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The Case Against Corzine

Tyler Durden's picture


Submitted by James L. Koutoulas, Esq.
President, Commodity Customer Coalition, CEO, Typhon Capital Management

The Case Against Corzine

As the one year anniversary of the MF Global Bankruptcy is upon us, the WSJ has now joined the NY Times in writing a ‘woe is me’ piece on behalf of Jon Corzine. The WSJ continues bemoaning the pitiable situation of “restlessness and frustration” of the former CEO of Goldman Sachs, former Governor of New Jersey, and former Senator from New Jersey who apparently isn’t content with being “confident about the likelihood that he will avoid any criminal charges related to MF Global.” Corzine is still estimated to be worth several hundred million dollars despite presiding over the failure of the largest non-bank commodity broker where $1.6 billion in customer money was stolen. I cry for him, I really do.

Trying to portray Corzine as being focused on mundane things like finding a job rather than worried about doing jail time for his obvious crimes appears to be another prong of Corzine’s attorneys’ use of the Chewbacca Defense, along with saying that the fraud charges “Make No Sense,” because the money “Vaporized” and he had no motive since he had a de minimis portion of his net worth invested in MF Global stock. However, proving Corzine committed fraud and perjury would be relatively simple for any motivated prosecutor. Since the Department of Justice clearly is not motivated to prosecute Corzine after he bundled $500,000+ in campaign contributions to their boss, I provide this quick and easy guide for any ambitious state prosecutor to bring charges themselves:

  1. Corzine’s motive was not making money in the ‘buy a private jet’ sense. It was showing others that he was a great trader to validate his narcissism. In spite of his assertions before Congress that he “Simply does not know where the money went,” Jon Corzine created a totalitarian corporate culture where only yes men were tolerated.
  2. MF Global was under liquidity stress well before the bankruptcy and its executives knowingly used customer funds to meet internal liquidity needs well before its ‘chaotic’ final days.
  3. The customer money did not ‘vaporize,’ and it was not lost via a Rule 1.25 investment- it was knowingly transferred to meet margin calls at JP Morgan, and MF Global executives knowingly falsified segregation reports to provide plausible deniability for the illegal transfers, and made them against CME Group’s express instructions to the contrary.

And, with the details:

  1. Corzine’s motive was not making money in the ‘buy a private jet’ sense. It was showing others that he was a great trader to validate his narcissism. In spite of his assertions before Congress that he “Simply does not know where the money went,” Jon Corzine created a totalitarian corporate culture where he exercised control over every aspect of the business, and only yes men were tolerated.
  1. MF Global was under liquidity stress well before the bankruptcy and its executives knowingly used customer funds to meet internal liquidity needs well before its ‘chaotic’ final days.

  • The firm’s other CFO, Christine Serwinksi, evaluated Steenkamp’s proposal to use customer funds to meet liquidity needs, and told management, in writing, that it would put client assets at risk. From the MF Global, Inc. Trustee’s Investigation Report, page 84:


  • Using customer funds to meet firm obligations became routine months before the “chaos” of the bankruptcy, and MF Global ran deficits in their regulatory obligations well before the ultimate implosion. From the MF Global, Inc. Trustee’s Investigation Report, page 85:

  1. The customer money did not ‘Vaporize,’ and it was not lost via a Rule 1.25 investment- it was knowingly transferred to meet margin calls at JP Morgan, and MF Global executives knowingly falsified segregation reports to provide plausible deniability for the illegal transfers, and made them against CME Group’s express instructions to the contrary.
  • Corzine was in love with his ‘brilliant’ European Sovereign debt trade that he thought would prove just how smart he was to all those who pushed him out of high offices at Goldman Sachs and the State of New Jersey.  He refused to reduce his $6.4B position and only did so after the downgrade. From the MF Global, Inc. Trustee’s Investigation Report, pages 154-5:

  • On October 28th, MF Global UK had an overdraft of $175M in its JPM account. Three JPM Risk Officers called Corzine, and advised him that JPM would not permit MF Global to liquidate further assets until MF Global met that margin call. See MF Global, Inc. Trustee’s Investigation Report, page 139.
  • At this point, Corzine had the choice between admitting failure at his fourth consecutive job, or stealing customer money to try to keep his beloved sovereign debt trades on. He chose to steal.  
  • That morning, MF Global staff prepared a falsified segregation report that they submitted to CME Group that included a $540M manual adjustment with no support for the adjustment, whatsoever. This adjustment allowed them to show a falsified balance of firm excess of $200,178,912 in 4d funds despite deficits calculated by in-house employees of -$341M and -$167M. Obviously, no industry professional would believe that the firm excess could increase during a run on the ‘bank,’ nor would they believe a projection that was so wildly favorable and based on an unsubstantiated adjustment over those that were internally prepared through legitimate data. The only purpose of that adjustment was to provide plausible deniability for senior management to transfer customer money due to an ‘error.’ See MF Global, Inc. Trustee’s Investigation Report, pages 111-13.
  • Then, Corzine explicitly broke the law:

  • Please note that nowhere in the Trustee’s report does it say that either of these transfers were approved by CME Group, despite orders any equity withdrawals must be approved in writing by CME Group’s Audit Department.” (Page 12). That is because CME Group issued no such approvals.
  • Once JPM had the money on back on their books, they shifted into C-Y-A mode and tried to protect itself under the Safe Harbors of the bankruptcy code which would have allowed them to keep the customer money if they could also show plausible deniability as to the origin of the transferred funds. Since they were monitoring the segregated funds closely, they knew that MF Global was undercapitalized, so they deviated from their standard business practices and asked for a ‘comfort letter” whereby MF Global would represent that the funds were not customer funds. MF Global would not sign any three continuously diluted letters because they knew customer money was transferred, just as JPM did. Corzine was directly told by JPM risk officers that they had “regulatory concerns” with the transfers and JPM would be sending MF Global a letter to sign off that the transfers did not contain customer money. See MF Global, Inc. Trustee’s Investigation Report, pages 132-136.
  • Thus, even if one were to buy his plausible deniability based on the falsified segregated funds report, he was still informed of the concerns by JPM three days before MF Global’s bankruptcy. This is in direct contradiction of his Senate Ag Committee testimony where he said he had not learned about the missing customer money until the late evening of October 30thSee Confusion Follows Claim That Corzine Knew of Funds Transfer
  • CME Group Executive Chairman Terrence Duffy followed Corzine’s Senate testimony on December 13th, and, after meeting with David Rosen and myself, pledged to us, “I am going to do the right thing and stand up for customers.” He then deviated from his written testimony and confirmed that Corzine knew of the transfer out of customer segregation. Instead of the Senate arresting Corzine on the spot for perjury or obstruction of justice, the CME, despite being MF Global’s DSRO, was asked to suspend its own investigation shortly thereafter in favor of DoJ and the FBI.
  • Back to the events of October 28th -while MF Global was wiring customer funds out the door per Jon Corzine’s instructions to keep its sovereign debt trades on, it made an intentional change in business practices to redirect customer withdrawal requests from wire transfers to checks, essentially engaging in check kiting. John L. Roe, the VP of the Commodity Customer Coalition— the non-profit organization he and I co-founded in the wake of the MF Global fraud—wrote a detailed memo describing this behavior.
  • MF Global continued to make additional transfers of customer money to JPM and BONY- See MF Global, Inc. Trustee’s Investigation Report, pages 136-142.


To sum up, while Vice President Joe Biden’s “Smartest Guy I Know” was smart enough to not explicitly say “Steal the Customer Money” in an email, there is enough circumstantial evidence, to conclusively prove fraud (and probably perjury) beyond a reasonable doubt.

  • Corzine was well aware of the risk involved with his European Sovereign Debt trades, and fired the risk manager who brought the risk to the board’s attention.
  • Corzine encouraged his yes man CFO Henri Steenkamp to risk deficits in customer segregated funds against the advice of his more experienced CFO, Christine Serwinski.
  • MF Global falsified a segregated funds report to show $200M in firm excess while internal calculations, external JP Morgan calculations, and common sense showed massive shortfalls.
  • That 200M coincidentally is the exact amount (less 170k and change) transferred from customer accounts to MF Global’s house account, with exactly 87.5% of it being transferred to JPM almost immediately following the initial transfer.
  • None of the transfers of customer money to JPM or BONY were approved by CME Group which, as MF Global’s DSRO, required MF Global to have all equity withdrawals pre-approved by them in writing.
  • JP Morgan risk officers notified Corzine personally of their concern that customer money may have been used as part of the initial transfer.
  • MF Global intentionally changed its business practices to favor its own liquidity needs over its customers by redirecting wire redemption requests to checks. This incidentally, would have zero effect on its liquidity position if it was not knowingly misusing customer funds, as unlike banks which may fractionally reserve lend, brokers must have a ratio of customer funds or permitted collateral greater than 1:1, as per CFTC Commissioner Jill Sommers, “EVERY SECOND OF EVERY DAY.”

While no single bullet point proves fraud, taken together, any reasonable person will conclude that Corzine is guilty beyond a reasonable doubt.

Last December, when Rick Santelli asked me if customers would get their money back, I told him, “Damn right they will.” The distressed debt markets agree, as buyers have now paid more than 98% of the face value of customer claims for US designated accounts, and over 93% for claims for 30.7, UK designated accounts. However, the futures industry remains severely damaged as shown by CME’s Q3 profit down 31% as futures customers would rather take counterparty risk with a TBTF bank than trust uninsured clearing houses with ‘segregation’ protection that has proven to be nothing more than a paper tiger by Corzine’s theft. 

If Corzine is allowed to walk, it sends the message to not just the futures industry, but the entire US financial complex, “You can steal customer money from not just commodities accounts, but savings accounts, checking accounts, 401ks, and IRAs so long as you pay Obama 500k in bundled protection money, err, campaign contributions.”  And, while the current administration clearly doesn’t care about the integrity of markets, I do.

So today, for the 1 year anniversary of the day 38,000 farmers, ranchers, commercial hedgers, retirees, traders, and hedge funds were robbed, and 2,800 MF Global employees lost their jobs so an incredibly insecure multi-,multi-millionaire, Jon Corzine, could desperately try and show the world he is a great trader, after all, I renew my pledge to do all that I can to help put him behind bars. I am working with multiple state Attorneys General to help them bring charges once the DoJ officially closes their ‘investigation.’ And, I have another little trick up my sleeve that I assure you that Corzine’s high-priced lawyers haven’t thought of, so stay tuned.

So, Jonny Boy, keep pretending how you did nothing wrong and you’re just bummed out that you haven’t gotten back to work being an awesome hedge fund manager. I hope your 500k bought a Presidential Pardon along with the DoJ’s silence, because the law is coming for you and you’re going to need it.


James L. Koutoulas, Esq.
President, Commodity Customer Coalition
CEO, Typhon Capital Management


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Wed, 10/31/2012 - 16:28 | 2935615 Neethgie
Neethgie's picture

The case for corzine, "i know everyone who is important fuck you"

Wed, 10/31/2012 - 16:33 | 2935618 Real Estate Geek
Real Estate Geek's picture


"He's not?  Seriously?  Oh, uh . . . nevermind."

Wed, 10/31/2012 - 16:43 | 2935634 vast-dom
vast-dom's picture

Tyler et. al. come on now! Even if Corzine received any jail time it would be in a minimum security Federal pen more at resort where we would play golf and eat exceedingly well and talk shop with the other 3 banksters in there.

The only way to truly punish this man would be to strip him of all of his money and see how well he adjusts to serving the common man a mochafuckyouchino at the local Starfucks, where his pay would be partially docked until he repays his victims. And you know he'd brew a most foul drink and fuck that job up too.

Wed, 10/31/2012 - 16:45 | 2935645 WALLST8MY8BALL
WALLST8MY8BALL's picture

"Life Stinks"  starring John Corzine as Goddamn Dolt!

Wed, 10/31/2012 - 17:07 | 2935674 TruthInSunshine
TruthInSunshine's picture

The case against The "Honorable" Jon S. Corzine:

The doctrine of res ipsa loquitur, literally the thing speaks for itself, permits a jury to infer negligence when no direct evidence of negligence has been introduced. ... The doctrine of res ipsa loquitur applies only when two prerequisites are satisfied. First, the situation, condition or apparatus causing the injury must be such that in the ordinary course of events no injury would have occurred unless someone had been negligent. Second, at the time of the injury, both inspection and operation must have been in the control of the party charged with neglect. Giles v. New Haven, supra, 228 Conn. at 446. When both of these prerequisites are satisfied, a fact finder properly may conclude that it is more likely than not that the injury in question was caused by the defendant’s negligence. (Citations omitted; internal quotation marks omitted.)” Barretta v. Otis Elevator Co., supra, 242 Conn. at 173-74.Godwin v. Danbury Eye Physicians and Surgeons, P.C., 254 Conn. 131 (2000).

Proving fraud,, in either the context of tort or criminal law, involves satisfying many more elements and requires quite a bit more effort, but one doesn't even need to go there, bitchez, as criminal negligence would suffice (though a determined and competent prosecutorial team could most likely flush out a prima facie case for fraud, involving even more actors than on Honorable Jon S. Corzine, and probably be able to "bundle" it into a conspiracy, collusion and maybe even racketeering case, if that team so desired), bitchez.

Wed, 10/31/2012 - 17:13 | 2935704 Colombian Gringo
Colombian Gringo's picture

Just hang the bastard by his balls.

Wed, 10/31/2012 - 17:33 | 2935724 GetZeeGold
GetZeeGold's picture



That would have worked...but he doesn't have any balls. Neither does the the WSJ.

Wed, 10/31/2012 - 22:20 | 2936457 strannick
strannick's picture

Dear CFTC;

Congratulations on being corrupt or moronic (probably both).

The same CFTC whose non corrupt Chairman Brooksley Born got run out of Washinton for standing up to derivatives corruption whose story was so well told in The Warning by PBS. The same CFTC whose retiring CFTC Judge Painter revealed that CFTC Chairman Wendy Gramm told him to never rule in favor of a manipulation claiming plaintif.

If you want to see a kangaroo court, watch CFTC Commisioner Jill Sommers interview Corazine before letting him off the hook. CFTC Commisioners Jill Sommers, Bart Chilton, Scott OMalia and Gary Gensler enable banker corruption at the expense of the commodities market, a market whose pricing affects everyone in the world.

Be sure to email the Commisioners and tell them what you think of their performance in providing cover for Corazine to rip off investors via MFG for JPM.

Jill Sommers

Bart Chilton

Scott OMalia

Gary Gensler


Wed, 10/31/2012 - 22:50 | 2936555 markmotive
Wed, 10/31/2012 - 18:12 | 2935835 Whoa Dammit
Whoa Dammit's picture

Just turn him loose in the Midwest farm country wearing a t-shirt that says "Hi my name is Jon Corzine" Problem would be solved. 

A former neighbor who was from Iowa had a  favorite saying : "Gee, I ain't had this much fun since the hogs ate my little brother."

Wed, 10/31/2012 - 20:27 | 2936160 ATM
ATM's picture

A little of our country justice would do that fuck head some good. They wouldn't find an ounce of him but maybe a few hairs in some swine shit manure we spread on the beans.

That SOB would get a good, long as whooping that would make a whole bunch of farmers around here quite happy.Then toss his stinking corpse intot he swine pen and, as they say in New Joysee, Fuhgetaboutit!

Wed, 10/31/2012 - 20:16 | 2936119 insanelysane
insanelysane's picture

Martha fucking Stewart did time and this piece of shit is whining about not being in the game.

Wed, 10/31/2012 - 20:40 | 2936202 Big Corked Boots
Big Corked Boots's picture



Martha Stewart = cooks

Jon Corzine = cooks the books

Wed, 10/31/2012 - 21:37 | 2936379 Buck Johnson
Buck Johnson's picture

"At this point, Corzine had the choice between admitting failure at his fourth consecutive job, or stealing customer money to try to keep his beloved sovereign debt trades on. He chose to steal."  And that is the truth, it truly is.  He made a decision ot admit failure or steal and he decided to steal pure and simple.

Thu, 11/01/2012 - 05:04 | 2936872 hedgefunddartthrower
hedgefunddartthrower's picture

This is probably an accurate picture of what was in his head at the time. However, Corzine most certainly thought also about the consequences of his stealing client money and spoke with his legal team. And they most assuredly thought long and hard about the chances of Corzine going to prison. And they concluded that in the aftermath of the biggest bankster scam of the century (i.e. 2008 government bailout of the banking system) and the fact that NO ONE has to date been prosecuted for any of the fraud and theft that took place which resulted in the near meltdown of the entire banking system, that stealing money from client accounts and bankrupting MF Global would more than likely go unprosecuted - especially with the "Honorable" Mr Corzine running the show and cutting checks to all of the  senate and house senior members controlling the banking committees. No one knows this better than Corzine, who is and has been a crook on both sides of the government and private sector fence. Sometimes I wonder why some screwed investor who lost everything in the Corzine MF Global scam hasn't taken justice into his own hands and made an example out of Corzine. 


Wed, 10/31/2012 - 22:39 | 2936512 ChanceIs
ChanceIs's picture

How about calling it a hate crime.  You know....Corzine hated his clients.  What the hell.

Our DoJ has gotten soft.  They don't seem to want to prosecute unless they are SURE they will win.  Why does one need to be SURE in order to bring an case/indictment?  I mean....wouldn't a 2% chance of conviction suffice?  It isn't as if Corzine can't afford a defense attorney.  Congress prosecuted the daylights out of Bill Clinton for coverting with Monica - or was it lying to them about Monica.  Congress prosecuted Roger Clemmons when it asked him the steroid equivalent of whether he had stopped beating his wife.  Please.  Toying with a baseball pitcher....and not going after Corzine?  Andy Fastow is still in jail.  He had pull with the Bushes.

Franklin Roosevelt loathed Andrew Mellon and prosecuted him at every opportunity. I think that J.P. Morgan (the person) was also hassled personally by the federal government.  Speaking of which check this out from Wiki.  JP swapped gold for 30 year Treasuries.  You wouldn't see that happening today.  Quite the opposite.


Treasury gold

In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold[7] to restore the treasury surplus in exchange for a 30-year bond issue. The episode saved the Treasury[8] but hurt Cleveland with the agrarian wing of the Democratic Party and became an issue in the election of 1896, when banks came under a withering attack from William Jennings Bryan. Morgan and Wall Street bankers donated heavily to Republican William McKinley, who was elected in 1896 and reelected in 1900.

Wed, 10/31/2012 - 22:50 | 2936554 markmotive
markmotive's picture

Corzine can bunk with Madoff.

Wed, 10/31/2012 - 17:17 | 2935711 steelhead23
steelhead23's picture

Some things should be left to professionals.  Here in Portland, we take our coffee, very, very seriously and greatly admire baristas.  Thieving CEOs?  Not so much.

Wed, 10/31/2012 - 20:01 | 2936082 unrulian
unrulian's picture

i get your point..i guess...i'd have to think long and hard who i'd rather be locked up with for 20...a barista droning on about aroma and subtle undertones or a thieving bankster....i think i'd take the needle

Wed, 10/31/2012 - 21:11 | 2936305 FreedomGuy
FreedomGuy's picture

Yeah, I actually like most baristas. They are usually pretty cheerful, sociable and get it just right on the coffees. Why ruin their reputation with an elitist CEO-politician?

Wed, 10/31/2012 - 16:29 | 2935616 MountainMan
MountainMan's picture

Great stuff, but you're preaching to the choir.

Wed, 10/31/2012 - 16:42 | 2935637 RockyRacoon
RockyRacoon's picture

Anybody who is anybody already knows all this, as you say.   I'd say that the prosecutors love their families and want to see them safe.  Hence, no prosecutions.   Can't be more complicated than that.

Wed, 10/31/2012 - 16:54 | 2935667 NotApplicable
NotApplicable's picture

Meanwhile, the average "informed voter" has not a clue that their precious government is engaged in ongoing, high-stakes criminal activities, and have no idea what the collapse of MFG was about, if they're even aware of it at all.

My guess is that the author of this article will be taken down long before Corzine ever will, as he is part and parcel of "The Big Lie" that is to be protected at all costs.

Wed, 10/31/2012 - 17:16 | 2935709 putaipan
putaipan's picture

mr. 'coon- is that a refence to this one? - heck it's been 10 days since filed and even the tylers won't go there....

Wed, 10/31/2012 - 20:08 | 2936091 RockyRacoon
RockyRacoon's picture

Nuh-uh.  Wasn't referring to that.  No way.

(I like my family too.)

Wed, 10/31/2012 - 16:43 | 2935642 kaiserhoff
kaiserhoff's picture

Looks like there is plenty here to support RICO charges.  That would wipe the smirk off his face.

Wed, 10/31/2012 - 16:56 | 2935672 NotApplicable
NotApplicable's picture

Like you'll find a judge that isn't part of the racket (or has weaknesses, such as family members).

Wed, 10/31/2012 - 16:59 | 2935678 Rainman
Rainman's picture

Attorney General Eric Holdup " used to be " MF Global's attorney

Wed, 10/31/2012 - 17:04 | 2935693 NotApplicable
NotApplicable's picture

Of all the luck...

Wed, 10/31/2012 - 21:20 | 2936330 FreedomGuy
FreedomGuy's picture

Holy shit! You cannot write this stuff. Grisham should start with this.

Corzine, for me is the perfect poster child for the crony-fascist state. He was a governor, inside trader, CEO...all the things you would hate unless you are a Democrat. He puts the lie to the propoganda line that Democrats care about the little people as he bankrupts states and businesses while flouting laws and staying rich himself. My favorite Corzine moment is when he crashed his State Trooper driven SUV traveling at over 90mph, no seatbelts on wet roads. There is a metaphor in there.

I passionately despise him and those like him almost as much as the people who will let him off the hook.

Do you think Corzine has a big interest in the outcome of the Presidential election?

If he gets off without prosecution it is time to storm the bastille. You will have the irrefuteable proof that we are a nation of power and favors and not law and justice.

Wed, 10/31/2012 - 16:30 | 2935617 Unprepared
Unprepared's picture

The Corzine Vaporized Formula (c)


Take a pinch of real asset from segregated accounts

Slice and dice

Dissolve in a fair amount of ZIRP-supplied liquidity

Set the heat to 50:1 leverage degrees

Slowly mix.

Gardually increase heat to a boiling point

Collect, dry and repackage the foam in isoteric derivatives

Serve profits to yourself

Add liquidity to make up for the loss

Rinse, repeat.


Important: this is a secret family recipe, so if the whole thing goes in smoke and if asked say "I know nutting".

Wed, 10/31/2012 - 16:32 | 2935619 Madcow
Madcow's picture

"In God We Trust" -> "If you're not cheating you're not really trying"

Wed, 10/31/2012 - 17:16 | 2935708 12ToothAssassin
12ToothAssassin's picture

Its only cheating if you get prosecuted.

Wed, 10/31/2012 - 16:34 | 2935621 Lost Wages
Lost Wages's picture

We've known all this for about a year now and nothing has been done. Is the case at a standstill? Are they just going to hope we forget or let the statute of limitations run out?

Wed, 10/31/2012 - 16:45 | 2935650 RockyRacoon
RockyRacoon's picture

The poor bastard may meet with an unfortunate boating or airplane accident once the "case" has cooled off a bit.  I'd say the clock is running out on ole Corzine.   It'll be a shame, I know, but necessary to provide cover for others not yet in the limelight.   Conspiracy?  Not if there is no other conspirator named.

Wed, 10/31/2012 - 17:19 | 2935717 putaipan
putaipan's picture

conspiracy? at the risk of repetition i linky again.....( and yes corrazinne is named) -

Wed, 10/31/2012 - 20:02 | 2936079 RockyRacoon
RockyRacoon's picture

Yeah, saw that.  Funny how that story is like a Halloween ghost isn't it?  One minute it's headlines, next it's lurking in the shadows.   Gawrsh!  Ya think there might be a conspiracy going on... trying to hide the conspiracy... that is covering up a conspiracy?  Nah.  Couldn't be.

Wed, 10/31/2012 - 20:51 | 2936239 kaiserhoff
kaiserhoff's picture

Can I sign up now to be on that jury?

Thu, 11/01/2012 - 06:54 | 2936924 GetZeeGold
GetZeeGold's picture



Probably not....since you already know he's quilty.


Wed, 10/31/2012 - 16:58 | 2935676 NotApplicable
NotApplicable's picture

What case are you inquiring about? AFAIK, there isn't a single one left.

Wed, 10/31/2012 - 17:25 | 2935722 object_orient
object_orient's picture

If Romney wins, DOJ indicts immediately. Obama pardons Corzine on last day in office. If Obama wins MFG gets swept under the rug.

Wed, 10/31/2012 - 19:10 | 2935969 11b40
11b40's picture

Romney will do exactly as Jamie tells him to.  Much like Obummer.

Wed, 10/31/2012 - 22:22 | 2936490 WillyGroper
WillyGroper's picture

I love this partisan bullshit, as if both parties did not have a hand in this epic biblical clusterfuck. 

Let's see if the elections are held, or perhaps m@rti@l law could be be declared.  

Thu, 11/01/2012 - 01:47 | 2936815 rehypothecator
rehypothecator's picture

Can Obama pardon Corzine, if he hasn't been charged with a crime yet?  

Thu, 11/01/2012 - 13:23 | 2938017 putaipan
putaipan's picture

preemptive pardoning. endless bailouts.

Wed, 10/31/2012 - 22:04 | 2936442 mjcOH1
mjcOH1's picture

"We've known all this for about a year now and nothing has been done. Is the case at a standstill? "



"Are they just going to hope we forget or let the statute of limitations run out?"

In less than a week there'll be an election.   And there is a (slight) chance that in spite of the inevitable demographic tide, somebody will be without the cover of the Party in January.

Wed, 10/31/2012 - 16:35 | 2935624 Yen Cross
Yen Cross's picture

I think Corzine needs a "continuing-Ed" class in Commingling client funds.

 I hear 'Rikers Island' has a great curriculum...

Wed, 10/31/2012 - 16:37 | 2935626 Bolweevil
Bolweevil's picture

Fwd to Chumbawumba, he'll sue Corzine.

Wed, 10/31/2012 - 16:38 | 2935629 RacerX
RacerX's picture

why this fucker is still out walking the streets is beyond me. Talk about blatant, in-your-face corruption.

heck I think even in China they'd have this guy strung up.

Wed, 10/31/2012 - 22:24 | 2936495 WillyGroper
WillyGroper's picture

His vital organs would have already gone to the highest bidder.

Wed, 10/31/2012 - 16:39 | 2935632 Jugdish
Jugdish's picture

Bernanke vs Corzine in a cage match, no rules. Match is over when one is dead. Who wins??

Wed, 10/31/2012 - 16:46 | 2935652 WALLST8MY8BALL
WALLST8MY8BALL's picture


Wed, 10/31/2012 - 16:48 | 2935659 HD
HD's picture

Don't know who wins....

...I do know it will be sponsored by Propecia

Wed, 10/31/2012 - 17:17 | 2935713 12ToothAssassin
12ToothAssassin's picture

Two men enter, one man leaves!

Two men enter, one man leaves!

Two men enter, one man leaves!

Two men enter, one man leaves!

Two men enter, one man leaves!

Wed, 10/31/2012 - 19:12 | 2935975 insanelysane
insanelysane's picture

Reneg on the deal, Face the wheel.

Wed, 10/31/2012 - 17:09 | 2935698 Unprepared
Unprepared's picture

Epic battle of the century:


The Liquificator


The Vaporizor

Wed, 10/31/2012 - 17:21 | 2935720 Papasmurf
Papasmurf's picture

Who be pitcher, who would be batter?

Wed, 10/31/2012 - 22:25 | 2936497 WillyGroper
WillyGroper's picture

Even better, who would be the catcher?

Wed, 10/31/2012 - 22:06 | 2936446 mjcOH1
mjcOH1's picture

"Bernanke vs Corzine in a cage match, no rules. Match is over when one is dead. Who wins??"

The working man.

Wed, 10/31/2012 - 16:42 | 2935635 Robslob
Robslob's picture



This all feels very much like France in the mid-1790's....aaand we all know how that ended....

Wed, 10/31/2012 - 16:58 | 2935677 NotApplicable
NotApplicable's picture

Wow, you must be really, really old. ;)

Wed, 10/31/2012 - 17:05 | 2935695 The Shootist
The Shootist's picture

Haha. What about France 1960's? That was wild right? Le Chacal bitchez!

Wed, 10/31/2012 - 17:04 | 2935691 Uncle Remus
Uncle Remus's picture

Duncan? Duncan MacCleod you old sword slinger - is that you?

Wed, 10/31/2012 - 21:21 | 2936338 FreedomGuy
FreedomGuy's picture

Precisely! See my earlier post.

Wed, 10/31/2012 - 16:42 | 2935639 lemonobrien
lemonobrien's picture

a nation based on law don't work if the law is not applied equally to those in power.

Wed, 10/31/2012 - 16:45 | 2935649 Burr's 2nd Shot
Burr's 2nd Shot's picture

If only we had laws and regulations preventing this type of thing from happening...

Maybe we could create a new oversight body and ask JC to lead it, since he learned so many lessons from this tragedy.

Wed, 10/31/2012 - 16:47 | 2935654 Yen Cross
Yen Cross's picture

I can't wait until I don't have to listen to that, FUCKTARD Obama any more. His grandstanding bullshit makes me puke!

 He's poluting the airwaves right now.

Wed, 10/31/2012 - 17:01 | 2935686 NotApplicable
NotApplicable's picture

Funny, I haven't heard him say a word in years.

Well other than these.


Protip: There's this magic button on your TV...

Wed, 10/31/2012 - 16:46 | 2935655 Currency is Debt
Currency is Debt's picture

This scam was EPIC. Lawlessness reigns

Wed, 10/31/2012 - 16:49 | 2935661 Rathmullan
Rathmullan's picture

What case? You mean the case of Dom Perignon White Gold Jeroboam. Yeah, I understand the bubbles in it tickle his nose....particularly in the morning.

Wed, 10/31/2012 - 16:52 | 2935664 Atlantis Consigliore
Atlantis Consigliore's picture

RICO RICO RICO  (treble damages) subpoena all emails meetings for EVERYONE. 

Wed, 10/31/2012 - 17:03 | 2935687 NotApplicable
NotApplicable's picture

Look over there. See those kangaroos? They're laughing at you for suggesting they represent justice.

Wed, 10/31/2012 - 16:55 | 2935671 Uncle Remus
Uncle Remus's picture

The evidence before the court is
Incontrovertible, there's no need for
The jury to retire.
In all my years of judging
I have never heard before
Of someone more deserving
Of the full penalty of law.

Wed, 10/31/2012 - 16:56 | 2935673 luna_man
luna_man's picture



Not until the majority of U.S. citizenry are fed up...Will the CRIMINALS, seize!


the sooner, the better

Wed, 10/31/2012 - 21:23 | 2936342 FreedomGuy
FreedomGuy's picture

Citizens can be bribed and lied to.

Wed, 10/31/2012 - 16:59 | 2935681 The Shootist
The Shootist's picture

I think this man's future is getting very uncertain. I'm not disappointed.

Wed, 10/31/2012 - 17:04 | 2935690 news printer
news printer's picture
Two strikers shot dead in South Africa - Uprising ?

100 striking miners gathered outside the coal mine this morning, and some of them allegedly tried to break into the mine's armoury.!!!

Wed, 10/31/2012 - 17:07 | 2935696 yogibear
yogibear's picture

Corzine knows he's above the law. More reason for him to steal even more. He's protected by Obama and the DNC.

Wed, 10/31/2012 - 17:13 | 2935703 Wakanda
Wakanda's picture

I notice we don't hear from his kids about "how unfair bloggers are" and "what a great guy my dad is".  I guess the lawers got them to shut up and lay low.

Hello Corzines?  Anybody out there?...

Wed, 10/31/2012 - 17:25 | 2935721 williambanzai7
williambanzai7's picture

Wed, 10/31/2012 - 19:40 | 2936025 Bear
Bear's picture

Very similiar to his good friend go-O-bama-way

Wed, 10/31/2012 - 17:47 | 2935775 tickhound
tickhound's picture

Let us now review the dozen or more reasons why Corzine and Co. remain untouchable in America...

1.  He's a former Goldman CEO

2.  Former US Senator

3.  Former US Governor

4.  Friends in the CFTC

5.  Friends in the SEC

6.  Friends at the FED

7.  His crime involves stealing over $1 billion ("felon" reserved for the much smaller $ amounts)

8.  His crimes are too complicated for the average US citizen to understand

9.  Wealth transfer is deemed more outrageous when the lower class is the recipient

10.  An investigation that runs too deep could disturb markets

11.  The founding of a philanthropic hedge-fund can be considered 'Federal Work Release' and counted as time served.

12.  He's a lead Obama fundraiser

13.  And he's .............

Wed, 10/31/2012 - 18:07 | 2935827 thomasincincy
thomasincincy's picture

ok, now multiply any combination of these by the hundreds and what the hell does that tell you?

Wed, 10/31/2012 - 18:59 | 2935927 emersonreturn
emersonreturn's picture if being a lead Obama fundraiser precludes his being rightfully charged, does it follow that a mitten's win means he shall be?  or will obama pardon him at the last minute...really?

Wed, 10/31/2012 - 19:27 | 2936002 tickhound
tickhound's picture

Charge him for what?  Being a typical crony capitalist?  Never.  Refer back to reason #1. 

Wed, 10/31/2012 - 17:48 | 2935777 max2205
max2205's picture

Once the lawyers are on it, they'll never let go.

He'll serve or have a body double have a heart attack

Wed, 10/31/2012 - 17:49 | 2935780 Catullus
Catullus's picture

That would require a government prosecutor to be more than a worthless piece of shit. Third-tier law school B-students = government prosecutor.  The C-students are the public defenders.  And they had to change the rules over the decades to freeze defendants' money because even a decent lawyer could beat them. 


Wed, 10/31/2012 - 17:49 | 2935782 BlackSunshine
BlackSunshine's picture

"And, while the current administration clearly doesn’t care about the integrity of markets, I do."

Oh, you mean in contrast to the last administration, which Enron, Global Crossings, Tyco, Madoff ocurred, and the SEC was pretty much castrated along the way, along with CTFC? And where the housing bubble was allowed to grow uncontrollably.... Yeah, the current administration....

Jeez, when will we learn that crony capitalism exists on both sides of the aisle, which in reality is only 3 degrees in difference from each other.

There is nothing more insignificant than voting in a national election. Talk about a worthless exercise. It matters locally, but nationally, the parties are virtually the same, and bought by the same people.


Wed, 10/31/2012 - 20:10 | 2936100 TFD123
TFD123's picture

All those examples you list got prosecuted (and convicted).  Corzine hasn't seen the inside of a courtroom yet.  That's the point.

Wed, 10/31/2012 - 22:30 | 2936505 WillyGroper
WillyGroper's picture

>>>There is nothing more insignificant than voting in a national election. 

Yes, but the illusion must be maintained for the chemically lobotimized and the products of our first class education system.

Wed, 10/31/2012 - 17:50 | 2935784 BlackSunshine
BlackSunshine's picture

"And, while the current administration clearly doesn’t care about the integrity of markets, I do."

Oh, you mean in contrast to the last administration, which Enron, Global Crossings, Tyco, Madoff ocurred, and the SEC was pretty much castrated along the way, along with CTFC? And where the housing bubble was allowed to grow uncontrollably.... Yeah, the current administration....

Jeez, when will we learn that crony capitalism exists on both sides of the aisle, which in reality is only 3 degrees in difference from each other.

There is nothing more insignificant than voting in a national election. Talk about a worthless exercise. It matters locally, but nationally, the parties are virtually the same, and bought by the same people.


Wed, 10/31/2012 - 17:51 | 2935789 ShrNfr
ShrNfr's picture

They like trading "commodities" in Chicago. Senators, presidents, corzines, futures, options, options on futures, futures on options on futures, senators, Baglos, presidents, Jarretts, you know, just the usual. Just pay Axelrod on the way out.

Wed, 10/31/2012 - 17:52 | 2935790 TiredofIgnorance
TiredofIgnorance's picture

Good Luck.

I've been in Federal Court for almost EIGHT YEARS trying to enforce valid copyright and U.S. Trademark infringements.

CV05-1519, ND of Ohio, Eastern Division, Judge Wells.  I have their employees KNOWINGLY on audiotape with my private investigators ADMITTING and DETAILING their hacking efforts.

We were granted a Forensic examination by the Judge, and went looking for 4 specific computers their employees described in the infringement.  And here's what we got:




FAILED and FINALLY, "your honor, our backup tapes didn't work for OVER THREE YEARS, so we threw them out too."

This was THREE YEARS AFTER a Magistrate Judge asked them IN OPEN COURT if the hard drives even existed.  They didn't answer, just dodged it, "ala Corzine".

I've lost EVERYTHING, thanks to the dirty lawyers.  STILL IN COURT, and out a MILLION in lawyuers fees.

Wed, 10/31/2012 - 18:14 | 2935844 Marley
Marley's picture

"757,969 marijuana arrests in America last year"

Wed, 10/31/2012 - 20:02 | 2936027 Radical Marijuana
Radical Marijuana's picture

Yeah, I rated the MF Global stealing money from Gerald Celente the Story of the Year in 2011.

Not long ago, we would not have believed such things were possible, therefore, someone who made his living looking at trends, in order to try to predict the future, and had very impressive track record, did not see the MF Global situation coming, and so, ended up with a significant sum of his own money included in the $billion plus that was "vapourized."

Corzine is now the symbolic poster boy for the runaway FACT the "rule of law" no longer applies to the people at the top of the social pyramid system. Those pyramidion people have effectively become a "break away civilization" that have impunity to murder, and commit frauds, etc., because they have totally captured control over the puppet politicians, and the mass media, etc.!

I see no reasons to believe that the FACT OF RUNAWAY FRAUD, BACKED BY FORCE, IS GOING TO BE FIXED. There is way more probably going to be more mass murders, committed with impunity, in the form of more genocidal wars, based on deceits, and more outrageous frauds than ever before, while those who do that will continue to have an impunity to do that. There is way more probably going to be democidal martial law imposed on the general population, than that there will be any proper investigations and prosecutions of the pyramidion people that can now blatantly murder and rob with impunity.

Of course, that established system of huge lies, backed up by violence, has been picking up speed at an exponential rate. Of course, the drug wars were part of that growing system of legalized lies, backed up with legalized violence, serving the growth of the systems of debt slavery, backed by wars based on deceits. Of course, 75% of the drug war was the war against marijuana. Of course, it was BECAUSE hemp is the single best plant on the planet for people, for food, fiber, fun and medicine, that there was a propaganda campaign to assert that "marijuana is as bad as murder!"  Of course, that was totally opposite to the truth, that marijuana has never killed anyone. Of course, the mariuana laws have been a major excuse to build the fascist police state, to serve the interests of the runaway fascist plutocracy. Of course, the biggest banks enjoy impunity to skim the cream of the profits off of the illegal drug trade, by laundering that money. Of course, the marijuana laws are overwhelmingly enforced against young blacks and latinos, more than anyone else. Of course, the privatized prison business is booming. Of course, the laws that are supposed to be against organized crime and terrorism are actually applied more against marijuana than anthing else. Of course, that is ALL going to get automatically worse, with the only probable changes are for that to shift into higher gears, with democidal martial law being imposed against more ordinary people.

All of the things that were done through the laws against "marijuana" were classic symbolism. Consider that the first American flag, and the documents like the Bill of Rights, we made out of hemp cloth and hemp paper. Consider that the exemptions against being protected by constitutional rights and freedome, that were carved out, bit by bit, with the justification of the drug war, which was mostly the war against "marijuana," are now going to be astronomically amplified, so that there are going to be practically no constitutionally guaranteed rights and freedoms for the the vast majority of Americans. Consider that the runaway fascist police state that applied the marijuana laws was the process of feeding a monster, that will turn around and eventually devour those that fed that monster! Consider that both the words "marijuana" and "pot" came from Mexican Spanish slang words, while hemp was the English word for that plant, while cannabis was the Latin word for that plant. Consider how badly that has soured the history of the real relationships between the Mexican and American people, and that the Mexicann drug cartels originally got going be being subsidized by billions of dollars of drug money, for decade after decade. Consider how much worse that is going to get in the foreseeable future, due to basic demographic factors. Consider that the propaganda campaign that renamed hemp to be "marijuana" and then asserted that "marijuana was almost as bad as murder" because marijuana was claimed to be an addictive narcotic, that drove people criminally insane, before it killed them. Consider that the government of the USA still today asserts that marijuana is a totally useless and evil substance, with no beneficial uses whatsoever. Consider how the biggest lies worked better in propaganda campaigns, than littler lies, did, but then also consider how that eventually must also finally backfire on an equally big scale!

OF COURSE, ONE SHOULD CONSIDER THAT MARIJUANA LAWS ARE THE SINGLE SIMPLEST SYMBOL, AND THE MOST EXTREME EXAMPLE, OF THE WHOLE SYSTEM! The whole system is based on fraud, backed by force. The whole system is legalized lies, backed up with legalized violence. The whole system is a runaway triumph of deceit and destruction, serving debt slavery, being driven towards debt insanity. Therefore, that whole system is headed towards psychotic breakdowns.

It is in that context that the impunity of MF Global to rob clients of more than a billion dollars, in flabbergasting and unprecedented ways, while the senior officers who did that enjoy an impunity to get away with those crimes, should be seen as another egregious illustration that the whole of American society is going insane, due to the runaway triumphs of its established systems of dishonesty, backed by coercion, having almost totally taken complete control, and therefore, they themselves now being OUT OF CONTROL!

However, like I said, at this point in time, there are no good reasons to believe that things can get better. Rather, the way more probable future is for things to get unimaginably worse. When people who grew or sold flowers that never killed anybody are imprisoned for decades, while those who defraud billions of dollars from the public enjoy impunity to be able to do that and get away with it, and to keep their billions of dollars in profits that they made doing that, and then turn around and buy political patronage, by reinvesting the money that they made from fraud, in even more fraud, by their money being able to buy influence over the politicians, ETC., the only rational conclusion is that the American civilization has jumped the rails, and is headed into a train wreck situation!

Wed, 10/31/2012 - 21:39 | 2936385 JuicedGamma
JuicedGamma's picture

You're high.

Wed, 10/31/2012 - 22:41 | 2936534 Radical Marijuana
Radical Marijuana's picture

No, unfortunately, I am not "high."

I am 100% objectively depressed!

Wed, 10/31/2012 - 22:00 | 2936433 luckylogger
luckylogger's picture

Oh boy no that needs to be top priority...................................!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Wed, 10/31/2012 - 18:23 | 2935862 The Fonz...befo...
The Fonz...before shark jump's picture

Fuckin scum! I don't know who is worse This scumbag or the regulators that enable him....

We have machines trading for us might as well go full retard and have machines regulate the least they won't be swayed by campaign contributions or being captured by other interests.....

Wed, 10/31/2012 - 18:24 | 2935864 MFLTucson
MFLTucson's picture

The Jew York Times would be toast if I had anything to say about it.  Their behavior is this election is an outright disgrace.

Wed, 10/31/2012 - 18:30 | 2935883 GoldmanSux
GoldmanSux's picture

Corzine will be charged within two weeks.

Wed, 10/31/2012 - 19:44 | 2936035 Bear
Bear's picture

Then pardoned in January when Obama exits stage left .. a pat on the back to friends and a big fat finger to us

Wed, 10/31/2012 - 21:32 | 2936365 FreedomGuy
FreedomGuy's picture

He can live with Rich in Switzerland.

Wed, 10/31/2012 - 22:33 | 2936513 WillyGroper
WillyGroper's picture

And when it happens, I'll kiss ur ass on main street.

Wed, 10/31/2012 - 19:22 | 2935993 MrSteve
MrSteve's picture

Any time somebody is counting on regulations and or the federal government to protect their interests, they are in a high risk death bet. VietNam taught us all that. Don't remember Billie Sol Estes and the missing oil? The Johnson family controlling seven TV stations  (FCC, FTC???)

And why hasn't any Senator from the states of the afflicted gone on TV and screamed for justice? Senator? Senator?  We all know the answer so "next time" keep your eggs in three or four baskets so the fox in the henhouse can't get all your eggs with one move.

Regarding integrity in the media, why does anyone suppose Rupert Murdoch et al is any holier than Corzine? Why shouldn't the NYTimes be an agitprop op for the Dems, they've got the White House now, right?           

Wed, 10/31/2012 - 19:31 | 2936009 Benjamin Glutton
Benjamin Glutton's picture you f'kers got the Big Fish?


keep your rod tip up partisan shills.

Wed, 10/31/2012 - 19:38 | 2936022 DeFeralCat
DeFeralCat's picture

Corzine's new defense strategy will be that all of his hard copies were on his desk in his Ocean City, New Jersey office. Oops.

Wed, 10/31/2012 - 19:42 | 2936029 Bear
Bear's picture

The Case Against Corzine = The Case Against Obama = Head MF CEOs

Wed, 10/31/2012 - 20:07 | 2936089 Dineroguru
Dineroguru's picture

"Cor-SWINE" for President....maybe he can vaporize a some multi- trillion worth of US Treasuries!

Wed, 10/31/2012 - 20:25 | 2936154 buzzsaw99
buzzsaw99's picture

I won't be voting in the presidential race this year. Both candidates are just too scummy.

Wed, 10/31/2012 - 22:35 | 2936520 WillyGroper
WillyGroper's picture

Why denigrate scum?

Wed, 10/31/2012 - 20:55 | 2936251 djsmps
djsmps's picture

Just go to YouTube and enter "Corzine Obama one voice".

Wed, 10/31/2012 - 21:25 | 2936347 laughing_swordfish
laughing_swordfish's picture

I'm not so sure.

If Obummer gets re-elected, once he's safely in, I think Corzine gets thrown under the bus - not by Holder, but rather that the AG's of New York, New Jersey and other places will be "informed" that "Mr. Corzine is no longer under our protection" and "all files will be made available to you"....

I predict he'll be charged in New York undr state law and instead of "Club Fed" he'll be introduced to the charms of Sing Sing or Attica..

If Romney gets in, he'll be pardoned - but that has no effect on a state prosecution...


Just Sayin'



Wed, 10/31/2012 - 21:42 | 2936396 robnume
robnume's picture

This just goes to prove the adage that "Behind every great fortune is a great crime".

Wed, 10/31/2012 - 21:58 | 2936428 luckylogger
luckylogger's picture

Tar and feather the cunt.................... he is a cunt and n3eeds his ass kicked............... send the prick out to north idaho and maybe the world will be free......................................................................

Wed, 10/31/2012 - 22:07 | 2936449 robnume
robnume's picture

RICO, RICO, RICO, is right on. I have written several RICO briefs against U.S. Treasury, SEC, Federal Reserve System. The elements to be legally satisfied are all there. I cannot and will not file these briefs because I TRUST NO PERSON in this country of morons. I did this work for myself, to satisfy my own curiosity on points of law which were readily apparent to me simply on their face. I mean how could ANY attorney not but see that this whole damned financial system - federally sanctioned at ALL levels of government - screams RICO? Banks can now legally drill into and steal any and all items from your own safe deposit box. A Federal judge has said so. This used to be a crime called "conversion". That was when you stole my bike with the express intention of converting it to your own use. I suppose that, below a certain income level, "conversion" is still a crime. But not for banksters. DOJ should face charges for non-prosecution of felony financial crimes, too. Maybe state Attorneys General will step up to the plate; we'll see.

Wed, 10/31/2012 - 22:17 | 2936477 mberry8870
mberry8870's picture

I am not currupt I am just incompetent. Just name one non-politically associated human who get away with this. Former FBI director lets him off the hook because things were "chaotic" and a function of poor recordkeeping. Bullshit.

Wed, 10/31/2012 - 22:49 | 2936553 Dadburnitpa
Dadburnitpa's picture

Corzine. Fucking criminal. Should be stripped naked and eaten alive by hungry swine.

Thu, 11/01/2012 - 00:25 | 2936715 ozzz169
ozzz169's picture

Cronie capitalism at its best.  I wonder how much he has "bundled" in this election to keep his freedom.  I am guessing the conversation when something like this... "ok John you f!@#ed up big time, we will make sure ya don't get get introduced to bubba, but you better not let us down in 2012."

Thu, 11/01/2012 - 00:25 | 2936716 ozzz169
ozzz169's picture

Cronie capitalism at its best.  I wonder how much he has "bundled" in this election to keep his freedom.  I am guessing the conversation when something like this... "ok John you f!@#ed up big time, we will make sure ya don't get get introduced to bubba, but you better not let us down in 2012."

Thu, 11/01/2012 - 07:42 | 2936995 overmedicatedun...
overmedicatedundersexed's picture

at the highest levels of gov and finance they are  the law..the people voted (diebold)corzine in- he is the club, he is the reptile elite who send your kids to shitholes across the world to die-destroy your county's economy..strip your wealth and devalue your dollars..knowing this the media stays away (except zh)..I would contribute to a legal fund to bring charges perhaps the tylers could consider asking the zh community to support our own lawsuit??

Thu, 11/01/2012 - 13:10 | 2937967 toomanyfakecons...
toomanyfakeconservatives's picture

In the end, justice will be done. There is no statute of limitations for pissing on the Constitution.

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