- advertisements -
Corzine= Perp Walk
Corzine=Next Treasury Secretary
Someone tell Joe Kerner at CNBC Squawk Box ,... the guy still believes there is no shortfall ... keep repeating it ... what advice should one expect from a former stock broker???
entertaining tv though ... kashkari hit it in the head ...
Joe is just dully boringly dimwitted at times. As in most. He's not a convincing tool.Sorkiin however, is not oly a fucking tool, apologista for Wallawallastreet, but is an arrogant little prick, to boot.Good thing boy Sorkin came along so Joe can assume the chimera of mature eklder statesman. Not.
Behold, Bevis and Butthead (huh ha ha hha hahah ha ha ha ha hha aaa)
Hey Michael, know any good porn sites?
just wondering what you do not in your spare time...
So who was on the other side of this rape of the customers? They have some 'splainin' to do.
LOL- true, pretty fine line between the two....
Yep no perpwalk.
He knew the rules very well.
Well played, Corzine, well played.
But you are too radioactive for politics now.
Not that you care. You have untouchable millions in various trust-like instruments.
"When plunder becomes a way of life for a group of men living together in society, they create for them selves in the course of time a legal system that authorizes it and a moral code that glorifies it" - Fredric Bastiat.
The PONZI continues!
Corzine, Stanford and Madoff cellmates?
Yes, as soon as they let Madoff and Stanford out.
I believe Corzine has a few friends...
Mr Macchiaroli? Hmmm
Bastiat is awesome...great quote.
that is a brilliant quote - thanks for posting
I am circulating my copy of The Law to people at work. Most cannot understand it, as they cannot comprehend that legalized plunder is morally wrong.
Time for a pop quiz. Y'all remember the analogy section on the SATs, right?
Jerry Sandusky is to Joe Paterno as Jon Corzine is to:
A) Gary Gensler
B) Mary Shapiro
C) Eric Holder
D) Barack Obama
E) All of the above
OK, maybe that's too many proper names. Let's try it this way:
The Penn State locker room is to 10-year-old boys as the Chicago Mercantile Exchange is to:
A) Individual investors
B) Professional speculators
C) Commercial hedgers
D) Pension fund managers
Students who unsure of the answers are invited to stay after school for extra "coaching" . . .
Sorry to hear your job app for MF Global fell through.
Not to worry, I hear Jeffries is looking for bright regulators looking for part time work.
Please pass my best regards on to all the hard working folks at the SEC who NEVER replied to my two complaints and requests for investigations into fraudulent activity by companies I was ripped off by.
Have a nice day. xoxo. One of the 99.9999999999999999999999999999999999
I'm sure this guy will be busy:
"I can neither confirm nor deny..." doesn't work when you don't care about the half billion (give or take) that's missing.
an email for 600 million? at night
I think the segragation idea is revisionary. MF was just that leveraged.
It is always worse than they admit at first. It is always worse than you will ever know.
It was obvious what happened when margin requirements we lowered for MF customers. Every executive of every bank knows exactly what is going on, and that absolutely no one will be held accountable.
wtf it's only money, and there's no shortage of that, right?
taxpayers problem, whoever they are...
Can you imagine what would have happened if the real truth were acted on that all of MF Global customer accounts were drained to zero? All those guys would just walk away from their positions and leave the CME on the hook. The CME would have folded.
More like "he did it" from the way I see things.
The Castle Bravo H-bomb test is what the CFTC needs to sweep under the Washington DC rugs for what it did to the last standing fair game in Chicago. The hand reached up from NY Hell to grab and smear the last honest man's space.
So nice to have all of those SEC email addresses now.
Hell yeah! This will be fun.
Crank yankers...targets identified.....fire when ready.
Stay classy MF......"Genral Counsel"
I can see why they went under - because they have Genral instead of a General for a lawyer.
General state of confusion
What's a meer 600 mil? The market doesn't seem to care. Maybe that's why the market hasn't sold off since MF's collapse. People are figuring..well the firms are going to steal it anyway. I might as well put it in the market and have it stolen legitimately.
Mere is what you were searching for Doc. Meer is part of Kat.
Why pay billions for something that's now going to be given away? I'm surprised the market isn't higher frankly...
Ha ha this will be fun!
I am going to send taunting emails with official sounding titles using big words so that they inadvertently open them.
Crank yankers...start your computers!
What a den of snakes...you'd think news like this blatant piracy on Wall St would send everyone scrambling to withdraw any money they have from the grasp of their claw hands, but apparently not. Calm as Hindu bulls,
It will all be clawed back and returned to customers eventually.
Bye bye bonus!
What planet are you from? Have you been awake for the past three years? The standard operating proceedure is: the firm collapses ,gets bail out money- large bonuses and the clients are fucked. Claw backs..that's a good one.
Everyone had to recheck their code books after all the clawbacks in the madoff case(s)... It's a really, really big deal and this is why people opt to not take their golden parachutes (coming back anyway). The trick is to ensure plausible deniability through the ordinary course of business/established norms and have quite a bit of time buffer between your payments and the ol' collapse.
It's easy to identify payments to individuals directly... it's vastly more difficult to identify payments to entities in which those individuals might hold minority interests. How deep anyone looks is simply a function of how much money is at stake and who it was that got screwed... my guess is we get a whole bunch of juicy tidbits out of this one... and discovery will take it to the core.
The neat part is, even if regulators are inept/apathetic, the civil side attorneys won't be.
or you might want to invest or structure your employment contracts through an offshore trust or company that can be shut down at the first sign of trouble...
End of the line...
The only way that's the end of the line is if there is not enough money in dispute to justify paying for discovery (and even then [bad] attorneys might still look).
The trick is to exercise all options/receive all payments as soon as they become available... your only defense is time because you never know when the thing is going to crumble.
In some very prominant recent cases an unnamed company thought it would be cute to have a "mothership" in one country and all of its satellites in other countries had no assets and "beamed up" all their profits to the mothership. (the logic being they would simply flip the bird to any creditors in the event of an adverse judgment). Well, needless to say, the triers of fact all thought this to be bullshit and imposed liability on the mothership for the actions of the satellites.
Rarely is someone ever clever enough to hide all traces... the trick is to be a big enough player to where you don't have to (i.e. you just change the laws).
"this time is different."
Clawbacks are unicorn poop. Lose the shovel, chump.
Fraud has become the accepted normalcy. Corzine finds an out through his political affiliations and some other people take the punishment.
O'Pardon coming in 3,2,1...
Note she didn't say we are looking for the money to be returned, it's looking into "circumstances". I am guessing that she wants to investigate and make sure it was stolen fair and square.
Were PWC being treated to stripper parties in the boardroom when they should have been auditing?
February 4, 2010Mr. David A. StawickSecretary to the CommissionCommodity Futures Trading Commission
Dear Mr. Stawick:MF Global Inc.1 (“MF Global”) and Newedge USA, LLC2 (“Newedge”) jointly submit thesecomments regarding the petition of the Chicago Mercantile Exchange (“CME”) that theCommission issue an order under Section 4d of the Commodity Exchange Act that would permitthe CME and futures commission merchants clearing through the CME to commingle customerfunds used to margin, secure, or guarantee credit default swaps (“CDS”) cleared by the CMEwith other funds held in the customer segregated account.
At this time, MF Global and Newedge are not satisfied that therisks to futures customers’ funds and to our own guaranty deposits - risks we never signed up for– may adequately be assessed or contained. Under all of these circumstances it is fundamentallyunfair to expect futures customers to be exposed to these risks. It is for all these reasons that MFGlobal and Newedge – dynamic competitors in futures and other financial services – cometogether to respectfully but strongly urge the Commission to deny the CME’s petition at thistime.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.