dropped from $3.55 a share to $1.86 the following day. With MF Global in bankruptcy, the shares are nearly worthless; in May 2010, they traded around $8.
Several other class-action suits on behalf of MF Global shareholders also have been filed against Corzine and other top executives, and they are being consolidated by the court.
On Friday, the House Agriculture Committee voted to subpoena Corzine to testify at a hearing Thursday about his role leading MF Global. A committee spokeswoman said Corzine was served the subpoena.
Two other congressional panels announced plans to vote on subpoenas for Corzine.
© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.
One gets the impression of criminality permeating the entire financial and regulatory system.
Wall street/political veteran Corzine is accustomed to using other people’s money to benefit himself. He has no qualms about missing money. Billions went missing when he was tossed out of NJ state govt (details below).
--------------------------------------------------------------------------------
Everybody knows.......not one thin dime passes between accounts-—on Wall Street and elsewhere-—that isn’t thoroughly and incessantly tracked wherever it goes. Not one thin dime. The whole world knows it.....and they are all watching.
SO WHERE IS THE MISSING MF GLOBAL MONIES? Time to connect the dots
<><> Corzine is a well-rounded operator. As Governor, he left the state of NJ $8 billion in debt. $8 billion went missing from one state agency....other agencies like UI and the Transporation Trust Fund went bankrupt with no explanation why. The $82 Billion state pension fund lost about 25%.
<><> Right before Corzio’s reelection, Obama sent $17.5 Billion stimulus to NJ-—which promptly vanished.
<><> Gov Corzine made several highly suspicious trips to Israel when he had no political reason to be there. Israel is the only place in the world where you can take a suitcase full of money to a bank-—and noboody asks where it came from. Isreal also has many businsses in NJ funded with NJ state “grants” as well as an Israeli Chamber of Commerce.
<><> MF Global principal Brad Abelow was Corzine’s appointee as NJ Treasury Secy——controlling ALL NJ assets. Gov and Secy started an investment business——but the two “financial geniuses” said did not know this was illegal.
<><> MF Global principal Chris Flowers handled Sen/Gov Corzine’s “blind assets” ......Flowers led the taskeover of a Japanerse bank for Corzine——Sen Corzine passed a bill giving the bank a US tax break......said he did not know the bill benefitted him.
<><> Corzine registered three corporations in super-secret financial haven——Delaware——BEFORE taking office.
<><> All three of the above-named MF Global principals were G/S cronies.
<><> Ponzi king Bernie Madoff made a generous contribution to Corzine’s campaign.
He belongs in Federal “Pound me in the a$$” Prison.
The word “democrat” finally appears way down in paragraph 29 (of a 30 paragraph story). LOL!
Today’s Wall Street Journal reports that Corzine will express both sorrow and a firm defense of his actions. So, is this what accounts for his “firm” defense?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.