Keyword: corzine
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MF Global CEO Jon Corzine authorized the transfer of $200 million in customer funds to cover a shortfall just before the broker-dealer collapsed last year, according to a congressional memo.
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Then only thing that could top today's epic market insanity and hilarity, would be that Corzine is himself about to be Corzined. And just released from Bloomberg: •MF GLOBAL'S CORZINE ORDERED FUNDS MOVED TO JPMORGAN, MEMO SAYS •CORZINE'S `DIRECT INSTRUCTIONS' CITED BY CONGRESSIONAL PANEL •MF GLOBAL TRANSFER WAS USED TO COVER OVERDRAFT, PANEL SAYS •MF GLOBAL FINDINGS CITED IN MEMO OBTAINED BY BLOOMBERG NEWS And so we can now add perjury to felony embezzlement. Which means we now have to wait to find just which MF'er (and JPM'er) will be given a promise of untold millions if they only get...
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President & Dr. Strangelove have a damage control session regarding Senator Corzine.
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Surprise surprise, John Corzine, global elitist financier and flim-flam man will not be prosecuted for his role in the MF Global theft and fraud. It seems that the US Attorneys involved just can’t figure out if any crime was committed. There’s so much paper work for them to review and it’s just too hard. Never mind bringing the entire senior executive ranks before a grand jury to squeeze the truth out of them. Never mind the fact that CME Chief Terry Duffy, the head of a national exchange, testified before Congress that he was told that Corzine was aware that...
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Federal law enforcement officials investigating the implosion of MF Global are concluding that sloppy bookkeeping rather than criminal activity is to blame for the firm’s demise that resulted in more than a $1 billion of customer funds that remains missing, FOX Business Network has learned. Though officials haven’t totally ruled out bringing a criminal case against MF Global executives, including former chief executive Jon Corzine, the odds are long that a criminal case will be filed, according to people with direct knowledge of the matter. The evidence that law enforcement officials have gathered so far shows that the firm’s sloppy...
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Report: It Looks Like Corzine Will Likely Stay Out Of The SlammerRob Wile | February 24, 2012 (AP)Dealbreaker's Bess Levin reports (via FoxBusiness) that former MF Global CEO Jon Corzine will not face criminal charges for his role in the firm's diverting of client funds and subsequent collapse. Sources told FoxBusiness regulators were having "a very tough time" gathering evidence that would have put Corzine in the clinker.
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No MF Global customer cash in JPM account: trusteeBy Nick Brown Fri Feb 17, 2012 5:11pm EST (Reuters) - The trustee managing the assets of bankrupt MF Global Holdings Ltd said none of the roughly $26 million being used to fund the futures brokerage in Chapter 11 is part of a $1.6 billion shortfall in customer accounts. **SNIP** "After an exhaustive investigation - which included the review of volumes of bank statements and an extensive population of cash transaction activity during October 2011 - the trustee does not believe that any of the cash in the JPM account ... represents...
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Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.
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When last heard from, former New Jersey Gov. Jon Corzine was telling a congressional committee he hadn’t the foggiest idea what happened to $1.2 billion of his Wall Street clients’ money. This, following the $6.3 billion collapse last fall of MF Global, the brokerage Corzine took over after voters ousted him from the Trenton statehouse. The firm went belly-up after Corzine decided to risk pretty much everything on European debt. But an audit couldn’t account for $1.2 billion, and suggested the firm may have illegally mixed client funds with the company’s own. The Wall Street Journal reported this week that...
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WASHINGTON (AP) — President Barack Obama's re-election campaign identified its top fundraisers on Tuesday, including 61 people who each raised at least half a million dollars. Altogether, the more than 440 fundraisers collected at least $75 million to help Obama win a second term. Among them are embattled former New Jersey Gov. Jon Corzine. Obama's campaign and the Democratic National Committee late last year returned $70,000 in contributions from Corzine and his wife following questions about the collapse of MF Global, the financial firm Corzine ran. Corzine is no longer raising money for the re-election, campaign officials said. The campaign...
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Nearly three months after MF Global Holdings Ltd. collapsed, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered, according to people familiar with the investigation. As the sprawling probe that includes regulators, criminal and congressional investigators, and court-appointed trustees grinds on, the findings so far suggest that a “significant amount” of the money could have “vaporized” as a result of chaotic trading at MF Global during the week before the company’s Oct. 31 bankruptcy filing, said a person close to the investigation. Many officials now believe certain employees...
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Link only - MF Global Clients May Lose in $700 Million Bankruptcy Fight
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Instead of looking out for MF Global investors – and customers who are still waiting for their money – it looks like regulators and the bankruptcy trustees are busy suppressing information. Instead of full transparency, regulators and the trustees are holding onto crucial details that might tell us all who was asleep at the wheel when the broker/dealer and futures commission merchant (FCM) headed over the cliff. Bob English, an independent trader and contributing editor to the blog, Economic Policy Journal, published a post this morning that raises serious questions about the Securities and Exchange Commission’s program of regulation for broker/dealers...
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Montana farmers have filed a class action suit against former New Jersey governor Jon Corzine, charging that the failed financial firm run by Corzine stole millions from their accounts to pay off its spiraling debts, and that Corzine's "single-minded obsession" with making MF Global a big player on Wall Street led to the firm's collapse. MF Global's clients included 38,000 wheat farmers, cattle ranchers and others who "hedged" their crop prices by placing millions in MF Global accounts. Those accounts were supposed to be "segregated and secure," according to the federal suit, meaning MF Global could not draw on those...
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In recent testimony before a Congressional committee, MF Global’s former chief Jon Corzine as well as other MF Global executives said repeatedly the didn’t know where the failed brokerage firm’s $1.2 billion of missing client money was. In fact, MF Global executives knew exactly what happened to the money, as do the regulators who oversaw the firm’s bankruptcy. The so-called segregated customer funds were repeatedly, and legally (through re-hypothication), used as collateral for MF Global loans for 100:1 leveraged bets on European sovereign debt. Rehypothication is the 800lb gorilla (Editor’s note: make that the 2,000 lb gorilla). In 2007 I...
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While nearly three months after the MF Global bankruptcy nobody still has any idea where the billion + in commingled client money has gone, nor why Corzine is still out and about walking freely, the former CEO of both Goldman, MF Global and New Jersey is rumored to be looking for office space at 40 Wall. Reports the WSJ:
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It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.
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It’s been a long while now since that frightful Halloween when MF Global filed the eighth-largest bankruptcy in the history of the United States. Too long a time if you are an MF customer and can’t get access or answers to what happen to your money. Certain individuals at MF Global breached the sacrosanctity of segregated customer accounts to cover for liquidity shortfalls induced from extremely leveraged bets gone extremely bad, reportedly made by CEO Jon Corzine and his confidants. Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while...
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Even though we haven't quite found MF Global's $1.2 billion that went missing, Vanity Fair did find out he and his wife Sharon were talking about a château they were about to buy in the South of France. The preview of the February issue's Corzine exposé is up online--complete with cocktail party anecdotes from their 1 percent-sounding acquaintances. If you ask us, this haughty "Not Cap Ferrat" insult is the best (and worst) part: “It’s not in Cap Ferrat,” one person recalls Elghanayan saying, perhaps to mitigate the extravagance. “To buy any decent château is at least a couple of...
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MF Global unloaded hundreds of millions of dollars' worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions.
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