Enjoy an Ads-Free Jets Insider - Become a Jets Insider VIP!
Page 1 of 2 12 LastLast
Results 1 to 20 of 37

Thread: JON CORZINE, you are so f'ing busted

  1. #1
    All Pro
    Join Date
    Jul 2003
    Posts
    6,118
    Post Thanks / Like

    JON CORZINE, you are so f'ing busted

    Of course they let this story out late on a Friday afternoon (and after Obama has been talking children and Skittles... that clown can't leave office soon enough)...

    [url]http://online.wsj.com/article/SB10001424052702304636404577299923967199372.html[/url]

    [I]on S. Corzine gave "direct instructions" to move $200 million from an MF Global Holdings Ltd. account containing customer funds three days before the securities firm collapsed, according to an employee email reviewed by congressional investigators.[/I]

  2. #2
    All League
    Join Date
    Apr 2003
    Posts
    2,848
    Post Thanks / Like
    :jailbird:

    :jets17

  3. #3
    Jets Insider VIP
    Join Date
    Sep 2005
    Location
    NC
    Posts
    18,231
    Post Thanks / Like
    [QUOTE=sackdance;4414266]Of course they let this story out late on a Friday afternoon (and after Obama has been talking children and Skittles... that clown can't leave office soon enough)...

    [url]http://online.wsj.com/article/SB10001424052702304636404577299923967199372.html[/url]

    [I]on S. Corzine gave "direct instructions" to move $200 million from an MF Global Holdings Ltd. account containing customer funds three days before the securities firm collapsed, according to an employee email reviewed by congressional investigators.[/I][/QUOTE]

    Just like a lib runs government....take other peoples money.

  4. #4
    Hall Of Fame
    Join Date
    May 2009
    Location
    In Morris Co., N.J. at the right end of a Browning 12 gauge
    Posts
    16,021
    Post Thanks / Like
    Old news.

  5. #5
    Jets Insider VIP
    Join Date
    Jan 2005
    Posts
    14,367
    Post Thanks / Like
    [QUOTE=southparkcpa;4414539]Just like a lib runs government....take other peoples money.[/QUOTE]

    Gee, I wonder where Corzine became rich?

  6. #6
    All League
    Join Date
    Dec 2007
    Location
    NYC
    Posts
    3,144
    Post Thanks / Like
    [QUOTE=cr726;4414563]Gee, I wonder where Corzine became rich?[/QUOTE]

    plenty of Dem supporters on Wall Street...though a helluva lot less now under the anti-business Obama. Clinton (in his second term, under Gingrich's tutelage) for example, was a very effective Prez on the domestic business front.

  7. #7
    All Pro
    Join Date
    Jul 2003
    Posts
    6,118
    Post Thanks / Like
    [QUOTE=Apache 51;4414543]Old news.[/QUOTE]
    The hell are you talking about?

    Corzine is looking at perjury charges - he's been 100% lying.

    The story broke yesterday (not coincidentally) as the workweek ended.

    Read the content before making an ignorant remark next time.

  8. #8
    Jets Insider VIP
    Join Date
    Jan 2005
    Posts
    14,367
    Post Thanks / Like
    [QUOTE=Tucker134;4414582]plenty of Dem supporters on Wall Street...though a helluva lot less now under the anti-business Obama. Clinton (in his second term, under Gingrich's tutelage) for example, was a very effective Prez on the domestic business front.[/QUOTE]

    1975 -1999 at GOLDMAN SACHS had nothing to do with his wealth?

  9. #9
    Jets Insider VIP
    Join Date
    Jan 2005
    Posts
    14,367
    Post Thanks / Like
    [QUOTE=sackdance;4414616]The hell are you talking about?

    Corzine is looking at perjury charges - he's been 100% lying.

    The story broke yesterday (not coincidentally) as the workweek ended.

    Read the content before making an ignorant remark next time.[/QUOTE]


    Corzine is an absolute idiot and should be put in jail for a long time.

  10. #10
    All League
    Join Date
    Jan 2006
    Location
    East of the Jordan, West of the Rock of Gibraltar
    Posts
    4,686
    Post Thanks / Like
    IF this is true Corzine should go to prison.

  11. #11
    All League
    Join Date
    Jan 2006
    Location
    East of the Jordan, West of the Rock of Gibraltar
    Posts
    4,686
    Post Thanks / Like
    From Bloomberg news. For those of you without a WSJ account

    [URL="http://www.bloomberg.com/news/2012-03-23/mf-global-s-corzine-ordered-funds-moved-to-jpmorgan-memo-says.html"]http://www.bloomberg.com/news/2012-03-23/mf-global-s-corzine-ordered-funds-moved-to-jpmorgan-memo-says.html[/URL]


    This is what i infer from the story:

    There is an email from Edith O’Brien - the Treasurer of MFGLQ that states she was told by "JC" to use customer funds.

    Previously in Congressional testimony Corzine pointed his finger at O’Brien.

    He said, she said.

    This is going to be interesting.




    [QUOTE]

    Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave [B]“direct instructions”[/B] to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators.

    [B]Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News.[/B] The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says. [B]The memo does not indicate whether that phrase was the full text of the e-mail or an excerpt.
    [/B]

    O’Brien’s internal e-mail was sent as the New York-based broker found intraday credit lines limited by JPMorgan, the firm’s clearing bank as well as one of its custodian banks for segregated customer funds, according to the memo, which was prepared for a March 28 House Financial Services subcommittee hearing on the firm’s collapse. O’Brien is scheduled to testify at the hearing after being subpoenaed this week.

    “Over the course of that week, MF Global (MFGLQ)’s financial position deteriorated, but the firm represented to its regulators and self-regulatory organizations that its customers’ segregated funds were safe,” said the memo, written by Financial Services Committee staff and sent to lawmakers.

    [B]Steven Goldberg, a spokesman for Corzine, said in a statement that Corzine “never gave any instruction to misuse customer funds and never intended anyone at MF Global to misuse customer funds.”[/B]

    JPMorgan Overdraft

    Vinay Mahajan, global treasurer of MF Global Holdings, wrote an e-mail on Oct. 28 that said JPMorgan was “holding up vital business in the U.S. as a result” of the overdrawn account, which had to be “fully funded ASAP,” according to the memo.

    Barry Zubrow, JPMorgan’s chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated. The letter was not returned to JPMorgan, the memo said.

    The money transferred came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds.

    Corzine Testimony

    Corzine, 65, in testimony in front of the House panel in December, said he did not order any improper transfer of customer funds. Corzine also testified that he never intended a misuse of customer funds at MF Global, and that he doesn’t know where client funds went.

    [B]“I never gave any instruction to misuse customer funds, I never intended anyone at MF Global to misuse customer funds and I don’t believe that anything I said could reasonably have been interpreted as an instruction to misuse customer funds,” Corzine told lawmakers in December.[/B]

    In his statement, Goldberg said Corzine did not specify which funds should be used to replenish the JPMorgan account.

    [B]“He never directed Ms. O’Brien or anyone else regarding which account should be used to cure the overdrafts, and he never directed that customer funds should be used for that purpose,” Goldberg said. “Nor was he informed that customer funds had been used for that purpose.” [/B]

    $1.6-Billion Shortfall

    The bankruptcy trustee overseeing the liquidation of the company’s brokerage subsidiary has estimated a $1.6-billion shortfall between customer claims and assets available.

    Lawmakers and investigators from the Commodity Futures Trading Commission, Securities and Exchange Commission and Department of Justice have been reviewing events leading up to MF Global’s bankruptcy filing. Executives including Corzine, a Democrat who served in the Senate before he was elected governor of New Jersey, gave testimony on the collapse at three congressional hearings last year.

    [B]“If client funds were transferred at his direction, it raises new questions,” Seth Berenzweig, managing partner at Berenzweig Leonard LLP, a law firm in McLean, Virginia, said in an interview with Bloomberg Television. “This is a new storm cloud that is now headed for Jon Corzine and it raises a lot of issues.” [/B]

    Representative Randy Neugebauer, a Texas Republican and chairman of the Financial Services oversight and investigations subcommittee, is preparing a final report on his investigation into the firm’s failure.

    ‘What Went Wrong’

    “One of the goals of our investigation is not only to find out where the money went but to identify what went wrong in order to prevent this from happening again,” Neugebauer said in a statement.

    O’Brien is scheduled to appear before lawmakers with Christine Serwinski and Laurie Ferber, two other MF Global executives named by Corzine as being involved in the transaction, according to the memo. Henri Steenkamp , the firm’s chief financial officer, is also scheduled to testify, as is a representative from JPMorgan who has not yet been identified.

    MF Global and its brokerage sought Chapter 11 bankruptcy after a $6.3 billion bet on the bonds of some of Europe’s most indebted nations prompted regulator concerns and a credit rating downgrade. Corzine quit MF Global Nov. 4.

    [B]During his testimony, [U]O’Brien was identified by Corzine as someone with knowledge of a transfer of funds from customer accounts [/U]before the firm sought bankruptcy protection Oct. 31. [/B]

    Reid H. Weingarten, O’Brien’s lawyer, did not immediately respond to a phone call and e-mail seeking comment.

    The memo’s account of the e-mail exchanges aligns with what Terrence Duffy, the executive chairman at CME Group Inc. (CME), told lawmakers during a December congressional hearing. Auditors at CME, which had authority to oversee MF Global, learned from an employee of the brokerage that Corzine knew about the loans involving a European affiliate, Duffy told committee members.

    To contact the reporters on this story: Phil Mattingly in Washington at [email]pmattingly@bloomberg.net[/email]; Silla Brush in Washington at [email]sbrush@bloomberg.net[/email]

    To contact the editor responsible for this story: Maura Reynolds at [email]mreynolds34@bloomberg.net[/email]
    [/QUOTE]

  12. #12
    Board Moderator
    Jets Insider VIP
    Charter JI Member

    Join Date
    May 1999
    Posts
    5,251
    Post Thanks / Like
    [QUOTE=Buster;4414849]IF this is true Corzine should go to prison.[/QUOTE]

    +1

    You know what's incredible (to me, anyway)?

    This guy was ran two of the most famous financial institutions in history, was a U.S. Senator, and the Governor of the State of NJ, and leaves absolutely no positive legacy behind. In those very prestigious positions he will be remembered for doing nothing at all positive. Amazing.

  13. #13
    All League
    Join Date
    Feb 2005
    Posts
    4,737
    Post Thanks / Like
    [QUOTE=cr726;4414629]1975 -1999 at GOLDMAN SACHS had nothing to do with his wealth?[/QUOTE]

    Yes that company a company to big to fail. I believe Geitner worked there to!

  14. #14
    Jets Insider VIP
    Join Date
    Sep 2005
    Location
    NC
    Posts
    18,231
    Post Thanks / Like
    [QUOTE=Bonhomme Richard;4414993]+1

    You know what's incredible (to me, anyway)?

    This guy was ran two of the most famous financial institutions in history, was a U.S. Senator, and the Governor of the State of NJ, and leaves absolutely no positive legacy behind. In those very prestigious positions he will be remembered for doing nothing at all positive. Amazing.[/QUOTE]


    His legacy is that of a hypocrit. Earns billions in the private sector, leaves to become a politician to tell us all how we should live and signs legislation that drives up NJ taxes and literally blindsides the middle class and when the soup gets hot, cheats his customers.

  15. #15
    Jets Insider VIP
    Join Date
    Jan 2005
    Posts
    14,367
    Post Thanks / Like
    [QUOTE=Bonhomme Richard;4414993]+1

    You know what's incredible (to me, anyway)?

    This guy was ran two of the most famous financial institutions in history, was a U.S. Senator, and the Governor of the State of NJ, and leaves absolutely no positive legacy behind. In those very prestigious positions he will be remembered for doing nothing at all positive. Amazing.[/QUOTE]

    You're dead on.

  16. #16
    All Pro
    Join Date
    Jul 2003
    Posts
    6,118
    Post Thanks / Like
    [QUOTE=Bonhomme Richard;4414993]+1

    You know what's incredible (to me, anyway)?

    This guy was ran two of the most famous financial institutions in history, was a U.S. Senator, and the Governor of the State of NJ, and leaves absolutely no positive legacy behind. In those very prestigious positions he will be remembered for doing nothing at all positive. Amazing.[/QUOTE]
    Well, Occupy Wall Street certainly seems to forgot the man ever existed.

    Wonder why.

  17. #17
    Hall Of Fame
    Join Date
    May 2009
    Location
    In Morris Co., N.J. at the right end of a Browning 12 gauge
    Posts
    16,021
    Post Thanks / Like
    [QUOTE=sackdance;4414616]The hell are you talking about?

    Corzine is looking at perjury charges - he's been 100% lying.

    The story broke yesterday (not coincidentally) as the workweek ended.

    Read the content before making an ignorant remark next time.[/QUOTE]
    He used to work for Goldman, lived here in Summit, old news.

  18. #18
    All Pro
    Join Date
    Aug 2004
    Posts
    6,889
    Post Thanks / Like
    [QUOTE=cr726;4414629]1975 -1999 at GOLDMAN SACHS had nothing to do with his wealth?[/QUOTE]

    1969 - 1975 USMCR attained the rank of SGT:yes:

  19. #19
    All Pro
    Join Date
    Jul 2003
    Posts
    6,118
    Post Thanks / Like
    [QUOTE=Apache 51;4415193]He used to work for Goldman, lived here in Summit, old news.[/QUOTE]
    Wait. CORZINE ONCE WORKED FOR GOLDMAN?

    What else do you know Apache? More insight, please!

  20. #20
    Hall Of Fame
    Join Date
    May 2009
    Location
    In Morris Co., N.J. at the right end of a Browning 12 gauge
    Posts
    16,021
    Post Thanks / Like
    [QUOTE=sackdance;4415203]Wait. CORZINE ONCE WORKED FOR GOLDMAN?

    What else do you know Apache? More insight, please![/QUOTE]

    I'm no rat.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Follow Us