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 ...
Im wondering what happened to my money also
The problem with institutional robbery is that pretty soon you run out of other peoples money to steal.
Do you know where your money is?
My son remarked yesterday that the reason Corzine was able to take over MF and loot it to death was precisely because he knew, as a connected, big-time Democrat politician and donor, he could do so and get away with it completely. I hate to break this to you, but Corzine will not be held responsible. Unless they can pin something - anything - on some nondescript underling, nobody will be held responsible. That money is in the wind and I have no doubt Corzine stole it.
(shrug) Oh well..
Speaking of the acronym — MF... much as we like to make a joke out of it, MF actually stands of MANN FINANCIAL.
MF Global traces its roots to the sugar trading business started by James Mann in England in 1783, which evolved into broader commodities trading before its later transformation into a financial services business during the 1980s.
Its former parent, then known as ED&F Mann, diversified from pure cash commodities into commodity futures in the late 1970s, and established the Anderson Man futures brokerage in 1981. It later changed its name to ED&F Mann International and then Mann Financial, before adopting the current brand following the IPO and separation of the brokerage from the asset management operation.
Jon Corzine has the unenviable record of taking only 2 years to destroy a company that existed before our Constitution was formed.
Of a certain Corzine actually.
****** “Cool! Now we all know what to tell the IRS!” ******
Exactly!
I recently got a Ticket from the Fish and Game folks cause my Fishing License had expired, then I screwed up and paid the fine ... when all I had to do was just say “I didn’t know”
Even though I didn’t know it had expired ... I never thought for a second that it would make a difference in the outcome.
TT
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