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Apparently This MF Global "Clusterfuck" Does Not Deserve Criminal Charges
We salute the CFTC for finally, if belatedly, doing the right thing and going after Jon "the bundler" Corzine. However, we wonder, just how is the following documented exchange between Edith O'Brien, MFG's assistant treasurer, and some MF Global employee, not considered crime-worthy by Eric Holder? Or is the US Attorney General too busy to answer, having to come up with his own alibi to avoid going to jail for lying to Congress under oath?
From the MF Global Civil, not Criminal, Complaint
Just prior to 6:30 p.m. ET, O’Brien told Employee #2 on a recorded telephone line that the Firm would not be in compliance with customer segregation rules because funds were not being returned to customer segregated accounts:
O’BRIEN: It is a total clusterfuck . . . . They have to move half a billion dollars out of BONY to pay me back . . . . Tell me how much money is coming in and I will make sure it gets posted. But if you don’t tell me, then tomorrow morning I am going to have a seg problem . . . . I need the money back from the broker-dealer I already gave them. I can’t afford a seg problem.
At approximately 6:45 p.m. ET, O’Brien also told Employee #2 on a recorded telephone line that she was “on the phone with [BONY] trying to negotiate something right now. Otherwise we are going to be underseg.”
O’Brien was able to get a portion of the customer segregated funds returned to customer segregated accounts, as BONY agreed to transfer $325 million of funds from MF Global’s proprietary operating account at BONY to a customer segregated account that MF Global maintained at BONY.
O’Brien was aware that, as of the time of this BONY transfer, MF Global had been unlawfully under-segregated during the day. Even with the $325 million transfer back to a customer segregated account, MF Global remained under-segregated.
At approximately 11:30 p.m. ET, referring to transfers from customer segregated accounts to MF Global’s broker-dealer division, O’Brien sent an email to an MF Global employee titled “Heads up my projection,” which stated: “Due to large B/D client wires we could be negative seg tomorrow AM.”
* * *
Corzine knew that various encumbrances and impediments on these $602 million worth of assets made them not immediately available for the Firm to use to meet its cash needs. In fact, acknowledging that these assets were restricted or not as liquid as cash, Corzine, in a recorded conversation, referred to them euphemistically as the “moral equivalent” of cash.
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Why aren't these people in jail? Oh yeah we have suspended the rule of law http://tinyurl.com/mem7o7x
We have a legal system. Not a justice system, Shirley.
We have an illegal system. Not a justice system, Shirley.
There I fixed that for you.
apparently "smoking gun" is just a figure of speech after all.
hey, it's just tobacco. All legal.
oops..
now.. about that layered graphics file posted as an official government birth document..
There must be a special lamppost somewhere waiting for our AG...
where there is no justice there will be no peace
Obozo's banana republic of America is a country operated as a commercial enterprise for private profit, effected by a collusion between the State and favored oligopolies, in which the profit derived from exploitation of consumers is private property, while the debts incurred thereby are a public responsibility. Such an imbalanced economy remains limited by the uneven economic development of town and country, and tends to cause the national currency to become devalued paper-money. Such government by thieves is a kleptocracy; such a kleptocratic government is manipulated by corporate interests, and functions mostly as ceremonial government that is unaccountable to its nation. The national legislature is, in effect, for sale, influential government employees illegitimately exploit their posts for personal gain (by embezzlement, fraud, bribery, etc.), and the resulting government budget deficit is repaid by the country's working people who earn wages rather than making profits.
I want to thank ZH for getting all pissed off again over this fucking joke. And to think they locked up Martha Stewart while this asshole will never see the inside of a courtroom. FUCK!
My memory is a little hazy here. Isn't this the money they said just "vaporized"? Anyone seeing any FBI investigators in hot water over that? Oh, didn't think so.
Even if he see's the inside of a courtroom and is convicted, on O'Barry's last day in office, Corzine will receive his insurance payout.
From the Oligarch Trust & Life Company.
Richard - great post. I just want to point out that re. The national legislature is, in effect, for sale, influential government employees illegitimately exploit their posts for personal gain (by embezzlement, fraud, bribery, etc.)
They are upfront about the right they gave themselves to front-run markets.
Little off topic but one must remember. 80 years ago a combined allied endeavour in a few years diverted industry to such success that the waves of sea and cumulus high above were filled with craft of destruction to smash imperialism, fascism, expansionism and a NEW WORLD ORDER was born. Simultaneously almost Bretton Woods.
In our quiet corners of the world we don't see skies and seas full of iron filling space with leaden spittal. However, we've a much more sophisticated, much more concentrated and highly funded war machine. It lives in the higher realms of confidence and the unseen.
Do not underestimate the resolve of the politico-banking-mind control multimedia sort. Most ZH's are long past first discovery of the original sins of fiat and fractional reserve, coin clipping, and the Large and Small Frauds in statecraft. But the same ennervating powers that supplied an allied crush of man and material is ever larger and arrayed against any true EQUITY left in the world. You see, and clearly, the entire self-levitating machine require constant tribute in the form of REAL SURPLUS. Not the funnybux, not the leverage conjured from thin air, not the fair-weather promises to pay, not the factoring upon the extraction from the human animal, but real saved surplus from sweat on the brow invention, labour, setting aside.
This system has geared itself so that any REAL goodman or woman who produces for neighbor to profit, but who bypasses the traditional liquidity route depositing in the bank or equivalent, and who presumes to make himself sovereign or APART--throws a spanner into all that gearing. When leverage is allowed to exceed even 10:1 when the productive leave the scheme, it exponentially guts the beast. It is the last freeman act to preserve liberty. This horrible creature created by tacit participation by all citizens of all nations who is far worse than the Jekyll Island beast, cannot stand the shun and walk away.
Deprive it of capital, deprive it of your savings, deprive it of your hard-earned, and each deprivation is exponentially multiplied to the detriment of its balance sheet.
It can and must die, but only by active everyman participation which strikes at its belly by contravention of its rules and the bypass of its appetite.
Starve it of capital, starve it of your contribution. Some day as it dies another great rebirth of freedom may come. Another golden age when men and God combine to invent and enlarge upon all the great bounty of the planet. The gearing may work toward your greater benefit in that system. What exists now takes such dear tribute, that there is no escape velocity from its morbid gravity. You see now the lands of setting suns and dimunition of ability and creation.
In the other system lies a gearing or leverage whereby contribution is magnified, industry amply rewarded. It no longer exists and especially not so in the Land of the Debt Donut, and the fro bro of doubtful provenance. A hard rain and rightful purge could restore and could be done without violence. Keep your substance from their patterned plunder, withhold and deploy ONLY for GOOD, nay GREAT purposes.
Superb thoughts and writing Alex S.
+1.618
The most corrupt Administration in all of American History! Period!
That picture above says it all.
And yet those getting government checks (SS, welfare and salary) won't upset the Obama applecart - a majority by now...or close to it.
America has been bought off.
If your child qualifies for free lunch you qualify for reduced Comcast Internet. $9.95 a month and a $150.00 laptop is available too.
I'll venture a guess that 90+% of American citizens do not know how John Corzine is. Of the 10% who do, 1 or 2% understand this story. We're all 1%'ers now!
Oh, fuck yeah!
Where are my complimentary hookers and blow?
You have to win an election to get that prize.
You got Diebold's number handy?
American deserve this.
Makes me want to puke out my eyeballs. I never would've believed I could be more infuriated or disgusted after W's administration. Now, nothing would surprise me. MOTHER FUCKERS!!!
Yep, W was bad...
But these fvckers make the Bush Admin look like nursery school.
i am uncertain. i think they wouldn't have had the guts to do what they have done had they followed ghw bush, who prosecuted the s and l criminals and attacked the actual person who invaded kuwait. bush 2 gave this evil gofer the ideas, excuses and momentum. admittedly b o has added layers of duplicity and monstrous crime upon bush's foundation.
but on the bright side what only wild men like ralph nader thought true in 2000, that the political parties are essentially the same, ditto the msm from "left" to "right", is now q.e.d.
Every administration is corrupt. No need to be humble and limit it to just one.
No way are these guys more corrupt or evil than Abe Lincoln and Edwin Stanton.
Better go with weed, at least it's legal in a few jurisdictions these days. Tobacco - if you don't get fined, the stigma will get ya.
As an aside, I wonder how these telephone intercepts can be released to the media. Are they not considered Evidence? Where I come from, you don't release Evidence. How are we to contextualize the expression "Trial By Media?"
Their release might prevent the Honerable John Corzine from ever receiving a fair trial.
MF may not deserve criminal charges....but writing bad things about a bank in chalk will put you in the clink it seems.....13 years perhaps......
http://rt.com/usa/california-man-13-prison-banks-237/
<Sigh> When will the revolution come? Jefferson must be rolling over in his grave and the Liberty Tree is dying for lack of the blood of tyrants.
The "Honorable" Jon S. Corzine, bitchez.
How many times need I remind you, FFS!
According to Wikipedia, the Honorable Jon Corzine is a “philanthropist”
http://en.wikipedia.org/wiki/Jon_Corzine
War is peace, freedom is slavery and a white collar thief is a philanthropist.
"War is peace, freedom is slavery and a white collar thief is a philanthropist."
A Corzine Philanthropist someone that recieves money from a group of other people that donated it without their knowledge or approval. Its all good in the end. Jon is just doing Gods Work! /Sarc
dude.. amongst the knowing.. /sarc is oxymoronic.. but OK.. we understand that sarcasm is the lowest form of wit and we are all nitwits and dead in the long run.
yeah, and beard cutting can get you in the slammer for 15 years:
Ohio Amish families struggle as beard-cutting prison terms get underwayhttp://blogs.reuters.com/faithworld/2013/04/12/ohio-amish-families-strug...
"Beard the Amish in his barn," just doesn't have the ring of "beard the lion in his den."
Clip clop, clip clop, BANG, clip clop, clip clop.
???
Amish ride by shooting.
If that's not fascism I don't know what is.
---
its not illegal until its illegal...and there's no justice until there's justice.
We have an illegal 2 tier legal system
THEM
------------------LAW-----------------------
US
Yes Dr. you certanily did well put.
Justice is for just us.
...former senator...former head of the squid...I'd imagine he's hurt his public image is being scrutinized for doing gods work.
these arent the corrupt bankers you are looking for...nothing to see here, move along.
At Brandenberg Gate: "Mr. Obama give us back our gold! Mr. Obama return our rule of Law. Mr. Obama preserve our privacy!"
That might impress. Amin, Mandela, Hussein. Leaders that brought their charges to new glory!
http://jessescrossroadscafe.blogspot.com/2013/06/stand-and-deliver-how-g...
We actually have a criminal justice system at least that's what it's called in California.
http://www.lao.ca.gov/2007/cj_primer/cj_primer_013107.aspx
It's justice only for the criminals.
Don't call me Shirley.
Can't we just skip the legal shit at this point and get down with...
http://www.realknots.com/p/k/nhhang.gif
"Why aren't these people in jail?"
Prosecutorial discretion. In the Rule of Law, the prosecutors are the rulers.
It's good to have low friends in high places.
It's the JUST-US system which ecludes the rest of us.
Corzine, we have a problem.
"No Ms. O'Brien. YOU have a problem!"
"However, we wonder, just how is the following documented exchange between Edith O'Brien, MFG's assistant treasurer, and some MF Global employee, not considered crime-worthy by Eric Holder?"
That question was purely rhetorical right?
Bag Holder is just saving us the inevitable pardon from Obama. No way in hell O's Bundling Czar takes a hit...ever. Wouldn't be surprised if Corzine's fine(if any) isn't paid from White House petty cash...
if you've got a bundler you've got to have a bagholder too. "you all know the rules." the first one being "don't get caught." and second being "when caught deny, deny, deny."
3rd - "OK we did it, but everyone else did it too" (if I remember the logic one applies as a 12 y/o correctly)
They print trillion of fucking dollars to save the derivative towers from collapsing, and they can print half a billion to save the poor people who got their money in a "SEG" A/C
Because they are not Kito's?
The United States of America does not negotiate with Terrarists, The POTUS and his buddies should die.
recorded and alerted by PRISM
ciao ciao, see you on the other side.
Locked and Loaded!
You mean sarc off.
a seg problem, how quaint
Account segregation shortened to "seg" implies that it is a common enough occurrence that a shorthand slang was needed.
BINGO! It's not just common practice at MF Global. They all do it.
Another abr. or slang is "rehyp". Count on it.
I would also assume that 'total clusterfuck' is not a technical term often employed in the ordinary course of financial management.
I wouldn't be so sure. It merely implies a heightened state of attention. Like when we move from Terror Threat Level yellow to orange. Or blue to purple..... or whatever those meaningless colors are.
"One notch above normal" is what I'm trying to say. "Clusterfuck" defines the midpoint. "Total Clusterfuck" is one notch over that.
When things get really serious, everyone gets very quiet and excuses themselves to go to the bathroom, via the fire escape.
Since 2008 I think it's up for inclusion in Webster's.
Good inferred logic.
During the immediate playback of what happened on the final weekend, the primary bleeding pos was auditors/CFTC/SEC trying to figure out something refered to as"The Segregation Report". Obviously these pos firms operate everyday in some state of flawed segregation. It probably costs more to adhere to segregation, than run it in a fucked-up state and cover it with House funds.
The reports must be continually rolling, because there is no point at which they have to be proved out.
After a week of fucking with it 24/7, on that Sunday night, it finally became apparent they were never going to be able to figure it out. Which meant a whole raft of money was missing.
MFG filed for bankruptcy 6 hours later.
A jury trial in NY's southern District? I'm going down and volunteer.
Is genital-removal too brutal a recommended settlement for a civil case?
He's already dickless.
I'm a BK attorney HTF do you file on that just six hours later? Easy you planned to file at least 6 weeks earlier.
Everybody had been there for a week. On Saturday, misinformation from the auditors to the Sr Floor, led them to believe it could be figured out. On Friday when Gensler recused himself from the preliminary investigation, they were smart enough to realize either they had to pull a rabbit out of their ass or file Monday morning. Somewhere along the line, somebody told legal they had better be ready to file Mon AM. What the fuck is so difficult about that?
After a 2AM meeting MFG knew the had to file.
They filed at 6:30 AM Monday morning, before the US markets opened.
Corporate lawyers only work 9 to 5 on weekdays?
Ah ,fuck this. I just realized you're clueless.
Well you know how it is, we all have days like that. A little seg problem, one of those things, I'll clean it up when I get back fomr the gym.
"I think I just killed a whole bunch of people and ..." </americanpsycho>
Corzine needs to be corzined.
I think he should be corn holed for the next 25 years
No. I think that is our destiny. FWIW, we already have about 5 years in-service.
From another post:
Can we lock him in a room with Ann Barnhardt? Pay Per View benefits Victim's Fund...
I'll throw in this crazy babe who says she was in 360 hospitals within the last 365 days. I would not want to be in a dark room alone with her and a bunch of sharp objects. Oh yeah and those sharp objects.
No lock him in a room with Gerald Celente and a tire iron!
Take a look at this disgusting mutant. How was she in charge of anything but removing the marbles from her mouth and taking down all the mirrors in the area?
http://www.youtube.com/watch?v=63AvCd4LtBA
So that's the way, he gets "freed" at last. Yeah, such justice is the empowerment of injustice through law ...
Potemkin courts and potemkin application of law. Gratifying will be when he ascends to the real big league, when every obfuscation and every weasling finds no place.
That place where every thought, intention, mitigating act, and condemning act are fully known, and true judgement meted. All men die, and all bring along their dancing card for review.
Only then will penitence be enforced. Until then Corzine can smoke his cigars, covort and frolick with his temporary possessions and associations. But his behaviour is noticed and noted.
You see in this planetary shuttle bus, even those who believe themselves in a driver's seat of sorts, are passengers. And must refill the spaces they make empty by froward presumptions at the crown. I suppose all should beware stretching outside law for the brass rings.
OT but of much interest to ZHers...
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M
Think we are not already in a depression?
Probably all those Volts that are being sold. Nothing to see here, move along.
Hey! I'd mentioned that one Volt around my area that has the big ass Obie 2012 sticker on it?
Saw it today sans sicker!
probably some excuse about mileage..
Maybe they traded it in for a new one with cash on the hood and another $7.5k back from the feds. I did, and totally dig the additional features and lower payment.. Can't wait to get my $$ back!
wait - is that a paper joke?
Yep, interesting to look at 2002 vs. 2012/2013, looking at about a 55-60% drop. There was a guy here a couple of years ago that used to track the distillates numbers, I think he threw in the towel when the divergence with the equity market kept creeping wider.
2009 vs 2013 is telling the story.
Fuel economy did not improve 50%.
This is a depression.
Gas was about $1.50 a gallon in 2002. Supply and demand. (inflation hasn't been 300% in the past 10 years)
I can only speak for myself and others like me, but not so long ago, and for over 30 years, I routinely put 30K+ business miles/yr on my car.
Now, I have a hollowed out customer base, hardly leave the office (which I moved into my home 2 years ago), and probably won't drive 10K this year total.
I do, however, deal with over 100 emails/day, while constantly sending out quotes, deals, etc. In fact, I'm almost afraid to travel and be away from a big screen and keyboard for more than a few hours. Smart phones and tablets just don't get for me. Plus, more of my business is direct with China, so things are happening 24/7. Yes 7, as I also deal with a lot of people who celebrate their sabbath on Saturday, so come Sunday they are cranking again.
Here is my sign of depression.....We had almost 2500 accounts 15 years ago. Now, it is less than 100. Main Street is dead.
Anybody want to buy a small Sales & Marketing Agency?
Kalle Lasn is that you?
JK: Perhaps this moving speech by Richard E Grant will help you get a head in advertising
"There is no greater freedom than freedom of choice."
Could have played that part 25 yrs ago, & chased my industry's production from the U.S. to Japan, to Korea, to Taiwan, to China. First trip to Chiina was 1990 & i was a Frequent Flyer on Chia Air. If I ever quit working, maybe I'll write a book. I already have a title - THE PROTECTIONIST INSIDE.......or maybe THE PROTECTIONIST IN DISGUISE
There is such a dichotomy between what I do and what I believe.
Thanks for the really cool video clip
The whole film is brilliantly weird. I learned (too) much from the opening scene.
Write your book and let me know when it is finished.
Everyone has some irony in their lives; either that or they are flat out lying about it.
"Whatever it is - sell it!"
This is right in there with what I was told many years ago by a senior exec with one of the largest Department Store chains in the U.S. "Our customers want us to lie to them."
How come I never heard of this movie? I will be looking for it this weekend on Netflix.
Thanks, again.
Not exactly a fair comparison - 15 years ago we were at the height of the biggest economic boom since the baby one.
Funny we didn't build any new refineries is usually the pat asnwer as to why fuel prices get hiked but sales are half of what they were in the 80's and 90's!
erm, mind if I ask what you mean by "we"?
http://www.indexmundi.com/energy.aspx
Corzine needs to be stripped of all assets, to include his immediate family. Then, he needs to have everything he owns removed from his posession except one set of clothing. He must then be prohibited from working at any job that involves other peoples money, to include everything from banking right down to being a cashier at McDonalds. Then, turn him out on the streets, broke and homeless in Trenton NJ.
Fuck Corzine.
That said, "Mr. Corzine! Welcome to the Fed!"...
Corzine needs to be stripped of his skin by the judicious use of a carrot peeler and some salt.
Dude... he just needs to be stripped so I can get up in that booty like a resurrection!
Without criminal charges and just fines then it is business as usual with the fines incorporated into the usual cost of doing business. Just like bribes are a cost of doing business in some other smaller less strict countries.
how much is the fine, senior? Can I pay you rather than go to the police station?
can lose your license too. might seem small to some of course....http://www.youtube.com/watch?v=-qAFVTpWz90
Holder is busy producing his new nightly brainwashing commericals in Cheesepopewood, CA featuring Big Sis line dancing under a body scanner while singing "If you see something say something... nevermind the NSA already knows"
Like worrying about Google hoovering up info.
so passe
When TSYs get to 2.20 or below, SHORT TREASURIES BITCHEZ.
Paper pushers want to hurt PM holders, retaliate and SHORT TREASURIES if they rally to 2.20 on the 10 Years, the 30 Years strip is the sweet spot.
SILVER BITCHEZ.
The whole palladium, platinum, and to a lesser extent SILVER is up. This indicates a support from industrial demand, Gold unforunately does not have the industrial demand support which makes it harder to manipulate.
SILVER BITCHEZ
AND DO YOUR PART FOR THE CAUSE, SHORT TREASURIES WHEN THEY GET TO 2.2, INVEST IN TOBACCO SHARES AND YOU HAVE A POSITIVE CARRY (so the negative carry does not hurt you.)
TRY TO MANIPULATE THE PRICE OF TOBACCO DOWN CENTRAL PLANNERS, MWHAHAHAHAHA!!!!
Shoot them all
Slip knots to hang them all from the light posts on Constitution Ave!
Roger That!
If Corzine actually gets convicted, emphasis on "IF", by the time he gets sentenced to anything, Obama will be leaving office and will add Corzine to the Pardon list.
Just added him to my hit list.
Unless he wings it to TribeBase (Israel) when TEOTWAWKI comes, I don't think that Corzine will avoid the guillotine.
This cunt, this dispicable excuse of a human being ruined 55,000 peoples lives, farmers, the ones who feed us.
He then sat infront of a fucking commitee of yes men, and said he had no idea where the money went? You fucking taking the piss out of my sensibilities? This indescribeable piece of fucking putrid shit ruined 55,000 people and their families and hes getting away with a fine? And thanks to now known knowledge the NSA knew about this?
You lot of establishment cunts make me sick.
Just doing your job boys eh?
At some point, you will wish you hadnt, you souless fucking cunts.
I like the way you put it, Mix.
You forgot to put 'honorable' in front of cunt, though.
Lets not forget.
Oh, and Hillary Clinton won the Liberty Medal today.
You ever feel like there is an exclusive club and we ain't in it?
If the country makes it to 2016 and she is the Blue Team candidate, well, it'll get "exciting".
Does that have a cash award component with another penion?
Yeah, but you haven't hung an ambassador out to be murdered either so you don't deserve one.
Maybe if you run over some kids in a playground you can get nominated for a Nobel Peace Prize.
They love it when you 'do it for the children'.
I have personally known a few rural midwesterners who were special ops/special forces guys. I get the feeling there are quite a few more out there. I wonder how they feel about seeing their fathers/brothers/sisters ruined by this pig. Rural midwesterners are patient people, generally, as are special ops guys (at least the survivors). I wouldn't want to be Corzine for a large book full of reasons and this is one.
Yeah, he's terrified. He's real scared of order-followers.
The brave, courageous special forces morons who follow illegal, unconstitutional orders to prosecute wars on behalf of foreign banking interests. Those guys?
Guess what. Corzine is surrounded by thousands of order following thugs. They don't care. They're not afraid.
You have a dim view of those in the military. I can't fault you for that... but when it gets bad, and I mean really bad, one of those military men you despise will lob a grenade into the dear leaders tent.
Also, there are millions of highly trained, patriotic ex-order followers known as veterans... and when it comes to their participation in illegal wars, well let's just say that hindsight is 20/20.
My understanding a bit of lobbing went on in VN.
Had a conversation 2 days ago w/ a friend that survived Hamburger Hill. He most certainly validated the 20/20.
22, I hear what you are saying. Also Bastiat, please don't misunderstand: your comment is genuine and valid. My problem is with our so-called heroes.
I've seen a lot of guys posting here and elsewhere who always say, "I know someone in the military, and if shit ever got bad, they would break with their orders...et cetera." My point is to say, bullshit. How bad does it have to get? When will they honor their oaths? Never, it seems. That would be challenging. It's a lot easier to talk big and collect a pension.
Under rule of priviledge, the bankers have done nothing criminal. But write anti-bank slogans in chalk on the sidewalk in front of BofA and you can get up to 13 years.
Tylers should be on this.. 13 years for vandalism? What are we missing?
And neither does this apparently when it comes to illegal use of taxpayer money.
http://saf.org/viewpr-new.asp?id=447
SAF ASKS FOR ALL BLOOMBERG-MAIG RECORDS FROM NYC AFTER REVELATIONS For Immediate Release: 6/26/2013BELLEVUE, WA – The Second Amendment Foundation today has filed a Freedom of Information Law (FOIL) request with the City of New York for all records relating to Michael Bloomberg’s Mayors Against Illegal Guns, after newspaper allegations that city resources have been used for MAIG’s gun control efforts.
SAF is being joined in the request by the Citizens Committee for the Right to Keep and Bear Arms, and Tom Gresham, host of the nationally-syndicated “Gun Talk.”
“It was bad enough to learn via CBS News that the MAIG website was being hosted on a city-owned server, and administered by city employees,” said SAF founder and Executive Vice President Alan Gottlieb, “but it also appears that a special counselor in the mayor’s office was sent to lobby in Nevada on behalf of MAIG’s gun control agenda.”
The New York Post and Politico both published reports that Mayor Bloomberg sent Christopher Kocher to Nevada, and that in an apparent attempt to conceal who he worked for, Kocher “scrubbed his City Hall e-mail address from the state of Nevada lobbying-registration Web site early this month.”
“The public has a right to know what’s been going on between Bloomberg, the city and MAIG,” Gottlieb explained. “Gun control is Bloomberg’s pet peeve, and he’s been pushing an anti-gun agenda since sending so-called private investigators on a sting operation to gun shops all over the country, which got him in trouble with the Bureau of Alcohol, Tobacco, Firearms and Explosives.”
“There certainly appears to be a serious problem in Bloomberg’s administration,” Gresham added. “Evidently, the mayor and his staff have a gross misunderstanding of how the taxpayers’ money should be spent, and that should not include sending New York employees around the country to lobby for Bloomberg’s pet projects.”
The request was filed by SAF Special Projects Director Philip Watson, for the following information:
1. All electronic records related to Mayors Against Illegal Guns and the website MayorsAgainstIllegalGuns.org, including, but not limited to:
a. All electronic files saved on city servers
b. All Emails to or from users at the domain MayorsAgainstIllegalGuns.org
c. All current and former employees, officials, outside contractors, and volunteers with access to the website MayorsAgainstIllegalGuns.org
d. All current and former Email users and usernames that have had access to send or receive Email from @MayorsAgainstIllegalGuns.org
2. Any and all records related to Mayors Against Illegal Guns electronic files, including, but not limited to:
a. Emails
b. Any written documents
c. Any records describing processes for cooperation with this group
d. Any records describing how received communications with this group are processed
e. All employee pay or overtime related to cooperation or time spent with this group
f. Official names, titles, and contact information of all employees, officials, outside contractors, and volunteers involved with domain hosting, creation, maintenance, and communication for MayorsAgainstIllegalGuns.org
g. All costs incurred by the City of New York for creation, maintenance, domain hosting, and communication for MayorsAgainstIllegalGuns.org
3. Any and all records of communication since January 1, 2002 between any city official, employee, or volunteer and any gun control advocacy organization, including, but not limited to:
a. Mayors Against Illegal Guns
b. Demand A Plan
c. Johns Hopkins Bloomberg School of Public Health
d. Center for Gun Policy and Research
e. Ceasefire
f. The Brady Campaign to Prevent Gun Violence
g. Coalition to Stop Gun Violence
h. Joyce Foundation
i. Violence Policy Center
j. Legal Community Against Violence
k. Million Mom March
“The man is obsessed,” Gottlieb continued, “and if he’s spent so much as a dime of public money on what amounts to a private crusade, Mayor Bloomberg needs to be held accountable for that.”
Gottlieb has called on New York Attorney General Eric Schneiderman to launch a full-scale investigation into the mayor’s potential misuse of public resources for his own private war on gun owners. He renewed that call today.
"If Eric Schneiderman won’t investigate Bloomberg for possible misuse of public funds,” Gottlieb said, “we will. The mayor has been acting increasingly like a self-appointed monarch, but this still the United States, not Bloomberg’s personal fiefdom."
The Second Amendment Foundation (www.saf.org) is the nation's oldest and largest tax-exempt education, research, publishing and legal action group focusing on the Constitutional right and heritage to privately own and possess firearms. Founded in 1974, The Foundation has grown to more than 650,000 members and supporters and conducts many programs designed to better inform the public about the consequences of gun control. In addition to the landmark McDonald v. Chicago Supreme Court Case, SAF has previously funded successful firearms-related suits against the cities of Los Angeles; New Haven, CT; New Orleans; Chicago and San Francisco on behalf of American gun owners, a lawsuit against the cities suing gun makers and numerous amicus briefs holding the Second Amendment as an individual right.
Hey Maria! I'm buying Gold not stocks!
No jail time for Corzine = no stocks in my bottom line.
I hope some day Corzine corzines his kids' entire portfolios.
I hope Corzine's kids Lizzy Borden his thieving a$$!
You want justice? Watch TV. It's all your going to get. Cop shows.
We should exchange Corzine for the POW that the Taliban is holding or ship his sorry ass to Gitmo.
Front row seat.
Noting will change until the consequences of Corzine's action exceed his narccisism and threshold of pain. Then, the other cunts such as Corzine will take note and think twice.
As far as rule of law and the authorities bringing the hammer down on cunts like Corzine, ain't gonna happen. The are why a Corzine could ever exist. The more they get away with the more embolden they become.
Remember what happened to the guy who "Corzined" some Cartel? He was walking in broad daylight in NYC and a guy turned his lights out right on the sidewalk and then jumps in a car & is never apprehended.
It's called blowback.
Fucking Corzine...Douche Baggus Maximus.
I haven't done enough research on this to be 100% certain about this, but I don't think Corzine broke the law by using customer funds to buy Greek bonds. What follows is from a plea to the CFTC from MF Global and Newedge to allow them to continue using customer money to speculate on foreign bonds:
The CFTC proposes to disallow the investment of customer segregated funds in foreign
sovereign debt, citing an undisclosed Staff survey conducted some years ago which the
Comnzssion asserts "revealed negligible investment fby FCMs] in foreign sovereign
debt, "and to "recent events undermining confidence in the solvency of a number of
foreign countries. " In our view, thc CFTC's proposal is unnecessary„and will eliminate a
liquid, secure, profitable and necessary category of investment for FCiMs. %e believe the
CFTC should recognize that (a) no foreign country that actually defaulted on its debt
resulted in any FCM being unable to return funds to its customers upon request, and (b)
its proposal will likely have the unintended consequence of creating foreign exchange
exposure for FCMs who will be required to convert non-US balances to US dollars in
order to invest them thereby taking on significant foreign exchange risk with respect to
their customer segregated funds. Moreover, such a rule could result in certain foreign
governments taking parallel action by prohibiting their own registrants from investing
customer funds in US Government securities.
You can find the whole document here:
http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=26597
One of the things rarely discussed is what financial institutions are allowed to do with other people's money when they aren't using it. So while you think your "in cash" you could actually be investing in Greece, you just don't get the rewards, if there are any. This discussion has been completely absent. Wonder Why?
From the other Corzine link here:
"In the last week of October 2011, with virtually no other sources of immediate cash to turn to, the firm repeatedly and unlawfully used customer funds for firm needs,....."
Here's more on Rule 1.25:
http://www.bloomberg.com/news/2011-11-16/tiny-rule-change-was-at-the-heart-of-mf-global-s-failure-william-d-cohan.html
Again, if I understand it, Corzine didn't break the law by buying Greek debt with customer money. Any criminal activity he engaged in would have stemmed from how he dealt with the losses he was racking up.
Yes. But Corzine's operation had gone illiquid, likely because the money he had to pay out on the Greek collateral. He could no longer replace the clients' money. Or, apparently, the Assistant Treasurer couldn't.
Apparently MFG had been covering client account usage, because this is a really big thing for traders to have their capital when they need it. But there were no complaints, as there should have been.
Finally they fell below the line where they could cover. Again. likely because of the massive losses Corzine was taking on the Greek debt.
Yeah, I guess I'm just trying to point out that he blew up the firm using legal means as far as I can tell. And I'm certainly not defending Corzine. The losses were not the result of illegal activity, trying to hide them was. By the time he did that the money was already gone. I think a jury would buy "temporary insanity" on that score. Given a choice, I'd rather see him penniless than in prison.
The losses were not the result of illegal activity,
Yes, I'm guessing,too that you absolutely correct. It is incredible that taking money from client accounts is allowed in any form, and any seasoned trader would go for it.
The catch was when Corzine had blown too much, and had nothing to replace it with.
I'm basically Main Street and am always amazed at the stuff they can pull if they feel like it.
Yes, penniless, and still owing $10-15MM more.
That should do it.
I'm sure a lawyer or bond trader would be better at this but.... I followed this, putting my OCD to work...
MFG's boilerplate/covenant at their site clearly stated that maintaining segregation of funds was a prime imperative.
Further news indicated when it came time to signing the service contact, that wasn't necessarily so. Under some braindead circumstances MF could access limited liquidity from some client funds. But they had to get it back in the client account at usual market time. I don't know why some clients would go for this.
Apparently "Segregation" goes on in a rolling nature in some state of unbalance. Because the House keeps track of the unbalance. they must cover it with net-House funds. (See: the "Segregation Report")
Where Corzine screwed the pooch was taking the Greek debt he bought and (something like repo-ing) moved the Greek debt as collateral for cash(whatever). As Greece went to shit the collateral was worse and worse degrees of less worth than what he got. So he had to make good by paying who ever held the collateral.
This is where it goes Dark Pool. Short version, MFG didn't have enough to cover and likely had to use clients funds. As it looks to have ended, MFG couldn't replace the funds in the clients accounts. It certainly looks like most clients were not agreed to having their accounts "borrowed" from.
What nobody could figure out was the rolling Segregation Report. The indicator of the missing money had apparently funneled to it. When auditors etc couldn't figure out the report for other than a client disaster, MFG filed Bankruptcy.
Overnight "Borrowing" client money might have been allowed, butcha gotta put it back before Market.
The great thing about the above MFG/CFTC filing is that Gensler was going to bring the Rule to vote in July of that year. Supposedly Corzine went to Gensler to stop it. Plus he put some of his Gov't buddies to squeeze Gensler on the Rule. So Gensler shelved it. Gensler then went quietly to FINRA (Aug), and FINRA then launched the letter of admonishment to MFG on their foreign debt exposure.
Which was the first point of inflection on MFG's swirl to death, as confidence cracked.
mchugh - The buying of sovereigns, about to get a haircut is how they packed the dyn-o-mite into MFG, taking the PM futures and customer's money with it.
Added bonus - some fellow-traveller at the other end got to unload their crappy sovereigns.
Win - Win
Along with PFG, destroying last hint of price discovery in COMEX, enabling the current crushing.
Priceless.
Honarable - HONARABLE!
Thousands of pissed off farmers who Corzine fucked.
My guess is that they start with Corzine's family before the get to Corzine.
Don't forget, we also all likely paid higher prices at the grocery store as a result.
"seg problem"
Translation: no problem