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Corzine is Going to be the Best Show Since Watergate
Corzine is Going to be the Best Show Since Watergate
Courtesy of Russ Winter of Winter Watch at Wall Street Examiner
Finally after five months of investigations comes the Jon Corzine MF Global bombshell Friday [Bloomberg: Corzine Ordered Funds Moved to JP Morgan]. The Bloomberg article references an e-mail written by Edith O’Brien, the assistant Treasurer at MF Global and a memo written by congressional staffers. A few aspects are of note: first that Corzine “gave direct instructions” to transfer $200 million in segregated consumer funds to JP Morgan for payment on an overdraft and used a lower level functionary O’Brien to carry it out. Then in a clear violation of fiduciary responsibility JP Morgan’s risk officer asked MF Global for a letter stating these funds were not customer segregated accounts, but then took the money anyway. The chief counsel for MF Global nixed the letter JPM sent over as “too strong”.
O”Brien is to testify before Congress on Wednesday, but will plead the Fifth. This suggests she has not been offered a deal, or immunity.
The captured regulatory agencies have not weighed in on this now nearly five months after this historic crime. On the overall issue of fraud and regulatory capture, view this Max Keiser and Mark Melin clip.
The Corzine ties into the labyrinth of the Obama Administration are dark and deep. It is a virtual 6 degrees of Kevin Bacon sistema (the word used for this form of government in Brazil) and in every sense of the word a criminal enterprise. Here are various clips of Obama and Biden heaping praise on Jon Corzine.
This is what Obama says about Jon Corzine. I can see why Obama likes him so much. They both have the same moral compass.
“Like many of us in public life today, Jon is a leader who’s been called to govern in some extraordinary times. He’s been tested by the worst recession in half a century — a recession that was caused by years of recklessness and irresponsibility and a do-nothing attitude. It was caused by the same small thinking that has plagued our politics for decades — the kind of thinking that says we can afford to just tinker around with our problems, we can put off the tough decisions, defer the big challenges. We can just tell people what they want to hear instead of what they need to hear. Well that’s not the kind of leader that Jon Corzine is.”– Barack Obama, July 2009
.
-and “John Corzine is the smartest man in the room”….Joe Biden
It is hard for me to imagine that Obama can shuck and jive this one. Is he really going to revert to his shameful 60 minutes interview where he makes excuses for criminal conduct on Wall Street and twists the logic around to make himself look righteous. I have to think he may just turn the dogs loose on Corzine, but where does that lead? Corzine was more than a fund bundler, crony, and influence peddler. He was instrumental in stacking the Obama administration with his associates. What happens with CFTC apparatchik and former Corzine employee at Goldman Sachs, Gary Gensler for example? CFTC was charged with regulating MF Global. What about Eric “Empty Suit” Holder, Obama’s attorney general, who never met a Wall Street crime he didn’t like? And what about JP Morgan’s role in this? This should and might be the biggest story since Watergate. My favorite from the wag comment gallery: “Can we possibly take down Corzine, JP Morgan, and Obama all in one fell swoop? No way my life gets that good!!! No way.”
This will also be the supreme test of the two-tiered Justice system in this country. I am certain that Corzine will claim:
1. There was only an alleged call, no email from Corzine?
2. No form returned to JPMorgan?
3. Did JPM allow the transfer illegally?
4. And “Segregated accounts can include customer money and excess company funds.” So if he did want the money transfered did someone mess up and not transfer just company funds?
Still
1) Ignorance of the law is not a valid defense.
2) The violation of fiduciary duty could result in civil liability, even if Corzine is not criminally liable.

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Imagine , if you will, that photo of JC with Bush or Cheney, and every lib fucktard in this solar system would be foaming at the mouth for justice. That they haven't said a fucking word, because he's a bundler doing God's work for Chalky Soetero, tells you everything you need to know about lib hypocrisy. That real people got cheated out of their trading accounts bothers nobody including the Lame Stream Media.
http://vegasxau.blogspot.com
It would be THE story till after the election.
If Obama had a son he would look and act like Corzine.
But its first name would be Leshawn.
"WASHINGTON (Reuters) - Former MF Global official Edith O'Brien said in an October 2011 email that CEO Jon Corzine gave "direct instructions" to transfer $200 million from a customer account to cover an overdraft in a JPMorgan account in London, according to a congressional memo released on Friday."
http://finance.yahoo.com/news/ex-mf-global-official-corzine-212016302.ht...
Out of the $1,600,000,000 missing, $200,000,000 is finally accounted for as having been transferred to JPMorgan. Unfortunately, that's all that has been agreed upon to ever be accounted for. The $200,000,000 will be returned to MF Global clients...YIPPEE!! Finally, the clients get something back, the system worked...everyone is thrilled...my gosh, people are so gullible. (BONUS question: who gets to keep the other $1,400,000,000?)
That's the bonus pool for the remaining executives.
I am sure they earned it the old fashioned way, they stole that too.
“Can we possibly take down Corzine, JP Morgan, and Obama all in one fell swoop?”
This would be nirvana.
"I have to think he may just turn the dogs loose on Corzine, but where does that lead? "
you are a fucktard. corzine walks - he is a bush crime syndicate crony and this is their operation....no one fucks with the bcs and lives to tell about it....which is why i believe that ms o'brien may end up dying in an "accident" before wednesday morning - just the same way that george demohrenshildt committed "suicide" before george, sr ordered him murdered prior to his appearance before hsca....
Remember the list of about 20 friends of Bill Clinton going back to his Arkansas/CIA drug dealing days...when the SHTF, when the walls closed in on Bill's felonious crimes, every single one of Clinton's past crime syndicate buddies died including:
1. Suicide on train tracks.
2. Suicide by shotgun to the back of the head.
3. A group shot dead, professional execution style, in the back of Starbucks, no robbery/no motive.
As obvious as the Mossad assasinating JFK for forbidding the Rabbis from going nuclear...
Truth, so much stranger than fiction.
Enjoy your "Hunger Games" distraction sheeple...
TPTB willingly murder millions world wide for their insatiable Machiavelian dreams of wealth and power. Anyone doubting they'd take down a couple of high-rises and murder 3k neighbors for the same purpose makes less sense than a schizophrenic episode.
They finally disclosed just a few years ago that the Lusitania had war cannons just as the "enemy" claimed after they sank it. Yet the "allies" and Briton knowingly lied, claimed it was civilian use only, and used the lie to justify war.
Earth to suckers: there's nothing new under the sun.
multiply by 5: @http://arkancide.com
I have a dog in this fight as they still owe me money.
The week after this went down I stated that they would drag this thing out, slowly make customers whole and nothing would happen to the criminals....because folks were made whole...why not? They printed TRILLIONS to make the banks whole, who cares about a billion? cntrl P.
i was wrong. I underestimated the nature of the pigs.
And that is the point. Say whatever slur you want, but these cheap, greedy bastards would not cough up the last 28% to get customers whole. "I never pay retail for anything! Including immunity."
Oh, I forgot to mention those three different offers from various legal outfits with similar last names to "buy" the last 28% at discount...right....
I did what I always do, RTS.
Jesus, get some payback. They overplayed their hand.
I too have one of those 28% claims and have been offered 50% of the rest of my money beofre this news came out. I think I will sit tight for a while since there might be more money on the table soon. Now I am thinking I want every dime back plus damages.
By AZAM AHMED and BEN PROTESS
March 23, 2012, 6:19 pm
New details have emerged about MF Global’s chaotic final days and a critical transfer of customer money that has become a central focus in the wide-ranging federal investigation into the firm’s collapse.
In a memo prepared for a coming Congressional hearing, investigators described how Jon S. Corzine, the firm’s former chief executive and former New Jersey governor, asked an executive in the Chicago office to transfer $200 million to replenish an overdrawn account at JPMorgan Chase in London.
The Congressional memo cites an e-mail from the Chicago employee, Edith O’Brien, who authorized the transfer, saying it was “Per JC’s direct instructions,” referring to Mr. Corzine.
At first, the revelation fueled speculation that Mr. Corzine had instructed the transfer of customer funds, despite his assertions to the contrary. But it appears to be no smoking gun.
While the memo makes clear that Mr. Corzine was involved in patching the overdraft, it does not indicate that he requested the funds be drawn from customer accounts. He asked only that the overdraft be fixed. And in a footnote, the memo noted that futures brokerage firms like MF Global frequently deposit firm money into customer accounts and may withdraw it at will. (Do they? Do they frequently deposit their own money into customer accounts? Is that what this memo really says? - Jesse)
While the memo makes clear that Mr. Corzine was involved in patching the overdraft, it does not indicate that he requested the funds be drawn from customer accounts. He asked only that the overdraft be fixed. And in a footnote, the memo noted that futures brokerage firms like MF Global frequently deposit firm money into customer accounts and may withdraw it at will.
In a statement on Friday, a spokesman for Mr. Corzine said the former chief executive stood by his earlier testimony before Congress. In December, Mr. Corzine told lawmakers that he did not authorize the illicit transfer of customer money.
“I never gave any instructions to misuse customer money, never intended to give any instructions or authority to misuse customer funds, and I find it very hard to understand how anyone could misconstrue what I’ve said as a way to misuse customer money,” Mr. Corzine, a Democrat who also served in the Senate, said before the Senate Agriculture Committee.
The spokesman, Steven Goldberg, added that Mr. Corzine “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. Nor was he informed that customer funds had been used for that purpose...”
Read the rest here.
Obviously, TPTB are hoping this will go away. Obama is no Clinton, and he can't suicide folks. Obama's a pussilanimous,naive, wannabe. You know, the type that shows up after the bully has been beaten and then claims responsibility....
I don't think this story goes away. I think Deepthroat is talking and I think the alternative media is now doing the job that the lamestream media did 40 years ago. It took almost a year for Watergate story to gain legs. This will accelerate.
Obama can't get tough because it would reveal too much. Who knows, maybe Dimon has death threats on everyone.
There is too much evidence, now. DOJ doing nothing reveals everything, doing something reveals more....and the truth shall set you free. Freedom may not include re-election.
If I were Corzine, I wouldn't go in public. Their is a lot of "Audi, aw shucks, the damn pedal stuck again Syndrome" going around...just look for the big dopey, 60 year old Sasquatch with prison pussy on his face cruising hoboken....
obama is naive???
haha you know obama worked for CIA as his first job?
Corzine is circus to maintain illusion of due diligence while big dogs at Goldman get away.
Yeah, The Clinton's were much more entertaining in that respect. To this day Madame Hillary cackles when someone dies (to wit "We came, we saw, he died" remark of a few months ago and similar comments on other deaths).
Big O just drones you and then drones on about why it had to be done.
I am a supporter of Buddy Roemer's Americans Elect bid. People get a load of him watch out. http://www.youtube.com/user/BuddyRoemerVids
I think Corzine's reputation has been "vaporized"
Thamesford
I think Corzine's reputation has been "vaporized"
Comment:
I always viewed Corzine as a left wing thug as most politicians are. I think his reputation has been verified.
The inquiry will be a hoot.
Like has been mentioned, usually congressional investigations don't ask questions they don't already have the answers to.
I want to see that little ASSWIPE Gensler grilled, and I want his and JC's phone records released.
Gensler made one call on a "fishing expedition" to se if the looted customer accounts had been discovered and got the fuck out of Dodge when he could.
JPM should be made to return the funds, given the letter was never received "sterilizing" the funds, which they (JPM) demanded.
Don't worry, the babes on RT (Alyona & Lauren) have this covered. Shame you can only get serious reporting on US politics and finance from foreign outlets like RT and the Brit newspapers.
In the 70's we joked about Russian media and obvious mis-information ("everyone eats stale, expensive bread").....and here we are 40 years later and RT.com is seeen as an oasis of truth and Fox is faux, MSNBC is a circus, and CNN is well, whatever....it is a shameful, obscene joke.
"and the poets down here don't write nothing at all, they just stand back and let it all be,,,,"
+1! I know its part of Russian Putin propaganda.....but man, they do a good job with the "talent' of the hires over there!
Corzine will get off, mark my words. You don't get that close to TPTB and not get away with the fiscal eqivalent of finanical murder.
Funny thing is, I wish the Republican candidate (will be Romney, obv) could hammer Obama on his association with this clown, but it won't have the balls to because......he's in the same boat with these plutocrat assholes! FOX/CNN/MSNBC are all really the same channel...minus a few personalities that they bury in shitty time slots (Dylan Ratigan at 4pm? Judge Napolitano at on weekdays, on weekends at 1pm?).
That's why I wanted Ron Paul to win. I don't agree 100% with his policies......but he would of had the free reign to go after the established pols with this type of evidence.
But Pual's an outsider. And outsiders don't win presidental elections.......unless of course, an uprising occurs with a 3rd party that is NOT infiltrated by corporate cash and influence.
I just hope the day I get interviewed by Lauren Lyster that she is wearing one of those minis while on that perch.
Keep dreamin' dude, but I hear Michelle Malkin is available.
Mitt Zombie can't say "jack" because he would loose all of his $bankster$ cash support.
Visit Opensecrets.org! The current White Hut occupant got more WallStreet,Banker and Elite(Silicon Valley/HedgeFund) bucks, than any Republican! Stocks may be up,but this is the worst "recovery in U.S. history(fact).
No hock, sherlock! I have to get all my news from overseas. Asia Times is good, and so is http://www.voltairenet.org/en, altho they have a more socialist perspective, but they are still great at ferreting out the truth. Thierry Maison was one of the first reporters to break the phony O'Blowme war against his "friend", Moamar.
The US media is a huge whorehouse of O'Blowme stooges, drunks and liars.
I see a great future for O'Blowme as a mass murdering psychopath.
“John Corzine is the smartest man in the room”….Joe Biden
Corzine and Biden were the only 2 in the room at the time? Ah yeah - and they always said Ted Bundy was the most charming man in the room...
My prediction - There will be no great show - The administration can't afford to put Corzine on the block because he's an insider with too much info. Corzine will go down quiety. He will either meet the heart attack gun or he will be reported as dead (while he and all of the dirt he knows will be whisked off with a bunch o'money to some quiet island...with a slighly altered appearance (lucky for that fugly mug). Corzine will not spill his guts and there will be no "great show" - he knows too much as he's an O'Golfer insider.
JP Morgan will then get a nominal fine for not speaking up about the "lost" funds. Their due diligence staff should've been aware that MF was in a hole and they should've investigated the source of the funds Corzine was giving over to them (the firm was obviously going down and suddently transfers over huge cash? I don't think so --. My 11 year old would've smelled that stink.)
So, wrist slap for JP. They knew (as did the goobermint and the SEC) all along where the MF funds were and they had a reasonable suspicion as to the source. Afterwards? No one was talking (JP never jumped up and said, "Hey, we think we have those funds") -- not until a directive came from the top. The goobermint then scrambled to figure out what to do-- this is so ridiculous - there was a clear transfer on two firms' records. In the meantime, they filled the media with a little dog & pony show until TPTB could figure out how to minimize the impact in the meantime while at the same time devising some pretender punishments.
Geez, notice the current HUSH-HUSH in the MSM? Not a word - no predictions - nothing. Just a little blurb...otherwise all hush-hush. Holder is on the teen murder case (which by compariosn has wild media coverage) and O'Bama is suddenly Pipeline hero (gag), he's on the FL teen murder case - oh and he's busy on his re-election. It must be exhausting being him...campaigning while covering up all that muck.
CoolBeans
“John Corzine is the smartest man in the room”….Joe Biden
Comment:
Just a reminder because I know you already know. The above comment is true. It's only because Biden and the rest are really morons, yes even dumber than Corzine.
The Wall Street Journal already addressed the lost funds. They were vaporized. Move along, nothing to see there.
Hard to believe no one has been discovered "suicided" yet over this.
So, like, uh, shouldn't have JPM done a Suspicious Activity Report?
No, that's only for muppets.
Ok, here's a test for those people who think there actually is a difference between Right and Left, Repug and Demo:
John Corzine - known Dem, Fmr Gov of NJ, fundraiser, Barack-buddy, fraud and thief.
Why aren't they hangin' this guy around Barack Obama's neck - every single day. JC defrauded "little guys" in addition to some "medium guys". They have BO's Administration's fingerprints all over this guy. His best-est buddies are all BO's boyz.
And yet - Fox News isn't saying "boo". Congress is meandering around the investigation and doing their best not to make headlines.
People that believe that when it actually counts there is a lick of difference have to be some of the most delusional folks on the planet.
How about a simple question - what kind of company makes a non-routine transaction that moves $200 million dollars (regardless of the source of the funds) on the basis of a phone call? No paper trail...confirmational email, signoff, etc. to an assistant treasurer? What's the matter - did the CFO have the day off in the middle of a liquidity crunch? Where was the actual Treasurer? Who the fuck runs a company this way - other than a criminal?
The "elite" board - where the fuck were they? Were they consulted before the big gamble - I mean bet - err - investment? When it started going south - did they have a meeting? When Corzine wanted to merge/sell/etc. - were they all "hangin' in the Hamptons?
Disgusting pieces of shit - all of them.
Well, Barry X has the congress by the balls now. He can NDAA any of them via "suicide," "disappearance," or if he's having a bad day, a hellfire missile from one of his Flying Monkey Drones.
Here's your problem, you're thinking that the people who are "supposed" to be "protecting" the American people and upholding the "rule of law" and the Constitution DON'T work for the CRIMINALS. Unfortunetly you're WRONG. THEY ALL ARE IN THIS TOGETHER. The congressthief and senateliar that's questioning the "HONORABLE" Jon Cockzine is his drinking budday at the bar 3 hours later.. So you're thinking laws and rules and lawyers and courts and hearings and all this BULLSHIT is going to acrually dispense some type of JUSTICE based on the RULE OF LAW? HAAAAAAAAAAAAAAA. The sooner we the sheeple figure out there is NO rule of law the better. Stop paying taxes. Stop allowing cops to dispense "justice" it's THEIR law NOT ours. They don't play by the rules then neither do we. We need a way to organize LARGE crowds of people who turn into lynchmobs and then decide to fgo and HANG guys like Cockzine, THAT'S OUR STRENGTH. And THAT'S ALL we have as the "system" is corrupted.
it is not all black or white.
There is no reason for elites to keep justice system 100% just.
As long as system is 51% good and 49% corruption, it is acceptable by the populace. Elites will use that 49% to achieve their own objectives.
Ifyou think anything is going to happen to any of these guys then you don't know the power of Jamie Dimon's telephone. I'm sure he has the number of every congressthief and senateliar on his speed dial. Heck he'll just leave a voicemail, "do anything and I'll nail your knees to the floor, burn your house down, kill your whole family, and put one behind your ear. Actually, that sounds pretty good to me. After Jamie's done with all the politician, for which we thank him, then the lynchmobs can come for him.
I think you have the "burn the house down, kill you whole family" etc, a little misplaced. That is the communist manifesto of O.W.S. and Corzine will get the justice he so badly deserves!
Corzine is a piece of dog excrement and as such MUST dry up and rot in jail!
This progressive / Fabian Socialist will finally get his just rewards!
He can NOT escape this and if the scales of justice are perverted even more than this radical progressive administration has already bastardizied it, our republic has no chance!
This is a perfect case to reinstall the founding fathers belief in this republic, for which it stands with liberty and justice for all!
No God be damned "Social Justice", that would surly see Corzine skate, but "EQUAL JUSTICE", the kind that demands Corzine do Jail time!
May the good lord watch over this fragile little experiment in freedom / man's self rule we call America
Jerry
Jamie and his JPM Shysters on the stand will be a great sequel to Corzine.
"vaporize", please. Even I knew it was sitting in JPM.
Time to send it back.
Clawback, bitchez!
"It is hard for me to imagine that Obama can shuck and jive this one"
That is because you are not a pathological liar
Russ is going to be called a racist for merely criticizing Obama ... using the phrase "shucking and jiving" is simply pouring gas on that fire.
Well, then let;s throw around that "Slut" word (like ol' Rush). Corzine, et. al. are O'Bummer's sluts.
remember Goldman (Corzine) owns Obama and not the other way around. yes, slavery is still very much with us. it's just gotten incredibly upscale. as in NBA.
The link to the Cenk Uygur piece that showed Obama saying nothing illegal occurred was a compelling glimpse of a smirking sociopath at work:
http://www.youtube.com/watch?v=tUBUw3e2Gk4
Love that retort from Cenk....Max Keiser echoed similiar sentiments:
"He's is Air Force One, from 40 thousand feet, smoking a joint waiting on his tee time while these crooks get away with murder!"
http://www.youtube.com/watch?v=oQLAkJCWQN0
Reminiscent of Al Gore's "No controlling legal authority" speech after being caught making fund-raising calls from the executive offices, 'cept that Gore was excusing himself from the law. Here we see a President beholden to excusing a higher power.