Posted on 11/02/2011 4:12:41 AM PDT by Libloather
Corzine's firm admits to using clients' money, fed says
By Associated Press
Published: Wednesday, November 02, 2011
WASHINGTON — MF Global, the securities firm led by former New Jersey Gov. Jon Corzine, admitted using clients’ money as its financial troubles mounted, a federal official says.
An MF Global executive admitted that to federal regulators in a call early Monday, after regulators raised questions about the company’s books, according to an official familiar with the conversation.
It is not clear where the money ended up or what it might have been used for, said the official, who spoke on condition of anonymity because he wasn’t authorized to discuss an investigation by federal regulators.
**SNIP**
The investigation of MF Global Holdings Ltd. is preliminary. A formal investigation by the company’s main regulator, the Commodity Futures Trading Commission, requires a vote by its five commissioners.
It isn’t clear whether the violations could lead to criminal charges.
(Excerpt) Read more at nhregister.com ...
And, where were the audit guys?
What’s the difference between Corzine and Madoff?
Other than one is a Dem Politician who will never see prison time.
Three rocks of crack in Cali and you’re in for life. $600 million and you might get a sternly worded memo from the SEC.
Dear God. What a disgrace. And he was once elected as governor of my state. He was a disgraceful governor as well.
I’m sure that someone will finally read all of Dodd/Frank and discover a little gem in there that allowed this to happen. Nothing is by happenstance and with Corzine being an insider (democrat government wise), was give the trail to find it before it became law.
Wonder if MFG got a bailout after all....?
And on an MFG related note...
Deloitte accused of losing clients money
But if there's no money missing now, I'm really wondering about a bailout.
MF Global Funds Are Accounted For, Held by Brokerage, Lawyer Tells Judge
Was there a bailout after all? If so, by whom and with whose money....?
Getting advice from the guys who investigated Gary Winnick, Terry McCauliffe and Global Crossing
Call in Michael Milken as a ocnsultant
Would you pay to have lunch with either of these men?
Imagine.
And what I'd still like to know: What did the admin, regulators, and ratings agencies know and when did they know it?
Where is Democratic former Gov.????
Perp walk coming.
IF you have already donated, this isn't to you, because you already know that Free Republic needs all regular users and members to donate to help keep our lights on.
If you are a regular user but haven't yet donated, today would be a most opportune time. Our 4th Quarter FReepathon is into November and we'd like to wrap it up ASAP.
Please help keep Free Republic's lights on by making your donation today. Simply Click here!
Thanks very much, everyone!
Probably holed up with his lawyers.
OWSers should occupy Corzine’s house. Real-time corruption.
“He told Deloitte in an email that if his clients lost money he expected their accounts to be reimbursed to their balance as of the US close on Monday.”
Where are they getting the money to reimburse their clients?
I understand that Corzine walked away with 12 mill.
MF Global collapse shows Wall Street needs tougher rules
But absolutely no curiosity about what the admin knew and when it knew it. Or if MFG has received a clandestine bailout. Go figger.
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.