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Corzine Officially Charged By CFTC For Filing False Reports, Commingling Funds And Other Violations
And now can we please fast forward to the wrist-slap settlement. Of course, assuming there is no "settlement", what dreadful fate await Corzine? "The CFTC also seeks full restitution and penalties against Holdings, Corzine, and O’Brien, in addition to trading and registration bans and injunctions against Corzine and O’Brien." Not the dreaded registration ban. Anything but the dreaded registration ban...
CFTC Charges MF Global Inc., MF Global Holdings Ltd., Former CEO Jon S. Corzine, and Former Employee Edith O’Brien for MF Global’s Unlawful Misuse of Nearly One Billion Dollars of Customer Funds and Related Violations
Settlement of charges against MF Global, subject to court approval, directs payment of all funds still owed to commodity customers and imposes a $100 million penalty against the company
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today filed an enforcement action in the United States District Court for the Southern District of New York against MF Global Inc. (MF Global), a registered futures commission merchant (FCM), MF Global Holdings Ltd. (Holdings), former Chief Executive Officer of MF Global and Holdings Jon S. Corzine, and former Assistant Treasurer of MF Global Edith O’Brien based on, among other violations, MF Global’s unlawful use of customer funds that harmed thousands of customers and violated fundamental customer protection laws on an unprecedented scale.
MF Global has agreed to settle all charges against it on terms set forth in a proposed order that is subject to court approval and includes 100% restitution of the approximately $1 billion lost by all commodity customers when the firm failed on October 31, 2011. Commissioner Jill Sommers stated, “I am pleased that the MF Global Trustee has agreed to settle the charges against the company. There is nothing more important than doing everything possible to make full restitution to all commodity customers. I am also proud of the members of the Division of Enforcement team, who have worked so hard on this case to bring us to where we are today.”
According to the Complaint, Corzine, a former U.S. Senator and New Jersey Governor with more than twenty years of Wall Street experience, joined MF Global as CEO in March 2010 with a plan to transform the firm from a futures broker into a major investment bank. Corzine’s strategy called for making increasingly risky and larger investments of the firm’s money. In the summer and fall of 2011, as MF Global’s need for cash was rising and its sources of cash were diminishing, Corzine knew that the firm was relying more and more on proprietary funds that it held alongside customer funds in FCM customer accounts. During this time, Corzine did not enhance MF Global’s deficient systems and controls sufficiently to ensure that the firm’s increasing reliance on FCM cash did not result in unlawful uses of customer money. Ultimately, these failures contributed to the massive customer losses.
As alleged, during October 2011, MF Global was on the brink of failure and in desperate need of cash to survive. As Holdings’ Treasurer told Holdings’ CFO at that time, in one of many recorded phone calls obtained by the CFTC, the firm was “skating on the edge,” without “much ice left.” Corzine was warned about the firm’s liquidity stresses, and he knew that the firm violated its own policy that had been designed to protect customer funds. Holdings’ Treasurer recommended to Holdings’ CFO in a recorded call, “we have to tell Jon that enough is enough. We need to take the keys away from him.”
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, ultimately leaving it nearly $1 billion short of customer funds. In that last week, Corzine is alleged to have been aware of the firm’s true low cash balance, even as he directed the firm to continue paying large obligations without inquiring how the firm could come up with the money to do so. Corzine is charged for the firm’s violations as an MF Global “control person” who, among other things, did not act in good faith and is also charged with violating his legal obligations to diligently supervise.
David Meister, the CFTC’s Enforcement Director, said, “Turning a profit is not the only job of the person at the top of a CFTC-regulated firm. Particularly in times of crisis, the person in control, like the CEO here, must do what’s necessary to prevent unlawful uses of customer money, so that customers’ money is still there if and when the music stops. The allegations in our Complaint serve as a stark reminder that we will enforce the law against responsible individuals at all levels of a firm to ensure that customer funds are properly safeguarded every minute of every day.”
O’Brien, MF Global’s Assistant Treasurer, is charged with aiding and abetting the firm’s misuse of customer funds. According to the Complaint, she directed, approved, and/or caused improper transfers of hundreds of millions of dollars from customer accounts to help meet the firm’s needs during the final days of October 2011, while knowing that MF Global did not have sufficient proprietary funds available in those customer accounts for those transfers. The Complaint alleges that O’Brien remarked in a recorded telephone conversation that it “could be game over” from a regulatory perspective if funds were not returned to customer accounts on Friday, October 28, 2011, MF Global’s final business day.
With respect to the company defendants, in addition to the misuse of customer funds described above, the Complaint charges that MF Global (i) unlawfully failed to notify the CFTC immediately when it knew or should have known of the deficiencies in its customer accounts; (ii) filed false reports with the CFTC that failed to show the deficits in the customer accounts; and (iii) used customer funds for impermissible investments in securities that were not considered readily marketable or highly liquid in violation of CFTC regulation; and that Holdings controlled the operations of MF Global and is therefore liable as a principal for MF Global’s violations of the Commodity Exchange Act and CFTC regulations.
If approved by the United States District Court and the United States Bankruptcy Court, the proposed settlement of all charges against MF Global will require 100% restitution of all remaining commodity customer claims. The proposed order also includes the imposition of a $100 million penalty, which can be paid to the extent MF Global has not fully exhausted all available funds and assets paying customers and then other creditors entitled to priority under bankruptcy law.
The CFTC also seeks full restitution and penalties against Holdings, Corzine, and O’Brien, in addition to trading and registration bans and injunctions against Corzine and O’Brien.
The CFTC appreciates the assistance of the U.S. Attorneys’ Offices for the Southern District of New York and the Northern District of Illinois, the Federal Bureau of Investigation, the Securities and Exchange Commission, and the Financial Conduct Authority in the United Kingdom.
CFTC Division of Enforcement staff members responsible for this case are Candice Aloisi, Elizabeth Brennan, Patryk Chudy, Christopher Giglio, Sheila Marhamati, David W. Oakland, Joseph Rosenberg, Michael Berlowitz, Karin Roth, Chad Silverman, K. Brent Tomer, Douglas K. Yatter, Steven Ringer, Lenel Hickson, Stephen J. Obie, and Vincent McGonagle. Jeremy Christianson from the CFTC’s Office of Data and Technology also assisted in this matter, along with staff from the CFTC’s Division of Swap Dealer and Intermediary Oversight and Division of Clearing and Risk.
Full complaint:
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Bankfine for Corzine...
Criminals are never very amusing. It's because they're failures. Those who make real money aren't counted as criminals. This is a class distinction, not an ethical problem.
Nothing a small donation to the Obama warchest won't solve.....
Even Eron Schilling payed Obama $40 mill to get a 10 year reduction in time....shit never ends my friends
Say... just a stupid question here... but where exactly does the trustee for MFG get the $1,000,000,000.00 from to pay back the segregated accounts that Corzine stol... err... rehypothecated it from?
http://finance.yahoo.com/news/mf-global-ends-bankruptcy-trustee-02030616...
JPMorgan, agent on MF Global's $1.2 billion revolving credit facility, is slated to recover as much as 76 percent of its total claim. Unsecured creditors of MF Global's finance and parent units are slated to recover around 34 percent of their claims.
Get down & ready to do some pushups people... Our 'hero of the day' is about to scarf down another jelly donut...
Free Jon Corzine!*
*with purchase of another bankster of greater or equal value
The picture says it all
Despite the obvious fact that Corzine deserved much more than this what is happening is not 'nothing'. This is one more sign that the Kenyan guy is losing his grip on events. <Big Smile>
He won't have any problem paying the $50 fine after he's conficted.
I doubt he is conflicted ;-)
He may be convicted, and the $50 will come out of the victims' settlement.
"Alright Jon, just don't do it again and pay the clerk on the way out." </americanjustice>
Amazing the kind of backbone people at CFTC find in themselves when PM's take a hit...
At worst he'll have to give the CFTC 10% of what he stole - and that will come from the Obummer fund raisers!
Precisely.
The CFTC finding religion........ now!!??
Not a gd chance.
Time to boost margin requirements!
So does this mean we can get gold back down to 42 bucks?
~"!!!WHAT DIFFERENCE DOES IT MAKE?!?!?!?!!!!"~
(Sorry, just having a Hillary moment....)
Indeed
« Today US business is measured by what you stole minus the fine you paid. »
- Jim Sinclair, Mineset
Where the stole is in the billions of dollars, fined is in the millions of dollars, and speculation is in the trillions of dollars. Gotta love healthy orders of magnitudes...
Go big or go home.
I was always told that if I was going to steal, make it massive. While I would never commit such crimes, I have to admit that I seriously underestimated what "massive" means.
"Just fuckin' take it!"
-John Corzine's financial advice
"Baliff, whack his pee-pee!"
</Cheech and Chong>
ha ha ha :-D
This is cover so he can say his critics are wrong because he was found not guilty. Predetermined verdict or the charges wouldn't have been brought.
Yeah, it's about fucking time they charged this pathological douchewad, but his punishment will consist of 1 year's jail time (suspended sentence, natch) and a fine of 1% of what he stole. Not mentioned will be the $40 million in bribes he will pay out to get off that light. Lady Justice isn't blind, she's retarded.
...you left out next Governor of New Jersey. (if Jerry Brown can do it -- hell!)
But there is no manipultion of the silver and gold market.
again "Copper is at 3 bucks a pound. that's your cost for mining silver." know who you're taking on when you do this stuff too. 50 bucks for silver? in 1979? amazing. impressive. dead. buried.
Look at art .. and whacko condo's at the top of big buildings in the metro's..
They are telling you something..
oh, and I continue to follow the value of fine watches..
what do the money people value?
it has something to do with scarcity.
How many years now of silver market manipulation investigation? CFTC couldn't piss their way out of a paper bag.
Blankfein for Corzine? You mean like pleading the "Doing God's Work" amendement to the Untouchables Just Us Constitution?
"Your honor, I might be guilty but I'm an ex-Goldmanite if you see what I mean."
"Oh, ok then... case closed."
Chilton is on CNBS as i type...and i qoute -
"we thought it was important to bring this suit cause people need to know that the Government is looking out for them...."
im way pass ready to start killing these banker owned mother fucking cocksucker bastards................................
That depends on your definition of the word "is" is.
"we thought it was important to bring this suit cause people need to know that the Government is looking out for them...."
Correction..."We thought it was important to bring this suit cause we need to fill our own bank accounts with graft and the people need to know that the Government is looking at them while they call, type, drive, eat, and sleep."
Fuck them all. Hard. With cement dildos.
Jeez Cap, cement dildos?
Goddamn lost it on that one.
Bravo
Hey Bart, whatever happened to that 4 year old silver investigation?
This liar, shill and fraud deserves the firing squad as well.
Gosh!! how quaint, and they gave him plenty of time to move others assets into his little domain..........where were they a year ago?.
"I did not have sex with that woman, Ms. Lewinsky."
- John Corzine
"I was not a-doin' her, she was a-doin' ME!"
- Lil' Willy Clinton
i did...
she wasn't that much fun...
"But I sure did fuck them people at MFG, bigtime. Booyah, motherfuckers"
Presidential pardon.....
... and there might be a place for him at The Fed.
and a beer. Maybe even a kiss later.
deleted
Too late... the NSA utilizes key-stroke logging technologies.
And as a result Corzine, Gen. Alexander and now Obama's 'kill list' knows exactly what you called them...
Are you kidding? Google crawls ZH every 15 seconds. Your deleted post will be searchable before you can get rid of it.
i'm shocked! what else are those mad heathens up to!
google knows your comment
before you do ..
And even before Chuck Norris does.
You can find Chuck Norris @ RoundhouseKickToTheFaceBook.WHAM.
That;s funny. It's about time somebody delivered a roundhouse kick to the facebook.
Then, they took everything about me and put it into a computer where they created this model of my mind. Yes! Using that model they managed to generate every thought I could possibly have in the next, say, 10 years. Which they then filtered through a probability matrix of some kind to - to determine everything I was gonna do in that period. So you see, She (Google) knew I was gonna lead the Army of the Twelve Monkeys into the pages of history before it ever even occurred to me. She (Google) knows everything I'm ever gonna do before I know it myself. How's that?
Careful, that's Tyler in another life.
I often wonder if I need to more afraid of criminals, or our justice system.
The two are not mutually exclusive... after all who do you think runs the Justice system?
We may have a legal system, but it's not a justice system.
Both because the criminals also run the justice system. Its always a win win for them.
Legal, not Justice system.
A small but signifcant difference.
Civil complaint,so fucking what.I want him bunking with Bubba
for 10 years if he is not executed.
This is what's known as a false dichotomy. You know, like Democrat or Republican.
Corzine: "Commingling funds? I thought it was you couldn't cunnilingus funds, and I never do that with other people's money. I'm sorry. Do not worry. I won't do it again. Promise. Now tell me how much to make the check out for, I have a lunch and golf date with the President."
TWO YEARS it takes them to bring civil, instead of criminal, charges.
Fucking ridiculous, absofuckinglutely beyond ridiculous.
PONZI!!!
Correct me if I am wrong here but they are taking $100 million from what is left of a bankrupt MF global to pay a fine to the CFTC? Shouldn't the stiffed customers be payed out first?
More fucking dutch rudder?!?!!?
Justice for the little people? That is in "make's sense" dimension, this is "WTF!?" dimension.
In this fucked up dimension, it is "JustUs" that is dispensed.
So I am correct then, CFTC is just going to stick their hands in there and rape whats left of the company.
Maybe, maybe not: "the proposed settlement of all charges against MF Global will require 100% restitution of all remaining commodity customer claims. The proposed order also includes the imposition of a $100 million penalty, which can be paid to the extent MF Global has not fully exhausted all available funds and assets paying customers and then other creditors "
Sorry I read it too fast....thanks
The guys above you apparently didn't read the charges. Yes, the fines will come out of whatever is left, but Corzine's private holdings of many millions will not be touched. He will be fined and defrocked, but got away with millions. He simply monetized his reputation. Much like a strategic forclosure, where you monetize your credit rating.
What I want, and probably many of his victims, is .Gov to reach out and recover every single asset from Corzine and the rest of these vermin responsible. And I mean recover in the sense they'll be living under a bridge if necessary or working on the farms they set up to fail because of their manipulations and criminal activity. I guess we'll have to settle for some embarrassing headlines, the payback of some funds, etc. but I think we also know, that even were this a criminal charge, he would be pardoned before Obama dropped the keys under the mat on his way out. Rats, all rats, and the ship is just too big to fumigate...
Now you're talking fantasy. The whole reason the big financiers donate to political campaigns in the first place is to trade favors...I'll get you your power now, if you use it to save my ass later when I get caught stealing from the till. Corzine and his ilk will still be living in 30,000 square foot mansions with a fleet of cars, the best imported food, servants to wipe their precious assholes, and every important politician on speed dial while you and I are living under the bridge after they finish raping us of all we own. The only ways to fight this sort of corruption are to unplug from the system entirely, so they can't rape you, or to pull a Turkey/Greece/Brazil/Spain/whichever nation is the next to riot.
Are you getting all this, NSA? I'll type slower if you need me too.
If I could have my wish, he'd be sentenced to house arrest for life. This after relieving him of ALL assets. Set up a modest (rat, & cockroach infested) rental home in Detroit for him. Give him a job as the rest room attendant at Mc D's, where he makes just enough money for rent, utilities, and bologna sandwiches (the cheap stuff).
I think this would be worse than daily beatings (though that ought to be included), or death for this elitist cock sucker.
Nah, if you really want to punish Corzine, his job as the restroom attendant at McD's will only cover the rent on his filthy hovel, and he will need a credit card to purchase food, transportation, health insurance, etc., and when he eventually declares bankruptcy, he will be told that his debts are not dischargeable.
Turn him over to the customers, and their paid stand-ins, one for one; think cage-fighters; in Times Square, and televise the event; no tapping out. Keep going till he's dead. This provides entertainment for the masses and an example to the criminals as the same time. Public hangings were great.
Yes. After all, government has to get their cut.
pure theater...presidential pardon to follow...
How much does shithead pay from his personal assets?
$2.95! It's "Bargain Day"!
I would not doubt corzine had MF paying his E&O insurance premiums?
Wouldn't be surprised if Corzine ends up in a Moscow airport sometime soon and posting selfies with Snowden on FB. Meanwhile, Amazon takes an order from a 'Mr. Beelzebub' for arctic undergarments and mittens...
No criminal charges like always.
Halleluia.
I hope they fine him 10,00 dollars!
When asked for a comment all he would say was, "Five!"
" Unlawful Misuse" yet no criminal charges. That's nice.
It's one of those double-negative lawyer things. "Unlawful misuse" really means "lawful use".
If any of us even thot about doing this we would be in the Black Hole of Calcutta yesterday. Sounds like something good finally is happening but with the nightmare lifechanges caused by his theft this is nothing. At least Bernie wound up in jail.
Corzine might get slapped on the wrist, but he will be forced to leave his crocodile infested, moat encompassed fortress, to defend himself. I'll be a lot of the farmers he f**ked over are cleaning and sighting in their sniper rifles about now.
Paging Ann Barnhardt, paging Ann Barnhardt...
Paging Gerald Celente... Paging Gerald Celente!
3-way Cage Match! Sell tickets! "When you've got just one more limb to lose, and you lose it, then the crowd loses their minds..."
One can only hope. Half the azzholes in NJ would vote for him again.
The other half of NJ would vote for him again AND invest in his future financial dealings.
NJ is a union state. They'd vote to bankrupt the state over dealing with the reality.
aphony agency filing charges
against a phony
FREE CORZINE!!!!
This will simply stoke the rage more and provoke what they anticipate to be an opportunity. Their playbook is now out in the open for those with eyes to see and ears to hear.
American's don't do rage anymore.
Rage Against The Machine broke up a long time ago.
Are you fucking kidding me? Rage ? there is no rage in this country any longer unless they are fighting over gay marriage or the remote!
That's just not true. I saw two fat women fighting over the last case of bean dip over at Costco yesterday.
Epic.
When they charge that little fucking weasal Gensler, I will consider them serious.
When they hang Hank Paulson for treason I will consider them serious.
When Bernanke admits he doesn't have a fucking clue what he's doing, than I consider them serious.
I guess we agree, they aren't serious.
Meanwhile a lot of his victims have gone bankrupt.
I know the NSA will read this so for your lots benefit, could you pass a message on for me please?
Would you tell jon corzine if he ever has the misfortune of meeting Inthemix, I will break both his legs and one of his arms.
This disgusting piece of fucking shit should be behind a cell door, and seeing as us fucking plebs are fair game for spying, why the fuck did you lot have no clue as to what this fat cunt was up to eh? Just doing your job you pathetic cunts was it? One of the big men said ignore that did they? Hes one of the ruling class you cant spy on him eh? Or if they did just ignore it? Just doing your job you hatefull pieces of shit eh?
If you have a file on me a few pages long, do you not think jon fucking corzine would have a few fucking ring binders worth of shit to hang him with you worthless fuckers? Just doing your job boys eh?
Remember Nueremberg? No excuse fuckers. None at all. Its about time the fucking LAW was upheld, and for it to be fucking seen to be upheld. This man should be incarcerated for grand larceny. Do your fucking job you fucking two bit whores. Or at some point, the fucking public will.
"Do your fucking job you fucking two bit whores. Or at some point, the fucking public will."
Bravo! Agreed. Ditto. Add me to the list you fucking NSA two bit whores.
"Give me Liberty or give me death!"
Fuckers.
They can monitor me all they like eborthen, I'm past caring and dont give a fuck either way.
But fuckers like corzine, whether they like it or not will pay a fucking price for outrageous theft of customers money. Fuck the NSA fuck the GCHQ, they condone this? These fucking imbeciles sit there and monitor us while $1.6 billion goes fucking stolen and call us wrong for doing so? Fuck them. They are no better than the fat bearded cunt who stole the money. No better at all.
Thats two, Inthemix and ebworthen. Fuck them.
Hot investment tip: Hemp Futures.
Another limo liberal DemoRat who had no fucking idea what was going on...right !
he can always write for yahoo finance ala blodgett
Our next secretary of the treasury. Pay no taxes. Same old same old. Crime pays.
These are NOT criminal charges, is that correct?
"Unlawful Misuse of Nearly One Billion Dollars of Customer Funds and Related Violations "
So that is the fluff news, someone stole A BILLION dollars of customer funds.
Here's the Hard Crime and the guy is going to do Hard Time.
California man faces 13 years in jail for scribbling anti-bank messages in chalk
He left behind scribbled slogans such as "Stop big banks" and "Stop Bank Blight.com."
in kids washable chalk on the sidewalk
http://rt.com/usa/california-man-13-prison-banks-237/
If they feel that strongly about sidewalk chalk, then the next disgruntled guy may just go staight to the lead and double his satisfaction.
not guilty. he black...some crazy ass craka did it...all else fail, hes a democrat ,they dont go to jail they put people in jail
Corzine will go down in history as a verb, as in:
"you've been corzined"
Not just a verb, my friend. The word "corzine" wears many grammatical hats.
corzine (n.) - a slimy, weasel-like nocturnal creature that is attracted by the sound of clinking coins and politician's bluster.
corzine (v.) - 1. to steal the entire net worth of a financial company and give a pittance back
2. to commit a crime and get away scot-free
3. to eat babies while raping their parents up the ass
corzined, corzining, corzone
corzine (adj.) - an expression of admiration for action that everyone knows to be wrong, but no one stops the commission of
ex.: "Dude, you're fucking your english teacher? That is so totally corzine!"
corzinely (adv.) - shamelessly, dishonestly
ex.: "You reprogrammed that Diebold for the election so corzinely!"
corzinefication (n.) - the process by which most Americans are routinely robbed of their earnings without legal repercussions.
The greatest penalty for Corzine would be impoverishment, but assuming he has stashes hidden in secret accounts around the world, that's unlikely to be possible. Beheading would be my next choice.
He doesn't have to stash anything; this is civil not criminal. It is like a dispute over a fee, nothing more. He can keep whatever he took, and pay whatever laughable fine they come up with. Won't even be banned from operating in the exact same way later, or doing it all over again as often as he wants to with whoever is willing to trust him with their money.
Oh and if anyone is wondering -- yes the entire financial and commodities industry is watching this play out. They are all of them now looking at their books and wondering how much co-mingled funds they can abscond with at what penalty. And they will take out a CDS with Citi to cover the penalty. And if they don't currently manage any co-mingled funds, they will shortly come up with innovative new products to maximize client return on investment by leveraging client funds across more market segments.
Where are the criminal charges? This is bullshit.
Hank Paulson has to be laughing at this fuckup.
What a real friend Gary Gensler is, you really can count on him! I am so glad that we can count on people like him.
Squid alumni always take care of their own .
Gensler isn't the issue. It is Holder. I know this case made it over to the DOJ. There was lots of talk about giving the woman immunity but Holder wouldn't do it. She was all ready to sing like a bird.
IMO, a civil trial is does not preclude a criminal case. That would not be double jeapordy. Rather the criminal case comes first because if the state wins that, it is merely a matter of setting a fine over on the civil side. We all learned from OJ that there is not double jeapordy.
What we need to know from DOJ - available through FOIA (?) - is what went into the file as to why they didn't prosecute. There shouldn't be word one about striking deals with CFTC. That doesn't matter. Last I heard in the press from DOJ from last August was that "things had become unclear." Or was it..."the trail had grown cold." It sounds to me like CFTC has a case and the only issue is why the civil evidence isn't good enough from criminal prosecution.
Steal a billion, pay a 100 million fine...... Not a disincentive at all...
Financial innovation at its best, right there.
ya but HSBC had no need to return the money they moved to get the profits, or the profits, whereas Corzine didn't profit off the move, merely the principal was moved unlawfully, and 100% restitution means "not permitted" to keep it.
The company did not go under, directly then..... That means he got value or profit out of it.
Attempted murder is a crime as well. I have never heard that after getting caught, and returning the money is justification of no crime occuring. Or maybe that is the problem....
it's an improvement regardless.
In a world where murder is called "patriotic heroism" to suddenly charge someone with the crime for the first time in recent memory IS progress.
Hope that'll teach 'em whom to call "Honorable" ....
I'm sure they'll still use 'Honorable' in front of his name. Mainly because 'Lowdownthievingtwobitratfuckingasshatsonofawhoredouchenozzle' doesn't fit on a table placard.
"Prepacked Civil Suit" Large fine, no admission of guilt.
This entire magic show reminds me of this...
http://youtu.be/tHgMsvpFm08
"How do you plead?"
"Not guilty!"
Indeed.
CFTC charges Corzine? This is backwards... why not have Corzine officially charge the CFTC??? 6 of one, half dozen of the other. Two crooks against each other in a bought and paid for courtroom. Hell, they could charge admission for that! Oh wait... they already do huh?
Tyler, as regards your anticipated wrist-slap settlement, if the CFTC had intended to settle, there would have been a consent decree or settlement filed with the court instead of a lawsuit and request for injunctive relief. I think. History is clearly in line with your interpretation, but I imagine that Senator Warren's staff is all over CFTC on this and I also suspect that David Meister is uninterested in answering Senator Warren's questions if he chooses to settle. Hence, Corzine had better lawyer up - and transfer all his wealth into a family trust.
Perhaps we should have a poll. Will the CFTC settle with Corzine et al., or, does this go all the way through the court?
None of the above... someone will make a phone call, and someone will take a phone call... and that will be that.
Yup. The CFTC can show they did their job, and Corzine continues to walk free, and nobody need ever feel awkward when they run across each other on the 8th hole.
Corzine pays a fine but admits no guilt, and retains $50M+ of personal assets. Edith gets 2+ years at the Martha Stewart prison and then leaves utterly destitute, having been bled dry by legal fees.
Why hasn't Edith been able to get immunity for testifying like happens in all other cases like this? Someone needs to go to jail for PR purposes, and Edith is the patsy.
Makes a slap on the wrist seem like a baseball bat beating.
I wonder if he lost some Chinese investor's money, perhaps they could extradite him to China. I would gladly pay $100 to watch a good, old fashioned caning on pay per view.
"includes 100% restitution of the approximately $1 billion lost by all commodity customer."
I think they're missing a zero on the end of that
Short of that, the sonofabitch ought to be keel hauled
Where is the criminal prosecution?
One year to bring case to court, 6 months for trial, 1 year for appeals while out on bail. That leaves only 1 year of jail time at most until he gets his pardon. They know even if they prosecuted there would likely be very little if any jail time, that's why they settled with a fine.
100 hours CONmmunity service picking up Obumbas sliced golfballs!
Aah poor lamb!
Anyone remember Karla Katz? Yet another stellar chapter in the Corzine history.
Mr. Corzine under the bus, together with paper metals. Medal of honor for mr. Snowden. 50% of all mortgages written off.
The big question is will Obama use the Robo-pen to sign his pardon or will he give he actually sit down with a pen for this one.
Are they getting the gold or are they getting the cash value it had when it was stolen? Maybe they will get the cash value it would have now.
Who can petition the court to reject the plea?
Jon Corzine and Edith O'Brien, for starters, can challenge the terms, because they have standing.
It's not a "plea," it's more a "settlement proffer."