Keyword: joncorzine

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  • Corzine to pay $5M penalty to resolve MF Global case

    01/05/2017 11:32:57 AM PST · by Kid Shelleen · 25 replies
    AP via ^ | 01/04/2017 | MARCY GORDON
    Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds. A federal court in Manhattan on Thursday granted the order against Corzine to the U.S. Commodity Futures Trading Commission, which brought civil charges against him in 2013. Following the stunning collapse of the big Wall Street firm in late 2011, the CFTC alleged that MF Global misused customer funds in a vain attempt to remain solvent.
  • Senator Hillary! Women better off with Saddam - Transcript (long, know thy enemy)

    02/27/2004 7:30:51 PM PST · by Indy Pendance · 79 replies · 2,366+ views
    THIS IS AN UNCORRECTED TRANSCRIPT. P R O C E E D I N G S MR. STEINBERG: Good morning ladies and gentlemen and welcome to Brookings. I'm Jim Steinberg, the Director of the Foreign Policy Studies Program here. And it's my privilege to welcome and introduce Senator Hillary Clinton from New York as our speaker this morning. It's a cliché when somebody comes up to start an introduction to say, of course our speaker needs no introduction--but in this case it's no cliché. Our speaker, clearly, needs no introduction to this or any other audience. She's had a remarkable...
  • Reminder: Bernie Madoff Donated Mostly to Democrats

    02/05/2016 12:47:06 PM PST · by PJ-Comix · 1 replies
    NewsBusters ^ | February 5, 2016 | P.J. Gladnick
    Many of you have probably seen the ABC miniseries, Madoff, about disgraced Wall Street investment manager Bernie Madoff who in reality ran a massive Ponzi scheme. How accurate was his portrayal by actor Richard Dreyfuss can be up for debate but what is not debatable, but now mostly forgotten, is that Madoff invested heavily in the campaigns of mostly Democrats. Just after the Madoff scandal broke in December 2008, the extent of his political contributions to Democrats was revealed by CNN.Com:
  • Consulting Firm With Clinton Ties Denies Influencing State Department Policy (Teneo)

    11/07/2015 2:06:26 AM PST · by Libloather · 9 replies
    NY Times ^ | 11/06/15 | Amy Chozick
    The head of a consulting firm founded by one of Bill Clinton's closest aides pushed back against allegations by Senator Charles E. Grassley, the Iowa Republican who is chairman of the Senate Judiciary Committee, that the firm had undue influence on Hillary Rodham Clinton's diplomatic work. In a letter to the committee in October, Declan Kelly, the Irish-born chief executive of the firm, Teneo, responded to questions about an agreement that permitted Huma Abedin, one of Mrs. Clinton's closest aides and the vice chairwoman of her campaign, to receive income both from her position at the State Department and as...
  • Judge reopens FOIA case on Hillary Clinton aide Abedin (Huma)

    06/20/2015 8:23:41 AM PDT · by PROCON · 15 replies
    politico ^ | June 19, 2015 | JOSH GERSTEIN
    Reacting to the disclosure that Hillary Clinton exclusively used a private email account during her tenure as secretary of state, a federal judge agreed Friday to reopen a conservative group's Freedom of Information Act lawsuit seeking details about the employment arrangements of top Clinton aide Huma Abedin. However, U.S. District Court Judge Emmet Sullivan declined — for now — to address claims from Judicial Watch that Clinton's use of the private account and server led State Department officials to commit a fraud on the court by certifying they had turned over all responsive records.
  • Favors to foundation donors date back to Hillary’s Senate days (greedy Clintons hijack US govt)

    06/11/2015 3:33:50 AM PDT · by Liz · 14 replies ^ | 6/10/15 | Kelly Riddell
    Hillary began helping Bill's fat cats in the US Senate. Earmarks and legislative action benefited Clinton Foundation benefactors. Then Sen-Clinton’s efforts to provide favors to major donors......and to advance her own political ambitions.....stretch back far earlier than the avalanche of news reports about her tenure as America’s top diplomat at the US State Dept. Records show her efforts date back to the time she served as a US senator. She used US govt power to earmark federal funds and influence legislation for donors. <><> Mrs. Clinton introduced a bill when she was New York’s junior senator that allowed a donor...
  • Almost 4 years after MF Global failed, Jon Corzine is reportedly getting ready for a comeback

    04/20/2015 4:35:09 AM PDT · by Enlightened1 · 28 replies
    Business Insider ^ | Myles Udland
    Jon Corzine is thinking about making a comeback. According to a report from The Wall Street Journal, Corzine, who was formerly chairman of Goldman Sachs and the CEO at hedge fund MF Global before it went bankrupt in 2011, is considering a comeback. The Journal's Julie Steinberg and Rob Copeland report that Corzine has discussed plans about starting a new fund and that it would be started from his personal wealth and a small group of outside investors. The new fund could have around $150 million in assets under management, the report said. MF Global, which was a $1.6 billion...
  • Chris Christie should let Americans in on his weight loss journey

    01/11/2015 11:57:08 AM PST · by Tolerance Sucks Rocks · 63 replies
    The Washington Examiner ^ | January 11, 2015 | Beverly Hallberg
    If two out of three adults are considered to be overweight in America, it is no surprise that losing weight tops New Year’s resolutions every year. Regardless of age, race, or gender, the battle of the bulge unites many of us. Heck, I even hired a personal trainer since I can’t get it together on my own. And while most of us will abandon our nutrition and exercise routines before January is over, there is a man whose dedication to health in 2015 could make all the difference in the 2016 elections. His name is Chris Christie, governor of New...
  • Jeffrey Corzine, Son Of Former NJ Governor Jon Corzine, Commits Suicide

    03/14/2014 12:12:22 PM PDT · by SeekAndFind · 18 replies
    Gothamist ^ | 03/14/2014
    Jeffrey Corzine, the youngest son of former New Jersey governor Jon Corzine, has died of an apparent suicide. He was 31 years old. The former governor's son was found dead in a Mexico City hotel room a few days ago; he was reportedly found after failing to respond to messages from friends. Corzine, who lived in California and worked as a drug counselor, had a history of substance abuse and depression. "The sad fact is that Jeffrey Corzine had been suffering from severe depression for several years and recently had been receiving treatment for what is a very painful and...
  • Corzine Off The Crook - No Criminal Charges (Disgraced Former NJ Gov Goes Scott Free on MF Global)

    07/08/2013 9:33:50 AM PDT · by DogByte6RER · 28 replies
    New York Post ^ | July 8, 2013 | KAJA WHITEHOUSE
    Corzine off the crook - No criminal charges It’s official. Jon Corzine will not be cuffed over MF Global’s improper handling of customers’ funds leading up to the commodity brokerage firm’s spectacular collapse in late 2011, The Post has learned. Federal investigators have found no evidence that the disgraced Wall Street titan broke the law. “After 18 months of investigation, the criminal probe into Jon Corzine is now being dropped,” a person with knowledge of the probe told The Post. “There is no evidence of criminal wrongdoing,” this person said. The Justice Department’s decision to drop the case is sure...
  • John Corzine to be hit with civil charges

    06/25/2013 7:37:30 AM PDT · by fatboy · 38 replies
    The Star Ledger via ^ | 6/25/13 | Jeff Goldman
    Jon Corzine to be hit with civil charges, report says Former MF Global head Jon Corzine is expected to have civil charges filed against him, according to a report on
  • Rise of the Republican Governors - A new liberal era? Not according to these reformers.

    05/11/2013 7:04:44 PM PDT · by neverdem · 15 replies
    City Journal ^ | Spring 2013 | Steven Malanga
    Shortly after Barack Obama won reelection in November, New Jersey governor Chris Christie pointed out that Republicans’ cloudy political prospects had a bright silver lining. “One of the reasons you have 30 Republican governors in America, and why we’re the only organization to add Republican strength,” Christie said, “is because people see us getting things done.” Christie’s stance countered most of the elite postelection commentary, which gleefully pronounced the Republican Party’s political irrelevance. But the governor was right. Since Obama first took office in 2008, Republicans have picked up a net nine governorships, bringing their total to 30 states,...
  • MF Global Trustee Sues Corzine Over Firm’s Collapse

    04/23/2013 7:26:10 AM PDT · by AtlasStalled · 11 replies
    New York Times ^ | 04/23/13 | Ben Protess
    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.
  • MF Global’s Bankruptcy Nears a Happy Conclusion (lol)

    01/30/2013 10:36:12 AM PST · by rpierce · 26 replies
    The New York Times ^ | 1/29/2013 | BEN PROTESS
    MF Global’s Bankruptcy Nears a Happy ConclusionWhen Mahesh Desai checked his MF Global account 15 months ago, his $580,000 nest egg was gone. Like thousands of investors and farmers who had their savings with MF Global, Mr. Desai lost his money in the brokerage firm’s chaotic final days. Regulators discovered that $1.6 billion was trapped in a web of improper wire transfers, a stunning breach that sent federal investigators scrambling to build a case. On Thursday, a bankruptcy court will review a proposal that would return 93 percent of the missing money to customers like Mr. Desai...
  • CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

    10/27/2012 10:47:23 AM PDT · by opentalk · 73 replies
    Intel Hub ^ | October 26, 2012 | JG Vibes
    This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector. Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior...
  • Jon Corzine Might Launch His Own Hedge Fund (perp wants to rebuild his image)

    08/19/2012 12:40:17 PM PDT · by Libloather · 20 replies
    Investor Place ^ | 8/17/12 | Christopher Freeburn
    Jon Corzine Might Launch His Own Hedge FundHe is unlikely to face criminal charges over the failure of MF Global By Christopher Freeburn, InvestorPlace Writer Aug 17, 2012, 9:28 am EDT With reports circulating that federal regulators will not seek criminal charges in the collapse of brokerage MF Global, the firm’s former head, Jon Corzine is considering a new career option. The one-time Governor of New Jersey and former head of Wall Street giant Goldman Sachs (NYSE:GS), is mulling the idea of starting his own hedge fund, according to the New York Times. **SNIP** However, sources close to the former...
  • From Hope and Change to Fear and Smear

    06/07/2012 3:36:56 AM PDT · by Kaslin · 3 replies ^ | June7, 2012 | Victor Davis Hanson
    Barack Obama lately has been accusing presumptive rival Mitt Romney of not waging his campaign in the nice (but losing) manner of John McCain in 2008. But a more marked difference can be seen in Obama himself, whose style and record bear no resemblance to his glory days of four years ago. Recently, the president purportedly has been reassuring Democratic donors that his signature achievement, Obamacare, could be readjusted in the second term -- something Republicans have promised to do for the last three years. What an evolution: We have gone from being told we would love Obamacare, to granting...
  • Obama's Tainted Bundler

    04/25/2012 4:01:28 AM PDT · by Kaslin · 7 replies ^ | April 25, 2012 | Jonah Goldberg
    Jon Corzine left Goldman Sachs with a net worth far exceeding even that of Mitt Romney today. Many accounts of his tenure at Goldman suggest he "failed up" the corporate ladder. Pushed out of Goldman in a power struggle (sparked in part by his support for a government bailout of Long-Term Capital Management), he nonetheless pocketed somewhere between $350 million and $500 million when the company went public. He used the cash to buy himself a Senate seat, spending $62 million out of his own pocket. After the Senate, he spent nearly $40 million of his own money to...
  • MF Global Roundup: the [so-far] Great Escape of "Teflon Don" Corzine; Bankruptcy Shenanigans Expose

    04/23/2012 6:52:37 PM PDT · by SatinDoll · 1 replies
    Economic Policy Journal ^ | April 22, 2012 | Bob English
    Ahead of Tuesday's Senate Banking Committee hearing on MF Global, we present the April 20 installment of Capital Account with Lauren Lyster, featuring futures industry veteran guest, Mark Melin. Ms. Lyster pulls no punches in the opener: Has the case really gone cold? Or, are those who are in charge of the investigation, the "regulators" and the trustees, simply spraying teflon on every piece of sticky evidence that could lead to criminal prosecutions--and, ultimately--the recovery of stolen customer money? We wish that MF Global were just a one-off affair--a bad apple, if you will. Unfortunately, it seems more likely to...
  • Jon Corzine Still Bundling for Obama

    04/20/2012 1:50:35 PM PDT · by Smokeyblue · 12 replies
    Weekly Standard ^ | April 20, 2012 | Daniel Halper
    Barack Obama's reelection campaign has released the most recent list of names of fundraising bundlers. On that list is Jon Corzine, the former governor of New Jersey and embattled money man, the former head of MF Global: Corzine, according to the Obama campaign, has once again helped raise more than $500,000. (He was likewise named a bundler in January, when the Obama campaign last released the names of their money men.)
  • MF Global judge weighs release of insurance money (to pay for RAT Corzine's legal bills)

    04/06/2012 12:29:41 PM PDT · by Libloather · 8 replies
    Yahoo ^ | 4/02/12 | Nick Brown, Aruna Viswanatha
    MF Global judge weighs release of insurance moneyBy Nick Brown and Aruna Viswanatha | Reuters – Mon, Apr 2, 2012 (Reuters) - An MF Global bankruptcy trustee asked a judge on Monday to release $25 million in insurance money to pay defense costs for Jon Corzine and other former MF Global officers facing civil lawsuits over the broker's October collapse. If paid out now, the money, part of $375 million in total insurance funds from multiple policies, could save the broker from facing larger claims later, Lorenzo Marinuzzi, an attorney for trustee Louis Freeh, said in U.S. Bankruptcy Court in...
  • Email Ties Corzine to Missing Funds

    03/24/2012 8:20:03 AM PDT · by Brilliant · 25 replies · 1+ views
    <p>Jon S. Corzine gave "direct instructions" to move $200 million from an MF Global Holdings Ltd. account containing customer funds three days before the securities firm collapsed, according to an employee email reviewed by congressional investigators.</p> <p>The Oct. 28 email was disclosed in a five-page memo released Friday afternoon by a House Financial Services subcommittee. The panel is investigating what caused an estimated $1.6 billion shortfall in customer funds at MF Global, which collapsed into bankruptcy Oct. 31.</p>
  • MF Global money “vaporized”?

    01/30/2012 8:35:17 AM PST · by Hojczyk · 29 replies · 1+ views
    Hot Air ^ | January 30,2012 | Ed Morrissey
    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...
  • Liquidation Of Customer Stored Gold And Silver Bullion From MF Global

    12/17/2011 8:38:03 PM PST · by blam · 97 replies
    TMO ^ | 12-17-2011 | Jesse
    Liquidation Of Customer Stored Gold And Silver Bullion From MF Global Commodities / Gold and Silver 2011 Dec 17, 2011 - 12:27 PM By: Jesse The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt. In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation. Although the details and the individual perpetrators are yet to be disclosed, what is now painfully clear is that the CFTC and CME regulated futures system is defaulting on its obligations....
  • Watch Out! Polar Bear Cannibalism Rises on Global Warming!

    12/16/2011 4:54:18 AM PST · by Kaslin · 33 replies ^ | December 16, 2011 | John Ransom
    Yesterday we learned, to our great joy, that we no longer have to worry about the twin evils of global warming and hurricanes combining to stop Obama’s stimulus plan. For those of you who missed yesterday’s column, we showed that the not-greedy scientists, who very unlike the Republican bankers who took down the whole housing sector just because they are greedy… well, the scientists anyway demonstrated that hurricanes and global warming are not in any way scientifically or romantically linked. In a work published in late November on the site for the National Oceanic and Atmospheric Administration, the chief scientist...
  • Records Reveal Contact Between Corzine and the Fed in MF Global's Final Days (Obama's fundraiser)

    12/15/2011 4:12:46 AM PST · by tobyhill · 12 replies
    Fox News ^ | 12/15/2011 | fox news
    It was a humiliating moment, but Jon Corzine was determined to put the best face on it. On Oct. 25 of last year -- six days before the stunning collapse of MF Global Holdings Ltd., the New York-based brokerage and commodities firm he headed -- Corzine released the company's dismal results for the second fiscal quarter of 2012. Revenue, he was forced to report, had declined from the same period the year before, from over $240 million to about $205 million; and selected losses for shareholders were estimated at $191.6 million, an increase of almost $100 million from the prior...
  • The Shocking Mystery That Will Deepen Like a Thriller

    12/15/2011 4:22:16 AM PST · by Kaslin · 19 replies ^ | December 15, 2011 | Jeff Carter
    ver read junk novels that are designed for the beach? Every summer, they churn out hundreds of paperback novels that people, most often women, read by the pool or ocean. The plot in these things is the same year after year, only the characters and descriptions of them change. Investment banking scandals are the same. No one involved with MF Global slept last night. Big time bankers are networked to the hilt. They derive a lot of their income from having a great personal network of contacts. Great investment bankers are super connectors. Apply that logic to what is happening...
  • Exclusive: Regulators know where MF Global funds went (George Soros sweating bullets?)

    12/14/2011 5:47:41 PM PST · by jimbo123 · 17 replies
    Reuters ^ | 12/14/11 | Christopher Doering
    Regulators now have a more complete picture of money transfers in the final days of bankrupt brokerage MF Global, but must sort out which transactions were legitimate before more money can be released to customers, a top official told Reuters on Wednesday. Jill Sommers, who is heading the Commodity Futures Trading Commission's review of MF Global, said regulators "are far enough along the trail" that they know where the money went. "Now it's just finding out which ones of those transactions are legitimate and which ones of them are illegitimate," Sommers said.
  • Joe Scarborough's Softball Take on Jon Corzine: ' We Like Him' (But Ho Joe sure hates Newt)

    12/14/2011 4:01:04 PM PST · by tobyhill · 10 replies
    newsbusters ^ | 12/14/2011 | By Grant Dahl
    In a softball interview with Sen. Debbie Stabenow on MSNBC’s Morning Joe, host Joe Scarborough on Tuesday asked the Michigan Democrat if it was difficult for her to grill a friend and colleague, the former New Jersey Senator Jon Corzine, on the MF Global scandal. At one point, Scarborough enthused, "Senator Corzine. I like him a lot. We like him." Co-host Mika Brzezinski started out the interview by asking Stabenow on how they would be taking on the MF Global investigation. The Michigan senator essentially rattled off the hearing's witness list. Scarborough then interrupted, not to press Stabenow about what...
  • Cooking Books at MF Global

    12/14/2011 10:41:07 AM PST · by Kaslin · 6 replies · 1+ views ^ | December 14, 2011 | Jeff Carter
    I think what MF Global and John Corzine did is called “cooking the books”.   Here is a link to the hearing.  Some may jump to Corzine’s defense.  If they cooked the books, then he lied at his Congressional Hearing, which is perjury. The question I have is this.  If someone had the lack of ethics to capriciously steal customer funds and fill a hole in their firm’s books-what makes you think they wouldn’t lie at a Congressional hearing to protect their own butt?The funny thing is that the $CME is giving an exact timeline of their data.  They can...
  • Witness: Corzine knew about loan made with customer funds

    12/13/2011 4:20:38 PM PST · by ColdOne · 23 replies
    The Hill ^ | 12/13/11 | Peter Schroeder
    An executive of a financial exchange monitoring MF Global told senators Tuesday that Jon Corzine, the former head of the financial firm, knew that loans were improperly made with customer funds. The claim was made just minutes after Corzine professed his ignorance for how up to $1.2 billion in customer funds had gone missing. Terrence Duffy, the executive chairman of CME Group, the exchange that regulates MF Global, told the Senate Agriculture Committee that a CME auditor was told by an MF Global executive that Corzine knew that a loan was made to a European affiliate of the company, and...
  • Corzine: I didn’t tell my company to use customer dollars, and if I did, I didn’t mean it

    12/09/2011 7:37:41 AM PST · by SeekAndFind · 34 replies
    Hotair ^ | 12/09/2011 | Ed Morrissey
    I don’t know. Maybe he should have stuck with the Fifth Amendment:CLICK ABOVE LINK FOR THE VIDEO Jon S. Corzine, the former U.S. senator and governor who presided over the collapse of the commodities brokerage MF Global, told lawmakers Thursday that he never intended to authorize a transfer of customer funds to the firm’s accounts and that if he did “it was a misunderstanding.”Under pointed questioning by members of the House Committee on Agriculture, the New Jersey Democrat would not rule out the possibility that someone at the firm misinterpreted him as suggesting that the struggling firm tap into investors’...
  • Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For Everyone

    12/08/2011 9:58:31 AM PST · by Brandybux · 13 replies · 1+ views
    Zero Hedge ^ | December 7, 2011 | Tyler Durden
    Simply said: when one truly digs in, MF Global exposes the 2011 equivalent of the 2008 AIG: virtually unlimited leverage via the shadow banking system, in which there are practically no hard assets backing the infinite layers of debt created above, and which when finally unwound, will create a cataclysmic collapse of all financial institutions, where every bank is daisy-chained to each other courtesy of multiple layers of "hypothecation, and re-hypothecation."
  • MF Global and the great Wall St re-hypothecation scandal (Where the Money Went - Must Read)

    12/08/2011 10:49:36 AM PST · by mojito · 19 replies
    Reuters ^ | 12/7/2011 | Christopher Elias
    A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears that MF Global and some of its Wall Street counterparts have been actively and aggressively circumventing U.S. securities rules at the expense (quite literally) of their clients. MF Global's bankruptcy revelations concerning missing client money suggest that funds were not inadvertently misplaced or gobbled up in MF’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules that allowed for...
  • Corzine "Simply Does Not Know Where The Money Is" ... Jon Corzine's Complete Testimony To Congress

    12/08/2011 7:18:41 AM PST · by SeekAndFind · 45 replies
    Zero Hedge ^ | 12/08/2011 | Tyler Durden
    Probably far more anticipated than the monetary announcements out of BOE (which just announced it is keeping rates at a record low of 0.5%, but no more QE), or even the ECB, and certainly far more than the latest and not greatest European summit which begins today, is the 9am testimony out of the House Agriculture Committee by one "Honorable" Jon S. Corzine, as well as the Q&A that will follow. Naturally the Q&A will be the focus, but as for the prepared remarks, they have just been released and are presented below. The choice selection: "Obviously on the forefront...
  • Corzine's fortune could invite more lawsuits (Obama's Wall Street friend stole billions)

    12/07/2011 3:42:13 AM PST · by tobyhill · 27 replies
    google ^ | 12/7/2011 | MARCY GORDON / ap
    The millions that Jon Corzine amassed as head of Goldman Sachs have become an alluring target for investors who were crushed by the collapse of MF Global, the brokerage firm he led until earlier this month. And Corzine isn't the only one who may be financially vulnerable after the eighth-largest bankruptcy in U.S. history. Others include MF Global's other top executives; its auditor, PricewaterhouseCoopers; and some big Wall Street banks. Even MF Global itself, which can't be sued while in bankruptcy protection, could sue its former executives.
  • A Confederacy of Dunces

    12/07/2011 6:00:28 AM PST · by Kaslin · 3 replies ^ | December 7, 2011 | John Ransom
    We’ve already established that no one will go to jail over $40 billion turfing of the brokerage firm MF Global, one of history’s largest bankruptcies. MF Global died by the hand of the former Jon Corzine, the former golden boy at Goldman Sachs, the former Senator, the former Governor, the former Obama guru with a master’s degree from the University of Chicago; the sage with the Sixties beard wrapped in a custom-made Burberry suit and tie.   Like a lot of stories these days, Chicago works its way in there like a burr buried deep in someone’s hair since the 1960s.   ...
  • Corzine's MF Global Was A Scam Right From The Get-Go

    12/06/2011 9:59:07 AM PST · by Why So Serious · 4 replies · 2+ views
    Earlier this year MF Global issued Investment Grade bonds. In the underwriting process they added a clause to the bonds ... IF Jon Corzine is chosen to be the Secretary of the Treasury the bonds will have an additional 1% kick-in. I would say that was like saying, "Hey, there is a good chance that Jon Corzine is going to be Secretary of the Treasury and you will get another 1% on these bonds." Today bondholders would probably prefer that the clause say that ... "If Jon Corzine takes down the firm you will receive back your principal."This is a...
  • Dismal Futures With MF Global -Global Heist

    11/22/2011 6:08:18 AM PST · by cuban leaf · 51 replies ^ | 11/22/2011 | Kathy Cuthbert
    This was forwarded to me by a colleague…Great letter To: James W. Giddens, Trustee, SIPA Liquidation of MF Global, Inc. and Martin Glenn, United States Bankruptcy Judge From: Cathy Cuthbert RE: MF Global Heist I am a lucky, former MF Global client. Unfortunately, I’m not a multi-billionaire who got the memo. I had a modest account that was supplying me with a modest livelihood, when suddenly one Monday afternoon, my account was frozen, my livelihood was essentially gone and four years worth of trading profits vanished into cyber space. You might be interested to know that sitting on my desk...
  • MF Global Trustee Estimates Shortfall Could Be $1.2 Billion+ (double original estimates)

    11/21/2011 8:50:41 AM PST · by quesney · 56 replies
    The court-appointed trustee overseeing the liquidation of MF Global’s brokerage now estimates that the shortfall in the firm’s customer funds could be more than $1.2 billion, double previous estimates.
  • In defense of Jon Corzine (LOL Read the comments)

    11/18/2011 4:39:52 PM PST · by no gnu taxes · 15 replies · 1+ views
    theweek ^ | Bob Schrum
    Friendship has its claims; so does fairness. And in the wake of the bankruptcy of brokerage firm MF Global, the media's portrayal of Jon Corzine, MF's ex-CEO and a former Democratic senator and governor in New Jersey, strikes me as profoundly unfair — and not just because he's a friend.
  • "Going Galt’: Hedge Broker Shuts Down Firm With Chilling Letter About the Market"

    11/18/2011 8:32:37 AM PST · by TheDailyChange · 35 replies
    TheBlaze ^ | 11182011 | Jonathon M. Seidl
    "Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise."
  • Relief, but grief from MF Global clients

    11/18/2011 4:31:43 AM PST · by rightwingintelligentsia · 17 replies
    NY Post ^ | November 18, 2011 | KAJA WHITEHOUSE and MARK DECAMBRE
    Jon Corzine nearly cost Sam Easley his home. The 49-year-old Tennessee small business owner had trouble paying his mortgage after the cash in his account at Corzine’s MF Global brokerage went missing. The money, representing most of his savings, is part of $600 million that is missing from MF’s books — customer money that investigators now believe was used improperly to cover company bets gone wrong, sources said. And that means it may never be fully recovered and that customers like Easley may never get fully reimbursed. For weeks, regulators have been holding out the possibility that the missing customer...
  • Jon Corzine Campaign Cash Could Be Returned by Obama Administration

    11/15/2011 10:13:18 AM PST · by Driftwood1 · 8 replies
    Third Age ^ | 11-15-11 | Caitlin Bronson
    MF Global chief Jon Corzine donated $5,000 to President Barack Obama’s re-election campaign in April, but that money could be returned if Corzine is accused of any wrongdoing. As reported by Reuters, an official on the Obama campaign said all $500,000 raised by Corzine and donated to the president would be restored if the CEO has either civil or criminal charges brought against him. Corzine, who was head of the now bankrupt MF Global, has been thrown under a firestorm of controversy this week regarding the securities of the company. The former Goldman Sachs executive has not yet been accused...
  • Obama's Team Relied on Jon Corzine for Economic Advice (great!!)

    11/14/2011 8:43:17 AM PST · by Driftwood1 · 5 replies
    The Atlantic ^ | 11-14-11 | Conor Freidersdorf
    Jon Corzine has been the CEO of Goldman Sachs, a United States senator, and the governor of New Jersey, the position he held in 2009, when the Obama administration was preparing to take office. His mix of Wall-Street and public-sector executive experience is doubtless why the Obama transition team called on him for advice. As Joe Biden tells it, they'd gathered a few dozen economists in Chicago to talk over the financial crisis. Some were suggesting a bank holiday. "I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do," Biden...
  • Staffers furious after 1,000 fired from Corzine's bankrupt firm MF Global

    11/12/2011 12:45:47 PM PST · by george76 · 64 replies
    Screw you, Jon Corzine. All 1,066 employees of the bankrupt trading house MF Global got the boot yesterday in a pre-holiday massacre that left workers without severance and benefits -- and they blamed only one man for their woes. ... If Corzine were around, DiMatteo told Bloomberg News, “I would punch him in the face.” ... Bankruptcy trustee James Giddens is still trying to find about $600 million in missing customer money. Forensic probers are trying to account for the brokerage firm’s assets, and federal agencies are investigating whether MF mixed company funds with money missing from customer accounts.
  • Insight: MF Global clients face day of reckoning as margins call

    11/04/2011 9:31:03 AM PDT · by mojito · 13 replies
    Reuters ^ | 11/3/2011 | Jeanine Prezioso and Karl Plume
    Call it the mother of all margin calls: Up to 50,000 former customers of bankrupt broker MF Global must find some $1 billion in additional collateral almost overnight, or be forced out of their trades. Come Friday, with the mass transfer of commodity trading accounts from Jon Corzine's fallen firm to six of its erstwhile rivals, margin clerks will be wrapping up a reckoning of how much additional money is needed to cover millions of positions. Clients who can't quickly meet their margin will have to liquidate, making for a tumultuous day's trade. A court order to move the trades...
  • Faith in government doomed Jon Corzine (He assumed that government bailouts would help his bet)

    11/04/2011 6:20:29 AM PDT · by SeekAndFind · 15 replies
    New York Post ^ | 11/04/2011 | Charles Gasparino
    Jon Corzine appears to have committed more than a few sins in the runup to the demise of MF Global, including possibly using client money to pay for the risky trades that forced his brokerage firm into bankruptcy over the weekend. But possibly his biggest sin was his steadfast belief in the power of government. The former New Jersey governor and Goldman Sachs chief executive went wrong by assuming that a government bailout would somehow turn his firm’s bet on some of the worst investments in the world -- the sovereign debt of Italy and Spain -- into gold. That...
  • The Collapse of MF Global

    11/03/2011 7:11:34 PM PDT · by Razzz42 · 1 replies
    Jon Corzine, who ran Goldman Sachs Group Inc from 1994 to 1999, has demonstrated when you do not have the political game rigged; merely working at GS does not mean you are smarter than the rest and immune to market swings. This is yet another example of how corrupt things are in New York. Name one scandal that the SEC or CFTC have EVER prevented? I can think of none. All of a sudden it now comes out that hundreds of millions of dollars are missing because the firm FAILED to segregate their own funds from those of their clients....
  • Reports: Corzine Being Eyed As Possible Replacement For Geithner

    08/05/2011 5:54:49 AM PDT · by Sub-Driver · 46 replies
    Reports: Corzine Being Eyed As Possible Replacement For Geithner August 5, 2011 7:56 AM NEW YORK (CBS 2) – Former New Jersey governor Jon Corzine may be looking at a new job in Washington. He’s reportedly being eyed as a possible replacement for Treasury Secretary Timothy Geithner. That’s if Geithner leaves before the end of President Obama’s first term. Corzine is former chairman of Goldman-Sachs and now works at the investment firm MF Global.