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 ...
Well, we all know where it isn’t.
Somebody needs to hold these MF’ers responsible.
Don’t worry. Our crack AG will dig it up...
(Do I need the sarcasm tag?)
NO way he testifies tomorrow..
“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)(_
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.
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???
He was “stunned”, “didn’t know” “had little experience” “difficult to reconstruct”.......
What DID this guy do? Paint lines on the parking lot?
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.
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.
Cool! Now we all know what to tell the IRS!
*snort*
Who does his press releases.....Butterfly McQueen?
Is he testifying today or tomorrow? I’m watching Holder now..
Brilliant. Jeffrey Skilling and Andrew Fastow should have used that defense with Enron.
Just start water-boarding his ass.
Bet that'll help jog his memory.
Look in those Democrat campaign accounts.
He should have lip-sync’ed Robert Palmer’s “Simply Irresistible”:
“She’s so fine there’s no tellin’ where the money went”
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.
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