Posted on 01/30/2013 10:36:12 AM PST by rpierce
MF Global’s Bankruptcy Nears a Happy Conclusion
When Mahesh Desai checked his MF Global account 15 months ago, his $580,000 nest egg was gone.
Like thousands of investors and farmers who had their savings with MF Global, Mr. Desai lost his money in the brokerage firm’s chaotic final days. Regulators discovered that $1.6 billion was trapped in a web of improper wire transfers, a stunning breach that sent federal investigators scrambling to build a case.
On Thursday, a bankruptcy court will review a proposal that would return 93 percent of the missing money to customers like Mr. Desai...
(Excerpt) Read more at dealbook.nytimes.com ...
And Jon S. Corzine, the former New Jersey governor who headed MF Global when it collapsed, can now claim some small degree of vindication. The European bonds at the center of a $6.3 billion bet by Mr. Corzine fully paid out when they matured in recent months.
Mr. Corzine, a former chief of Goldman Sachs, has started to regain his footing. He spent the summer on Long Island, traveled to France around the holidays and visited Central America for a humanitarian project involving children, setting up what he hopes will become a broader charitable effort. Mr. Corzine, 66, also spends time with his grandchildren and has office space in Midtown Manhattan, where he writes and trades with his own money.
In the most telling indication that Mr. Corzine is taking steps to put MF Global behind him, he was close to cooperating with Richard Ben Cramer, an author and a Pulitzer Prize-winning reporter, on a biography. Mr. Corzine’s lawyers were in the final stages of negotiating with Mr. Cramer this month when the author died from complications of lung cancer.
So much to say about this, but I thought I'd get the ball rolling.
Why isn’t Corzine in jail ?
The loss is getting down to a number that Corzine could be sued to replace. I hope they do. He is one stupid sob..crook and RAT that should be punished.
He’s a Democrat. I wouldn’t like it if someone stole my money and fled but when caught said “Okay you caught me, I’ll give you 93% of your money back and we’re good” and the cops just let him go.
Apparently because theft and gross violations of all fiduciary responsibility can now be explained away as simply having had the money “trapped in a web of improper wire transfers.”
I find it touching. Corzine and family vacationing in France trying to put all this behind him.
Because he’s a Democrat?
A love piece on Jon Corzine. Gotta re-habilitate his image so he can continue bundling millions for the DNC.
A love piece on Jon Corzine. Gotta re-habilitate his image so he can continue bundling millions for the DNC.
Happy talk, keep talkin’ happy talk,
Talk about things you’d like to do.
You got to have a dream,
If you don’t have a dream
How you gonna have a dream come true?
(Happy Talk - AKA NYTimes Propaganda Devision)
"...at this point, what difference does it make.."
They lost more than 7%.
What has the market done since MF folded?
Oh, so after raiding segregated client accouts to make JPM whole after his personal Eurobond gamble failed the proles may now get back up to 93% of their stolen funds.
And Corzine is now a great humanitarian.
The law says brokers cannot violate the rule of segregation of customer funds. Full stop. No if's, and's, or but's. Fiducuary or non-fiduciary doesn't enter into it. Corzine committed theft of hundreds of millions, and fraud in trying to cover it up.
Sandy Bergers “In a moment of sloppiness”
“The law says brokers cannot violate the rule of segregation of customer funds. Full stop. No if’s, and’s, or but’s. “
Oh but that’s US law, all these “transfers” happened over in London so no laws were broken. At least that’s the fig leaf Corzine is using to keep him and his buddies out of even paying a fine. Don’t look for justice until he’s standing in front of the one true judge as all of NY is a bought off play ground for the bankers. Even the federal judges have been long ago bought off. Still surprised no farmer that suffered heavy loses didn’t take the bastard out but these guys live charmed lives it appears.
The money was transfered from US accounts, owned by US-domiciled customers. The Feds, including the SEC and CFTC, have claimed jurisdiction in much weaker contexts.
“The money was transfered from US accounts, owned by US-domiciled customers. The Feds, including the SEC and CFTC, have claimed jurisdiction in much weaker contexts.”
I did say it was the fig leaf they were using to protect a politically connected thief did I not? Of course if it was you or I that did that we’d be in jail for life plus 30.
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