Thune: What Corzine Won't Tell Us, the FBI, CFTC Will Tell Us

Human Events ^ | 12-27-11 | Neil W. McCabe

[afraidfortherepublic]

In an exclusive Human Events interview, the senior Republican on the Senate’s Agriculture Committee's Jobs, Rural Economic Growth and Energy Innovation subcommittee discusses his take on the MF Global bankruptcy scandal.

“I have heard from several South Dakotans who were affected by the apparent fraud that occurred in the final days of MF Global before its collapse,” said Sen. John R. Thune (R-S.D.), who worked in the Small Business Administration​ under President Ronald W. Reagan.

[Video of Thune's December 13 questioning Corzine is at the bottom of the article.]

The firm’s Halloween bankruptcy was followed by the November 4 resignation of its chairman and chief executive officer, former Democratic New Jersey senator and governor Jon S. Corzine. In addition to the confusion surrounding the bankruptcy filing, the company cannot account for $1.2 billion in client funds.

Always clinging to Corzine is the ghost of his reputation as a leading captain of Wall Street and an adamant supporter of government regulations, exemplified by his roles in crafting and sponsoring the 2002 Sarbanes-Oxley financial regulation bill that sought to make corporate officers more responsible for the misconduct at their companies.

[afraidfortherepublic]

Video at source.

[Carry_Okie]

The firm’s Halloween bankruptcy was followed by the November 4 resignation of its chairman and chief executive officer, former Democratic New Jersey senator and governor Jon S. Corzine. In addition to the confusion surrounding the bankruptcy filing, the company cannot account for $1.2 billion in client funds.

Always clinging to Corzine is the ghost of his reputation as a leading captain of Wall Street and an adamant supporter of government regulations, exemplified by his roles in crafting and sponsoring the 2002 Sarbanes-Oxley financial regulation bill that sought to make corporate officers more responsible for the misconduct at their companies.

There is absolutely no conflict between these two ideas. What regulations like Sarbanes-Oxley assure is that only those who can afford a staff of expensive lawyers and accountants will be able to afford to rip off the government big-time. Small-time hoods will go to jail, while the big-time thugs will get off Scot free.

[NVDave]

Exhibit A as to why the GOP is like Charlie Brown with the DNC playing the role of Lucy.

New regulations are necessary. The farmers co-ops, etc are likely to lose their money to JPM or some other margin lender in this deal. Thune quite likely has no idea how the margin lenders took seg monies out of MF.

[NativeNewYorker]

...when MF Global went bankrupt, these segregated accounts—that is, the content of those safe deposit boxes—were taken away from their rightful owners—that is, MF Global’s customers—and then used to pay off other creditors: That is, JPMorgan.

http://gonzalolira.blogspot.com/2011/12/run-on-global-banking-systemhow-close.html

[Chode]

burn him...

[Mister Da]

I guarantee Corzine will never see a day of jail, nor pay a fine of any consequence. And if the MFG clients get back anything at all, it will be pennies on the dollar.

[Liz]

ping

[Red_Devil 232]

Thune - “I had the opportunity to ask Corzine and other MF Global executives to provide a situation in which $1.2 billion of customer funds could disappear without any laws or regulations being violated and I received nearly 11 seconds of silence from the panel,”

Look in the White Hut basement. That is how obozo knew he would have a billion raised for his reelection.

[onyx]

Bump

[phillyfanatic]

I want to see the Pubs really go after these two scandals and demand facts to indict in 2012...before the election. No more nice guys or gals trying to go across the aisle to make the Times love them. I am sick of wussy mealy mouth Pubs. That is why I like Newt or even the Ricks.

[PGalt]

BUMP!

[jayrunner]

Picture this—You’re on the Board of Trustees at whatever government district and you ask the CFO or CEO, what happened to 1.2 BILLION. The CFO/CEO says, “Beats me. Don’t know.”

How long would it take for you to call for dismissal and arrest. Yet Corzine says the same thing and nothing happens.

The entire Washington DC scene is so bizarre that I wonder if I’m the crazy one.

[LomanBill]

or even the Ricks.

 

[A free market government has a vested interest in encouraging local enterprise;

--A.Perrywinkler]

http://www.freerepublic.com/focus/news/2789713/posts?page=123#123

 

swin·dle (swndl)

v. swin·dled, swin·dling, swin·dles

v.tr.

1. To cheat or defraud of money or property.

2. To obtain by fraudulent means: swindled money from the company.

v.intr.

To practice fraud as a means of obtaining money or property.

n.

The act or an instance of swindling.

http://www.thefreedictionary.com/swindler

Mozilo's Countrywide had been the first to embrace the homeownership push back in 1995 and had therefore become

a central player in Clinton's public-private partnership.

And since 1998, Countrywide had also become crucial to the fortunes of Fannie Mae, and the personal wealth of Fannie employees who received special mortgage deals from the lender...
--Reckless Endangerment; pg 182

"Angelo Mozilo, thank you"

--Governor Ricar(D)o Perry

--Tuesday, December 14, 2004

http://governor.state.tx.us/news/speech/10202/

Better check that plural "s".