Bam’s still pocketing MF money ($1.2B losers Corzine/Abelow big Dem donors)

Obama gave in to Republican pressure and returned $70,000 that Jon Corzine, the former NJ governor/US Senator, and his wife, gave to Obama's re-election campaign and the DNC.......an effort to distance himself from the MF Global scandal.....but Obama is still hanging on to $150,000.

Corzine had been a key figure for Wall Street contributions to Obama and was openly being considered for Treasury Secy in a second Obama term. Corzine’s second-in-command, Brad Abelow, and his wife, gave $5,000 to the president’s re-election campaign and $30,800 to the DNC.......other Dem donors are former MF board member David Schamis and Joseph Patt.

SHADES OF ENRON Corzine also destroyed employees' wealth with his risky and outsized bets on (European) debt....which he held off the books. NOTE WELL That's why Enron CFO Andrew Fastow went to jail.

MF principals (and ex G/S cronies) Corzine and Abelow's comments before Congress are even more laughable....when you know what these two did while in control of NJ tax assets.

>>Corzine appointed his G/S crony Abelow to State Treasurer---the two controlled all of NJ's tax assets.

>> Abelow invested state monies in a company in which his wife was invested.......if that wasn't money laundering, nothing was.

>> Abelow invested in a shaky realty trust when even your pet dog knew r/e was tanking.

>> Abel/Corz sent millions to their cronies on Wall Street----one W/S firm got a hundred million for doing nothing...if that wasn't money laundering, nothing was.

>> Corzine placed W/S cronies in key NJ jobs----several state agencies went bankrupt with no explanation---the $82 billion state pension fund---headed by a hedge fund operator----lost about 25%. The pension fund activities were notorious for secrecy.

>> $8 billion disappeared from a state school fund.......if that wasn't money laundering, nothing was.

>> Obama send $18.5 "stimulus" to Corzine which promptly disappeared.......if that wasn't money laundering, nothing was.

===========================================

<><> Corzine, Abelow and and a third MF bigwig, Christopher Flowers, were G/S cronies.....then colluded on investment deals while Corzine held public office....and all ended up as MF Global principals.

<><> MF Global principal Brad Abelow was Corzine’s appointee as NJ State Treasurer——controlling ALL NJ assets. Abelow then became Corzine's COS. Gov and COS started an investment business while getting govt paychecks——but the two “financial geniuses” said did not know this was illegal.

<><> MF Global principal Chris Flowers handled Sen/Gov Corzine’s “blind assets” ......Flowers led the taskeover of a Japanese bank for Corzine——Sen Corzine passed a bill giving the bank a US tax break......said he did not know the bill benefitted him.

<><> Corzine registered three corporations in super-secret financial haven——Delaware——BEFORE taking office.

REPUBLICANS SHOULD BE ALL OVER THIS Abelow and Corzine misled Congress on several points:

1. When Congress asked Abelow about “previously working with Corzine,” Abelow reluctantly mentioned being Gov Corzine’s COS. Abelow MADE NO MENTION of Corzine appointing him to head NJ’s Dept of the Treasury-—where the two con artists controlled ALL of NJ’s tax assets.

2. Abelow and Corzine SHOULD have been pressed about
their formation of an investment company while they were principals of NJ govt and controlled its assets. The two “financial geniuses” later said they did not know that was illegal.

3. Corznie should have been asked about using his Senate seat to pass a law that benfited a troubled Japanese bank——the same bank that was taken over by Christopher Flowers who was overseeing Corziner’s “blind trust.” Corzine said he did not know the law benefited him. Flowers is also an MF principal in the missing $1.2 billion.

4. Corzine should have been asked how much G/S made financing muni bonds while JC was NJ governor——and if bond rigging took place by the Dept of Community Affairs. (Corzine later appointed DCA head Suzan Bass Levin to a millionaire’s perch at the Pork Authority).

5. Corzine should have been asked about missing $8 billion NJ School funds, the missing $17.5 billion stimulus Obama sent NJ, and the $8 billion debt he left N

ANALYSIS It defies imagination that The Three Stooges can’t figure out where the $1.2 billion is-———which was transferred in and out of MF Global.....all done by wire transfer———EFT. There’s a clear record of when, where, and how much for EACH wire transfer......like your cell phone bill. Each call is listed, the number dialed, the time of the call, and the duration. So they absolutely know exactly who got the $$, and when it was received.

Corzine was not able to remove the customer funds by himself. It required most of the key back office personnel to do this. ..........and all had to know that it was 100% illegal to do so. Yet NOONE blew the whistle, and called the regulators? This underlines the corrupt corporate culture that predominates today on Wall Street.

So, why did they go along? Were they assured it would be put back in a day or two......that it was a temporary glitch? If they didn’t agree, the firm would go under? Their jobs would be lost if they didnt go along?

Savvy observers say many MF insiders are now working out deals with the Feds, to name names and provide direct testimony as to who exactly ordered the customers’ funds to be removed from the accounts.

Count on direct testimony that Corzine ordered illegal acts.......written records are also to surface. Corzine is toast. Obama and the Dems will toss him under the bus.
Corzine is making a huge mistake by underestimating the anger of Jerseyans he left holding the bag——he socked us with massive debt, bankrupt state agencies, and a state pension fund 25% lighter,

Corzine departed with billions of tax assets unaccounted for. Throwing him under a bus is too good for him......considering the damage he’s caused.

...... Corzine's $150k campaign donation is small when considering obama will have a $1 billion reelection war chest.....

The $150K reported figure is just for public consumption---to dupe the public.

Corzine helped Obama secrete hudreds of millions of federal funds----Wall Street knows how to make money disappear faster than a cream puff at a Weight Watcher weigh-in.

Obama sent Corzine $17.2 billion "stimulus"....... which promptly disappeared when it hit NJ.....can you say money-laundering?

============================================

OBAMA WAS DESPERATE FOR CORZINE TO WIN. Obama was heavily invested in the NJ gubernatorial race—one of only two statewide races that were a test for Obama’s policies. Virginia also elected a Republican.

<><>Obama directed the WH take over Corzine’s campaign.

<><>Obama campaigned in NJ three times, Biden was there twice.

<><>Obama TV ads ran relentlessly on costly NY media.

<><>Obama put the power of the WH political machine behind Corzine.

The NY Times reported:

(a) every TV ad Corzine put on the air was being screened by Obama’s WH “geniuses.”

(b) Corzine’s aides gave the WH daily briefings.

(d) White House operatives were on the ground for internal strategy sessions.

(e) Obama sent NJ $17.2 billion "stimulus" which promptly disappeared.

All of it led to Corzine's humiliating defeat at the hands of a conservative Republican with no campaign machine and war chest to match Corzine's.

REFERENCE Obama presided over the biggest political heist in US history. What the so-called "collapse" of the banking system wrought:

Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.

To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:

Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a G/S lobbyist in the WH)

Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].

Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].

TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.

Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."

GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.

LONG READ---go to web site to read more and checkout the shocking charts.

SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout REFERENCE:

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