This page has been archived and commenting is disabled.
Corzine "Simply Does Not Know Where The Money Is" - Presenting Jon Corzine's Complete Testimony To Congress
Probably far more anticipated than the monetary announcements out of BOE (which just announced it is keeping rates at a record low of 0.5%, but no more QE), or even the ECB, and certainly far more than the latest and not greatest European summit which begins today, is the 9am testimony out of the House Agriculture Committee by one "Honorable" Jon S. Corzine, as well as the Q&A that will follow. Naturally the Q&A will be the focus, but as for the prepared remarks, they have just been released and are presented below. The choice selection: "Obviously on the forefront of everyone’s mind – including mine – are the varying reports that customer accounts have not been reconciled. I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others. As the chief executive officer of MF Global, I ultimately had overall responsibility for the firm. I did not, however, generally involve myself in the mechanics of the clearing and settlement of trades, or in the movement of cash and collateral. Nor was I an expert on the complicated rules and regulations governing the various different operating businesses that comprised MF Global. I had little expertise or experience in those operational aspects of the business. Again, I want to emphasize that, since my resignation from MF Global on November 3, 2011, I have not had access to the information that I would need to understand what happened. It is extremely difficult for me to reconstruct the events that occurred during the chaotic days and the last hours leading up to the bankruptcy filing....I simply do not know where the money is, or why the accounts have not been reconciled to date. I do not know which accounts are unreconciled or whether the unreconciled accounts were or were not subject to the segregation rules. Moreover, there were an extraordinary number of transactions during MF Global’s last few days, and I do not know, for example, whether there were operational errors at MF Global or elsewhere, or whether banks and counterparties have held onto funds that should rightfully have been returned to MF Global." Translation - he pleads da FIF.
»
- 14338 reads
- Printer-friendly version
- Send to friend
- advertisements -
Fluoride. Baaaaaaaaa.
If Corzine gets away with this, it will be hard to feel sorry for others who continues to keep their "wealth" tied up in ponzi paper promises with like-minded sociopaths. And, we all know he will get away with it. It's a bit shocking that the blow up of MF didn't cause the biggest run on trading accounts ever.
Water Boarding, Michael Bachman's preferred method of Q&A, may help his memory.
He is Sgt Schultz. "Zie noh NUHZIN!"
Seriously. I just threw up in my mouth.
I believe that the guy that got ousted in a coup by his apprentice John Thain could be this clueless, but I don't care. Corzine should get jail time. It's jail time or I don't know what to think anymore.
Let's suppose he didn't know the inner mechanics as he claims (I highly doubt that) I was under the impression that the CFO, Compliance officers, and Risk Advisors report directly to the CEO. If in fact they do there is no way he doesn't not know what happened to that money. How is it possible he was leading a company blindly? Hes either implying he wasn't actually leading the company or all his officers were lying to him or omitting important decision making information, at which point maybe all the officers need to be bought in immediately. This is a blatant lie and is being shrouded with pseudo ignorance.
I thought client accounts had to be reconciled daily? If so, then he knew... (and so did regulators?). The fact that he resigned a few days later is of no consequence.
The final, conclusive proof that the impossible has met the inevitable:
Amerika has entered its' fearful apotheosis = serial reruns of the most abject moments of it's trajectory toward corporatist cophrophilia! Time has died, replaced by a cartoonish twilight zone of surrealist imagery.
the BCCI Affair...excerpts from the Report to the Committee on Foreign Relations(1992?)
The CME found that trading at Capcom was often done on the basis of oral instructions received from customers which were then confirmed in writing. In some instances, according to the CME, "the files showed no confirmations." Moreover, the CME's internal investigation found that:
There were several transfers of funds from unaffiliated Capcom-U.S. customer accounts into the Ixora account, an account owned and controlled by Z.A. Akbar. According to the CME, no written authorizations were obtained prior to the transfer of the funds.
///
Capital Fund (Capcom) / Kerry Fox - This was a public investment fund organized by Akbar/Capcom with Kerry Fox as Director. It was the recipient of funds from skimming and money-laundering.
While it is encouraging to learn that the CFTC is continuing to investigate Capcom, four years have lapsed since Capcom was originally indicted. Counsel for Larry Romrell, the Chairman of Capcom, told the Subcommittee in the spring of 1992 that his client had not been interviewed nor had his records been subpoenaed by any law enforcement agency
quick guide for dummies: Chairperson Gramm -Wendy Gramm, wife of Phil, "After leaving the CFTC in early 1992, Wendy Gramm accepted lucrative directorships on the boards of several corporations she had regulated." played now by: Mary Shapiro
Larry Romrell - front man&fall guy for money laundering scam with a [do not go to jail]ticket endorsed by highest power in the land. played now by: Jon Corzine.
"Kerry Fox" - straw man character inserted by the Elizabethan author(purportedly John Dee) to provide the necessary cabbalist symbology of warning to the intended victims...Fox, Kerry, fox in the henhouse...in house joke amongst the cast and audience!
excerpts from: http://www.american-buddha.com/bcci.affair.21.1.htm
John Corzine Madoff.
So they stole the farmers money so they can't operate their farm?
Go long freeze dried.
he can't remember his own name
I, Jon Corzine, simply do not know where my dick is....? Jamie Diamond may have cut it off and is holding it for me in his personal safe....along with the missing money...I simply do not know...
Well, just as the CEO of GM knows jack-shit about how to build or sell a car, I guess John Corzine is claiming that he knows jack-shit about how to steal other people's money...
hmmm... for some reason I just don't buy it.
Don" #Corzine getting his pinky ring kissed by the "imbeciles" aka congress in the bathroom during break is so gangsta.. " I just don't know where the money is".. U gangsta fa sure!
It's pretty interesting how throughout all levels of financial or commercial enterprises along with government how all this money just seems to vanish where nobody knows anything of where it all goes.