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Corzine "Simply Does Not Know Where The Money Is" ... Jon Corzine's Complete Testimony To Congress
Zero Hedge ^ | 12/08/2011 | Tyler Durden

Posted on 12/08/2011 7:18:41 AM PST by SeekAndFind

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 of everyone’s mind – including mine – are the varying reports that customer accounts have not been reconciled. I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others. As the chief executive officer of MF Global, I ultimately had overall responsibility for the firm. I did not, however, generally involve myself in the mechanics of the clearing and settlement of trades, or in the movement of cash and collateral. Nor was I an expert on the complicated rules and regulations governing the various different operating businesses that comprised MF Global. I had little expertise or experience in those operational aspects of the business."

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; News/Current Events
KEYWORDS: corzine; corzinetestimony; joncorzine; mfglobal
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1 posted on 12/08/2011 7:18:44 AM PST by SeekAndFind
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To: SeekAndFind

Well, we all know where it isn’t.


2 posted on 12/08/2011 7:23:20 AM PST by ILS21R (Never give up)
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To: SeekAndFind

Somebody needs to hold these MF’ers responsible.


3 posted on 12/08/2011 7:24:03 AM PST by tentmaker
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To: SeekAndFind

Don’t worry. Our crack AG will dig it up...

(Do I need the sarcasm tag?)


4 posted on 12/08/2011 7:25:15 AM PST by LRS ("This is silly! It can't be! It can't be!!" "Oh yes it is! I said you wouldn't know the joint.")
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To: SeekAndFind

NO way he testifies tomorrow..


5 posted on 12/08/2011 7:25:22 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: SeekAndFind

“I have no recollection of that information, Senator.”

I may have to invent a font specifically to be used for cursing. In the meantime, @$$h)(_


6 posted on 12/08/2011 7:27:27 AM PST by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: SeekAndFind

This guy’s supposed to be such a financial genius, and doesn’t know where the money is at? What?

He was supposedly paid for his “expertise”. In what?

I heard yesterday that he’s worth hundreds of millions. He should liquidate and pay back the firm’s employees and investors, for starters. And he can find room and board as Blago’s roommate for the next 14 years.


7 posted on 12/08/2011 7:27:49 AM PST by Joann37
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To: SeekAndFind

And elsewhere on Capitol Hill, Eric Holder is again lying to Congress by again saying he knew nothing about the DOJ’s support for Mexican drug cartels by gun-running and money laundering.

Democrats can attain the highest posts in politics and know nothing about what is going on in their agencies. Amazing.

Why are these crooks not in jail, Republicans???


8 posted on 12/08/2011 7:28:12 AM PST by txrefugee
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To: SeekAndFind

He was “stunned”, “didn’t know” “had little experience” “difficult to reconstruct”.......

What DID this guy do? Paint lines on the parking lot?


9 posted on 12/08/2011 7:28:33 AM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: SeekAndFind

Excuse not accepted. In any business that is not rife with corruption, ALL cash accounts MUST be reconciled on a DAILY basis. The MOST that you can get away with is failing to reconcile for a month. Then, at month end, you can’t close the books and issue statements. That’s when people get fired.

I had a cash accountant assure me that cash was balanced each day. Two days before month-end, I fired her because I did a preliminary closing and found cash wasn’t balanced. Needless to say, I spent plenty of hours balancing what she failed to do.


10 posted on 12/08/2011 7:28:49 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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To: tentmaker
Somebody needs to hold these MF’ers responsible.

I hold very little hope that will ever happen.

Walk into a bank with a gun and steal 2,000.00 and you'll get 20 years in prison.

Walk into a Wall Street trading house in a $2,000.00 suit and steal 1,000,000,000.00 and you get to go to Congress and say "I don't know." and go home for dinner that night.

America, great idea. Pity it didn't last.

11 posted on 12/08/2011 7:28:56 AM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: SeekAndFind

Cool! Now we all know what to tell the IRS!


12 posted on 12/08/2011 7:32:32 AM PST by pabianice (")
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To: SeekAndFind
"I Simply Does Not Know Where The Money Is"

*snort*

Who does his press releases.....Butterfly McQueen?

13 posted on 12/08/2011 7:32:40 AM PST by edpc (Wilby 2012)
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To: SeekAndFind; All

Is he testifying today or tomorrow? I’m watching Holder now..


14 posted on 12/08/2011 7:34:56 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: SeekAndFind
Jon Corzine "I Simply Does Not Know Where The Money Is"

Brilliant. Jeffrey Skilling and Andrew Fastow should have used that defense with Enron.

15 posted on 12/08/2011 7:37:29 AM PST by Hoodat (Because they do not change, Therefore they do not fear God. -Psalm 55:19-)
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To: SeekAndFind
Jon Corzine "I Simply Does Not Know Where The Money Is"

Just start water-boarding his ass.

Bet that'll help jog his memory.

16 posted on 12/08/2011 7:39:18 AM PST by MamaTexan (I am ~Person~ as created by the Law of Nature, not a 'person' as created by the law of Man)
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To: pabianice
I made a type in the title. For all those nit pickers out there, it should be : "I simply does DO not know here the money is"
17 posted on 12/08/2011 7:39:44 AM PST by SeekAndFind
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To: SeekAndFind

Look in those Democrat campaign accounts.


18 posted on 12/08/2011 7:40:10 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: SeekAndFind

He should have lip-sync’ed Robert Palmer’s “Simply Irresistible”:

“She’s so fine there’s no tellin’ where the money went”


19 posted on 12/08/2011 7:42:49 AM PST by old3030 (I lost some time once. It's always in the last place you look.)
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To: SeekAndFind

The first question should be, “which hole did it escape from?”

He “should” know how it got out.
It’s easy to deny knowing it’s current location.


20 posted on 12/08/2011 7:43:02 AM PST by G Larry ("I dream of a day when a man is judged by the content of his Character.")
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