Posted on 12/13/2011 4:32:18 PM PST by Hojczyk
Jon Corzine, the former chief executive of MF Global, “was aware” that the broker-dealer made use of customer funds during its desperate fight for survival, a US Senate hearing was told on Tuesday.
Terry Duffy, chief executive of CME Group, the futures exchange operator that supervised MF Global’s handling of customer money, said a CME auditor heard an MF Global employee say during a conference call involving senior MF Global employees that “Mr Corzine was aware of the loans being made from segregated accounts”.
A spokesman for Mr Corzine declined to comment. The former MF Global boss and previous New Jersey senator reiterated to the same Senate hearing that he did not intend to authorise the improper use of customer funds to plug a hole in MF Global’s liquidity in the days leading up to the bankruptcy.
CME is under scrutiny for its role as a supervisor to MF Global’s customer accounts, from which up to $1.2bn is estimated to have gone missing in the run-up to the company’s bankruptcy on October 31. Mr Duffy said he believed the conference call, which occurred the same morning as the bankruptcy filing, discussed a $175m transfer from MF Global to a European affiliate.
(Excerpt) Read more at ft.com ...
I guess Bernie Madoff and John Corzine are about to become roommates?
Corzine will look fashionable in his stripes.
Make that a cell for three and toss (literally) in Holder.
Sleazebags all.
I hope that I'm correct
The more, the merrier.
Some major looting goin’ on...
1. This is hearsay, not admissible in a criminal trial.
2. Even if the employee did say it, he might well have been lying or wrong.
Spoken like a criminal defense lawyer.Angling for a client?
...when a rat gets trapped expect these rats to chew each others legs off
This was posted online at a local Illinois radio website:
Assistant U.S. Attorney James Cutchin of Carmi was among 163 members of the U.S. Department of Justice honored Friday by Attorney General Eric Holder. Cutchin, along with retired Assistant U.S. Attorney Michael C. Carr were honored for their work in the prosecution of former Gallatin County Sheriff Raymond M. Martin. Martin is currently serving two life sentences for dealing marijuana, witness tampering and financial crimes.
(They should be greatly honored that Att. Gen. Holder has recognized this achievement.) (Honored or ashamed?)
I am just pointing out the difficulties that the other posters are jumping over. The obvious thing for investigators to do is get hold of this MF employee and find out what he knows.
Aren’t conference calls recorded?
Ok,and the fact the sumbitch is a rat means he just may skate on the charges by way of perceived incompetence.Makes me sick.
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