CME Executive Chairman Terry Duffy Throws Jon Corzine Under The Bus, Implies The "Honorable" Governor Lied Under Oath

Tyler Durden's picture

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.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Misean's picture

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.

Buckaroo Banzai's picture

I love it when gangsters turn on each other.

Misean's picture

I'm going long cement shoes.

redpill's picture

Anyone know when the next hearing is?  You know they are going to want to ask Corzine about that little inconvenient factoid.

Rhone_Ranger's picture

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. 

FEDbuster's picture

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.

gmrpeabody's picture

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"

MsCreant's picture

Here say. WOW, good catch.

redpill's picture

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!


TheFourthStooge-ing's picture

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."


gmrpeabody's picture

Too funny...

This has all been explained to Eric Holder..., and he didn't seem too upset about it!

FMR Bankster's picture

He explained to Corzine that all you have to do is recant your prior testimony. (or letter)

11b40's picture

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.

Mactheknife's picture

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.

mr. mirbach's picture

methinks perhaps you meant "hearsay," which is a legal term one would often hear spoken on any number of network made for television programs.

MsCreant's picture

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...

Kayman's picture

"somebody" will be found to have committed suicide with 2 bullets to the back of the head.

flacon's picture

Looks like CSPAN is putting up reruns of today's hearings. The Duffy one should be up soon....


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! 

Lost Wages's picture

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.

MsCreant's picture

Trump hair ain't so millionaire... just sayin'.

Thorny Xi's picture

Made me laugh!  Ever heard the Trump /Hadeed "Ruthie's deck" story?  I'm guessing you're in Aspen  :)

MsCreant's picture

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. 

The Fonz...before shark jump's picture

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

disabledvet's picture

wake me up when the Banking Committee calls Jamie Dimon. According to the New York Times "he actually has the loot."

Rhone_Ranger's picture

I bekieve we just found the script to "Oceans 14?"

Big Slick's picture

"You think this is funny? Because it sure as sh1t ain't sad."

Sudden Debt's picture

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....

Hard1's picture

Correction:  JPM=living being with lot's of donated "organs"

gmrpeabody's picture

Ya..., I got your organ, alright. Right here!


Duffy just comingled Jon Jon's anus. 

blindman's picture

soon to be re-hypethefornicated.

whatsinaname's picture

sounds like my dart board..


MissCellany's picture

So...maybe this news is why the CME yesterday refused to chip in to make MF Global account holders whole again?

Mactheknife's picture

Ding..ding...ding....we have a winner!

disabledvet's picture

I agree as well. And the 200 million in the London Offices of JP Morgan is being kept there as evidence.

LeonardoFibonacci's picture

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!!!!

Long-John-Silver's picture

PRISONER 000666 CORZINE should be


Fixed it for you.

Rhone_Ranger's picture

He and gensler can get numbers in sequential order.

flacon's picture

How about just SATAN CORZINE!

Zero Govt's picture

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)

disabledvet's picture

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."