Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

MF Global Trustee Sues Corzine Over Firmís Collapse
New York Times ^ | 04/23/13 | Ben Protess

Posted on 04/23/2013 7:26:10 AM PDT by AtlasStalled

A bankruptcy trustee has sued Jon S. Corzine and other former MF Global executives, claiming they were “grossly negligent” in the lead up to the brokerage firm’s collapse.

(Excerpt) Read more at dealbook.nytimes.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events; Politics/Elections; US: Connecticut; US: New York
KEYWORDS: corzine; joncorzine; mfglobal

1 posted on 04/23/2013 7:26:10 AM PDT by AtlasStalled
[ Post Reply | Private Reply | View Replies]

To: AtlasStalled

Why isn’t Corzine in a federal prison ?


2 posted on 04/23/2013 7:26:52 AM PDT by Eric in the Ozarks (NRA Life Member)
[ Post Reply | Private Reply | To 1 | View Replies]

To: AtlasStalled
A pig finally figured out how to fly. I never thought this would happen. Perhaps JugEars ordered to take place only after his re-election
3 posted on 04/23/2013 7:29:25 AM PDT by dennisw (too much of a good thing is a bad thing - Joe Pine)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Eric in the Ozarks

“Why isn’t Corzine in a federal prison ?”

If B. Madoff received, essentially, a life term for his pyramid scheme, it would reason that J. Corzine should be occupying a cell, also.

From what I understand, he got off free and clear, with very few questions from the Feds, even. People should be up in arms over this, but the media didn’t cover it, so the general population either doesn’t know, has forgotten, or doesn’t care.


4 posted on 04/23/2013 7:29:43 AM PDT by MNGal
[ Post Reply | Private Reply | To 2 | View Replies]

To: AtlasStalled
Corzine's got this little act he does real well. When he's caught with his hand in the cookie jar---he does his little act....... he plays dumb.

(1) As a US Senator, Jonny got legislation passed which benefited an investment made by his "blind trust"---Jon said "he did not know" the law he sponsored benfited him.

(2) As NJ governor, Jonny installed G/S pal Brad Abelow as NJ Treasury head --Abelow oversaw all monies that come into NJ. So when Jon an Brad started an investment company, Corzine said "he did not know" that it was illegal for state officials to do so.

(3) As head of MF Global---Jonny and pal Brad Abelow (an MF Global principal) told Congress "he did not know" what happened to $1.4 billion missing investor money.

(4) When Jonny sent $5000 to bailout a woman charged w/ stalking, Jonny said "he did not know" what she was in jail for.

And that's how Jonny became a G/S biggie w/ a $350 million exit pkg....he played dumb (/snix).

5 posted on 04/23/2013 7:31:14 AM PDT by Liz
[ Post Reply | Private Reply | To 1 | View Replies]

To: All
MFG trustee, Louis Freeh, former FBI director, accused Corzine and other MFG executives of “negligent conduct” (MFG principals include Corine's G/S cronies---Bradley Abelow---and Christopher Flowers---who oversaw Corzine's "blind trust" while he held public office). The 124-page report leveled its sharpest critique at Corzine, the former MFG chief executive (ex-US Senator and former NJ governor) -snip- “Corzine and management knew, or should have known, that these factors were contributing to a precarious liquidity position that ultimately spelled disaster for MF Global,” Mr. Freeh wrote. (Excerpt) more at dealbook.nytimes.com ...

TWO THINGS NEED TO BE DONE AT ONCE:

(A) They need to go after Bill Clinton---Last Dec, a former MF Global employee accused former president Bill Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before MFG careened towards its Halloween filing for Chapter 11 bankruptcy, reports Human Events.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution, according to HE. The Teneo contract with MF Global lasted at least five months, the souce said. “The board cancelled it after Corzine resigned.”

The source, who is no longer associated with MF Global, said Teneo is a dual-track company with one side devoted to merchant and investment banking and the other side set up to provide image and strategy consulting services. Clinton is the chairman of the company’s advisory board.

The trustee for investors threatened to sue JPMC bank if they did not return the monies.

(B) They need to mobilize the Bank Secrecy Act---in which banks are required to establish, implement and maintain programs designed to detect and report suspicious activity indicative of money laundering and other financial crimes.

“The Bank Secrecy Act was enacted to protect the public from harm by identifying and detecting money laundering from criminal enterprises, terrorism, tax evasion or other unlawful activities,” the special agent in charge for Internal Revenue Service Criminal Investigation, explained.

L/E needs to examine Corzine and Clinton's bank accounts

<><> Joint bank accounts might be used to facilitate the transfer of of govt funds. MFG monies may pay for personal and private expenses, credit cards, real estate sunsidies and vehicle purchases.

<><> To cover their tracks, fake invoices might be created to show that money deposited into accounts was being used for legitimate investment purposes.

The scheme might be advanced by issuing phony statements of payments from financial sources that actually covered the transfer of funds for MFG insiders own use.

<><> L/E is directed to get ahold of: (1) copies of MFG checks, (2) wire transfers, (3) account statements, (4) invoices, (5) bills, (6) delivery tickets, (7) correspondence including e-mail, contracts, loan agreements, and, (8) any other books or records. L/E should also explore (a) monies paid to brokers, sub-brokers, (b) family members, (c) mortgage brokers, (d) financial managers, and, (e) real estate agents, brokers, and developers.

<><> L/E should scrutinize MFG bank accounts for suspicious activites: (A) large deposits, (B) funds transferred from one account into another, (C) frequent requests for withdrawals.

6 posted on 04/23/2013 7:40:21 AM PDT by Liz
[ Post Reply | Private Reply | To 5 | View Replies]

To: AtlasStalled

IMHO, we need to get much tougher on these Wall Street criminals. Fining them is not enough. They always seem to have plenty of money to pay the fine.

We need jail time. Hard jail time. Maybe that would serve as a sufficient deterrent. Fines certainly aren’t.

The comment above about Madoff is perfect. In my mind there is little or no difference between Madoff and Corzine and those like him.


7 posted on 04/23/2013 7:50:35 AM PDT by upchuck (To the faceless, jack-booted government bureaucrat who just scanned this post: SCREW YOU!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: AtlasStalled
“grossly negligent”

IF you steal a few thousand of someone else's money they call it theft. IF you steal a couple hundred million they call it "grossly negligent".

8 posted on 04/23/2013 7:55:19 AM PDT by circlecity
[ Post Reply | Private Reply | To 1 | View Replies]

To: Eric in the Ozarks

“Why isn’t Corzine in a federal prison ?”

Because he’s a Democrat, you silly rabbit!


9 posted on 04/23/2013 8:00:56 AM PDT by mort56
[ Post Reply | Private Reply | To 2 | View Replies]

To: Eric in the Ozarks

Stuck me for a healthy chunk of change

Ah, but he is dem... What difference do it make!


10 posted on 04/23/2013 8:06:11 AM PDT by WomBom ("I read Free Republic for the pictures")
[ Post Reply | Private Reply | To 2 | View Replies]

To: Liz

Was just going to ping you, and there you were! lol

What results do you think will come from this lawsuit?


11 posted on 04/23/2013 8:44:09 AM PDT by thouworm (DEMOGOGUE: leader who makes use of prejudices, false claims and promises to gain power.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Eric in the Ozarks

Why isn’t Corzine in a federal prison ?


Must be a rhetorical question. We all know who is in charge of law enforcement in this country.


12 posted on 04/23/2013 12:50:10 PM PDT by Hotlanta Mike ("Governing a great natiorn is like cooking a small fish - too much handling will spoil it." Lao Tzu)
[ Post Reply | Private Reply | To 2 | View Replies]

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson