Bottom line is that Top 0.1% golden boy and MF Global CEO Jon Corzine appears to have used customer funds to pay off the firm’s losses in bets made with its own money.)
Americablog has much more.
| |||||
CME Group Executive Chairman Terry Duffy testified and indicated John Corzine authorized the transfer of consumer funds to the firm’s trading accounts. If witnesses and evidence collaborate Duffy’s testimony, Corzine should face a charge of lying before Congress and other criminal charges. Corzine has friends in high places. Maybe he will be thrown to the [...] His obsession with trading was apparent to MF Global insiders over his 19-month tenure. Mr. Corzine compulsively traded for the firm on his BlackBerry during meetings. This makes his Sgt. Schultz “I know nothing” stance untenable. And really, the CEO shouldn’t be trading during meetings, if at all. Maybe he needs Gamblers Anonymous? Ex MF Global CEO Jon Corsine did not tell Congress he didn’t break rules, just that he didn’t mean to. Which leaves him much weasel room, should it be shown he did. Yet Sarbanes-Oxley requires that CEOs sign off on financial matters. Ignorance is not an excuse, except perhaps for Corsine, who is an [...] Zero Hedge makes the case Further, from the numerous conflations and generalizations in the paragraphs above that allow, for among other things, payments to non-US affiliates, it is possible that the looting of MF Global customer funds continues to this day. We wonder if this is why the MF Global trustee continually revises upwards [...] Why it was just a few days ago the feds were saying a mere $600 million had vanished out of supposedly safe MF Global customer accounts. Apparently the feds are no longer capable of counting, as the amount is now estimated at $3 billion. Worse, the trustee says former customers will now get a mere [...] Three weeks after MF Global cratered and nearly $600 million vanished into the ether out of supposedly sacrosanct customer accounts, hundreds of regulators and criminal investigators say they still have no freaking idea what happened or where the money went. Multiple choice test. That $600 million can disappear a) is just one of those things [...] Several days after the bankruptcy, there’s still no word on where the missing money is. Tracking where it went should be straightforward enough for examiners with access to the brokerage account records. Yet it’s anything but that. The $593 million shortfall in client money at MF Global Holdings Ltd., the broker that filed for [...] A commodities trader demands an answer to where the money went. Dear Congress: ‘I Have Hundreds Of Thousands Stuck At MF Global, And I Demand You Investigate The Following’ My name is Andrew Abraham from Abraham Investment Management . I am a commodity trading advisor. I have been investing in commodities for 17 years. I [...] When their clients began getting an idea that MF Global was going down, they requested their money be transferred elsewhere. Instead of wiring the money, MF sent them checks by snail mail. Now, of course, the checks are bouncing. In the end, the issue of bad checks may pale in comparison to the missing [...] |  | ||||
Copyright © 2012 Politics in the Zeros - All Rights Reserved | |||||
Recent Comments