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Keyword: mfglobal

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  • BACKSTORY Anthony and Huma Weiner move into luxury $3.3M condo owned by top Clinton donor

    08/01/2013 8:28:57 AM PDT · by Liz · 35 replies
    FREE REPUBLIC POST ^ | 8/13/12 | DAILY MAIL REPORTER
    Full title.......Anthony Weiner and wife Huma move into luxury $3.3M condo owned by top Clinton donor... are they there for free or just getting a sweet deal? dailymail.co.uk story | 8/13/12 / FR Posted by ColdOne Disgraced former Congressman Anthony Weiner and his faithful wife Huma Abedin have moved into a $3.3million New York City apartment owned by a top donor to Ms Abedin's boss, Hillary Clinton. The well-appointed luxury pad includes four bedrooms and three and a half bathrooms in the 12th floor of an exclusive building on Park Avenue. It costs an estimated $14,000 a month. The price...
  • 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...
  • ON NOTHINGBURGERS WITH CHEESE AND PACKING PEANUTS

    07/02/2013 2:34:29 PM PDT · by SatinDoll · 13 replies
    Barnhardt ^ | July 2, 2013 | Ann Barnhardt
    1. Yes, I saw that Corzine was "charged" by the CFTC. This is essentially meaningless. First, it is a purely civil action. These oligarch psychopaths LAUGH at the whole "civil action" paradigm. Second, the $100 million fine that the CFTC is going after comes NOT from Corzine, but from whatever is left of the MF Global Holdings estate, IF there is anything left at all. Not one red cent would come from Corzine, who was worth at least $600 million at the time of the collapse in the fall of 2011. Third, even if Corzine gets the dreaded "registration ban"...
  • Corzine, O'Brien Charged in MF Global Collapse

    06/28/2013 9:04:12 AM PDT · by lbryce · 14 replies
    Wall Street Journal ^ | June 28, 2013 | SCOTT PATTERSON , AARON LUCCHETTI and JAMILA TRINDLE
    Federal regulators on Thursday filed civil charges against former MF Global Holdings Ltd. Chief Executive Jon S. Corzine and a top lieutenant for overseeing the misuse of almost $1 billion in customer funds, saying Mr. Corzine "bears responsibility" for the New York commodities brokerage's 2011 demise. The Commodity Futures Trading Commission's complaint cited conversations not previously disclosed purportedly showing Mr. Corzine played a more active role in the firm's activities than he had suggested in the past. The lawsuit, filed in U.S. District Court in Manhattan, comes as a new blow for Mr. Corzine, whose reputation—built on a career as...
  • Developments leading to US lawsuit against Corzine

    06/28/2013 6:59:08 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jun 27, 2013 6:27 PM EDT
    Federal regulators are suing Jon Corzine, accusing the former New Jersey governor and U.S. senator of misusing customers’ money while he was CEO of brokerage firm MF Global. … June 27, 2013: The CFTC files a civil lawsuit against Corzine, seeking unspecified penalties and a ban on trading in the futures market; MF Global agreed to pay a $100 million penalty as part of a settlement. …
  • John Corzine to be hit with civil charges

    06/25/2013 7:37:30 AM PDT · by fatboy · 38 replies
    The Star Ledger via NJ.com ^ | 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 NYTimes.com.
  • PPEC April 2012 Ann Barnhardt explains why she closed her brokerage

    05/19/2013 1:31:18 PM PDT · by ak267 · 2 replies
    You Tube ^ | April 4, 2012 | Ann Barnhart
    Ann Barnhart talks about the MF Global controversy, Gov. Corzine, self loathing, gold, Obama's theology, the value of work, economic bubbles, financial protection, 2nd amendment, and the hell that is to come. Feel free to discuss.
  • Weiner’s Wife Didn’t Disclose Consulting Work She Did While Serving in State Dept.

    05/16/2013 9:49:00 PM PDT · by Second Amendment First · 9 replies
    NY Times ^ | May 16, 2013 | RAYMOND HERNANDEZ
    The State Department, under Secretary Hillary Rodham Clinton, created an arrangement for her longtime aide and confidante Huma Abedin to work for private clients as a consultant while serving as a top adviser in the department. Connect with NYTMetro Follow us on Twitter and like us on Facebook for news and conversation. Ms. Abedin did not disclose the arrangement — or how much income she earned — on her financial report. It requires officials to make public any significant sources of income. The disclosure of the agreement that Ms. Abedin made with the State Department comes as her husband, former...
  • 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.
  • Report Hints at Possible MF Global Suit (NY Times fails to ID Corzine as Democrat, Obama Bundler)

    04/04/2013 11:13:36 AM PDT · by jimbo123 · 10 replies
    NY Times ^ | 4/4/13 | BEN PROTESS
    MF Global‘s bankruptcy trustee is hinting at taking legal action against the brokerage firm’s top executives, blaming them in a new report for engineering a “risky business strategy” and ignoring “glaring deficiencies” in internal controls. In accusing Jon S. Corzine and other MF Global executives of “negligent conduct” that may have accelerated the firm’s demise, Louis J. Freeh, the trustee for MF Global Holdings and a former director of the F.B.I., laid the groundwork for potential litigation. The 124-page report filed in federal bankruptcy court early Thursday leveled its sharpest critique at Mr. Corzine, the former chief executive who was...
  • Are treasuries a way of avoiding the bank collapse?

    04/02/2013 6:39:00 AM PDT · by E. Pluribus Unum · 40 replies
    04/02/2013 | E. Pluribus Unum
    If I move my savings to a brokerage account and purchase 2-year treasuries (the shortest term available at my broker) would that at least protect me from having my money stolen by the banks?
  • Banning Corzine Proves Problematic

    03/08/2013 4:13:14 PM PST · by Libloather
    NY Times ^ | 2/22/13 | WILLIAM ALDEN
    The National Futures Association, the self-regulatory group for the futures industry, faced an obstacle in considering a lifetime ban for Jon S. Corzine, the former Democratic senator who ran the now-defunct MF Global: Mr. Corzine isn’t a member, DealBook’s Ben Protess writes. The group convened on Thursday with two of its board members pushing for a ban of Mr. Corzine as punishment for his role in the demise of MF Global, which improperly used customer money. Mr. Corzine’s lack of membership wasn’t the only stumbling block. The group’s chairman said in a statement that the board “does not wish to...
  • MF Global hits 52 week high at 11 cents per share

    02/13/2013 11:51:46 AM PST · by ExxonPatrolUs · 6 replies
    Google Finance ^ | 2.13.2013
    Could have tripled your money if you bought it two weeks ago.
  • Who Runs The World? Solid Proof That A Core Group Of Wealthy Elitists Is Pulling The Strings

    01/31/2013 9:35:54 AM PST · by B4Ranch · 128 replies
    http://www.worldviewweekend.com/ ^ | January 31, 2013 | Michael Synder
    Does a shadowy group of obscenely wealthy elitists control the world? Do men and women with enormous amounts of money really run the world from behind the scenes? The answer might surprise you. Most of us tend to think of money as a convenient way to conduct transactions, but the truth is that it also represents power and control. And today we live in a neo-fuedalist system in which the super rich pull all the strings. When I am talking about the ultra-wealthy, I am not just talking about people that have a few million dollars. As you will see...
  • MF Global defense attorney 2012, named SEC Director 2013

    01/31/2013 2:43:10 PM PST · by mgist · 6 replies
    The Hill ^ | 1/7/13 | Bernie Becker
    SEC names new top lawyer By Bernie Becker - 01/07/13 01:12 PM ET The Securities and Exchange Commission said Monday that Geoffrey Aronow would take over as its general counsel. Aronow, a lawyer in the Washington office of Bingham McCutcheon, has previous government experience, having served as head of the enforcement division at the Commodity Futures Trading Commission. The SEC's new top lawyer also has counseled clients about issues before the commission and the CFTC, and becomes one of the first top appointments from the SEC's new chairwoman, Elisse Walter. Aronow, for instance, represented the chief financial officer for MF...
  • MF Global Cash could be returned (??)

    01/31/2013 6:21:57 AM PST · by mgist · 13 replies
    When Mahesh Desai checked his MF Global account 15 months ago, his US$580,000 nest egg was gone. Like thousands of investors and farmers who had their savings with MF Global, Desai lost his money in the brokerage firm's chaotic final days. Regulators discovered US$1.6 billion was trapped in a web of improper wire transfers, a breach that sent federal investigators scrambling to build a case. A bankruptcy court will today review a proposal that would return 93 per cent of the missing money to customers like Desai. And the trustee who has submitted the proposal, James Giddens, has quietly identified...
  • 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...
  • UNTOUCHABLE: MF GLOBAL judge nixes group's bid to depose Corzine... (Drudge Headline)

    NEW YORK (Reuters) - A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine. In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case. The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the...
  • MF Global Judge Nixes Customer Group's Bid To Depose Corzine

    01/08/2013 11:11:34 PM PST · by SatinDoll · 2 replies
    Reuters ^ | 01/08/2013 | Nick Brown
    NEW YORK (Reuters) - A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine. In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case. [use link for rest of article.] The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at...
  • Congressional probe: Corzine is to blame for MF Global fall

    11/14/2012 1:37:51 PM PST · by aimhigh · 6 replies
    Chicago Tribune ^ | 11/14/2012 | Reuters
    Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, U.S. congressional investigators have determined.
  • Congressional probe: Corzine is to blame for MF Global fall

    11/14/2012 12:31:33 PM PST · by ExxonPatrolUs · 24 replies
    Chi Trib ^ | 11-14 | Reuters
    Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, U.S. congressional investigators have determined. Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel's chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday.
  • A Year Later, All Eyes Still on 'Edie' [MFGlobal]

    10/31/2012 5:40:15 AM PDT · by SES1066 · 1 replies
    WallStreet Journal ^ | 10/30/2012 | AARON LUCCHETTI, JULIE STEINBERG and MIKE SPECTOR
    Who broke the law by raiding customer accounts at MF Global Holdings MFGLQ +18.52% Ltd.? Investigators seem no closer to the answer than they were when the New York brokerage firm filed for bankruptcy exactly a year ago Wednesday, owing thousands of farmers and ranchers, hedge funds and other investors an estimated $1.6 billion. Their money was supposed to be stashed safely at MF Global, but company officials used much of it for margin calls and other obligations. The last, best hope for a breakthrough in the probe is Edith O'Brien, the former assistant treasurer at MF Global. Working in...
  • Corzine Asks Judge to Dismiss MF Global Fraud Suit (RATS miss the perp's loot)

    10/24/2012 4:23:10 PM PDT · by Libloather · 1 replies
    Wall Street Journal ^ | 10/23/12 | PATRICK FITZGERALD
    Corzine Asks Judge to Dismiss MF Global Fraud SuitBy PATRICK FITZGERALD October 23, 2012, 1:30 p.m. ET Lawyers for former MF Global Holdings Ltd. Chief Executive Jon Corzine are asking a federal judge to toss a civil fraud lawsuit accusing him of misleading investors about the risky bets the futures firm was taking before its collapse a year ago. Mr. Corzine's lawyers blasted the investors' suit as a "jumble of assertions and accusations" that makes "no sense" that should be dismissed in a filing Friday in U.S. District Court in New York. A group of banks and underwriters—among them units...
  • MF trustee can team up with plaintiffs against Corzine - judge (U.S. Bankruptcy Court)

    09/08/2012 3:54:29 PM PDT · by Libloather · 6 replies
    Reuters ^ | 9/06/12 | Nick Brown
    MF trustee can team up with plaintiffs against Corzine - judgeTrustee can assign claims against Corzine, other insiders By Nick Brown Thu Sep 6, 2012 3:02am IST NEW YORK, Sept 5 (Reuters) - A Manhattan bankruptcy judge said on Wednesday he was prepared to allow the trustee unwinding MF Global's broker-dealer to join forces with some of the company's former customers who have sued ex-Chief Executive Jon Corzine and other insiders. U.S. Bankruptcy Judge Martin Glenn said he will make his decision official when the trustee, James Giddens, files court papers outlining the details of the cooperative effort. The filing...
  • Corzine says MF trustee encroaching on his defense (U.S. Bankruptcy Court)

    09/01/2012 3:20:24 PM PDT · by Libloather · 10 replies
    Reuters ^ | 8/30/12 | Nick Brown
    Corzine says MF trustee encroaching on his defenseBy Nick Brown Thu Aug 30, 2012 3:52am IST NEW YORK, Aug 29 (Reuters) - Former MF Global Chief Executive Jon Corzine is fighting efforts by a bankruptcy trustee to join forces with customers suing him over the commodities brokerage's demise. Corzine, along with other current and former MF executives, filed an objection in court on Wednesday arguing that their ability to defend themselves would be hurt if trustee James Giddens is allowed to assign his legal claims to plaintiffs in existing cases. The executives are defendants in multiple lawsuits accusing them of...
  • Corzine gets the New Black Panther treatment

    08/25/2012 10:52:54 AM PDT · by Libloather · 5 replies
    American Thinker ^ | 8/25/12 | Bruce Johnson
    Corzine gets the New Black Panther treatmentBruce Johnson August 25, 2012 **SNIP** Jon Corzine is accused of using segregated customer funds for backing his bad trading decisions at the firm MF Global. The funds were indeed used for that purpose. People know who made the call. Immunity to them was not offered. Testimony of those who know what occurred and at whose hand, not wanted. Why? The referee doesn't really want to know.
  • Lawyer Tells Rick Santelli: Criminal Charges Against Jon Corzine (Video)

    08/24/2012 2:58:54 PM PDT · by Hojczyk · 24 replies
    Gateway Pundit ^ | August 24,2012 | Jim Hoft
    Stock Market Watch reported: Best quotes from Koutoulas: “Crimes were unequivocally committed and I will do whatever I can to continue to do the government’s job for it and help see justice done.” “MF Global had a choice. Do we cheat or go out of business. And they cheated. They broke the law. And these took these customer funds to cover margin calls.” “Attorney General Eric Holder’s Department of Justice is the biggest enabler of financial crime in U.S. history.” And the kill shot: “I will take this to all 50 states. And we will win. We will get a...
  • 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...
  • No One Will Charged With a Crime for the MF Global Collapse

    08/16/2012 10:25:49 AM PDT · by Mad Dawgg · 75 replies
    Yahoo News ^ | 8/16/2012 | Dashiell Bennett
    Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.
  • No Criminal Case Is Likely in Loss at MF Global

    08/16/2012 8:51:53 AM PDT · by C19fan · 29 replies
    New York Times ^ | August 15, 2012 | Azam Ahmed and Ben Protess
    A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
  • Warren Pollock & Ann (Barnhardt) on The Endgame (financial ponzis)

    08/14/2012 4:55:18 PM PDT · by STARWISE · 11 replies
    Barnhardt.Biz ^ | 8-14-12 | Ann Barnhardt
    Hardcore stuff here. We cover the Sentinel Ruling destroying the notion of Customer Segregated Funds, FDIC "insurance", the forthcoming nationalizaion of your savings, the farce of electoral politics, and the inevitibility of collapse and the mere goal of simply leaving a record that not everyone in this culture was an emotional child unable to deal with objective, mathematical reality. Warning: Lots of crazy eyes and my patented Extreme Facial Expressions™ magnified by a somewhat choppy Skype connection. A Matter of Records: ANN BARNHARDT, WARREN POLLOCK (MUST see) (Sentinel Federal Appeals Court Ruling - 8-9-12)
  • REVEALED: Corzine's MF Global Was Client of Eric Holder's Law Firm

    07/26/2012 3:20:21 PM PDT · by arasina · 60 replies
    Breitbart ^ | July 26, 2012 | Wynton Hall
    Those wondering why the Department of Justice has refused to go after Jon Corzine for the vaporization of $1.6 billion in MF Global client funds need look no further than the documents uncovered by the Government Accountability Institute that reveal that the now-defunct MF Global was a client of Attorney General Eric Holder and Assistant Attorney General Lanny Breuer’s former law firm, Covington & Burling. There’s more. Records also reveal that MF Global’s trustee for the Chapter 11 bankruptcy retained as its general bankruptcy counsel Morrison & Foerester--the very law firm from which Associate Attorney General Tony West came to...
  • PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized

    07/09/2012 5:24:26 PM PDT · by Stentor · 23 replies
    ZeroHedge ^ | 07/09/2012 | Tyler Durden
    Remember when the entire segregated account fiasco was supposedly fixed in the aftermath of the November 2011 MF Global bankruptcy, and where regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down this would never happen again? Turns out that 7 months later, the spirit of MFG has struck again, only this time with one letter switched: it is now known as PFG, as we suggested first 3 hours ago when we broke the story.
  • US broker's funds frozen after founder's suicide attempt[Mini-MF Global?]

    07/09/2012 3:44:42 PM PDT · by Theoria · 3 replies
    Reuters ^ | 09 July 2012 | Reuters
    Small U.S. futures broker PFGBest said its accounts had been effectively frozen on Monday after a suicide attempt by the firm's founder set off an investigation into possible "accounting irregulaties." In a dramatic turn that seems likely to trigger a new round of anxiety over the stability of the brokerage industry less than a year after the collapse of much larger MF Global, the Cedar Falls, Iowa-based firm told customers that they would be limited to liquidating positions until further notice. The disclosure came hours after founder and owner Russell R. Wasendorf, Sr., was found in his car near the...
  • Corzine is having no fun in the shun (Hamptons pariah RAT perp may avoid criminal charges)

    07/07/2012 6:26:40 PM PDT · by Libloather · 19 replies
    NY Post ^ | 7/05/12 | SELIM ALGAR, LEONARD GREENE
    Corzine is having no fun in the shunShamed pol a Hamptons pariah By SELIM ALGAR and LEONARD GREENE Last Updated: 5:56 AM, July 5, 2012 How the mighty have fallen. It seems like only yesterday that Jon Corzine was the life of the party, holding court on the Hamptons political circuit, raising money for Barack Obama. Now, Corzine — just months removed from a humiliating financial scandal — is persona non grata in the tony playground of the rich, and it’s clearly taking its toll, insiders said. “He’s certainly not getting the invitations that he would have gotten before,” a...
  • “Jon Corzine – What’s Going On?”

    05/17/2012 5:46:56 AM PDT · by Eccl 10:2 · 30 replies
    The Daily Reckoning ^ | 05/16/12 | Sydney Williams
    It pays to be rich, powerful and a Democrat with friends in Washington. While Anna Gristina, a Connecticut mother accused of being a New York “madam” sits in a cell on Riker’s Island, Jon Corzine, the former CEO of MF Global sits at home in his New Jersey mansion. MF Global had been a publically traded securities firm with $40 billion in assets, but with liabilities even larger, filed for bankruptcy late last year, after being accused of co-mingling customer funds with its own, a flagrant violation of securities law.
  • Obama's Tainted Bundler

    04/25/2012 4:01:28 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | 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...
  • 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...
  • MF Global executive refuses to testify before Congress (Assistant Treasurer Edith O'Brien)

    03/28/2012 3:16:43 PM PDT · by NormsRevenge · 22 replies
    Yahoo ^ | 3/28/12 | Sarah N. Lynch and Aruna Viswanatha - Reuters
    WASHINGTON (Reuters) - A finance executive at MF Global Holdings Ltd invoked her right against self-incrimination as lawmakers heard from officials who played critical roles in the final days of the futures brokerage, when a huge and still unexplained shortfall in customer money surfaced. Assistant Treasurer Edith O'Brien, believed to have been involved in authorizing a $175 million transfer that may have included customer funds, three days before MF Global's bankruptcy filing on October 31, declined to testify on Wednesday. "On advice of counsel I respectfully decline to answer based on my constitutional right," she told subcommittee chairman Randy Neugebauer...
  • Triple Lutz Report–Hope For MF Global Clients-Top Stories of the Day-New Site–Episode 177

    03/28/2012 9:42:55 AM PDT · by appeal2 · 3 replies
    Financial Survival Network ^ | 03/28/2012 | Kerry Lutz
    Looks like there might be just a little hope for the beleaguered MF Global clients. In London, KPMG a large international accounting firm who was appointed by the English bankruptcy court to account for the “lost” assets of MF has so far recovered $500 million dollars of unsegregated customer funds from a small list of large financial institutions. They’re going for $1 billino and they told this motly group in January that if they didn’t pay up, they’re going to court. This may be the best chance account holders have of ever seeing their money again. And it explains why...
  • Triple Lutz Report--Is Justice Coming for Jon Corzine--Episode 175

    03/24/2012 8:35:28 AM PDT · by appeal2 · 5 replies
    The Financial Survival Network ^ | 03/24/2012 | Kerry Lutz
    Late Friday afternoon, the time when they love to release damaging news in the hope that it will get lost in the weekend spin cycle, a rehashed disclosure came out about "Knows Nothing" Jon Corzine. A memo had been located, which showed that Corzine had specifically directed that client funds be used to cover an MF Global bounced check to JP Morgan Chase. While this was a partial rehash, in light of recent findings, it adds clarity to Corzine's actions when MF hit the fan. An assistant treasurer Edith O'Brien of the MF sent the email as part of a...
  • Triple Lutz Report–Is Justice Coming for Jon Corzine–Episode 175

    03/24/2012 8:32:10 AM PDT · by appeal2 · 5 replies
    The Financial Survival Network ^ | 03/24/2012 | Kerry Lutz
    Late Friday afternoon, the time when they love to release damaging news in the hope that it will get lost in the weekend spin cycle, a rehashed disclosure came out about "Knows Nothing" Jon Corzine. A memo had been located, which showed that Corzine had specifically directed that client funds be used to cover an MF Global bounced check to JP Morgan Chase. While this was a partial rehash, in light of recent findings, it adds clarity to Corzine's actions when MF hit the fan. An assistant treasurer Edith O'Brien of the MF sent the email as part of a...
  • Email Ties Corzine to Missing Funds

    03/24/2012 8:20:03 AM PDT · by Brilliant · 25 replies · 1+ views
    WSJ ^ | March 23, 2012 | MIKE SPECTOR, JULIE STEINBERG and AARON LUCCHETTI
    <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>
  • Corzine Corzined - Congressional Panel Finds Former MF Global CEO Ordered JPM Fund Transfer

    03/23/2012 1:31:40 PM PDT · by SatinDoll · 37 replies · 4+ views
    The Zero Hedge/ ^ | 03/23/2012 | Tyler Durden
    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...
  • Farmer faces planting season with seeds of distrust (Corzine swindled seed money)

    03/05/2012 5:24:23 PM PST · by opentalk · 12 replies
    CNN ^ | March 4, 2012 | Wayne Drash
    ..Tofteland held the farm together after his father was killed, survived drought and the great flood of 1993. Then, commodity prices sank in the mid-1990s. And like most farmers, he has seen too many friends die young. Such are the hazards of life on a farm. But all that Tofteland has worked for was nearly lost in one fell swoop last October. This time, it wasn't a crisis brought on by tragedy or Mother Nature. It was the work of Wall Street and commodity power players in Chicago, a scandal that has become known simply as MF Global.Tofteland had $253,000...
  • Triple Lutz Report–Corzine and MF Global Crimes to Go Unpunished

    03/03/2012 9:12:53 AM PST · by appeal2 · 9 replies · 1+ views
    The Financial Survival Network ^ | 03-03-2012 | Kerry Lutz
    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...
  • MF Global Was Sloppy, But Not Criminal (Gov't Alibi)

    02/27/2012 9:07:09 AM PST · by LyinLibs · 31 replies
    Fox Business ^ | 2/24/2012 | Sital Patel & Charlie Gasparino
    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...
  • Report: It Looks Like Corzine Will Likely Stay Out Of The Slammer

    02/26/2012 2:33:19 AM PST · by Libloather · 40 replies
    Business Insider ^ | 2/24/12 | Rob Wile
    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.
  • No MF Global customer cash in JPMorgan account: trustee (RAT Corzine not behind bars yet)

    02/19/2012 3:44:28 PM PST · by Libloather · 28 replies
    Reuters ^ | 2/17/12 | Nick Brown
    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...