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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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I heard OJ is still looking for "the real killers".
"If the glove don't fit"! is now Hope and Change!
So is Casey....
update: In the great Max + Mark Melin video Ilene linked to http://www.youtube.com/watch?v=XxSAds-F3KM , Mark says (23:40) what I just asked:
"The SEC is a BRANCH OFFICE of the TBTF" (tOO bIG tOO fAILS) "This [regulatory CAPTURE of sec regulators by CROOKED banksters] is BRAZEN FRAUD... if there isn't a prosecution, this is going to be a DAMNATION of the entire US financial industry... for the profit of a very few [at expense of the vast majority of financial professionals in US financial markets]
Jail, please!
Unless the American people stand up (they wont - a nation of pussy's gets what it deserves.) before these psychopaths bring disaster on us all, the coming reality will be much more interesting.
"In spite of the Explosion in Financial Fraud from the mid 2000's, continuing unabated to this day, the number of Criminal Financial Institution Fraud Prosecutions under the Obama Administration is the lowest in 20 years....
If you remember the story of Animal Farm; the pigs exploit the other animals shamelessly, breaking all the rules that they had established after the Rebellion. And so it goes.
Back in the day Jerry "Kill the pigs" Rubin's good friend Abbie Hoffman would say: "Steal This Country!"
More recently President Obama's Good Friend Jeremiah Wright might say God Damn these criminals. His other "Good Buddy" Bill Ayers might say: These are criminals at large; taunting the public who will hunt them down like the dogs that they are... Lamp post provided by local communities nationwide, Cordage available at fine retailers everywhere, Final Justice; Priceless.
Street Justice Is Coming To Wall Street...
- The Face of Financial Terrorism Attacks Marines Free Speech .
Visit: Inflection Point
Stop all the jail-bait blather. This guy has a a presidential pardon sitting on his bedside stand.
Do you realy think he is to Obama what Nixon was to Ford?
Bwahahaha.
Jon Corzine wherever you are, I hope you are getting your things in order, because you are going to spend the rest of your life in a cell, and no one in your family is ever going to be allowed to hold any position in society higher than janitor or bathroom attendent. I hope it was worth it
You guys are getting carried away.
Haven't we all been hit by rising bank fees.
He must feel terrible.
Seriously he just took one for the team - who benefitted from the 200 mm "withdrawl".Its only to benefit the widows and orphans.
The POS lives in Hoboken.
actually... it just occured to me, Corzine is probably going to be "Ken Lay'd" ...!
(of course, if he could be REVIVED from a FATAL HEART-ATTACK, then he would be a real "vampire" squid, lol !! )
It should definitely be interesting to watch.
Bet you his family has foot in mouth syndrome now!
Kind of hard to stand by your father if he did something this horrible.
Time to change the last name bitchez!
Kind of hard to stand by your father if he did something this horrible...
"The father we know ran for public office because of a lifelong desire to give back to society as well as a love of the political process and a passion to be a progressive Democrat.”
JOSH CORZINE
JEFFREY CORZINE
JENNIFER CORZINE
Brooklyn, New York
You can't tell me they didn't know. They're as deep into it as he and all his asssociates are. They don't need protection, they are their own protectors.
Good to see Breitbarts crack team of investigators found new employment.
If such a clear e-mail existed Corzine would be in cuffs.
This must be the hearing where the GOP apologizes to JPM and Jaime Dimon ala BP Barton.
So JP Morgan suspected the funds were stolen and drafted a letter demanding a written assurance they were not. They never got that assurance, which means they knew the funds were impaired.
This in turn means they effectively received stolen property and thus have destroyed any argument they might have in "good faith" reception of the funds, which in turn means that all of those funds must be immediately clawed back.
We have hard evidence that JP Morgan knew the funds were taken from customer segregated accounts and were not MF Global's to disburse.
Why not publish the mechanics of this JPM 'transaction' so that it's own record may speak for itself...surely that recordation will either look like an excessive seizure of funds by JPM(account custodian)or a legally authorized transfer by MFGlobal.
This is akin to claiming you have not yet lost a poker hand 4 months later because you took the money off of the table and left without showing the losing hand which is still in your pocket.
I think this is exactly the point.
There is an instant when TSHTF than anything goes.
JPM was owed the money they were holding the money now they have the money. Problem solved.
Leaves one to marvel at the dumb money on the side line - very annoying that they won't come out and play.
well if JP Morgan took the money but wanted assurances that it wasn't stolen...what do they think now? Do they now think they have stolen money? Clearly there are clients who don't have their money...and clearly the JP Morgan bank has 200 million bucks. WTF?
WTF is right.
we took farmers
All of Congress stinks. How can any Congressman, worth anything, not demand justice for those that put food on your table? This is not a speculative loss, this is brazen theft. Furthermore, it is destroying what little faith in markets remains.
Good luck eating your GS and JPM campaign contributions.
In fact, farmers should grow a pair, and protest. Quit producing until you get justice.
it's sadly amusing to observe both rogue banking groups receive inordinate cover from our Congress/MSM while the sheeple are encouraged to cheer their favorite color.
What we are witnessing is a public negotiation which will culminate in a demand for FDIC(taxpayer)backing of brokerage accounts. Anyone remember Bush extending FDIC to money market accounts??????
What no one seems willing to acknowledge is that once an account has been rehypothecated that customer account can not in every instance be made whole on demand. MFGlobal was rehypothecating all accounts in an environment in which very large account holders were closing their positions with the company and margin calls were eating capital.
At some point large account holders are being satisfied with other peoples money by allowing their account to be leveraged and then closing their account before that leverage is retired creating the need for accelerated margin calls due to the removal of assets previously levered. Since the original leverage was generated by the rehypoed customer account the clearing company(JPM)saw itself as entitled to seize the assets upon which the leverage was created.
MFGlobal was likely bankrupt well before Oct. 31st but Wall Street is unwilling to admit broker dealers are being allowed to operate as BHC that are FDIC TBTF with the assets of standard brokerage accounts.
System only works until someone makes a withdrawl.
Wall Street is dying for more horseshit regulations so they can complain about how much scrutiny they operate under. SEC is only straight-man in a scam. Only realistic fix is complete self-regulation and serve free drinks.
I responded to the same poster on Friday on the Corzine story, I think by evidence he means he actually wannts the UPS man to deliver a package that contains an actual letter, original signed by Corzine himself saying "I'm stealing client money and sending it to JPM" initialed witnessed and signed by Jamie Dimond. My guess is such a letter doesn't exist :)
is it wrong to expect to see the e-mail upon which a 3rd hand report claims for its basis?
Why should one be forced to guess when facts are being withheld?
Why not release ALL of the corresponding banking transaction info regarding any large transfers of customer money to JPM during the final week of MF that were not directly shown to have cleared purchased securities? What, if any, securities were seized by JPM under the terms of REPO during the last month of MF?
My only interest is a system that instills confidence for retail investors but I personally find that to be pure fantasy in a REHYPO environment.
Bottom line is that the system is broken...safety and soundness have been abandoned in favor of an unobtainable philosophical capitalist perfection that always leads us back to a socialist(taxpayer)solution.
And in other news Dick Cheney got a new heart today, while the heartless Jon Corzine couldn't give a rats ass about his muppets^h^h^h^h^h^hclients ripped off to the tune of 1.6 billion. Fuck'em anyway, they were just loser farmers and speculators, I am king Corzine.
It's good to be the king.
'Fuck'em anyway, they were just loser farmers...'
Agreed, but how soon Jonnie forgets his own hometown. He was raised in Central Illinois, Willey Station in Christian County, a rural farming community.
My Grandparents knew his parents. He always said that when grew up would be famous. I guess the jackass got his wish.
http://en.wikipedia.org/wiki/Willey_Station,_Illinois
Best show since Watergate? Puleeze. Before one writes headlines one should remember what a "really big show" Watergate was.
Or, how about lying this country to war with Iraq?
Anyway Woodward and Bernstein Wash. Post 9/29/72
"John N. Mitchell, while serving as U.S.Attorney General, personally controlled a secret Republican fund that was used to gather information about the Democrats, according to sources involved in the Watergate investigation.
Beginning in the spring of 1971, almost a year before he left the Justice Department to become President Nixon's campaign manager on March 1, Mitchell personally approved withdrawals from the fund, several reliable sources have told The Washington Post.
Those sources have provided almost identical, detailed accounts of Mitchell's role as comptroller of the secret intelligence fund and its fluctuating $350,000 -$700,000 balance.
Four persons other than Mitchell were later authorized to approve payments from the secret fund, the sources said.
Two of them were identified as former Secretary of Commerce Maurice H.Stans, now finance chairman of the President's campaign, and Jeb Stuart Magruder, manager of the Nixon campaign before Mitchell took over and now a deputy director of the campaign. The other two, according to the sources, are a high White House official now involved in the campaign and a campaign aide outside of Washington."Then there is the book 'Silent Coup', which detailed how Watergate was actually another fraud, with Woodward and Bernstein having not-discussed ties to the US intelligence agencies ...
There is a good case the 'establishment' took Nixon down for his opposition to policies of the Powers That Be, not for these piddly campaign crimes ...
Instead they sold a hoax to the US people, about 'brave news reporters' ...
Like the case of Bill Clinton and Monica Lewinsky ... the 'impeachment' farce was to force Clinton into the illegal war of bombing Serbia ... to which he finally agreed, the bombing began shortly after he was 'acquitted' by the US Senate.
And then there is the guy who shot Ronald Reagan in the early 80s, his father connected to George Bush's brother, when Bush would have become President much earlier if Reagan had died ... they forgot to tell the shooter to use bigger bullets than .22 ...
One giant lie after another.
People let you handle their money?
Does the phrase "Manchurian Candidate" ring a bell?
Please do tell what policies of TPTB Nixon put in jeopardy.
So the implication is that JC forced 200 mm down the throat of the hesitant JPM? Smells of bahtshit. JPM pulling a Sofitel maiden.
Ogolfer made a mistake. It's not Breitbart whom he should have put a contract on, but Corzine.
Corzine will be the downfall of Ogolfer.
That is, unless he gets whacked too.
Who Invited you?
The eurozone sovereign debt soap opera has been an entertaining show. I've been viewing it through John Ward's blog, The Slog evidence based bollocks deconstruction, hat4uk.wordpress.com. Some how I don't see Obama's Justice Department going after Corzine. None of the actors responsible for the 2008 meltdown has been charged either civilly or criminally. They are all in bed together. The SEC is obsessed with hedge funds and insider trading, which it defines in whatever way it conveniences them. The banksters are all free to enjoy their millions.
Never forget that laws are just for the little people.
Ilene is a resource/ removed. I wouldn't date that " BITCH"!
She is nasty!
...ummm , thanx for clearing that up for me ! (?)
Are you drunk?
That was pointless.
Immunity for Ms. O'Brien in 5 .. 4 .. 3 ..
BREAKING NEWS - Obama admnistration declares Iran a "clear and present danger" to the United States. Institutes land, sea, and air embargo of Iran.
"In other news, Jon Corzine was found dead today ..."
Obambi will throw anyone under the bus if he has to - and he is going to make Tricky Dick Nixon look honest in the process.
barliman
Maybe. Maybe he wants the hell out of that fruitcake job. Why would anyone put up with such a horrible life. Plus most everyone hates him for being president elect of the bankers. Sheesh. Bet you he finds a way to stick Biden with having to be President.
Hahaha. I'd bet that Congress will *pay* her to take the fifth! Nobody on Crime Capital Hill wants that can of worms opened.
Spot on i-dog. The whole system is corrupt, why in hell would they indict themselves. The entire system of fraud stands naked before everyone and yet not one "representative" has stood up for the people/MF global customers. Why? Simple, there is only one party, for the banks by the banks. The financial sector of the economy OWNS the politicians, period.
I don't think so.
MF Global's missing client assets is not enough money to be bipartisan divisible and it's not like Corzine is a Washington power broker on both sides of the aisle.
My best guess is Corzine thought he would pull a rabbit out of his ass by completing a sale of the company before the client funds became an issue.
He forgot Wall Street invented the phrase, "I wouldn't piss down his throat if his heart was on fire."
There were too many other players who knew how bad off MF Global was and it's not like Obambi could loan him a couple of billion in USD to tide him over.
Oops. The U.S. District Attorneys saying they couldn't find evidence of a crime ... yet - was the best he could get for his political pull.
This is an easy slam dunk in the face of the guys (Obambi & Holder) who have been stiff arming the Republican House members (who probably have the blessing of their bankers to fuck Corzine over).
Ms O'Brien gets full immunity and Jon Corzine gets to "take one for the team" - even if they have to kill him to get him to do it.
barliman
Ya know, there's been times when I hired a lawyer and shortly thereafter I wondered to myself; Dewd, is this guy looking out for me, or someone else?
Ms. O'Brien hired a famous and well connected white-collar criminal defense lawyer. He is the same lawyer that Mister Blankfein has on retainer. His name is Reid Weingarten. Just sayin'
http://www.steptoe.com/professionals-416.html
Barry will just give Corzine a pardon on his way out of the White House in January...
Barry will make Corzine Czar of Central Planning after he invokes his new EO and does a Hitler.
That is a bargin I would endorse (given the alternative of a pardon in Jan of 2017)
The a=b c=d (williams curve) blog Bear? Fibi's and all spx/dow . That is a cool little blog for swing traders. Nice work, if it's you.
http://bearmarkettrading.blogspot.com.au/
He can't pardon him if the trial takes place after he's out of office....
Actually he can. Blanket pardon for any acts prior to pardon being given.
Yep, like the pardon Bush, Sr. gave to Casper Weinberger and his gang or the Ford pardon of Nixon.