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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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No, too much is at stake...too many beans can be spilled. Corzine will end up like this--> Michael Clayton - Steadicam® clip 2 - YouTube
I don't think Corzine has that much political capital left....but he does know where a few skeletons are......
I see a massive heart attack in his future. It was the stress. While in a hot tub.....the rats start to bite the backs....
Wait a minute. He took money from people who want it back. And he undermined a lot of brokerages in the process. This is the 7th largest BK in US history, I can't beleive people think he's going to ride off into the sunset.
Is Dick Fuld in jail? Think about it.
Did Daffy just point at Corzine and say "Wabbit Season!"
I hope this works out different than the cartoon version.
Under the bus several times and its is TIME for these shitbags to do hard fucking time.
Yes the CME is bigger than cortizone
Come on. The CME has a market cap of $16B. MF is worthless entirely, and Corzine is quickly headed there. The CME would love to pin this all on Corzine and get themselves completely scrubbed clean.
Its amazing to me but the likes of the Corzines know exactly how much they own..exactly how much they make...exactly how much they are going to make..and exactly where every penny is at every moment in time...its in thier blood....so he is lying..now the question is..what is going to happen to him and the rest of them...and when.....he was a big Democrat....will that save him...I am sure the calls have been made...
Agreed.
A captain knows every nut bolt rivet and steel plate of his ship.
Let's hope this captain goes down with his ship.
this is like the series "The First 48"...
mother fuckers is all bad and shit when they first get interrogated...
acting like Scooby Doo sayin they didnt do shit...
then 1 mother fucker breaks down and snitches on another....
then another....
then another, until n the end all the gulity bitchez get life...
fuck all bankers and their bitch owned accomplises...
Corzine was thrown in to save Blankfein from he perp walk.
Off with zee heads!
Gensler knew also.
Notice it isn't him making the admission.
I hope he gets fired and indicted.
hypothecated testimoney.
hey, where's "Freddie"? must be busy on another site...
http://cryptogon.com/?p=26460
Must be undergoing periodic maintenance.
Corzine won't even be charged, let alone serve a single day in jail.
OMG!
Breaking: CNBC reporting NAR overcounted existing home sales for the last 5 years!!
Will be revising back to 2007. !!
http://www.cnbc.com/id/45659547
Now why on earth would they fess up to that?
Prob they wanna come clean before the guillotine gets rolled out in front of the Capitol Building and Federal Hall on Wall Street. THings will only get dicier from here for the high flyers
Time for Operation Refi (pretend QE for Main St.)?
In other news, who could ever vote for Dick Lugar?
I like the way they preface their questions with so much speculation and other fiction that it isn't even answerable being totally unrelated to anything in reality.
Time for Operation clean up
stats 101, man.
If you want the future to look better make the past look like shit.
No one cares about that 5 year old data. They exaggerated it then to look good then, which doesn't matter, now. So reduce it, now, and make tomorrow look better....look we we had 10 % growth...no....I mean 20%....
this is fun!
4.8% unemployment
5% productivity gains
only transitory inflation....
I did not have sex with that naive, young fat girl
http://www.cnbc.com/id/45659547
Caviar Emptor that is a good find.
Corzine is a crook, but he is a relative newbie compared to the pimps at the CME. Nobody knows better how to screw customers than the CME. Where were they when REFCO fucked everybody over? Where were they when MF did the same thing? Where is the customer protection, other than "I promise we didn't know nuttin'" bullshit? Why anybody still trades at this whorehouse, and gives power over their money to a bunch of Chicago-Crony-Capitalist-Crooks is simply amazing.
What is it going to take to make people wake up and do business someplace else? Traders, if they had any brains at all, could close this shithole down by moving thier money to other exchanges in different jurisdictions.
Who seriously gives a fuck what Duffy says? He's being told what to do and say because he is nothing short of a political hack. They will protect the biz model of stealing first and foremost, so it should be no surprise that Johnny boy got thrown under the bus, just like Blago.
http://vegasxau.blogspot.com
Somebody just got put on the naughty list!
When he said they had a "break the glass" contingency, didn't Corzine essentially say they had a "break the law" contingency? If so, it shouldn't much matter who pushed the button. Corzine had willfully authorized in advance an illegal act.
Good point.
But like Obama keeps saying; nobody broke any actual law.
Most investors think for some reason that big business cannot take what is theirs, but it's simply not true when you get into risk-on investing. Anyone who manages any kind of money for any reason have all kinds of weasel language to make the few whole again at the expense of the many.
Always.
This is why they don't worry about blowing shit up. In the aftermath they'll get to take anything still in one piece, and then the large debris and the shrapnel as well, everyone else will get the dust.
Always.
dup
CME Executive Chairman.. Throws Jon Corzine Under The Bus
There's always cues for buses ...sure be a looooooong cue of MF customers to do that to Corzine
"cue"=stage term, meaning, now is time for you to perform
"queue" (pronounce the same) = orderly waiting line
So inside of one week we have the following revelations:
-November retail slaes, reported as "records" actually undershot even October
-Exisiting home sales were overcounted for the last 5 years and will be revised down
But really, it was all innocent, double counting home sales, counting new homes. It's drift, that's all.
Realators are just "Putting on a Happy Face" for the good of the economy.
Pick out a pleasant outlook,
Stick out that noble chin,
Wipe off that full-of-doubt look,
Slap on a happy grin!
And spread sunshine all over the place, just
Put on a happy face!
Put on a happy face!
Put on a happy face!
Exactly what their defense lawyers are saying! They were just trying to raise spirits and be optimisitic! Maybe even patriotic!
They weren't lying, they were.....fibbing!
next thing you know they will come out and admit that they have systematically suppressed prices of key commodities and that they have artificially reduced the price by creating phantom supply...
You can't do some tricky stuff with $700 trillion of derivatives and no supervision...
uh, no they won't.
Glitches.
Corzine will die and then retire to Paraguay.
Corzine is a political liability, but he knows too much. Hmmmmm. This will be very interesting.
best article i have read in days. most frustrating article i have read in days.
corzine lied under oath. anyone believing that a ceo could not account for 175m usd is a living fucktard.
but the information is turned over to the conflicted cunt eric holder's department where it will promptly be shredded.
end of story. corzine walks.
tony... right on.
If anybody thinks that Corzine and cronies are going to the slammer for anything, they are of a particular delusion defined as "can't remember the history of crooks in power". If you recall that blurb CNBC put up of Corzine with his hands up and an empty thought bubble which they asked the viewers to "Fill in the blank", I thought of one immediately:
"Boy, I hope JP can re-hypothocate that 100 million before we get out of here."
Now I guess it 275 million (And probably 1.2 billion), so crap, I erred.
When is the American Public going to DEMAND that this kind of crap is dealt with?
if you agreed to hypothecation then comingiing isnt a crime.....?
Say it again: the fact that this man is not in jail tells me a lot.
Indict him and try him in Houston.
There was something in Amy Klobuchar's facial expression that told me she knew something immediately after lunch and before Corzine was done testifying. When the Senator sitting next to her was asking questions, she was trying to cover up a smirk on her face like a little schoolgirl with a secret.
His zipper was down.
Will he share a cell with Madoff or get his own cell?
The "employee" of MFG who said that to the CME auditor should be very careful.
Unlike cds and debt, you need to demonstrate an "insurable interest" to purchase insurance on a life.
Look. MF had a stated equity of about 1.3 billion in total. The customers are missing 1.2 billion. What's not to understand? General Burkhalter, Colonel Klink And Sergeant Schultz know "NOTHING".
Wonder who'll throw doofy under the bus for silencing. Wait until the guns come out. Knew eventually the liars would be offered upon the collapsing alter of paper fiat ponzi. I'm getting my popcorn as this will be a short movie and most of the running vampire squids as c-me doofy will not get out alive.
Gee Duffy, tell us something we don't know.
Corzine. Prison. Hard time, ass rape in the shower prison. It's the only answer. Justice.
A man was arrested in Fla some years ago for stealing a case of beer from a carryout. His third petty larceny bust, he got 20 years in PMITA prison.
You've been duffied
"Why steal less when you can steal more."
Is this the plaque he has on his corporate desk?
13 December 2011
http://jessescrossroadscafe.blogspot.com/
Gold Daily and Silver Weekly Charts - Gold Breaks But No Silver Confirm - Did Jonny Lie?
... "
Stocks were rallying until the afternoon and the FOMC announcement which withheld the QE Christmas candy.
Stocks went down hard led by the banks. Gold was hit very hard by a bear raid sell off down to 1620, while silver maintained some strength.
The stock market rebounded into the close somewhat as did gold. Silver has not confirmed the breakdown by gold out of its symmetrical triangle.
Why is gold going lower, but silver, the metal with a higher industrial component, is proving stubborn? Perhaps it is because the Central Banks don't have any.
"Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise."
Alan Greenspan, Congressional Testimony on Regulation of OTC Derivatives, 24 July 1998
The bulls have their work cut out for them.
The MF Global scandal continues to rot and sicken. After the bell the testimony from
CME Chairman Duffy to the Senate indicated that Jon Corzine was perjuring himself when he said he had no knowledge of the customer money transfers. Duffy testified that on Saturday lawyers notified him by phone and email that Corzine knew of the transfers of customer funds and that at all times the people doing the transfers were under the authority of MF Global management
Perhaps now would be a good time to cut a deal and throw someone else under the bus, Jon, and not 'take one for the team.' And please stay out of parks, accept no packages, and don't fly in small airplanes if you do.
As noted intraday, JPM and the Trustee are divvying up the MF Global cash account amongst themselves. The Trustee hopes to pay back the customers out of the company assets 'if possible.'
MF Global is more of a crime scene than a simple bankruptcy. What puzzles me is how MF Global was able to transfer all these customers funds and assets without records in the banking system? What happened to all those anti-money-laundering rules on fund transfers? Are they just for the 'little people' too?
And why is the Trustee Giddens, a private attorney whose firm has long ties to the bank, calling the shots on the investigation of JPM and their involvement?
And is the judge in the bankruptcy really one of the lawyers for the banks in the Martin Armstrong case?
The interests of the customers seem largely under-represented. Where is the CFTC and the Justice Department in all this again? Will Max Keiser put up a documentary titled Where's Jonny for funding? "
...
Blindman, damn good post.
And I recall a rumor that a few weeks before the bankruptcy, the Koch brothers pulled out of MF. So now we may know who Corzine and cronies are afraid of. They know they'll maybe get away with small fines and jail with the current route, but when messing with those guys they will get the justice which history speaks of.
We should all keep a close eye on "all of MF and it's board" and see what actually happens.
all credit to j.cafe. remember this!
The Silver Bears Are Back For Part 7
Submitted by Tyler Durden on 08/08/2011
http://www.zerohedge.com/news/silver-bears-are-back-part-7
.
the morgue is always waiting for their money to return
to them. it is their money and they always want it back,
fiat rules and all and of course they have a few close
co-conspirators, hmm, partners.
Right, JPM and the trustee are going to try and rape and pillage whatever is left. Hopefully they will be stopped by the attorney representing MF customers. This is not one of those cases you want to rape and pillage, JPM and the trustee should pass on this one, people are getting sick of this shit.
I suspect when all is said and done that the real shit to hit the fan will come from the NY ag end of this deal.
The records are there and though it takes time they will be revealed.
I think several including maybe Corzine go down for this in the U.S.
The London end walks although they are in it up to their rotten little noses.
The Bk filing and the claims and counter-claims of who really should get screwed are going to reveal too much to sweep under the rug.
Do y'all think the City of London may attract enough heat to cause the EU Tobin tax to be approved?
Plunder while ye still can plunder!
Thar country burns at the seams!
Hoist the Hammer and Sickle on a field of puke green!
Spur ye donkeys, rhinos and elfants (yes they are very small) to victory over thy slaves!
Shit on thar law, re-hypothecate thar rights!
Tremble weaklings, cower and fear!
Nyaah you American two partier fuckwits, I fart in your general directions.
FUCKING COWARDS EVERY LAST MISERABLE ONE OF YOU!
The Sharks eat each other when the bottom feeders (retail investors and middle class) disappear.
I wonder if a nice burn at the stake of Corpsi will distract from the Holder hearings?
and this is why everyone was surprised that he did not take the FIZZIFF!!
and he needs to hurry up and go to jail so he can be pardoned, admit guilt and ask for the orange jumpsuit, he's running out of time
Having his nose well up Jamie Dimons ass, Duffy knows the smell of a liar. The entire CME group is one big crime scene. Someone call Barney Frank and tell him to nudge AG Holder tonight... and tell him to wake up!
And lying in DC is different than other places... just ask Newt!
yea, the scapegoat, corzine, being set up to take
the madoff fall for the crime of morgan. stealing
in broad daylight ongoing, always incorporate a third
party in the heist to take the fall. it is a name, noun,
complication that is rarely dissolved in the decantation
of fineness of "law".
The DOJ is owned by the bankstas.
Everyone in the country knows he's a thief so no shit he's a liar too. Indict that criminal for grand larcency AND perjury! Obama can run his 2012 campaign without him or have him do it from his prison cell.
May I suggest next time he reserve his right of not incriminating himself ? otherwise known as the 5th amendment He is done.
Or it's Sep. 10, 2001 all over again. If shit gets going in Iran, this will all dissappear in an instant.
Why the fuck did I choose to be in the investment industry--biggest regret of my life.
Its one big fucking stinking ass shit stew of corruption, greed, and cocksuckerness that can barely be described with words.
...and this guy is the advisor to Vice President Joe Biden and was in charge of Obama's re-election campaign? You would think being so closely connected to a man like this would be enough to get you to drop out of the election. So much scandal. So much outrage but it's all business as usual for these guys. If all of them were put in prison we'd all be much safer. The only reason we found out about his crimes was that a1.6 billion was too big to sweep under the rug and their were to many people they stole from. Their usual frauds get papered over. It all still amazes me but it shouldn't. Their is no law for these people. They are all a gigantic crimininal syndicate in control of almost everything.
Ironic that the only person trading on the crimex whose assets are entirely safe happens to be Jon Corzine himself.
File under wishful/hopeful thinking. Apologies to Queen.
Another one gets the bust
Another one gets the bust
And another one gone and another one gone
Another one gets the bust hey
Hey I'm gonna get you too
Another one gets the bust
The over/under for the amount of suicided people involved in this is 3.
ha ha, so it begins
JPM PUTZ BITCHEZ!!
Book him on a perjury charge...
One thing is for sure, when criminals are dealing with each other they will in the end eat each other.
There is no honour among theives, let the feasting begin.
God I love this. Unfortunately Jon boy will have a heart attack in a hot tub and everyone will just walk away.
Dude I've got a cell for you. Corzine should be incarcerated immediately as a flight risk.
the raison d'etre of the crimex has been negated
the CME exists so this doesn't happen
it happened
The End
One slip up, one little nick, all it takes is just a little blood in the water, and it's a feeding frenzy. Jonzo shark bait! Yep. CME hope you can swim fast. Not!