Congressional probe: Corzine is to blame for MF Global fall

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.

Thanks for the headsup. As Stock Market Watch reported: “MF Global had a choice. Do we cheat or go out of business. And they cheated. They broke the law. And took customer funds to cover margin calls.”

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No question: AG Holder is the biggest enabler of financial crime in US history.

MF Global Was Client of Eric Holder’s Law Firm / By Wynton Hall / breitbart.com

Those wondering why the DOJ 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 AG Eric Holder and Asst AG 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 AG Tony West came to DOJ. And more.

AND THIS: Dec 05, 2011---Fox News: Bill Clinton Reaped Big Bucks Before Collapse---MF Global Employee Links Clinton to Corzine's Bankrupt Firm

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 the brokerage 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 Hum/Events. 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, reports Hum/Events.

http://nation.foxnews.com/mf-global/2011/12/05/report-bill-clinton-reaped-big-bucks-corzine-firm-collapse#ixzz1fhH3pHHH

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Screwed MFG investors need to mobilize The Bank Secrecy Act----enacted by Congress to protect investors, bank patrons, depositers, etc, from fraud. Charges might include: (1) criminal tax fraud, (2) deliberately misstated income, (3) filing false IRS returns, (4) falsifying official documents, (5) intentionally mislabeling personal expenditures as business expenses, (6) utilizing investor funds inappropriately, (7) fraudulent use of investor funds for lavish personal expenditures, (8) fraudulently declaring personal expenditures as legitimate business expenses.

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REFERENCE Corzine’s financial my$tery / NY Post, January 8, 2012 / By Jonathon M. Trugman

It’s been a long while now since that frightful Halloween 2011 when MF Global filed the eighth-largest bankruptcy in US history. Too long a time if you are an MF customer and can’t get access or answers to what happened 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 (including MF bigwigs Brad Abelow and Chris Flowers).

Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while his firm was leveraging up 40-to-1? And for that matter, where were his lieutenants’ funds held? Unfortunately, those answers are not forthcoming from any of the parties.

It is almost unanimously mandated by Wall Street that officers of brokerage firms keep their investment accounts at the firm where they work. This is done for compliance reasons. If Corzine and his inner cadre of lieutenants had their millions at MF Global, were their accounts breached, as well? Are they being treated identically to other MF Global account holders in terms of the massive amounts of their missing money and the lack of access to what’s rightfully theirs?

If Corzine et al. didn’t keep the vast majority of their money at MF Global, then why not?

It’s been reported that a mere two weeks before filing for bankruptcy, while the skies were darkening for MF Global due to the European tidal wave, Corzine and his wife were apparently chateau shopping in the south of France, no less. While both Corzine and his wife are extremely wealthy people, chateau shopping just 15 days before filing this country’s eighth-largest bankruptcy are not the actions of a man with good analytical skills or who is overly concerned about the fate of his teetering financial empire — unless his own money isn’t at risk. ####

http://www.nypost.com/p/news/business/corzine_financial_my_tery_5cucZtZho95Sr1MhnotnxJ#ixzz2HTaVKt6v

AND THE CORZINE/CRONIE CORRUPTION BEAT GOES ON----Then-NJ Gov Corzine's cockamamie plan to "monetize" NJ roads----meant billions for his old firm----bonding agents Goldman Sachs.

NOTE Corzine's job at G/S was to get suckers to buy those bonds. Monetizing roads w/ tax-exempt bonds meant eternal billions for Corzine and G/S til the end of time.

CONNECTING THE DOTS

<><>Jon's G/S crony Brad Abelow had total control of NJ tax dollars as NJ Treasury Secy (also hung around as Jon's COS).

<><> NJ Treasury Secy Abelow and Gov Corzine "didn't know" it was illegal for state officials to form an investment firm.

<><> Jon's G/S crony Chistopher Flowers handled Jon's "blind trust." Flowers led the takeover of a Japanese bank as then-Sen Corzine said he did not know legilsation he drafted significantly improved his blind trust investment.

<><>Under Gov Corzine, several pots of state money---including the $8bill School Construction Fund, UI, and the NJ Trans/Trust/Fund went bankrupt....without an explanation.

<><> Gov Corzine gave ex-DCA head Suzan Bass Levin (who handled muni bond sales) a lucrative perch at money-grubbing Pork Authority--she got an apt, perks up her kazoo, and a 2nd Corzine no-show job to pad her pension (some might call that a payoff "for services rendered" since Levin controlled muni bond sales).

NOTE Corzine, Flowers and Abelow are all MF Global kingpins and have never been detained or questioned under oath about MFG's financial frauds.

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