CME Executive Chairman Terry Duffy Throws Jon Corzine Under The Bus, Implies The "Honorable" Governor Lied Under Oath
Following another boring day of hemming and hewing, during which Corzine repeatedly exhibited unbearable amnesia and said he had no knowledge of virtually anything until Sunday night, here comes the CME Executive Chairman Terry Duffy, under oath, with what Roberts said "is a bomb" statement which basically says that Corzine lied under oath. Specifically, according to Duffy's remarks during the Q&A, an MF Global employee, a woman, advised the CME that Corzine had been aware of a $175 million loan made to Euro affiliates just days prior to the bankruptcy: a loan which effectively was that of commingled customer accounts, and more importantly a refutation of previous statement under oath by the man who was "financial advisor" to none other than the vice president of the United States who said he did not know about this until late on Sunday. This was not in his prepared testimony. What was is that "Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act." And now we know that according to the Chairman of the CME, the MF Global head lied about the timing of the disclosure. And where it gets worse, is that MF Global was well aware of this, it told the CME to it knew about the segregated account money, and most importantly, it told the CME to stop looking for the segregated account money! Because being the firm of Obama's handler apparently makes you equivalent with the law.
Continue watching the hearing here as it is i) getting interesting and ii) the first perp walk of an ex-Goldman criminal may finally be approaching - link
And now here is Reuters:
An auditor with CME Group was told that former MF Global chief Jon Corzine knew about loans backed by customer segregated accounts that were made to a European affiliate of the firm, a CME executive said on Tuesday.
CME Executive Chairman Terrence Duffy said his company has provided this information to the Justice Department and the Commodity Futures Trading Commission.
Duffy, testifying to the Senate Agriculture Committee, said a CME auditor participated in a phone call during which an MF Global employee indicated that Corzine knew of the lending, which was likely made in the last couple of days prior to MF Global's Oct. 31 bankruptcy.
The loan was for roughly $175 million, Duffy said.
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Is the bus ok?
It's got Corzine on it! Who's gonna clean that filth off? Best just nuke it from orbit. It's the only way to be sure.
BUSTED!!!
I love it when gangsters turn on each other.
I'm going long cement shoes.
Anyone know when the next hearing is? You know they are going to want to ask Corzine about that little inconvenient factoid.
The parede repeats when Corzine goes before the banking comittee on Thursday... Stay tuned!
Deny, deny, deny, then make sure you throw the other guy under the bus first before it leaves the station. Well played Duffy whore.
If the lie is big enough and told often enough, they might believe it.
If Corzine had an oz of honor, he would pull a "Budd Dwyer" at a press conference before Thursday's hearing.
Let me get this straight..., an auditor was told by somebody that JC knew about it?
That ain't gonna hold any water.
"You see sir..., well.., maybe I just ASSUMED that he would know, he never actually said anything to me"
Here say. WOW, good catch.
Here say and banker heresy to snark on the boss. Whoever the unfortunate flappy lips belong to, they'll never work for another criminal banking syndicate again!
Corzine doesn't have anything to worry about:
"CME Executive Chairman Terrence Duffy said his company has provided this information to the Justice Department and the Commodity Futures Trading Commission."
Too funny...
This has all been explained to Eric Holder..., and he didn't seem too upset about it!
He explained to Corzine that all you have to do is recant your prior testimony. (or letter)
As opposed to there say?
Sorry, could not resist. Giddy & not sure if it's the wine or seeing the latest RP Iowa poll results.
The number one rule at Goldman is "Always know where the money is!" They live by that rule at GS. Anyone who believes that these assholes don't know exactly what happened to 1.2 billion is an idiot.
methinks perhaps you meant "hearsay," which is a legal term one would often hear spoken on any number of network made for television programs.
Thanks for the correction. I knew I was doing it wrong, I should have looked it up beyond "spell check!"
I hope the concept is valid and applies. After all if someone says they heard someone else say it, that does sound like a problem...
exactly!
"somebody" will be found to have committed suicide with 2 bullets to the back of the head.
Too funny...
too true.
Looks like CSPAN is putting up reruns of today's hearings. The Duffy one should be up soon....
http://www.c-span.org/Events/Senate-Looks-into-MF-Global-Bankruptcy/10737426222/
But my question goes to the real heart of the matter. How come Corzine didn't take a bath or cut his hair since his last testimony? I'll congratulate him on trimming his beard and laying off the alcohol before coming on stage this time.... but what is up with his personal hygine? No wonder no woman wants to sleep with him, he'll give her the crab louse!
I think Corzine may be wearing a cheap suit as well. I guess he's the Ebenezer Scrooge type, a miserly rich guy, rather than the conspicuous consumption Trump-style millionaire.
Trump hair ain't so millionaire... just sayin'.
Made me laugh! Ever heard the Trump /Hadeed "Ruthie's deck" story? I'm guessing you're in Aspen :)
Have not heard the story, not in Aspen. I am in the mid-south. Mind you, I do not blend well here, but it is my fate.
he is growing his hair out and trying to grow a beard in case he needs to flee quickly in the dead of night...everything this scum does is pre meditated
wake me up when the Banking Committee calls Jamie Dimon. According to the New York Times "he actually has the loot."
I bekieve we just found the script to "Oceans 14?"
"You think this is funny? Because it sure as sh1t ain't sad."
Do you know what a organ donor is? They give organs to other people who destroyed their organ and thanks to that the receiver lives and the other one feeds the worms.
MF is about the same. They gave their internals to somebody who destroyed theirs and the receiver also took some spare parts just in case and now MF feeds the worms and JPM lLIVES!!!
Heroes they are....
Okay... Te organs didn't belong to MF... Sure... But still they saved.... People in need....
JPM = Zombie.
Correction: JPM=living being with lot's of donated "organs"
Ya..., I got your organ, alright. Right here!
Duffy just comingled Jon Jon's anus.
soon to be re-hypethefornicated.
Corzini?
http://www.youtube.com/watch?v=o9QlJ3h2pqo
sounds like my dart board..
bullseye!!
So...maybe this news is why the CME yesterday refused to chip in to make MF Global account holders whole again?
Ding..ding...ding....we have a winner!
I agree as well. And the 200 million in the London Offices of JP Morgan is being kept there as evidence.
I suggest using this one.
http://defensetech.org/2005/06/14/road-of-deaths-bad-ass-bus/
Johnny Corzine should not be referred to by the committee as "Senator Corzine or Governor Corzine". The committee should call him PRISONER 000666 CORZINE & this fucker should wear the orange prison jumpsuit with handcuffs and ankle shackles cause he is a flight risk!!!!
PRISONER 000666 CORZINE should be
PRISONER 666999 CORZINE
Fixed it for you.
He and gensler can get numbers in sequential order.
How about just SATAN CORZINE!
Crozine is a top Democrat, ex New Jersey Govenor, senior Presidential advisor and economic wise-man to the White House and of course a 'Man of the People' as all socialists in history have been
it'll be a 'shock' to Jo Biden and Barack their go-to economist is so senile and forgetful and cannot account for the damage (like all socialists in history)
...can they find a relacement self-serving Marxist financial crook (like all socialists in history) in time to turn the economy, and their election chances, around?
Bernie Madoff is the obvious most qualified candidate but he's tied up.. but Obama has always had George 'sugar daddy' Soros providing economic advise, maybe the results of his socialist financial genius will come through soon
the only obvious connect between all these 'characters' is their unerring skill at pissing away huge amounts of other peoples money (like every socialist in history)
well indeed...this crime includes a regulator. VERY SERIOUS. Still taken surprisingly lightly i must say. Is there 30 billion missing in Europe that we don't know about? Know how they "love to lever."
Ladies & Gentleman, Please take your seats, and put away your gold bars. We are on final approach to Vesco Island! after landing, you will be Ken Lay and the rest of the scum will process you into your new life. Thank You and please be seated!
Someone call in an anonymous tip that Corzine might have some raw milk in his refrigerator. The helmet cam videos from the SWAT team would go viral.
Overheard in the shower: "Johnny, you got a purdy mouth."
If Corzine was thrown un der the bus, mechanics should check that this thief did not steal some auto parts and put citizens at risk. Corzine is a cleptomaniac and he loves to steal, i am sure bus parts are missing besides the fact that his body sweat is toxic and will cause the tires to blow on the bus. I'd start by washing the bus with detox products to protect our citizens from an epidemic.
Let us count the volunteers to check if the bus is just perfect and not going have a mechanical failure at the crucial moment.
That's a nice bus you got there. I'd hate to see something happen to it.
All that aside,,,Duffy....Where's the money that you should have backstopped these fucking trades??? We have $100,000,000,000.00 WELL GET IT UP!!!!These cretins in the congress are all in on it,,Fuck'em This country is certifiably insane..
What was that old saying "There's no honour amongst thieves"?
But on the legal side, let me see if I get this: It's OK to commit fraud providing that there was no "Intent" to commit fraud or, actually more accurately, providing that it cannot be PROVEN there was an intent to commit fraud.
If this is correct, in the words of Dickens "The law is an Ass". Surely if fraud has been committed, those responsible should be criminally responsible. What is the use of Sarbanes-Oxley if this is not the case?
philipat - I think that's "honor among theives."
They know that somebody has to take the fall and nobody wants to me the next Maddoff, so instead they are telling the truth and throwing him under the bus.
Et tu, Brute?
The Prisoner's Dilemma. Classic Game Theory. Gotta love it.
And you've hit the current nail on the head, however unknowingly it was.
Current players are still stuck in a land where systems theory and game theory applies. Both of these theories have been proven to be false (in ecology primarily, for where you need to get involved) and as such, will crash your system. Because it is a load of fucking horse manure. Complex systems are neither linear (hello chaos) nor inhabited by rational actors (hello economy).
Putting it another way: no serious ecological model has used either for a good 30 years. That economists running multi-trillion dollar systems (Greenspan et al) still abide by it might cause you some concern. But sure. 5-10 years of fish stocks (global) left before total (90%+) exhaustion will cause no issues at all with the 2.6 billion people directly / indirectly dependent on them.
http://vimeo.com/25966415 [entire documentary "All watched over by machines of loving grace" - watch it]
http://www.independent.co.uk/environment/climate-change/shock-as-retreat...
Methane is now being released from arctic waters in vast quantities. You've about 6 years until the same is true for tundra.
http://en.wikipedia.org/wiki/Permian%E2%80%93Triassic_extinction_event
And we watch the EU, and the USA and so on argue over whether a 5% return on a bond or a 7% return is disastrous. Kids... you ain't even playing in the right sand-pit, let alone the right playground. You'll all fucked. Gigadeath fucked. And you wonder why I don't respond... at least Kennedy had the decency during Cuba to admit that the fate of humankind was in balance, and Khrushchev responded in a similar serious manner. At the moment, you've a discussion on whether "being gay" is important, and if the 1% (0.01%) should be taxed or how to fuck a "democratic" system so that nothing happens. Canada just proudly ditched the Durban (I mean... COME ON... hosting the world's leading environmental summit there is basically admitting that you don't give a fuck) summit to make sure that shale oil deposits weren't impacted. 43.9% of which go to the USA.
Here's some Earth porn:
http://croatanearthfirst.files.wordpress.com/2011/03/first-tar-sands-pro...
http://terrainforma.files.wordpress.com/2011/11/800px-alberta_oil_field.jpg
Trichet: "For 13 years we produced stability, a 2% interest rate". What none of you did was produce a new model and something to deal with your issues.
http://www.youtube.com/watch?v=ZGMDBppWBOo&feature=related
I raise a glass to your species ~ but you've about a year to cut the crap and focus on the realities of this universe. And if that means culling 50% of your species, then so be it. You don't have many other options.
p.s.
The next denalist you listen to online, ignore - the greatest fallacy of the "American Dream" is that everyone's opinion is equal. No. Most are wrong, and you need to stop even hearing the fucktards. Better yet (FOX news et al) you need to start removing them from your body-politic. Your lives, and your children's, depend on it.
It is pretty obvious that the stupid TransCanada Keystone XL pipeline was dreamed up as a way to get around Kyoto. Rather than refine in Alberta the muck being pulled out of the tar sands, the decision was made to build a pipeline to transport that sludge to Port Arthur, Texas. The carbon and other emissions would be released in Texas and likely would not cross the border to be counted in Canada. How would that save the planet?
+1 for knowing the scene.
What is worse is that the water cost (look it up: insane fresh water costs / tonne) isn't included in the equation. That's fresh water that is a huge asset in the next century.
Canada and the USA is ruled by short-sighted trogs; I'd go further: the USA and Canada is ruled by self-destructive trogs who are there by the shear factor of age and villainy.
For the sake of the younger generations, I'm afraid that anyone over 50 in a position of power needs to be retired... rather quickly. And it will happen.
Think Jon boy might become the sacrificial lamb for O-Bummer's election run? Let the commander in chief show how tough he is on bankers and 'terrists?
Nah, Jon Jon is part of the club. But yeah, what else does "bumma" have to run on? No hope and change nonsense this time.
it's gonna be better this time. last time was 'change is ...' this time it's going to be 'love is ..'. a big old 60's love fest.
If Jonny boy goes down, I think he'll try to take as many people with him as possible. Or at least I hope he will. Would be a tremendous fireworks display.
Why? Does he have a death wish?
BOOMSTICK!
About time somebody said the truth about this mess. No ifs, ands, or buts about it; someone above the level of runner, mail clerk, and V.P. authorized AND KNOWS that the clients money was being whored out.
Jail bitchez.
Was watching it and had to do a double take. Was expecting Roberts to call for US Marshals to go collect the Honorable Jon Corzine and bring him back in irons.
Does Terry Duffy need to go into some sort of witness protection now?
Terry Duffy for president.
awwww.
Don't worry about Duffy , they have all the Chicago muscle they need.
Doz boyz will take care of dem self.
and Duffy said he was told by one of his boys that MF/LONDON said stop looking for the accounting error that the money was moved out of seq.
So now its Corzine's move. If he rolls over and admits that "maybe I heard something and misrepresented the truth," you can bet this is all pro wrestling BS. Obama got tough on Wall St, Corzine, is taking it...(why not? He can't have much muscle, now. He likely doesn't have that much money anymore since he idiotically dumped his wife AFTER GS went public. Why do you think he threw the hail Mary pass and took so much risk??? He is now a business failure extra L, so its not like anyone is going to want him in any capacity).
If Corzine is reading ZH, he can see that he IS the patsy and maybe he will be so stupid as to actually fight, only going deeper in the quicksand. that would be awesome. Maybe he can blame Clinton's consulting firm for advising him to steal....just trying to help here, Jon. You know lots of scumbag rats, this can't be that difficult. Dimon must have said something to you.......otherwise, you are going down and they will all laugh at you.
All this doesn't replace the dough I lost in his shithouse brokerage, BUT I gotta admit I would gladly pay good 5 figures to see that POS put on the orange jumpsuit....I'd go 6 if it were PMITA prison for double digit years. Just an act of patriotism, friends....
BTW, I got some of the MF money wired today!!
the kettle calling the pot black
i thought it was "the kettle is calling the black guy for pot (again.)"?
I enjoy watching Comminglerzine squirm, like the worm that he is.
So far, by my count Corzine is winning this one.
No charges. No orange jumpsuit. No FBI knocking his door down. No fuck-all. All the guy has to do now is wait it out until CONgress has acted tough on bankers and then walk the hell away.
I'd squirm and act embarrassed all day for $1,200,000,000 (that we know of) and so would you.
He's gotta share that with someone. But yeah...
Click here 1975483
ooooooo, well. aren't we the big risk taker "going Presidential." You seem to be implying "no jail time for anyone" is good for getting reelected. Are you sure?
Maybe one morning he'll just be found dead in his jacuzzi....happens to the best of em.
Or in the Merc, a la Cliff Baxter
Nope , he is toast either way.
Takes some time to untangle all the bullshit the system throws up to cover the tracks but it can be done.
He is going down for this one along with some other of his "friends".
the blind running around the room hopelessly trying too, 'pin-the-tail-on-the-donkey' - or, should i say - " bullseye on the 'cme"
afterall, the robo's would love to get rid of any, or all competition - especially, if it's 'carbon-based'
Terry Duffy needs a full security detail NOW.
Either that or Corzine was hired to be the fall guy all along.
Maybe he has the ass-cancer.