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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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Edith - good luck you will need it. I pray that Obama will remember to pardon you at the same time he pardons Jon - but I won't expect it. I hope you have a very thick CYA file stashed away. Although if you had one it would have become large enough that it would have been a sign to quit! There was obviously a moment to quit the ponzi and it was before you sent the email to shift those funds.
I doubt the O'Brians belong to the same synagogue and Kosher Nostra crime family as the rest of the executives. She should probably be put on a suicide watch.
Where are the "Occupy Wall Street" folks screaming?
I don't see them.
Go figure.
There are a few in the OWS crowd that are willing to protest the DC/Banker cabal, but unfortunately they were drowned out by the "give me healthcare, give me a job, pay for my college, soviet-style communism is awesome" contigent of OWS.
the "if we had an EVEN bigger government things would be rosey" crowd. I can't even contemplate them today or I'd rip my hair out.
This perp will not spend 1 second behind bars, period.
Justice does not serve the 1%. That's what mob's w/ pitchforks and torches are for. Get your Rope, I know a tree in Central Park w a mighty tall and strong branch!
Corzine will deny everything and blame O'Brian, that's why they haven't offered her immunity, they need her for the scapegoat to save little Johnny.
No doubt.
Your comment reminds me of a situation--
I had a client firm that gev me some bad vibes. Well, it turns out that during a period of a few months, $$$ were transferred out of a client's account and were tracked to the account of the firm's head (paid on his equity loan, etc.). He wasn't as "clever" as Corzine and JPM. Anyway, when the SEC tracked the funds (didn't take long..unlike in the Corzine case) - they found the deductions in the client account. The firm's head decided a staffer took it upon himself to do the deed and fired him. Ah, right - the scapegoat did it and rather than taking the funds decided to pay off the boss' bills? Did the SEC do anything to the firm's head? NO! OMG there are some serious sociopathic psychotic people in financial services - the general public (not the wise folks here) need to wise up.
We need to figure out how to "go Galt."
Diebold has RP frozen out.
One would think this would be a great opportunity for the ostensibly opposing party to nail a Wall Street mega-criminal as a means of putting the hurt to BarryO.
Maybe. But when one does think, the absurdity of that notion comes into focus. This is not a conveniently easy hit like Solyndra was for the party which celebrates big oil and shits on "alternative" energy.
This one would require them to turn on an extremely prominant Wall Street insider . . . fueling popular anger against rich financial criminals, aka "class warfare." If Corzine's actions were not clearly illegal, it would argue for further regulation and harder enforcement of the entire industry . . . further restraining the genius of American free market capitalism, according to party dogma.
Are they really ready to do that? Methinks not.
There's a reason the rethuglican party hasn't been screaming about this one--not a good reason, but certainly a strong one.
This is a pandora's box they don't wanna open.
Because if they did, there would be a bank run that would decimate the economy.
I really don't think people realize how many damed suckers there are in the market, basically throwing their pensions and investments out there to Wall Street thinkin it will come back like a boomerang.
"This is not a conveniently easy hit like Solyndra was for the party which celebrates big oil and shits on "alternative" energy."
It's an alternative to actually having heat and light in your house. Need to get Headset Vince to do the wind power Slap Chop ad for birds.
If you have studied the Enron issue, you will clearly see the parallels. Especially the UK connection.
Macro-political-conspiracy-theories are interesting and fun to game out.
But at the root of this mess are lots of farmers in the midwest, who can't put their hands on millions of their hard earned dollars.
An interested and aggressive state AG could pick up on one of these cases and get in the game, and it would be a david/goliath
style "states rights/fed rights" issue.
And that IS an issue that conservatives will embrace.
That term "conservative" applied to foreign war mongering, debt mongering, scum sucking, murdering, thieving, lying, slime ball "Republicans" makes me feel like my head might explode.
Yes, especially when those farmers stop shipping any products to the east coast and New York City in particular. Fucking bring it.
That would be nice to see. Barry is cockblocking enraged liberals more effectively than any republican ever has.
Exactly, simply because of the truth, which is that there are not two parties. There is only one, for the banks and financial ponzi, by the banks and financial ponzi. Regardless of party affiliation, everyone should be questioning why their political representatives are not pressing for prosecuting all fraud and restoring the rule of laws. The problem in this great hypocracy is that rules implicitly means regulations/codes/laws must be enforced. The Dems want to give everything away while the Repubs want a total free-for-all. They both are getting their wish, fucking bring it. Only those who know that the value of their labor isn't worth shit fear a total collapse. Bloody pussies, all of us.
When Corzine had his had his car accident he wasn't wearing his seat belt. Obviously he has never learned how to restrain himself.
I never told the bitch to transfer customer funds.
Did so. Did not. Did So. Did not.
Here's some good MF Global background:
The MF Global Collapse Explained (And Why It Is a Crime)http://www.fredsauermatrix.com/84-The-MF-Global-Collapse-Explained-And-W...
you can be sure obama has a team working on this right now 27/7. full court on the press, it will all be washed away.
"The Corzine ties into the labyrinth of the Obama Administration are dark and deep.."
Then the article only provides only clips of praising quotes. If praise is dark and deep ties then the article is correct. The assertion may be true, but the article provides no research or proof of it's main purpose in being written. ZH deserves better writing than bloggers in pajamas venting their fantasies and frustrations, with maybe a few Google searches to provide footnotes.
My bet is that Corzine will leave the country before November or at least he'll try. The other bet is if he doesn't make it out of the country he'll have a fatal heart attack, the depositions for civil suit would be too revealing for the Administration. Or a really bad monetary crash before 2013 could leave the administration without the resources to protect him because they'd be to busy looking for their own holes to hide in.
these are not the dollars you are looking for
Oh come on. Blankfein was/is Lawered up 2 years ago! Where in the heck has that gone? That would rock some boats!
You Morons can't take the Sarcasm, but you sure can dish it out! If anyone likes Ilene "I" do!
I can't believe you are comparing " "Corzine" to Nixon! That's pathetic!
Corzine is gonna be Sanfords " Bunk Mate", after the Election!
Ha, O'Brian will be the one in the cell, Corzine will be drinking buddies with Mozillo in the Caymans. We all know how this thing works.
Anyone can see what is going to happen here. He is going to be prosecuted by the criminally corrupt SEC and CFTC, and get some sort of conviction. That will make the regulators look like they are doing a good job. Then Obama will pardon him. Then Corzy will walk with a minimum of jail time. Then Corzy will PAY HIM A HANDSOME SUM for the pardon. That pot of gold will be the cornerstone of Obamas wealth after he leaves office. Everybody wins... except the MFG players who got fleeced.
More like Corzine will agree to pay a 10 million dollar fine with no admission of wrong doing. He won't need a pardon.
More like, Obama, citing the example of Joe Kennedy, will appoint JC to head of the SEC.
Best show since Jerry Maguire...
http://tradewithdave.com/?p=9668
Best show since South Pacific...
http://tradewithdave.com/?p=9597
The Hope & Change Show...
http://tradewithdave.com/?p=9528
Best show since Bart Simpson
http://tradewithdave.com/?p=9367
Can't believe that the down arrows are from people who actually read the links. Maybe they couldn't understand them?
Looks thin. Easily sold as a maverick.
Praises? US citizens elected personal is used to praising all kinds of people. Including people they are going to shoot two days later.
It was hoped solid connections to the indicted. For the moment, that is guilty through association.
That could be enough to sink US citizen negro Obama but this remains guilty through association.
Hey - did you think that we failed to notice that Barack Obama is a black man? Do you know of any "non-negro men" surnamed Obama that happen to be US citizens?
Do you have anything intelligent to offer on this subject?
If you are in fact a Chinese Citizen - I would suggest that you look to your home - where your corrupt politicians are allowing the multinational corporations to turn your home into the world's garbage dump.
STFU
Chicom citizen has rumbling stomach. Neighbor's cat beckons.
Yes, meal of cat, or dog that's had it's meat "tenderized" before it's killed is fine meal for Chinese citizen-slave.
Afterward, stroll down sidewalk picking nose and spitting, breathing in air one can see, aids digestion of Chinese citizen-slave.
Thus, Chinese citizen-slave is guilty of being a cold, disgusting, mindless, robotic citizen-ism!
“John Corzine is the smartest man in the room”….Joe Biden
This certainly speaks volumes about Biden.
EVERYONE
is the smartest person in the room from Bite Me's perspective.
BO picked him because he was assasination insurance.
...and everyone else in the room
Joe, it's gonna be a very small room (population 2) for lot of years. Jon has a 50/50 shot at smartest.
Popcorn and beer stacked high in the bunker.
Waiting for opening scene: Jon's perp walk and mug shot
Nah, if he is ever tried, and on the remote chance is convicted, he will have a fatal heart attack in prison and join Ken Lay in South America. Madoff didn't get that treatment because he took money from unsuspecting democrat politicians ... JC gave.
Ken gave to W and The Dick, Jon gave to Barry O and Delaware Joe. That's "partisan politics".
Ken and Jon gave both gave it to the people that have to work for a living -- in the ass.
If Obama does not presecute this sucker - then Nobama will be persecuted by the newly elected president Ron Paul as soon as January, 2013. The Pelican Bay resort in California will be a fitting place for Nobama and I hope he will stay there for loooong time - together with his buddy Jon Corzine.
"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...
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?"
very nice, Ilene.... BUT! you're forgetting another very big, very important fish: "Ms. Srgt Shulz" "I KNOW NOTHING, I SEE NOTHING!" herself, SEC chair mary schapiro.
That the Vampire Squid/jpm Wall St. predators OWN both parties, the entire "major" press/media, the regulatory agencies, and ALL of academia (divert from "the Fed is good" - as if the monopoly to PRINT MONEY has anything to do with "free markets"! - and you will be PURGED out of college & university professor & faculty/staff) should now be a given (ZeroHedge is slow to take up the "larry summers & bob rubin RULE academia angle)...
... but why those heavy-hitter investors HARMED by the MF Global scandal, and all the other odious INSIDER/FAVORITISM Vampire Squid deals out there, don't make MARY SCHAPIRO and GARY GENSLER into household names, is beyond me. Their corruption goes way beyond Teapot Dome, Grant's sidekicks, and anything short of wealthy slave owners (financed by French & English bankers) declaring secession back in 1863.
Shapiro shredded the evidence buddy. That's her MO and job..protect the status quo just ask senator Grassley
Who cares about billions missing...the sec just settled another civil litigation involving pink sheet pump and dump...see the sec does their job
Holder and Obama are too busy going after the Florida vigilante shooter ... mobilizing heaven and earth to get to the bottom of it.
In addition to being gunrunners, dope fiends and killers, they are also good at manipulating distractions.
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