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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.

 

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Tue, 12/13/2011 - 17:37 | 1975914 Schmuck Raker
Schmuck Raker's picture

Is the bus ok?

Tue, 12/13/2011 - 17:46 | 1975977 Misean
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.

Tue, 12/13/2011 - 17:54 | 1976035 Barbarous Relic
Barbarous Relic's picture

BUSTED!!!

Tue, 12/13/2011 - 17:55 | 1976043 Buckaroo Banzai
Buckaroo Banzai's picture

I love it when gangsters turn on each other.

Tue, 12/13/2011 - 17:59 | 1976061 Misean
Misean's picture

I'm going long cement shoes.

Tue, 12/13/2011 - 18:14 | 1976148 redpill
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.

Tue, 12/13/2011 - 18:21 | 1976177 Rhone_Ranger
Rhone_Ranger's picture

The parede repeats when Corzine goes before the banking comittee on Thursday... Stay tuned!

Tue, 12/13/2011 - 18:26 | 1976200 SHEEPFUKKER
SHEEPFUKKER's picture

Deny, deny, deny, then make sure you throw the other guy under the bus first before it leaves the station. Well played Duffy whore. 

Tue, 12/13/2011 - 18:42 | 1976300 FEDbuster
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.

Tue, 12/13/2011 - 18:55 | 1976359 gmrpeabody
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"

Tue, 12/13/2011 - 18:58 | 1976368 MsCreant
MsCreant's picture

Here say. WOW, good catch.

Tue, 12/13/2011 - 19:25 | 1976449 redpill
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!

 

Tue, 12/13/2011 - 20:17 | 1976627 TheFourthStooge-ing
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."

 

Tue, 12/13/2011 - 21:56 | 1976950 gmrpeabody
gmrpeabody's picture

Too funny...

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

Tue, 12/13/2011 - 22:05 | 1976984 FMR Bankster
FMR Bankster's picture

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

Tue, 12/13/2011 - 19:26 | 1976453 11b40
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.

Tue, 12/13/2011 - 20:35 | 1976684 Mactheknife
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.

Tue, 12/13/2011 - 21:23 | 1976836 mr. mirbach
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.

Wed, 12/14/2011 - 01:23 | 1977618 MsCreant
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...

Tue, 12/13/2011 - 20:52 | 1976745 calltoaccount
calltoaccount's picture

exactly!

Tue, 12/13/2011 - 20:59 | 1976764 Kayman
Kayman's picture

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

Tue, 12/13/2011 - 21:58 | 1976952 gmrpeabody
gmrpeabody's picture

Too funny...

too true.

Tue, 12/13/2011 - 18:44 | 1976304 flacon
flacon's picture

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! 

Tue, 12/13/2011 - 18:52 | 1976348 Lost Wages
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.

Tue, 12/13/2011 - 18:56 | 1976361 MsCreant
MsCreant's picture

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

Tue, 12/13/2011 - 21:56 | 1976951 Thorny Xi
Thorny Xi's picture

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

Wed, 12/14/2011 - 01:20 | 1977608 MsCreant
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. 

Tue, 12/13/2011 - 20:07 | 1976575 The Fonz...befo...
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

Tue, 12/13/2011 - 21:33 | 1976854 disabledvet
disabledvet's picture

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

Tue, 12/13/2011 - 18:26 | 1976197 Rhone_Ranger
Rhone_Ranger's picture

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

Tue, 12/13/2011 - 23:27 | 1977209 Big Slick
Big Slick's picture

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

Tue, 12/13/2011 - 18:25 | 1976189 Sudden Debt
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....

Tue, 12/13/2011 - 18:29 | 1976219 MsCreant
MsCreant's picture

JPM = Zombie.

Tue, 12/13/2011 - 18:34 | 1976254 Hard1
Hard1's picture

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

Tue, 12/13/2011 - 19:11 | 1976416 gmrpeabody
gmrpeabody's picture

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

Tue, 12/13/2011 - 18:31 | 1976231 SHEEPFUKKER
SHEEPFUKKER's picture

Duffy just comingled Jon Jon's anus. 

Tue, 12/13/2011 - 19:39 | 1976493 blindman
blindman's picture

soon to be re-hypethefornicated.

Tue, 12/13/2011 - 19:23 | 1976445 Piranhanoia
Piranhanoia's picture

Corzini?

Tue, 12/13/2011 - 18:32 | 1976236 whatsinaname
whatsinaname's picture

sounds like my dart board..

bullseye!!

Tue, 12/13/2011 - 19:57 | 1976548 MissCellany
MissCellany's picture

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

Tue, 12/13/2011 - 20:46 | 1976722 Mactheknife
Mactheknife's picture

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

Tue, 12/13/2011 - 21:38 | 1976874 disabledvet
disabledvet's picture

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

Tue, 12/13/2011 - 17:46 | 1975978 Manthong
Tue, 12/13/2011 - 18:08 | 1976103 LeonardoFibonacci
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!!!!

Tue, 12/13/2011 - 18:16 | 1976157 Long-John-Silver
Long-John-Silver's picture

PRISONER 000666 CORZINE should be

PRISONER 666999 CORZINE

Fixed it for you.

Tue, 12/13/2011 - 18:23 | 1976183 Rhone_Ranger
Rhone_Ranger's picture

He and gensler can get numbers in sequential order.

Tue, 12/13/2011 - 18:39 | 1976281 flacon
flacon's picture

How about just SATAN CORZINE!

Tue, 12/13/2011 - 19:08 | 1976354 Zero Govt
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)

Tue, 12/13/2011 - 21:40 | 1976884 disabledvet
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."

Tue, 12/13/2011 - 19:53 | 1976536 yabyum
yabyum's picture

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!

Tue, 12/13/2011 - 20:21 | 1976637 azusgm
azusgm's picture

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.

Tue, 12/13/2011 - 23:30 | 1977220 Big Slick
Big Slick's picture

Overheard in the shower: "Johnny, you got a purdy mouth."

Tue, 12/13/2011 - 18:11 | 1976130 LeonardoFibonacci
LeonardoFibonacci's picture

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.

Tue, 12/13/2011 - 18:17 | 1976162 WhiteNight123129
WhiteNight123129's picture

Let us count the volunteers to check if the bus is just perfect and not going have a mechanical failure at the crucial moment.

 

Tue, 12/13/2011 - 20:36 | 1976685 Freewheelin Franklin
Freewheelin Franklin's picture

That's a nice bus you got there. I'd hate to see something happen to it. 

Tue, 12/13/2011 - 21:22 | 1976833 kill switch
kill switch's picture

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..

Tue, 12/13/2011 - 22:47 | 1977106 philipat
philipat's picture

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?

Tue, 12/13/2011 - 23:33 | 1977235 Big Slick
Big Slick's picture

philipat - I think that's "honor among theives."

Wed, 12/14/2011 - 01:16 | 1977602 Buck Johnson
Buck Johnson's picture

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.

Tue, 12/13/2011 - 17:37 | 1975915 Use of Weapons
Use of Weapons's picture

Et tu, Brute?

Tue, 12/13/2011 - 17:48 | 1975995 kaiserhoff
kaiserhoff's picture

The Prisoner's Dilemma.  Classic Game Theory.  Gotta love it.

Tue, 12/13/2011 - 18:59 | 1976326 Use of Weapons
Use of Weapons's picture

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.

Tue, 12/13/2011 - 19:47 | 1976510 azusgm
azusgm's picture

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?

Tue, 12/13/2011 - 20:14 | 1976606 Use of Weapons
Use of Weapons's picture

+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.

 

Tue, 12/13/2011 - 18:06 | 1976095 fonestar
fonestar's picture

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?

Tue, 12/13/2011 - 18:28 | 1976215 SHEEPFUKKER
SHEEPFUKKER's picture

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. 

Tue, 12/13/2011 - 19:22 | 1976443 lotsoffun
lotsoffun's picture

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.

 

Tue, 12/13/2011 - 19:18 | 1976431 navy62802
navy62802's picture

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.

Wed, 12/14/2011 - 01:45 | 1977660 Sunshine n Lollipops
Sunshine n Lollipops's picture

Why? Does he have a death wish?

Tue, 12/13/2011 - 17:38 | 1975917 johngaltfla
johngaltfla's picture

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.

Tue, 12/13/2011 - 17:40 | 1975929 Burr's 2nd Shot
Burr's 2nd Shot's picture

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.

Tue, 12/13/2011 - 17:41 | 1975934 ForTheWorld
ForTheWorld's picture

Does Terry Duffy need to go into some sort of witness protection now?

Tue, 12/13/2011 - 17:50 | 1976006 Doña K
Doña K's picture

Terry Duffy for president.

Tue, 12/13/2011 - 21:42 | 1976894 disabledvet
disabledvet's picture

awwww.

Tue, 12/13/2011 - 18:11 | 1976102 karzai_luver
karzai_luver's picture

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.

 

 

 

Tue, 12/13/2011 - 18:28 | 1976210 realitybiter
realitybiter's picture

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!!

Tue, 12/13/2011 - 17:41 | 1975936 earleflorida
earleflorida's picture

the kettle calling the pot black

Tue, 12/13/2011 - 21:45 | 1976906 disabledvet
disabledvet's picture

i thought it was "the kettle is calling the black guy for pot (again.)"?

Tue, 12/13/2011 - 17:41 | 1975938 a10fjet
a10fjet's picture

I enjoy watching Comminglerzine squirm, like the worm that he is.

Tue, 12/13/2011 - 17:48 | 1975992 blu
blu's picture

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.

Tue, 12/13/2011 - 17:53 | 1976025 MsCreant
MsCreant's picture

He's gotta share that with someone. But yeah...

Tue, 12/13/2011 - 18:01 | 1976033 Doña K
Doña K's picture

Click here  1975483

 

Tue, 12/13/2011 - 21:47 | 1976916 disabledvet
disabledvet's picture

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?

Tue, 12/13/2011 - 18:01 | 1976074 SheepDog-One
SheepDog-One's picture

Maybe one morning he'll just be found dead in his jacuzzi....happens to the best of em.

Tue, 12/13/2011 - 23:35 | 1977252 Big Slick
Big Slick's picture

Or in the Merc, a la Cliff Baxter

Tue, 12/13/2011 - 18:12 | 1976123 karzai_luver
karzai_luver's picture

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".

 

 

Tue, 12/13/2011 - 18:23 | 1976178 earleflorida
earleflorida's picture

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'

Tue, 12/13/2011 - 17:41 | 1975939 MsCreant
MsCreant's picture

Terry Duffy needs a full security detail NOW.

Either that or Corzine was hired to be the fall guy all along.

Tue, 12/13/2011 - 17:45 | 1975970 NotApplicable
NotApplicable's picture

Maybe he has the ass-cancer.

Tue, 12/13/2011 - 18:25 | 1976195 junkyardjack
junkyardjack's picture

Its going to go something like this

http://www.youtube.com/watch?v=o3JXHtz1Omg

Tue, 12/13/2011 - 17:42 | 1975943 Whoa Dammit
Whoa Dammit's picture

WHOOHOOO!!!!!

Duffy has realized if he doesn't rat out Corzine, the future of the CME would be doubtful.

Tue, 12/13/2011 - 17:46 | 1975980 topcallingtroll
topcallingtroll's picture

Yeah most traders never realized they were unsecured creditors.
Duffy better bring back confidence in the CME.

Tue, 12/13/2011 - 17:58 | 1976055 blu
blu's picture

And how would the CME change the landscape, exactly?

The situation is that in the event of a bad play somewhere by someone JPM is made whole, and everyone else is devoured in the doing. Period.

Unless JPM comes out and says let's change this to protect the other players it isn't going to change ever.

That's how traders are doing business now. They are all the backstop to JPM quarterly results. Period.

Tue, 12/13/2011 - 17:42 | 1975947 bugs_
bugs_'s picture

How can we not trust a guy named duffy?

Tue, 12/13/2011 - 17:46 | 1975979 NotApplicable
NotApplicable's picture

Say goodnight to Duffy!

Anybody else read that book (The monster under my bed) to the little ones?

Tue, 12/13/2011 - 17:49 | 1976000 earleflorida
earleflorida's picture

i'd prefer 'duff' as in beer

Tue, 12/13/2011 - 18:25 | 1976194 homersimpson
homersimpson's picture

Mmmm... Duff beer.....

Tue, 12/13/2011 - 18:28 | 1976208 Sudden Debt
Sudden Debt's picture

Funny! You American call everything beer! :)

Gotta take a leak now.... If anybody wants some "beer" i'll do it in a bottle and name it whatever you want!

Tue, 12/13/2011 - 21:50 | 1976931 disabledvet
disabledvet's picture

how 'bout "shemay peee"? or perhaps "shemay suddenly debtpeee"?

Tue, 12/13/2011 - 17:43 | 1975950 Motorhead
Motorhead's picture

Just a matter of time before someone dropped "the bomb" (or a bomb).  Now, let's see if anything comes of it.  Meanwhile,Terry Duffy should probably stay away from pools, hot tubs, or any bodies of water larger than a tablespoon.

Tue, 12/13/2011 - 17:43 | 1975952 blu
blu's picture

So Corzine lied about breaking some "rule"?

I keep hearing that co-mingling client funds was against the law, and Corzine broke the law. Well was it? Or was it just against the rules or some other weak-wristed convention?

Because if it was just against the rules then folks Corzine could do anything he fooking wanted to. These guys make rules every day just so they can bend them. Everyone knows that.

Unless there is a felony -- a real felony that some judge will say "WTF were you thinking" -- then Jon is going to skate.

Tue, 12/13/2011 - 17:47 | 1975987 realitybiter
realitybiter's picture

perjury, bitchez

These guys love this kind of conviction since they don't have to admit any wrong doing...

Tue, 12/13/2011 - 17:52 | 1976022 blu
blu's picture

Perjury is weak.

CONgress is on the take. They lie like bastards. Half the people involved in this have perjured themselves going in. Corzine can probably bring down half the CONgressional leadership if he started talking.

Sorry. Unless he suddenly does a 180 and starts confessing to shit this is just a dog+pony show that will wrap up before the weekend and they'll all still be buddies.

Tue, 12/13/2011 - 17:59 | 1976058 lizzy36
lizzy36's picture

Congress is a populist organization.

Having a perp walk of a dude like Corzine prior to 2012 elections is EXACTLY what they want. Ex-goldman CEO, it is there god damn wet dream.

Corzine is the idiot here. He should never have agreed to testify. But as a narcissistic, rules don't apply to me guy, he just had to declare his innocence. 

 

Tue, 12/13/2011 - 18:15 | 1976152 karzai_luver
karzai_luver's picture

You nailed it.

I think they hoped to get out in front as they say , i think he knows the big one is coming he is playing for PR, but it's a different game now.

 

Ol Jonnie will regret getting a pass from Gensler to get back in the biz.

 

 

 

Tue, 12/13/2011 - 18:39 | 1976286 realitybiter
realitybiter's picture

Also, consider that at this juncture Corzine is perfect.  He is financial dog doo on your shoe.  He has very little Wall St power potential now.  He has pissed away the majority of his ill gotten gains.  He's a perfect patsy.  Useless future potential and fantastic political fodder.

 

"B-rack - its JC.  whatup, G?  Hey we still good on that thing you said?"

Okee dokey.  I always like orange.

48 months aint nuthin but a G thang."

Tue, 12/13/2011 - 22:16 | 1977023 Papasmurf
Papasmurf's picture

He shouldn't have agreed to steal.  He was dumb to believe they had his back.

Tue, 12/13/2011 - 17:50 | 1976008 MsCreant
MsCreant's picture

I hear you. These bastards have me wondering if LYING TO CONGRESS is a crime or not.

Tue, 12/13/2011 - 18:12 | 1976133 CPL
CPL's picture

Thieves cannot steal the truth and whores never abide credit.

Tue, 12/13/2011 - 18:29 | 1976220 Sudden Debt
Sudden Debt's picture

Of course not!

Are you saying every president these last 50 years where crooks?

Tue, 12/13/2011 - 18:48 | 1976318 ToNYC
ToNYC's picture

Whether it is in fact is no matter since Mr Sen Gov Crash Corzine did NOT INTEND to tell anything but the truth and the whole truth and so the governor could not be possibly a fraudster. Innocent bystander cut adrift in midstream doing his god's work at such very high speed.It all happened so fast!!

Tue, 12/13/2011 - 21:52 | 1976939 disabledvet
disabledvet's picture

well...let us imagine for a moment that it is legal. hmmmmm. NOPE. I think they broke LOT'S of laws. Of course if it wasn't illegal...why lie about it? I dare you to say "because he has a guilty conscience"!!!!

Tue, 12/13/2011 - 17:43 | 1975953 topcallingtroll
topcallingtroll's picture

It is about time.
However the evidence of crimes commited by the financial elite have been publicised in exquisite detail, yet no convictions, only some small civil fines.

I suspect that unlike others who committed perjury in front of congress that Corzine will never be prosecuted.

Tue, 12/13/2011 - 17:49 | 1975999 NotApplicable
NotApplicable's picture

Crimes? Why, that's just like, your opinion, man.

Tue, 12/13/2011 - 17:55 | 1976039 Alex Kintner
Alex Kintner's picture

Obama covered that on the 60 minutes interview. Said (paraphrasing) "There was nothing illegal done leading to the mortgage crisis. Maybe bad decisions but not illegal." Steve Croft let that slide. I'm not kidding.

Tue, 12/13/2011 - 17:45 | 1975971 Mesquite
Mesquite's picture

Can't help musing:

Would it be possible to follow in the Banksters' footsteps,

and write some life insurance on J. Corzine..?

Just a strange possibility..

(Can't help but think his survivability quotient can't be too high..)

Tue, 12/13/2011 - 17:49 | 1975997 realitybiter
realitybiter's picture

Life Default Swap.  

Tue, 12/13/2011 - 18:57 | 1976352 ToNYC
ToNYC's picture

No other side to the trade; delivery on value-at-risk is lower than whale sh%t.

Worthless is priceless. Ding the Chief SarbOx'd about 500 million after triple damages..should take out even the hole card for this NJ gentleman farmer in such a mad dash to get to the Jersey Shore level.

Tue, 12/13/2011 - 20:30 | 1976668 azusgm
azusgm's picture

Is InTrade making a market in Corzine?

Tue, 12/13/2011 - 17:47 | 1975981 Let them eat iPads
Let them eat iPads's picture

Where's Elliot Ness when you need him?

Tue, 12/13/2011 - 17:57 | 1976051 BillyBoy22
BillyBoy22's picture

Where have the cowboys gone?

Tue, 12/13/2011 - 18:44 | 1976311 NotApplicable
NotApplicable's picture

Jerry Jones wonders the same thing.

Tue, 12/13/2011 - 17:48 | 1975991 tmosley
tmosley's picture

The question is--will Corzine spill the beans on the rest of these guys?

Tue, 12/13/2011 - 17:53 | 1976003 DormRoom
DormRoom's picture

Obama will pardon him, even if he goes to jail.  Corzine was a top Democratic fundraiser.  He knows where the bodies are buried.  He will get pardonned, if he goes to jail.

 

Big money live by a different set of laws, whether they be Republican or Democrat.

Tue, 12/13/2011 - 18:08 | 1976065 SheepDog-One
SheepDog-One's picture

Or, since he knows so much, just might end up dead in his bathroom with 1 sock off. Happens to the best of em.

Michael Clayton - Steadicam® clip 2 - YouTube

Tue, 12/13/2011 - 18:13 | 1976132 tamboo
tamboo's picture

.

Tue, 12/13/2011 - 18:43 | 1976310 realitybiter
realitybiter's picture

I call it "convenicide"

 

you know, suicides which don't add up.  happy people suddenly despondent.  gunshots with multiple wounds or in the back of the head....found hanging with their hands tied...

mysteriously occurring right before testimony.  odd..

convenient suicides.

The Clinton's wrote the book on it.  Convenicide For Idiots.

Tue, 12/13/2011 - 20:11 | 1976593 Wakanda
Wakanda's picture

Postpone conviction/sentencing until after the Ron Paul inauguration!  Problem solved.

Tue, 12/13/2011 - 17:50 | 1976004 Iwanttoknow
Iwanttoknow's picture

Iranians must return the drone,so they can hit duffy.

Tue, 12/13/2011 - 17:53 | 1976023 junkyardjack
junkyardjack's picture

Well one of the two is lying so one of them should go to jail. I'm pretty sure Corzine will get out of it though because he cribed every statement with, "well I have to check my notes but I think it was...".  He can just come back and say oh yea I knew about it that day, I checked my notes and it had that.  Get out of Jail, collect $200M

Wed, 12/14/2011 - 02:04 | 1977696 Sunshine n Lollipops
Sunshine n Lollipops's picture

"Mr. Corzine, you don't happen to have your notes with you today, do you?"

"Unfortunately--although he most certainly did not intend to--my dog ate them."

Tue, 12/13/2011 - 17:56 | 1976046 Benjamin Glutton
Benjamin Glutton's picture

Another JPM lackey,imo.

Tue, 12/13/2011 - 17:58 | 1976056 SheepDog-One
SheepDog-One's picture

Hey Corzine, heres your cell mate, Ben Dover! 

Tue, 12/13/2011 - 18:15 | 1976149 LouisDega
LouisDega's picture

I thought it was Mike Hunt

Tue, 12/13/2011 - 18:59 | 1976372 ToNYC
ToNYC's picture

Wasn't Mike Hunt the reconciliation guy for Speer Leeds?

Tue, 12/13/2011 - 18:01 | 1976070 imapopulistnow
imapopulistnow's picture

On October 31 at 2:00 AM, the funds were transferred out of customer accounts.  Wow!!!

Tue, 12/13/2011 - 18:03 | 1976080 SheepDog-One
SheepDog-One's picture

Yes, but no one can recall who 'pushed the button'...uh huh.

Gee so at MF Global they had a button labeled 'Steal all customer accounts'?

Certainly must have been a pretty closely guarded button.

Tue, 12/13/2011 - 18:10 | 1976120 Misean
Misean's picture

Yep. Right next to the brew button on the coffee machine in the night watchman's shack.

Tue, 12/13/2011 - 18:12 | 1976135 SheepDog-One
SheepDog-One's picture

OMG it was Scruffy, the night janitor who pushed the button by mistake!

Oops, my bad.

Tue, 12/13/2011 - 19:03 | 1976393 DaddyO
DaddyO's picture

 

 

Scruffy McNasty, now him well!!

DaddyO

Tue, 12/13/2011 - 22:23 | 1977040 Papasmurf
Papasmurf's picture

It's a repainted EASY button.

Tue, 12/13/2011 - 18:22 | 1976175 eblair
eblair's picture

7am London time.  Who said that?  Duffy?

Tue, 12/13/2011 - 19:26 | 1976426 Use of Weapons
Use of Weapons's picture

Oh, grow up.

That date was given because Joe quit on the cusp (midnight) of 30th October.

Do you want more kool-aid with that slice of unicorn?

 

Ugh: Your smoking gun is the moment that accounts issued $57 million worth of cheques to clients seeking exit that they knew would bounce a week prior. That $57 million wasn't counted on the default / gap levels until the hearings... The amounts were debited from client accounts and so on.

 

That's when the theft began, because as a business, they realised that the cheques would bounce - at that point, they had 4 days working (6 days including weekend) to ditch the player's cash. Oh, and look into the Koch brothers, and how they got out. Hint: the money players to the tea party got to keep all their cash. When Corzine says the "mad chaotic days up to the 30th" what he means is "Margin call: GET ALL THE RIGHT PEOPLE'S MONEY SAFE". That is what they were doing, and that's why he isn't in a DSK scenario.

Fucking burn them. Criminal scum.

 

 

"The personal, as everyone’s so fucking fond of saying, is political. So if some idiot politician, some power player, tries to execute policies that harm you or those you care about, take it personally. Get angry. The Machinery of Justice will not serve you here – it is slow and cold, and it is theirs, hardware and soft-. Only the little people suffer at the hands of Justice; the creatures of power slide from under it with a wink and a grin. If you want justice, you will have to claw it from them. Make it personal. Do as much damage as you can. Get your message across. That way, you stand a better chance of being taken seriously next time. Of being considered dangerous. And make no mistake about this: being taken seriously, being considered dangerous marks the difference - the only difference in their eyes - between players and little people. Players they will make deals with. Little people they liquidate. And time and again they cream your liquidation, your displacement, your torture and brutal execution with the ultimate insult that it’s just business, it’s politics, it’s the way of the world, it’s a tough life and that it’s nothing personal. Well, fuck them. Make it personal.”

Tue, 12/13/2011 - 20:36 | 1976686 azusgm
azusgm's picture

No, that is when the CFTC and the CME were notified.

Duffy said that the CME was given one set of numbers for the seg accounts on Friday to audit for Wednesday (2 days prior). Then a few days later, they were given what were supposed to be the same statements for the same Wednesday, but found that the numbers had been changed.

Tue, 12/13/2011 - 18:01 | 1976073 G_T_A_44
G_T_A_44's picture

It appears that the operative words out of the mouths of Don Jon Corzine and his comrades are, "I wouldn't want to speculate."

 

http://www.globaltrendanalytics.com/2011/12/i-wouldnt-want-to-speculate....

Tue, 12/13/2011 - 19:00 | 1976382 ToNYC
ToNYC's picture

Jon "wouldn't like to speculate" but he would like to whip out his BlackBerry in meetings to whack some bids.

Tue, 12/13/2011 - 18:04 | 1976084 Lost Wages
Lost Wages's picture

Hopefully the Martha Stewart cell still has her curtains up.

Tue, 12/13/2011 - 18:04 | 1976085 rawsienna
rawsienna's picture

They go after Barry Bonds for lying under oath to Congress, maybe this is just a bit more serious. Who it Obama going to protect first, the lying piece of shit Holder or Corzine.

Tue, 12/13/2011 - 18:06 | 1976096 No One
No One's picture

Who did Corzine piss off? Can't believe someone with connections would be tossed like this.

 

I still don't see a perp walk in his future.

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