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Corzine Corzined - Congressional Panel Finds Former MF Global CEO Ordered JPM Fund Transfer

Tyler Durden's picture


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:


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"

MF Memo


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Fri, 03/23/2012 - 23:59 | 2285954 geekgrrl
geekgrrl's picture

I heard a report yesterday about some big shot Republican funder who's just throwing money at Romney, Santorum, and Gingrich. He's actually funding all of them (!), and it kind of reminds me of the bankers backing both sides in war. As George C. said: "The game is rigged folks." Oh, and as per usual, RP not mentioned.

You're completely right about the show. It's obligatory now. No show, and people start to look around the theatre and might be inclined to look behind the curtain. And we can't have that! The show MUST. GO. ON.

Fri, 03/23/2012 - 22:46 | 2285865 Papasmurf
Papasmurf's picture

Not if both sides got some of that.

Fri, 03/23/2012 - 16:53 | 2285001 lunaticfringe
lunaticfringe's picture

Bring in the sodomy dog! I got corzined!!/2012/03/i-got-corzined.html

Fri, 03/23/2012 - 16:53 | 2285004 bugs_
bugs_'s picture

Corzine hoping for an Obama loss so his pardon comes sooner.

Sat, 03/24/2012 - 07:53 | 2286267 GetZeeGold
GetZeeGold's picture



Sorry buddy.....nice try.......he's one of yours.....and everyone knows it.


If we don't stop with this party crap then our country is going to stay fukked up and it's just gonna get worse.


Americans with differences need to start standing up to the crooks.


Fri, 03/23/2012 - 16:55 | 2285008 eatthebanksters
eatthebanksters's picture

Corzine needs to shave that beard off...when I he gets to prison the inmates will mistake it for jailhouse pussy...

Fri, 03/23/2012 - 18:06 | 2285259 Atomizer
Atomizer's picture


Fri, 03/23/2012 - 16:56 | 2285015 quidam
quidam's picture


Fri, 03/23/2012 - 19:14 | 2285478 FeralSerf
FeralSerf's picture

Where's the change?  The felonies continue as before.

Fri, 03/23/2012 - 16:58 | 2285019 babylon15
babylon15's picture

Greatest picture ever.  Those are some big, big smiles.

Fri, 03/23/2012 - 16:59 | 2285027 MrBoompi
MrBoompi's picture

It's no surprise JP Morgan smelled blood in the water and demanded any and all cash it could get its hands on.

"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 letter was never returned, so they just took the cash and kept quiet.  I've better fucking excuses from kindergartners.  Now maybe they can find out where the rest of the $1.6 billion is, and force all of the parties to give the money back, all of it, or go to jail.

Fri, 03/23/2012 - 17:37 | 2285126 gwar5
gwar5's picture



Poor little innocent JPM has some 'splainin' to do.....  afterall, JPM's defense in the suit against them for a clawback over their own "typo" to a broker is that "He should have known better!"  


Fri, 03/23/2012 - 17:41 | 2285144 gwar5
gwar5's picture


RE: Gold

Haven't seen it mentioned yet a ZH.... India put a 4% tax on imports of gold. 150K dealers across the nation are pissed and went on strike, closing up shop. Gold imports collapsed.  (from GATA linked article 2 days ago)

Won't last, so BTFD.


Fri, 03/23/2012 - 19:04 | 2285450 ViewfromUnderth...
ViewfromUndertheBridge's picture

JPM are now on the hook, they knew...they knowingly accepted the clients' money. Do you think it is a coincidence that the bottom-feeders came out recently offering up tp 91c in the $ for MFingGlobal accounts...

Free Jon Corzine! Jaimie is an unindicted, it is the 70s again.

Sat, 03/24/2012 - 00:15 | 2285976 geekgrrl
geekgrrl's picture

That's what caught my eye as well. First JPM makes a fuss and even drafts an assurance letter, but then when they get the money, they forget about the letter? They don't even have plausible deniability!

Wait, I think I saw a similar scam in Beverly Hills Cop 2.

Fri, 03/23/2012 - 17:01 | 2285030 Kaiser Sousa
Kaiser Sousa's picture


The One Percenters

Fri, 03/23/2012 - 17:01 | 2285031 GolfHatesMe
GolfHatesMe's picture

Tyler had this day one. 

Fri, 03/23/2012 - 17:14 | 2285046 SIOP
SIOP's picture

In the photo, what's the black thing around each of thier wrists?

edit:  never mind.  its photoshopped.

Fri, 03/23/2012 - 17:10 | 2285057 blunderdog
blunderdog's picture

In similar news, it was determined that Britney Houston's drowning death was apparently drug-related.

Fri, 03/23/2012 - 18:00 | 2285231 Likstane
Likstane's picture

HAHA, you can't even get the name right, it's Whitteney Hughston!

Fri, 03/23/2012 - 18:54 | 2285420 blunderdog
blunderdog's picture

your retarted!

Fri, 03/23/2012 - 22:38 | 2285853 TheFourthStooge-ing
TheFourthStooge-ing's picture



Fri, 03/23/2012 - 17:13 | 2285061 Troncom
Troncom's picture

I reckon prison then reduced on appeal due to being diagnosed with Alzheimer's Disease then a miraculous recovery after being released

Fri, 03/23/2012 - 17:16 | 2285067 Jon Valjon
Jon Valjon's picture

So, the letter was never returned but JPM took the money nonetheless. Cash in hands speaks volumes.

Fri, 03/23/2012 - 17:16 | 2285068 Catullus
Catullus's picture

Saying it again so that government trackers and lazy journalists can read it:  The fact that Jon Corzine is not in jail tells me a lot.

Fri, 03/23/2012 - 17:16 | 2285069 breakyoself
breakyoself's picture

hiding, to where untouchable, of money to keep family on rich lifestyle is complete; now let's break the real story. FRAUDS

Fri, 03/23/2012 - 17:18 | 2285074 ZeroPoint
ZeroPoint's picture

Looks like the vapors have condensed. Enjoy a daily ass pumeling in federal prison, you scum bag. Oh wait, Obummer will pardon you.

Fri, 03/23/2012 - 17:27 | 2285101 Winston Churchill
Winston Churchill's picture

Never happen.

Corzine knows where all the bodies are buried.

He will die in an  "accident" before he ever goes on trial.

Fri, 03/23/2012 - 17:37 | 2285127 mendolover
mendolover's picture

Won't be in a state trooper chauffeured SUV.  He wears his seatbelt after that close call.  haha

Fri, 03/23/2012 - 20:41 | 2285671 Christophe2
Christophe2's picture

It'll never happen 'cos he's part of the Illuminati, who get to rape and torture their children (to turn them into guaranteed psychopaths like themselves), and who always get away with it.


The only plus side is that, behind the wealth and apparent glamor lies a brutal, sadistic and miserable reality.  Sucks to be them far more than it sucks to be a well-minded muppet...

Fri, 03/23/2012 - 17:18 | 2285075 poor fella
poor fella's picture


"Do YOU KNOW who the F I AM?!?!?!"

"'Mansion(s) Arrest' or I won't cooperate!"

Fri, 03/23/2012 - 20:03 | 2285094 slewie the pi-rat
slewie the pi-rat's picture

remember when corzine's MFG floated that 'bond issue' where the interest rate changed if jonnyC became treasurySecretary?  and how Hahaha funny that was? 

well, it seems to me that the hypothesis "timmah took him down" explains a heluva lot, here, including, maybe, how an ex-FEB director ends up as "bankruptcyJudge"...

he didn't get corzined, imo, he got DSK'd

maybe he'll get off b/c the order to transfer the accounts was robo-signed by a MFG employee by the name of... lindaGreen?  no!  that can't be right!


Fri, 03/23/2012 - 17:31 | 2285109 Lumberjack
Lumberjack's picture

We all know what will happen...


Court to SEC, Citigroup: See you in September


A federal appeals court will wait until late September to review U.S. District Judge Jed Rakoff's rejection of a U.S. Securities and Exchange Commission fraud settlement with Citigroup Inc (C.N) over mortgage investments...

...Citigroup's settlement was intended to resolve charges that the third-largest U.S. bank in 2007 sold $1 billion of mortgage-linked securities debt without disclosing it had bet against the debt. Investors lost more than $700 million, the SEC said.

Rakoff had ruled that because the settlement did not require the bank to admit or deny liability, he could not determine whether it was fair or in the public interest.

But the 2nd Circuit on Thursday chastised Rakoff for having appeared to overstep his authority by trying to dictate policy to the SEC, saying it had "no reason to doubt" the agency's representation that it had acted in the public interest.

The SEC and other federal agencies have long let companies settle without admitting wrongdoing. If Rakoff's decision is upheld, many settlements might become impossible to reach. At least two federal judges, in cases involving the SEC and Federal Trade Commission, cited Rakoff in questioning such settlements.

Robert Khuzami, the SEC enforcement chief, defended the practice of not demanding admissions at a Securities Industry and Financial Markets Association conference in Miami on Monday.

"It's not to say that we don't understand the demands by some members of the public and others for admissions, particularly in the wake of the financial crisis," he said.


Fri, 03/23/2012 - 17:32 | 2285113 Xibalba
Xibalba's picture

I'd bet the only reason Edith O'Brien went public is because she feard for her life.  Breitbart style.  

Fri, 03/23/2012 - 17:34 | 2285115 Carl Spackler
Carl Spackler's picture

Maybe, justice will now be served.

Fri, 03/23/2012 - 17:45 | 2285158 Widowmaker
Widowmaker's picture

No fucking way, Carl.

Justice doesn't exist when it's only for hire!

Fri, 03/23/2012 - 17:59 | 2285223 Hi Ho Silver
Hi Ho Silver's picture

I find your lack of cynicism is disturbing.

Fri, 03/23/2012 - 18:04 | 2285248 NuYawkFrankie
NuYawkFrankie's picture

Yes.... with a side order of Freedom Fries

Fri, 03/23/2012 - 17:43 | 2285123 NuYawkFrankie
NuYawkFrankie's picture

Don't forget to arrest Demon - oops! Dimon - the head perp, and throw him in the slammer.

Fri, 03/23/2012 - 17:40 | 2285128 Heavy
Heavy's picture


Or at least that's the way it should be; I hope that O'Brien guy's well situated to avoid squid attacks.

Fri, 03/23/2012 - 17:44 | 2285151 Widowmaker
Widowmaker's picture

Ya just can't trust faggots in pinstripes.  Not even if they are under oath in Congressional testimony -- THEY LIE EVERY FUCKING TIME!


Fri, 03/23/2012 - 17:44 | 2285154 Bunga Bunga
Bunga Bunga's picture

Get over it, muppets can't demand justice.

Fri, 03/23/2012 - 19:04 | 2285449 blindman
blindman's picture

justice arrives by a manufacturing process not
by demand.

Fri, 03/23/2012 - 19:26 | 2285510 Bunga Bunga
Bunga Bunga's picture

Muppet revolt? LMAO.

Sat, 03/24/2012 - 11:42 | 2286583 blindman
blindman's picture

you are correct that "muppets" will not revolt as they are
kept, like sheep, by the muppeteer/s, but the situation is
dynamic and conditions and therefore status changes.
revolt may sound good or feel good for a while but that
is not the same as accomplishing the goal of justice, if that
is the goal? the first thing would be for the "muppets" to
evolve or actualize an awakening to their true status or
"self actualize", or "awaken" to the reality of our situations
as human beings, homo sapien, complex social organic organisms,
or what have you ....
i don't know many people, if any, who self identify as "muppet".
that term was applied to a class of clients by a certain delusional,
megalomaniacal, shyster bucket shop. these clients, "muppets" may be ready
to exercise the guillotines as soon as the end of the month, or
perhaps in a year or two?
everything hinges on the validity of the idea and ideas associated
with the credibility of the fiat money system and associated derivative
securities and that seems to be a problem for the muppeteers at the
moment, no end in sight for that? when the muppeteers pass out from
drunken exhaustion we will see what the muppets are capable of.
i hope they care about justice. then again there are many millions of
people in the real world/economy who have no interest in any of this
financial fraud that dominates their finances and the media, they just
live outside the system as best they can. they are finding one another
and they are not muppets.

Fri, 03/23/2012 - 17:46 | 2285161 Temporalist
Temporalist's picture

Perjury & Fraud; Obama & Corzine = Winning Combinations

Fri, 03/23/2012 - 17:46 | 2285162 miker
miker's picture

THE BITCH TREASURER NEEDS TO GO TO THE SLAMMER TOO!  She knew it was wrong.  So what it JC authorized.  Send them both to jail.  Maybe next time the underlings will show some balls.

Fri, 03/23/2012 - 17:52 | 2285194 Dburn
Dburn's picture

She had a hard choice; quit or comply. She complied and now she is complicit.

Fri, 03/23/2012 - 17:52 | 2285199 JLee2027
JLee2027's picture

I hope he's found a nice hidey hole in Antartica ice or outerspace. Otherwise, he's in deep do do.

Fri, 03/23/2012 - 17:54 | 2285203 Overflow-admin
Overflow-admin's picture

OMG this gonna become interesting soon

Fri, 03/23/2012 - 18:00 | 2285230 Seasmoke
Seasmoke's picture

i still want to see that cocksucking, no answering Abelow get his

Fri, 03/23/2012 - 19:43 | 2285547 GoinFawr
GoinFawr's picture time maybe just skip the comma. Not trying to be a grammar socialist or anything; just sayin' that initial clause was a little awkward.

Sat, 03/24/2012 - 00:11 | 2285972 bag holder
bag holder's picture

Hyphenate cock-sucking

Fri, 03/23/2012 - 18:17 | 2285232 lolmao500
lolmao500's picture

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.

Fri, 03/23/2012 - 18:01 | 2285235 Segestan
Segestan's picture

Clearly Corzine is a high profile puppet.

Fri, 03/23/2012 - 18:03 | 2285243 Dre4dwolf
Dre4dwolf's picture

The hell with corzine, JAIL JPMORGAN

Fri, 03/23/2012 - 18:17 | 2285246 lolmao500
lolmao500's picture

Meanwhile the shit is close to hitting the fan in Syria.

Turkey blames Syria for supporting Kurdish rebels, inches closer to military action Should Turkey decide that the Kurdistan Workers' Party – seen now by Ankara as an additional arm of Assad's forces – threatens its national security, it may decide to invade its neighbor.
Sat, 03/24/2012 - 06:08 | 2286236 Optimusprime
Optimusprime's picture

Anyone in the know knows that ISRAEL is the one supporting the Kurds.  Hilarious they are trying to pin that on Syria.

Fri, 03/23/2012 - 18:08 | 2285250 Dburn
Dburn's picture

The money came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds.


How is this possible? Either the firm had an account for client funds and a different account for corporate funds or it combined all of it in one account. Did it have a correspondent bank? Was it JP Morgan? It sounds like they just transferred the client funds over to the corporate account which should have been totally visible if the accounts were at JP Morgan.

JP Morgan is as guilty as MF Global in this one. 
An overdraft is a loan by JP Morgan to MF Global unless they reported it to Prosecutors as someone writing bad paper. That means they got preferred treatment as a creditor and all of should be clawed back by the trustee.

Fri, 03/23/2012 - 18:26 | 2285335 blindman
blindman's picture

investigate, charge, prosecute and execute, er i mean

Fri, 03/23/2012 - 18:06 | 2285255 ejhickey
ejhickey's picture


Fri, 03/23/2012 - 18:05 | 2285257 ejhickey
ejhickey's picture

To the Corzine Kids who wrote that spirited defense of their daddy last month in the Atlantic:

Your pop's pantaloons just spontaneously combusted.  and you might want to think twice about spending any money he gave you in the last few months.

Fri, 03/23/2012 - 19:20 | 2285494 FeralSerf
FeralSerf's picture

Not to worry.  Word has it mom has a few bucks.

Fri, 03/23/2012 - 18:06 | 2285262 The Heart
The Heart's picture

It would only take only one good hearted soul here to give Ron Paul the green energy it would take to make it all the way. Imagine that person being you and how much he would appreciate you for that. Heck, imagine how a world full of people would appreciate you for that. Be on the side of the good guys and please help if you can. It is your future too and we are winning!

Fri, 03/23/2012 - 18:37 | 2285372 wretch
wretch's picture

Win the future by sending RP Fed notes.  That's all kinds of messed up.

Fri, 03/23/2012 - 18:15 | 2285289 Yen Cross
Yen Cross's picture

 They won't throw Corzine in the can until election time. Potus will need a distraction from $150bbl crude and Iran in flames.

   Oh, and the "DEBT CEILING" debacle!

Fri, 03/23/2012 - 19:33 | 2285533 Problem Is
Problem Is's picture

Teleprompter n' Chief is going to need a distraction from $5 gas...

Gas price run up neutered Carter... Of course being a moronic idiot didn't help Carter any...

Fri, 03/23/2012 - 18:15 | 2285296 Marduk
Marduk's picture

You should be ashamed of yourselves!


I am innocent until proven guilty, and you know I can not be guilty !


Fri, 03/23/2012 - 21:27 | 2285739 Piranhanoia
Piranhanoia's picture

Keep smiling. That's right. Make sure the little board you are holding is pointing so the camera can see it.  Now turn to the left.  All the way to the right now.  

Fri, 03/23/2012 - 22:21 | 2285822 AgShaman
AgShaman's picture

Hahaha....get ready to assume the position.

Bubba is gonna take care you

Fri, 03/23/2012 - 18:20 | 2285311 hidingfromhelis
hidingfromhelis's picture

Seems that JP Morgan has a case of the vapors.

Fri, 03/23/2012 - 21:04 | 2285705 Ima anal sphincter
Ima anal sphincter's picture

Seems that JP Morgan is a den of vipers.

Fixed it for you.

Fri, 03/23/2012 - 18:24 | 2285323 the 300000000th...
the 300000000th percent's picture

Wow they threw him to the dogs, kinda surprized about that, i figured they would make sure there was no record of who ordered that transaction. The dogs are starting to eat their own.

Fri, 03/23/2012 - 18:23 | 2285325 blindman
blindman's picture

keywords: suicide watch, confusing, complex, allegedly,
london, key democratic fundraiser, yodabytes...and
johnny rotten
Sex Pistols - God Save the Queen Studio
Johnny Don't Get Drunk

Fri, 03/23/2012 - 18:24 | 2285328 Atlantis Consigliore
Fri, 03/23/2012 - 18:26 | 2285336 Cow
Cow's picture

Corzine before Congress.  Such a weasel



Fri, 03/23/2012 - 18:29 | 2285344 alchemystic
alchemystic's picture

Water board the mf wash rinse repeat

Fri, 03/23/2012 - 18:42 | 2285384 robertocarlos
robertocarlos's picture

Why doesn't Corzine just hand draw a trillion dollar bill, hand that over to the US govt and get it changed into smaller bills, and then pay the money he stole back to MF Global fund. Of course he keeps the change.

Fri, 03/23/2012 - 18:45 | 2285396 Joebloinvestor
Joebloinvestor's picture

JC won't recall the letter and so it goes.

What surprises me (or not) is JPM being so fucking quiet given their involvement.

They could have come forward with all this info and just stated they were re-assured (by letter never received, it's in the mail!) that the funds were legit.



Fri, 03/23/2012 - 18:56 | 2285425 Village Idiot
Village Idiot's picture

Bloomberg is so careful to step around the crime... painful to watch.

Fri, 03/23/2012 - 19:00 | 2285435 blindman
blindman's picture

Mississippi Fred McDowell - Highway 61
God Moves On the Water by Blind Willie Johnson Cover
'God Moves On The Water' BLIND WILLIE JOHNSON (1929) Gospel Blues Guitar Legend
Bob Dylan: Highway 61 Revisted Cartoon video

Fri, 03/23/2012 - 19:05 | 2285452 DOT
DOT's picture

Corzine will not "squeel".  His friends in the gobment will encounter some unavoidable problems. Due to some legal interpretation by Justice, Corzine will walk on some technicality.  We are ruled by Oligarchs and their servants.

Fri, 03/23/2012 - 19:07 | 2285457 Clashfan
Clashfan's picture


Why do you try to cheat and trample people under your feet?

Don't you know that it's wrong?

Fri, 03/23/2012 - 19:08 | 2285459 I am Jobe
I am Jobe's picture

Hang the bastard. Get thsi shit over with. No more long dragged out fucking hearings and court cases.

Fri, 03/23/2012 - 19:29 | 2285522 Problem Is
Problem Is's picture

Eric "Empty Suit" Holder's Plan Exactly

No court cases, long dragged out, or otherwise... no fucking hearings... in fact no investigation or charges at all...

After all... "Empty Suit" Holder would have to show up for his first day of work otherwise...

Fri, 03/23/2012 - 19:11 | 2285475 fuu
fuu's picture

I see that one of John's kids is hitting the down on the entire thread.

Fri, 03/23/2012 - 22:39 | 2285855 slewie the pi-rat
slewie the pi-rat's picture

i was just with his wife and daughter, so it wasn't the 16 year-old

Fri, 03/23/2012 - 19:23 | 2285480 Atomizer
Atomizer's picture

Lets take todays distraction news and apply it to MFGlobal.


  1. If I had a son, he would look like Jon Corzine.
  2. In light of MFGlobal, this is a House Committee on Financial Services local matter.

See how easy this is ZH? Spin ya' all around bitchez.

Fri, 03/23/2012 - 19:26 | 2285511 Problem Is
Problem Is's picture

If The Bernank had a Cue-Bald Brother

He would look just like The Corz...

And the two of them both would be dumber than a box of rocks...

Fri, 03/23/2012 - 19:56 | 2285573 Money 4 Nothing
Money 4 Nothing's picture

*If I had a son, he would look like Trayvon? A bastard child about to go public? Sorry, but that's the way I look at the news these day's. Call me cynical.

RIP Trayvon.

Fri, 03/23/2012 - 19:21 | 2285495 Sequitur
Sequitur's picture

WSJ reporting MF Global assistant treasurer Edit O'Brien will take the Fifth this Wednesday.

Fri, 03/23/2012 - 19:29 | 2285519 Atomizer
Atomizer's picture

Oh noes, another Solyndra "I plea da Fif" circus attraction hitting the airwaves. Rolls eyes in shudder surprise.

Fri, 03/23/2012 - 19:38 | 2285549 Stax Edwards
Fri, 03/23/2012 - 19:43 | 2285562 Money 4 Nothing
Money 4 Nothing's picture

Sweet! Funny video. I think TPTB are throwing Corzined to the wolves. The next hearing will tell.

Sat, 03/24/2012 - 08:37 | 2286320 Mary Wilbur
Mary Wilbur's picture

Thanks for the link. Chappel's video was cute and funny.

Fri, 03/23/2012 - 19:23 | 2285499 Problem Is
Problem Is's picture

Micheal Milken Country Club Prison...


Minimum security for a few months, tennis, rec pool, internet, prison computer...

Keep half of his stolen loot, in Milken's case $500 million... do a couple years and upon release...

The Corz will be a PHILANTHROPIST...

Instead of a convicted fraudulent felon....

Fri, 03/23/2012 - 19:33 | 2285538 Atomizer
Atomizer's picture

Let me fix that for you...prison computer w/VPN access.

Fri, 03/23/2012 - 19:37 | 2285524 Money 4 Nothing
Money 4 Nothing's picture

Well Tyler, you called it from day 1. You said the monies were going to JPM and probably wired overseas. Good Call!

And, if this correspondance has any validity, Hand cuffs are in order!

Fri, 03/23/2012 - 20:40 | 2285668 Wakanda
Wakanda's picture

Perp walk!  Gotta love it!

Sat, 03/24/2012 - 09:18 | 2286365 bdc63
bdc63's picture

If this were you or I, federal marshals would have shown up at our door this morning and escorted us to their car in handcuffs.

But since its Corzine, CNN can't even bring themselves to talk about it.  What a world we live in.

Fri, 03/23/2012 - 21:20 | 2285731 holdingontomypants
holdingontomypants's picture

seems like anytime something bad happens JPM name is bound to come up in a very greedy kind of way. Guess it doesn't hurt if you sit on the BOD at the New York Fed and you no their dity little secrets. Nobody goes down as everybody has their dirty little secrets on each other.

Fri, 03/23/2012 - 19:32 | 2285531 KickIce
KickIce's picture

The prosecution will lose the email and claim it was vaporized.

Fri, 03/23/2012 - 19:31 | 2285532 azzhatter
azzhatter's picture

god it's gonna be funny to see Corzine turned into Alan Stanford's bitch

Fri, 03/23/2012 - 19:33 | 2285536 rawsienna
rawsienna's picture


Fri, 03/23/2012 - 19:40 | 2285552 batterycharged
batterycharged's picture

"MFer" - how appropriate.

Fri, 03/23/2012 - 19:41 | 2285558 breakyoself
breakyoself's picture

"playa hata, lay on the ground, put your head down, you've been robbed"

A gun to mouth scene playing out with with these crooks would be lovely.

Fri, 03/23/2012 - 19:49 | 2285577 lemonobrien
lemonobrien's picture

republicans need more dirt.

Fri, 03/23/2012 - 20:10 | 2285617 CoolBeans
CoolBeans's picture

Looks like a great Caption Contest pic.

Fri, 03/23/2012 - 20:10 | 2285618 navy62802
navy62802's picture

Funny how this shit doesn't even make the front page of Drudge. Instead, it's "Blacks are under attack." How about we're all under fucking attack?? Under attack by the very financial system we all use.

Fri, 03/23/2012 - 20:36 | 2285658 MFL8240
MFL8240's picture

Blacks are under attack when one person is killed after a fight in a neighborhood a shooting and a death?  Are these people fucking nuts?  If the person was white, Asian or Hispanic, the bums from NY like Sharpton, Farrakhan and Jackson along with the bigot in the White House would not give two shits about this issue.  The most divisive man ever to hold public office.

Sat, 03/24/2012 - 08:34 | 2286316 Catullus
Catullus's picture

Hahaha.  Thanks.  I needed that.

Baltimore just bragged about how they got their murders under 200 for all of 2011 for first time in decades. 

Current black "leadership" has done more to keep blacks down than the unions supporting Jim Crow laws in the early 20th century.

Fri, 03/23/2012 - 20:56 | 2285693 jomama
jomama's picture

that guy's HTML skills are over a decade behind.  

i get flashbacks if i ever type that URL in.

Fri, 03/23/2012 - 22:31 | 2285844 Destinapp
Destinapp's picture

It is becoming a weekly Friday night event to see what "news" story they are trying to bury. 

I wish someone would put together a list of all the "Breaking News" stories that come out on Friday night.

Sat, 03/24/2012 - 07:52 | 2286284 lakecity55
lakecity55's picture

Blacks are under attack.... by other blacks.

Not a day goes by here on the shore when 1 or more blactoids are shot by another halfrican over a drug deal.

Not to mention they are under assault by their plantation overseers from the communist party: Jesse Jackson, Al Sharpton, and Calypso Louie, head of O'Bama's church, The Nation of Islam.

Muh Dick, Mofos.

Fri, 03/23/2012 - 20:17 | 2285628 Currency is Debt
Currency is Debt's picture

The Ben Bernanke

 “In terms of debt and consumption and so on we’re still way low relative to the patterns before.”

Fri, 03/23/2012 - 20:29 | 2285648 MFL8240
MFL8240's picture

Plea of guilt or sentence of 1000 years he will get Pardoned so what differnce does this make?

Fri, 03/23/2012 - 20:39 | 2285662 Wakanda
Wakanda's picture

Schedule trial to finish after January 21st, 2013.

Problem solved.

Fri, 03/23/2012 - 20:30 | 2285650 Currency is Debt
Currency is Debt's picture

 Ben Bernanke

“Bernanke, 58, also said government policies to increase homeownership were not principally to blame for the housing bubble.

“I think to put it all on the government is probably wrong,” Bernanke said in response to student questions. “Most of the worst loans were made by private sector lenders and then sold through private-sector securitizations. They didn’t touch Fannie or Freddie,” he said, referring to government-sponsored entities Fannie Mae and Freddie Mac. - They didn't touch fannie or freddie, I hope not. Please though clarify the $7trillion+ ,with new issuance, of mortgage bonds that Fannie and Freddie guarantee when the US National Debt is 15 trillion and the GDP 14 trillion.


“After a long period of low inflation most people are pretty comfortable that inflation will stay reasonably low,” Bernanke said. “And that helps a lot” since “with inflation staying low the Fed has more leeway.”


In response to a question about Fed transparency, Bernanke said “most of the time transparency can make monetary policy work better” and promote accountability of the central bank.



Fri, 03/23/2012 - 20:40 | 2285667 FXPortent
FXPortent's picture

But, my daddy's a good man!


Jail bitchez!


Good riddance

Fri, 03/23/2012 - 20:59 | 2285698 Village Idiot
Village Idiot's picture

Hey Tyler,

Wouldn't it be a wonderful world if the 'blameworthy' were always fed to us on Fridays? And I mean fed...  Peace.

Fri, 03/23/2012 - 21:21 | 2285733 Tom Green Swedish
Tom Green Swedish's picture

Corzine, MF Global pants just got a little full.

Fri, 03/23/2012 - 21:23 | 2285737 Piranhanoia
Piranhanoia's picture

SEC files subpoena to get Wells Fargo to turn over documents for mortgage backed securities.  Seems Wells Fargo hasn't turned over anything.

Fri, 03/23/2012 - 21:32 | 2285743 suckerfishzilla
suckerfishzilla's picture

How far back in history do you want to go to seek justice?  Let it go already.

Fri, 03/23/2012 - 21:32 | 2285744 yogibear
yogibear's picture

Dishonorable John Corzine's paperwork will get lost. The Vampire Squid has long tentacles.

Fri, 03/23/2012 - 22:54 | 2285880 TheFourthStooge-ing
TheFourthStooge-ing's picture

yogibear said:

Dishonorable John Corzine's paperwork will get lost. The Vampire Squid has long tentacles.

Corzine's paperwork was lost after it was filed with MERS (Money Embezzlement, Rehypothecation, and Swindling).


Fri, 03/23/2012 - 21:54 | 2285779 highwaytoserfdom
highwaytoserfdom's picture

  Fitch Reviews Proposed Servicing Transfer of Chase Subprime RMBS

Fri, 03/23/2012 - 22:10 | 2285799 Quackking
Quackking's picture

Can it be? an honest economist? Spiegel has an interesting interview with  Tomas "Greed is the beginning of everything" Sedlacek which is worth reading. (IMHO of course),1518,822981,00.html


Sedlá?ek: The economics of equilibrium are doomed to failure. Eve's desire -- in economic terms, her demand -- will never subside. And Adams's offer to toil by the sweat of his brow will never be enough. In the film "Fight Club," based on the novel by Chuck Palahniuk, the protagonist Tyler Durden says to his nameless friend, who despises his profession in the auto industry: We work at jobs we hate so we can buy shit we don't need. That is the expulsion from Paradise, transferred to the modern age.


And there is much more... Who is this guy? He sounds actually rational.

Fri, 03/23/2012 - 22:10 | 2285802 russwinter
russwinter's picture


This what Obama says about Jon Corzine. I can see why Obama likes him so much. They both have the same moral compass.

"Like many of us in public life today, Jon is a leader who’s been called to govern in some extraordinary times. He’s been tested by the worst recession in half a century — a recession that was caused by years of recklessness and irresponsibility and a do-nothing attitude. It was caused by the same small thinking that has plagued our politics for decades — the kind of thinking that says we can afford to just tinker around with our problems, we can put off the tough decisions, defer the big challenges. We can just tell people what they want to hear instead of what they need to hear. Well that’s not the kind of leader that Jon Corzine is."-- Barack Obama, July 2009


Fri, 03/23/2012 - 22:20 | 2285820 WoodMizer
WoodMizer's picture

Not only will corzine's trial be a farce of justice, but the trial of this FL black teen shooting will mutate into Rodney King, OJ Simpson and Michael Jackson combined.

The media coverage of non issues will smoke screen anything of import.

Fri, 03/23/2012 - 22:50 | 2285870 Papasmurf
Papasmurf's picture

Trial?  Most everyone will miss it.  Dancing with the stars is on, followed by a preggers snooki and "the situation".

Fri, 03/23/2012 - 22:20 | 2285821 ISEEIT
ISEEIT's picture

Corzine hardly ranks above PFC in the scheme of things. I hope he shoots himself in the head two or three times.

He is just an odor though.

The shit stays masked by layer upon layer of deception.

Johnny boy got sloppy.

The real pro's don't do that.

He was just a wanna be.

If you want to catch a glimpse of how the serious playa's play, and how they feel about the country they are raping for fun and profit...Check out my link with the following instructions:

A.) Go to

B.) Scroll down to the 'certificate'.

C.) Go to the + symbol at the bottom, sleight right, and then click on it 23 times to achieve maximum zoom.

Got it?

D.) Now grab the screen view bar ( the slide bar between the two arrows at the bottom of the 'document', just above the other control features at the bottom) and move your view all the way toward the right hand side.

Got it?

E.) Now go to the left slide arrow and slide the image until you land at the A in the 'attending' physicians name.

Cute huh?


Alvin sure did have a 'funny as fuck' way of signing his name huh?

Fri, 03/23/2012 - 22:29 | 2285837 Downtoolong
Downtoolong's picture

Quick, someone go drum up another scandal to divert attention from mine. It’s got to be big. Whitney Houston isn’t going to cut it this time. Price is no object. I’ll get the money from the Fed if I have to. Hey, I hear that guy who trashed Goldman when he left is still looking for some publicity. Go find out what the latest bid on him is. What’s his name again?

Fri, 03/23/2012 - 22:29 | 2285840 suz
suz's picture

The wealthy of this nation may as well be working in a sweat shop, for that is where the rest will be.


food for thought, they have no idea of what to do with real wealth. they only know how to steal.

Fri, 03/23/2012 - 22:47 | 2285867 Fred123
Fred123's picture

We have a nice shot of two sociopaths in the second photo. Maybe our soldiers are fighting the wrong enemy.

Fri, 03/23/2012 - 22:52 | 2285875 mpyre
mpyre's picture

and what about that scum jamie dimon who argues the money is his to keep?

Fri, 03/23/2012 - 23:40 | 2285936 JuicedGamma
JuicedGamma's picture


Sat, 03/24/2012 - 00:14 | 2285975 GMadScientist
GMadScientist's picture

Show some respect to our future Treasury Sec.


Fri, 03/23/2012 - 22:52 | 2285876 Papasmurf
Papasmurf's picture

Released on time served after dividing the loot 535 ways.

Fri, 03/23/2012 - 23:44 | 2285933 JuicedGamma
JuicedGamma's picture

What a fucking wanker.  Never send shit like this in email (apparently the Treasurer was trying to CYA) ROTFLMAO!



Fri, 03/23/2012 - 23:41 | 2285937 I am a Man I am...
I am a Man I am Forty's picture

Martha fucking Stewart needs to get off her fucking ass and start demanding some people go to mother fucking prison.  At least that's what I would do if I was her.  Hope NC State wins tonight.  And Kentucky.  And UNC already won which is good.  I digress.

Sat, 03/24/2012 - 00:11 | 2285970 palmereldritch
palmereldritch's picture

"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." [Emphasis mine]

I'm not sure if anyone has commented on this but given that JPM requested assurances and didn't receive them, this would put the onus on JPM to return the money it should have held in trust until such time that that due diligence was completed and realized.

It never received the letter, so return the money.


Sat, 03/24/2012 - 00:20 | 2285984 GMadScientist
GMadScientist's picture

Or go upstate for receiving stolen goods; your fucking choice, Dimon.

Sat, 03/24/2012 - 00:29 | 2285995 palmereldritch
palmereldritch's picture

I like prosecution under mail fraud.  That statute covers  e v e r y t h i n g.

Sat, 03/24/2012 - 00:19 | 2285973 GMadScientist
GMadScientist's picture

Can you say, "Take the fall. Get the pardon."?

Personally, I'm unimpressed with the treasurer...she should've said, "Fuck You, Jon, my career and rep are worth more than this" and threatened to sue for creating a hostile work environment by attempting to get her to aid and abet a goddamn felony via color of authority.

Weaklings, both.

Sat, 03/24/2012 - 02:33 | 2286122 GMadScientist
GMadScientist's picture

The down arrow should have their segregated account raided.

Sat, 03/24/2012 - 00:25 | 2285991 Number 156
Number 156's picture

He will get a Presidential pardon.


Sat, 03/24/2012 - 00:28 | 2285996 q99x2
q99x2's picture

Perjury is no longer prosecuted in Civil Cases. In crimminal cases it still might be but is pretty much considered on the level of a political statement. You could ask a lawyer privately about it but if the lawyer is reputable how are you going to know if he/she is telling you the truth.

Sat, 03/24/2012 - 00:52 | 2286017 drwillia1
drwillia1's picture

Interesting blog about cycles if anyone is interested

Sat, 03/24/2012 - 00:53 | 2286018 ekm
ekm's picture

There are three and only three options:
- He thought he was untouchable - above the law
- Somebody else guaranteed to him in writing that he was untouchable - above the law
- He's sure that if he falls, a myriad of influential people will fall, hence he is untouchable - above the law.

Has anybody kept a list of hundreds of people from Wall Street convicted of fraud and theft so far since 2008?

Sat, 03/24/2012 - 01:56 | 2286075 Dingleberry
Dingleberry's picture

Anyone from Jersey on this blog??? if so, HOW COULD YOU DOUCHEBAGS BE SO FUCKING STUPID AS TO ELECT CORZINE AS YOUR SENATOR AND YOUR GOVERNOR?  If Obama had a son.....he would look like Jon Corzine.

Do NOT follow this link or you will be banned from the site!