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Corzine Corzined - Congressional Panel Finds Former MF Global CEO Ordered JPM Fund Transfer
The only thing that could top today's epic market insanity and hilarity, would be that Corzine is himself about to be Corzined. Just released from Bloomberg:
- MF GLOBAL'S CORZINE ORDERED FUNDS MOVED TO JPMORGAN, MEMO SAYS
- CORZINE'S `DIRECT INSTRUCTIONS' CITED BY CONGRESSIONAL PANEL
- MF GLOBAL TRANSFER WAS USED TO COVER OVERDRAFT, PANEL SAYS
- MF GLOBAL FINDINGS CITED IN MEMO OBTAINED BY BLOOMBERG NEWS
And so we can now add perjury to felony embezzlement. Which means we now have to wait to find just which MF'er (and JPM'er) will be given a promise of untold millions if they only get Fab Tourre'd for a few years, and spend 5-7 in minimum security state prison instead of brave Jonny.
From Bloomberg:
Jon S. Corzine, MF Global Holding Ltd.’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co.
accounts in London, according to an e-mail sent by a firm executive.
Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.
O’Brien’s internal e-mail came as the New York-based broker found intraday credit lines limited by JPMorgan, the firm’s clearing bank as well as one of its custodian banks for segregated customer funds, according to the memo, which was prepared for a March 28 House Financial Services subcommittee hearing on the firm’s collapse. O’Brien is scheduled to testify after being subpoenaed this week.
“Over the course of that week, MF Global’s financial position deteriorated, but the firm represented to its regulators and self-regulatory organizations that its customers’segregated funds were safe,” said the memo, written by Financial Services Committee staff and sent to lawmakers.
Vinay Mahajan, global treasurer of MF Global Holdings, wrote an e-mail on Oct. 28 that said JPMorgan was “holding up vital business in the U.S. as a result” of the overdrawn account, which had to be “fully funded ASAP,” according to the memo.
O’Brien Letter
Barry Zubrow, JPMorgan’s chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated. The letter was never returned to JPMorgan, the memo said.
The money transferred came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds.
Corzine testified that he never intended a misuse of customer funds at MF Global, and that he doesn’t know where client funds went.
“I did not instruct anyone to lend customer funds to anyone,” Corzine told lawmakers in December.
Steven Goldberg, a spokesman for Corzine, declined immediate comment.
Oops. Of course, in Jonny's defense there was no perjury here. The truth was merely rehypothecated.
Full memo below. And for those who say it is not a smoking gun, read last paragraph on page 4 and first paragraph on page 5. It appears the administration has turned on "JC"
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PRISON, BITCHES!!!!!!!!!!!!!
Federal, Pound-You-In-the-Ass-Prison!?
I hope the prison guards put him with some 320# 6'8" CPU All-Star; go home, make a sandwich, and sleep good that night. Then come back the next day - with a mop.
they'll just "ken lay" him meaning he'll be pronounced dead but no one will be able to confirm.
Jim Cramer Explains How The Stock Market Is ManipulatedDear Mr. Corzine,
We have just put in the mail a package to you, with contents of one jar of Vasoline. The great thing about Vasoline for someone in your situation, as compared to a water-soluble lubricant, is that it takes a very long time to wear off. You may need to ask your wife to smuggle it in for you.
Signed,
The People
Also Max Keiser was SPOT on, he called this months ago! Priceless.
http://jamesturkblog.blogspot.ca/
Meanwhile it only took the fedgov weinies FIVE MONTHS to figure it out.
Hey...where'd my 'Track' tab go? How am I supposed to go back to my previous threads?
Another JPM competitor bites the dust.
How many competitors to JPM have bitten the dust since 2008?
Congratulations to the Honorable Jon S. Corzine.
Even if he is a liar, thief, purjer, husband, father, and all around prick.
I bet he is gonna plea bargain and do some time near the end of the year, so that Obama will pardon him on his way out of office in January.
TIMING BITZES!
"JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated."
Which one is the Vampire Squid again?
FREE JON CORZINE!!!!
Oh wait......he is.
Moved to France to hangout with his pal Roman Polanski. I think he plans on making the move permanent.
Guys, just think of his children. Think how devistating this news must be to them who only a few days ago released their statement praising their father and his impecable conduct and dedication to his family and all of humanity.
Please let us spend a moment of solemn silence thinking of the children. Those poor, poor children.
....
Thank you.
FUCK JON CORZINE'S 'CHILDREN'! SCUM FAMILY!
If they are like other "children of the uber-wealthy" that I have met ... They probably barely know their father, let alone give a fuck what happens to him. They just need to make sure they get that trust fund.
boy, somebody's on a junking spree. corzine jr. trolling ZH?
Establishment kicking out non-elite background players on wall st.
They are all guilty, but only the chosen ones are exempt from prosecution:
OK'ed by establishment:
Hank Paulson: Dartmouth + Harvard MBA
Goldman Sach's Lloyd Blankfein: Harvard + Harvard Law
Obama: Columbia + Harvard Law
Citibank's Vikram Pandit: Columbia + Columbia MBA/PhD
JP Morgan's Jamie Dimon: Tufts + Harvard MBA
Lazard's Bruce Wasserstein: U Michigan + Harvard JD + Harvard MBA (unfortunately he ended up dying young due to work)
NOT approved by the establishment:
MF Global's Jon Corzine: Illinois State U undergrad + U of Chicago MBA
Lehman's Dick Fuld, Jr.: Colorado State U undergrad + NYU MBA
Bank of America's Ken Lewis: Georgia State University
I've only read "Corzine Corzined" and it's made my year, I hope it's true. Now back to reading the article.
If Corzine is not arrested soon, someone should make a citizens arrest or form a citizens grand jury to indict that criminal, if the government refuses to do its job.
Citizens Grand Jury Validity and Legal Authority
http://www.youtube.com/watch?v=O6Hb0pW1eoE
The God's of WAR will save the Dog's of Money. But the game is now in the sencond half of innings 7 I think. Sure feels like it.
ori
/un-holy-smoke-and-biblical-fire-from-the-sky/
On Trayvon Martin;
Now all the black leaders are playing the black victimization race card to get more government tax payer money and benefits for their? black group, and to take away my gun rights.
That's the bottom line.
The Protocols of the Elders of Zion are currently in effect, as they have been for many decades.
The Jews perfected the victimization race card and the blacks are just following the same plan. Just search "Defamation True Stories", by the Israeli documentary film maker Yoav Shamir, and see the documentary on how the Jews perfected the victimization race card strategy.
Or follow this link to the first posting of this film where I hijacked the top of the comment section on the first page. You can read my comments from a couple of years ago, first one is #19 on the front page where I posted under the same name I'm currently using.
Note: Don't worry about the warning on the page, the Jews are just trying to discurge people from viewing the video there.
http://wideeyecinema.com/?p=7208
Thank God the shooter was Hispanic and not a Florida White Cracker.
No, unfortunately he is a white hispanic; says so right here in this YAHOO news article.
http://news.yahoo.com/blogs/lookout/police-chief-trayvon-martin-case-step-down-194855481.html
You seemed to be lost.
This article is about Jon Corzine.
If you watch this video you will see a Jewish woman working for the ADL saying to her supervisor, there was someone complaining about people making anti-semetic remarks on a website.
Well, the IPad 3 didn't kill the Physical Library this time around, I wonder how many more tries it will take?
We all know what's going to happen. January 19, 2013 - OBAMA!'s last day in office (hopefully and the day before Ron Paul's fist) - he will get a presidential pardon at 11:59am.
He will be in jail for all of 3 days maybe.
The REAL question is....
Who
Was
Corzine
Working
For?
No Skull and Bones at Georgia State, eh?
Expect 'insider trading' arrests on Monday of other minor 'outsider' figures for 'crimes netting them 'millions' or 'tens of millions'. Once hundreds of millions are involved, you're scot-free. Ask Mozilla.
This O'Brien bitch has to go down too. The bitch refused to give evidence without immunity. I presume that having been subpoenaed that the bitch will have no immunity?
"Daddy, tell us a bed time story."
"CORZINE: Once upon a time, there was a half bald headed man who was CEO of a vampire squid. He had no talent other than deceiving people and stealing the money from the villagers. This man gave birth to some children. Those children are you. That's right, you are the spawn of a vampire squid."
CHILDREN: "That explains these blood-sucking tentacles, then."
CORZINE: "I was a
Wankin'. Fuckin'. Banker."
http://www.youtube.com/watch?v=IPNyU0a2ko8
Bernie Madoff's new cellmate?
Maybe that can start up a drama club, perform Fiddler on the Roof, do a tour of the promised land, and mysteriously vaporise in the middle of Act 3, and never be seen again?
What's the best way to cook a squid? Vaporize it!
When I read that banks will pay 90 cents on a dollar for claims, I knew something was brewing. I hope that most did not sign as now they will be free to sue for lost revenue in civil court. Corzine is toast. He will be in litigation forever. No more castles in France.
Why not? Same crime, different victim...
jesus crhist: Oh look. another JC doing God's work.
In the name of God the Father (JP Morgan), the Son ('JC' Goldman Sachs), and the Holy Spirit (HSBC/Bank of America).
"Thou shalt not steal" ain't the only commandment you know.
Just saying...
remember the titanic!
You really think it will happen? Who else in the company has initials JC and who is willing to be regulularly sodomised for a shit load of moola?
Ever noticed how easily slime slips off the hook?
"Another JPM competitor bites the dust."
They all eventually fall at the feet of my nemesis.
Can we possibly take down Corzine, JP Morgan, and Obama all in one fell swoop? No way my life gets that good!!! No way.
"We?"
Can we possibly take down Corzine, JP Morgan, and Obama all in one fell swoop? No way my life gets that good!!! No way.
Their places would simply be filled with others waiting in the wings.
Exactly...
Why has Bloomberg published a 3rd hand assertion without documentation and attributed it to someone(Edith O'Brien)who by all accounts will plead the 5th. When you read the Bloomberg article note that it references an e-mail written by O'Brien and a memo written by congressional staffers.
from BMG;
Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators.
Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News. The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says. The memo does not indicate whether that phrase was the full text of the e-mail or an excerpt.
Now compare the Bloomberg innuendo to the unequivocal Corzine quote.
“I never gave any instruction to misuse customer funds, I never intended anyone at MF Global to misuse customer funds and I don’t believe that anything I said could reasonably have been interpreted as an instruction to misuse customer funds,” Corzine told lawmakers in December.
It's very simple...MSM and Congress will give JPM and other properly connected thieves all the room they need to negotiate the best possible outcome for JPM etc. etc...
this is actually a topical point. the question should be "where is the anti-terror financing report on the matter." one cannot simply transfer 200 million dollars from a soon to be defunct financial institution in the USA to an American branch of a bank in Britain and "no one has a clue." How can these massive fund transfers still go on and no one in the oversight branch of Government have even a passing interest in "how do"? where's the Federal Reserve here? The only thing these folks "fighting the war on terror" appear to be doing is destroying the American people's simple "freedom from being groped at the airport" while the "money for nukes" cabbage flows around like it was never meant to be contained or tracked or traced in the first place. brazen corruption by people who have no interest in being anything but.
The track tab disappeared on Wednesday. Below that is a link that says "Follow this user's comments." I haven't tried it to see if it performs the same function.
Track your own comments to test run, does great.
I see that - thanks.
the fact that it took this long is not a sign of incompetence on the part of the governnment interestingly...
No kidding. How long does it take to parse through the emails of the company, especially those surrounding the critical few days preceding the bankruptcy?
The fact that this is a chap. 11 bankruptcy (a reorganization) rather than a chap.7 (liquidation), with all the ensuing benefits for the MFG criminal executives, who get to stay on and not only cover their tracks but also potentially get massive bonuses is a brutal slap in the face of all the muppets trying to make an honest living in Amerikkka. We don't see Bloomberg interviewing Bill Black and talking about that, huh?
Above all, I'm amazed that any evidence remains, or is being exposed by the rats conducting the non-investigation...
The evidence has been there all along. It was being held in reserve for the right time. It's impossible no one knew about this months ago so the critical question to ask is "Why are they revealing this now?" It might be the start of the DUMP half of the latest pumpNdump cycle. There could be some other motivation but there is absolutely no way this Email was just discovered (un-vaporized?). Why now?
DeadFred said:
In a well written play, events like this don't just happen. This could have been revealed in an earlier act, but it wasn't. Given what has transpired over the last decade in the world of unpunished financial crime, the script has certainly taken an unexpected twist.
Why now, sir, indeed. Touché.
DeadFred, Stoogie - Why now?
To placate the growing and grumbling mob. Bread and circus. Threaten to throw a gladiator to the lions for a change. But only threaten. For now.
New outrages must surely be in store and this event will show/signify "balance".
http://www.zerohedge.com/contributed/2012-12-23/federal-reserve-bank-dal...
When we see the PERP_WALK it's real.
Where is the perp-walk?
It's simple ... MFGlobal is Obama's Watergate and there is a coverup going on.
It took them five months to figure it out? Or it took five months before they could no longer suppress the truth and it became glaringly obvious?
Hey, has anyone heard any rumors about Silver/Gold manipulation? I think I heard something about this 3-5 years ago...I vaguely recall there is an ongoing investigation...how's that USS Maine investigation going?
Obama's ratings went down in that five-month span. Romney has become a clear favorite in a head-to-head matchup so theyve decided to release the hounds on Corzine now. I'm so tired of this shit
i agree. everyone is corrupt. the media has the goods on all the politico's. you're better off watching porno. it's more interesting and informative at this point.
There is a lot of incredibly stupid stuff posted on this site.
However since direct betting exists on the election and millions of dollars in offers are currently available it isn't that tough to actually look at financially staked odds instead of social science bullshit,
and since that is as easy as punching something into a keyboard,
it is pretty stupid to post one guy is ahead when the other guy is just under a 2/1 favorite win.
I am so tired of this shit.
Oooh Christmas comes early
put him in jail and we'd have 2 XMas' come along in one
The people have better things to do with their petroleum than giving it to John for his ass.
I'll donate a pound of salt that he can pack up his ass
OK, OK, I'll donate the lemon juice.
Maybe his kids ratted him out. Too much guilt and pay now is always easier tha pay later.
Maybe!
But maybe the Matrix is falling apart...
We shall see.
use a 6" pipe threader and some chineaze hot mustard...
...with an LSD, PCP, and Jalapeño enema.
He deserves baking soda
Jim McGreevey (another proud NJ politician FYI) can help him with packing his fudge.
I'll donate a length of PVC pipe and some barbed-wire.
MsCreant, how about picturing him smoking a jailhouse cigar (or 3)!
Quick, queue the Vanity Fair article, get the NY Times to find pictures of Jonny posing with little black children in Harlem next to a hospital, somebody do something, please!!!!
Hehe
Cramer just the other day said on CNBC that he didn't think Corzine did anything wrong. Obviously before this news but it goes to show you the coverup and deceit is on going.
The sad thing is, he more than likely STILL won't go to prison!
http://davidmorganblog.blogspot.ca/
Agreed. The lying sack of shit called Corzine will walk. Instead, 1,000,000 more americans will be thrown into jail for marijuana offences to show that Obama is tough on crime.
Unless they're illegal immigrants.
Or, an immediate pardon from Obama.
Yup, the Mike Milken strategy. Probably the ONLY reason he was found Guilty. Assholes, all of em. This goes beyond regulatory capture, we're onto total government captcha now bitchez!
http://articles.latimes.com/2009/feb/03/business/fi-milken3
Milken got sentenced to ten years in prison, only served <2yrs. Never stopped trying to get a presidential pardon, both Clinton and Shrub turned him down. However, a fact i had forgotten in the mists of time, he was a precedent setting case for prosecuting financial crimes with RICO (by,are u ready for it RUDY GIULANI!). You listening ERIC!!!
Milken never served a day in "prison". Went to a WC crime prison farm, spent 2 years growing tomatoes, playing tennis, reading the New Yorker. If, in the unlikely circumstance Obama's #2 bagman - Corzine - ever does get convicted of anything, that'll be his "punishment".
Milken was railroaded by the New York banksters so they could steal the junk bond market he created.That's where Mayor Giulani made his name.
.
Milken was railroaded by the New York banksters so they could steal the junk bond market he created.That's where Mayor Giulani made his name.
You have to wonder how these guys are psychopaths, yet such cunts; they burn and steal, then get betrayed/railroaded...and take it. No countermoves, no mob wars. See, that's why I prefer the old-fashioned, get-your-hands-dirty mobsters. Not only do they not steal as much from you, they have the honor and balls to take out anyone who attacks them or die trying.
It's sad the .gov mobsters of today are so pansy like; I fear for our future as a nation.
Or maybe a Bush style Scooter Libby deal.
I don't know why Libby went with such a dorky nickname as Scooter. It's not like it's any better than Irving Lewis Libby.
He'll be Madoff's cellmate...
MFGlobal is Obama's Watergate and there is a coverup going on.
Can't we hold him in the dungeon of that castle of his in Scottland? The cold damp air does wonders for ones health.
Jon Corzine, who had only $3 million of his own money in MF Global, was said to be buying a French château with his wife two weeks before the firm’s bankruptcy.
http://www.vanityfair.com/business/2012/02/jon-corzine-201202
where's eddie curry these days?
he has some predilictions
Seems he might be getting ready for prison. He seems to be checking out Barrys tits in that photo.
Based upon these findings, I would say he is a shoe in for the next Chairman of the Federal Reserve!
Perhaps Timmy's replacement...
odds are Jan. 20,2013 Presidential Pardon
Nah, the Department of Justice has better things to do.
Where's his family's public letter now? Let's revisit that again.
Perhaps they're checking the contents of their jewelry boxes & bank accounts.
I thought this piece included evidence...Corzine sent authorization to transfer Company funds and a couple of morons transferred customer funds???
WTF???
Jon S. Corzine, MF Global Holding Ltd.’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co.
accounts in London, according to an e-mail sent by a firm executive.
Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.
Was Bloomers holding Jamie's hand when he authorized this "story"?
“direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. accounts in London, according to an e-mail sent by a firm executive.
notice only "direct instructions" in quote.
Let's see the "direct instruction" and not a now 3rd party description.
So if JP Morgan gets signed document that it is ok to transfer the funds from client account to corporate account then it is fine with them and it is legal??? What the fuck! Even a guy selling hotdogs in front of JP Morgan office building in Manhattan knows that it's illegal. Custodian bank has responsibilities that cannot be overridden even by Mr Change himself.
Helluva good start, but lets not start buying rounds just yet.
Prepair for lawyers/deals/hes cooperating BS. (can't wait to see how much honor there is umongst thieves)
Unless of course theres a coronary, or a bolt of lightning.
Friends of Corzine=shitting 32oz gold bricks.
Can we drop the Honorable now??
Can we drop the Honorable now??
Consider it done.
I'm still trying to find out who that lone -1 quy is starting at the top of the comments........Jon.......is that you?
Advice for the Dishonorable Jon Corzine:
If you don't start singing,
your butthole starts stinging.
Burma Shave®
Department of Justice is under which wing of government: Executive, Judicial or Legislative?
If you answered EXECUTIVE you are correct!
They are ALL under the FINANCIAL branch of the government. You're new here, aren't you?
Has anyone noticed that there is a near media blackout on this? I've had CNN on the background for about 2 hours this morning and NOT ONE SINGLE MENTION OF IT.
Coverup.
the "corzine rule" hahahahahahahahah
http://online.wsj.com/article/SB1000142405270230472440457729387105146082...
CEO's must sign off on large transfers of customer funds....LOL
hahahahahahahahah
Banana republic!!!!!!!!!!!!!!!!!!!!!!
I hope the name sticks. A fitting legacy for that crook.
Doubtful. He's not nigerian or anything like that.
So the email said the funds were transferred per "JC's direct request". It wasn't J. Corzine that ordered the transfer, it was Jesus Christ.......doing god's work.
LOL
More likely they'll find some Indian guy in a back room with those initials and blame it on him.
Jorge Costanza?
Ponzi Madoff Corzine
The name should stick, justice permitting.
JC thinks he's JC...
http://i.imgur.com/aDVyS.jpg - Jon has friends in high places. Prison is for scumbags.
no, not prison. stand him up against a wall. start with the ankles, slowly aiming higher after each shot.
He has to squeal. He has to tell tales and name names. If he is found to have committed some crime as a public servant that still carries the death penalty, fine.
Since he has to squeal, his friends will use crazy glue if they can get to him first.
Cheney says waterboarding is not torture.
If he does squeal...please, oh lord please , let him bleat "It was the Devil Lord, it was Jamie and Blythe that made me do it...I swear!
Just chain him to a stake and send an invitation to all of the MF Global customers that he robbed.
I keep telling ya'll...ain't shit gonna change until one of these mother fucking bankers is shot and got....there ain't no law...just the bankers...
FUCK ALL BANKERS AND THEIR BITCH OWNED POLITICIANS...
LYNCH MOB GET IN EFFECT BITCHEZ....
Until theyre showing bankers dangling from lamp posts, the 'in-your-face' criminality festival goes on and on and on.
Occupy Wall Street lamp posts...with bankers.
Just one? One does not set a trend.
The honorable J. Corzine coming to a FEMA camp near you.
Too bad he'll be visiting you and yours as Big Sis's replacement....
That word "honorable" makes me wanna puke. Like our British bastard "sir" Fred Goodwin, makes me wanna puke.
Another sacraficial lamb to the political wallstreet god of corruption. Let the games continue.
God, PLEASE tell me Dimon himself approved the transfer, and Bernanke, Geithner and Obama were all on the Cc line of the email!!!
That's almost sultry porn you penned there.
F that. Pair of pliers and a blowtorch.
Does anyone here believe that outright fraud and lying before a congressional committee by the well connected receives serious jail time? LOL
He didn't perjure himself, he simply "misspoke".
Ben did not monetise the debt, he just mis-printed a few trillion FRNs.
Obama did not make war, he's just mis-bombed a few countries (... wot? ... it can happen!)
Timmah isn't a tax cheat, he just mis-accounted all of his GS income stream.
"It depends on what your definition of "is" is."
Say hi to Bernie for me while you're in there Mr. C. Ok? Oh, what, you were a senator, governor, AND ran Goldman?? AND YOU WERE A BUNDLER FOR OBAMA CAMPAIGN?!?!?!
Oh ok, never mind then............
He will skate.
BS to prison....Congress refers charges to Eric Holder...Duh!...you want to see Corzine do the "perp walk"?....start stuffing the ballot boxes to get rid of the Criminal-In-Chief
what makes this even funnier is that London seems to be the jurisdiction where US firms can easily f*ck their customers in the ass. Lehman did it and MF Global did it in style! The greatest bit of this story is that MF Global used client cash to cover a margin call and JPM get to keep it!! TCF my ass!!!
The released this information and John Corzine is screwed. He moved it knowing that he shouldn't do it and he said he never authorized movement or co-mingling of accounts.
http://www.youtube.com/watch?v=jea2W9K15vI
You Jon Corzine, are hereby sentenced to a Federal "pound me in the ass prison" for a period of not less than 5 years.
AND, you are a VERY BAD MAN!
I'll believe prison time when I see it.
Well, this explains it all: http://www.youtube.com/watch?v=frwBQTCzL2k