This page has been archived and commenting is disabled.
Former MF Global Chief Risk Officer Sacked For Doing His Job, Disagreeing With Corzine
Yesterday we noted how a CBO analyst may have been terminated for her conflicting views on model assumptions, especially when they veered away from the Wall Street-defined norm. Today, we find that the same approach to dissent may have been the reason why MF Global ended up taking inordinate risk, and ultimately blowing up, leaving over a billion in client money transitioning from liquid to gas phase overnight. According to Reuters, "The former chief risk officer at MF Global who raised red flags about the firm's aggressive trading bets told lawmakers that his warnings contributed to the firm's decision to let him go in early 2011. Michael Roseman, who was ousted in January 2011 from the now-bankrupt futures brokerage, said he rang alarm bells about the firm's exposure to European sovereign debt a year before the firm collapsed in late October of 2011." Roseman's statement on whether his skepticism to Corzine's get rich quick scheme was the reason for his termination? ""My views on risk certainly played a factor in that decision," Roseman told a House Financial Services subcommittee, about why he was asked to leave the firm." And so the status quo continues: any time anyone ever dares to disagree with broad misconceptions, whether it is regarding infinitely rising home prices, broad global compression trades, or the ability of European banks to onboard toxic CDOs in perpetuity is always promptly shown the door. The flipside to this complete lack of checks and balances? Why the bailout culture of course, in which finding one company responsible for gross complacency would mean all are guilty. Which is nobody will ever go to prison as it would set the "worst" possible precedent ever: that one is ultimately responsible for their own stupidity. Said otherwise: the best qualification one can hope to add to one's resume: "distinguished yes man with honors."
More from Reuters:
Before MF Global's collapse, then Chief Executive Jon Corzine pushed the firm to take on a more aggressive trading strategy, including a $6.3 billion dollar bet on European debt, executed through repo-to-maturity transactions.
Corzine, once CEO at Goldman Sachs (GS.N) and a former New Jersey governor and U.S. senator, also was pushing the futures brokerage to evolve into something closer to an investment bank.
Roseman said such a strategy required a lot of capital and a lot of liquidity, two things that ran out at the firm.
"I do think the strategy maybe exceeded the ability of the resources," he said.
At this point Roseman's replacement chimed in as well:
Lawmakers pressed Stockman if he was brought in as a "yes" man, after Roseman got ousted following his warnings to Corzine and the board.
"Did you ever think that maybe they ran off Mr. Roseman and brought you in to be kind of the guy that doesn't see, tell, know? Did that ever occur to you?" Republican Steven Pearce asked Stockman.
Stockman replied, "No sir."
Pearce also laid into Stockman about his testimony that he was "deeply saddened" by MF Global's collapse and its impact on shareholders and customers.
"Have you suggested that maybe you ought to give your pay back and put it into a scholarship fund for these kids that aren't going to go to college? Sitting out there, some hog farmer who is trying to make ends meet. My dad raised pigs. I know what it's like. He's trying to pay for the next sack of feed," Pearce said.
Stockman was reluctant to speculate on what specifically doomed MF Global.
Roseman, however, said MF Global would have been on a very different path if it had not ramped up its European debt exposure.
"In my opinion, they would still be here," Roseman said.
True. However, this would not allow "vaporize" to be in the running for most popular word to describe virtually every aspect of modern capital markets. And that trade off is surely not worth it.
»
- 10503 reads
- Printer-friendly version
- Send to friend
- advertisements -
Stockman = A "yes" Man if ever I saw one.
Along with all the other complicit yes Men and Women who said "yes" when Corzine and his cronies asked "Can we get away with this?".
Ron Paul, and / or Newt,
Should start talking about how we went from 22 to 21 Primary Dealers in 2011.
This little nugget from NY Fed's site.
MF Global has been deleted from the list of primary dealers, effective October 31, 2011.
Revised Primary Dealers List ›› Oct 4, 2011
BMO Capital Markets Corp. and Bank of Nova Scotia, New York Agency have been added to the list of primary dealers, effective October 4, 2011.
Revised Primary Dealers List ›› Feb 2, 2011
MF Global Inc. and SG Americas Securities, LLC have been added to the list of primary dealers, effective February 2, 2011.
Revised Primary Dealers List ››
How is it at all possible to become a PD in Feb, and get bounced 8 Months later??? Where is the fucking oversight?
Oh, wait.. mericans don't know or care.. move along.
They went from Roseman to Stockman...And Corzine, which sounds like a morning after pill.
The disclosure meme is accelerating, so we can expect to see more and more of these perps getting fingered. It's off the charts in India, the number of recently powerful people cooling their heels in Jail, mostly on financial irregularity charges. Politicians, Fixers, Corporate Honchoes.
infinite liquidity destroyed any kind of price discovery in any kind of time-window.
ori
/50th-anniversary-remembering-4th-february
Ah, the life and career of a risk manager in post-1980 banks!
You work your ass off since birth to get multiple degrees and probably equivalent to the hotshot quantitative finance engineers/rocket scientists. Then, you get hired on a lower salary, much lower bonus when things are going well.
When the bank wants to take more risk or things are going badly, you're the first one they get rid off! What a waste of talent ...
.
.
.
Chief
Risk
Officer says
Nothing but
Yes!
Clever...What do you have for Super-cali-fragalistic-expealidocious?
That's in the subscriber-only section
/blogwhore
The first +1 was mine...probably the only +1 you'll get but you and me are giggling...so it's cool.
wtf is wrong with u man
that 4th february bullshit is just a scam
Astrologers yeah right, I wish the EU had one of those.
didn't u watch that munnabhai movie spreading gandhi's msg. "age of aquarius" stuff is sort of the same shit they were trying to attack.
Super-secret probation must only be three months long.
"Congressional committee ? Bah. Relax. Penny-ante. Never sweat the small stuff."
http://www.thedcpost.com/wp-content/uploads/2010/07/corzinejon_set2_1106...
Hank Paulson sold his D.C. house for $3.25 million, asked $4.6 million; owned previously by Jon Corzine.
http://www.huffingtonpost.com/2010/12/30/henry-paulson-dc-home_n_802889....
The poor thing, though I'm sure he made up more than $1 million from kickbacks via banks bailed out over the 2008 debacle. I'd bet Jamie Dimon set him up pretty well; and Pandit chipped in some untraceable gold bullion.
What's even more interesting about Corzine is that before he stole $1.2 billion, before he wrecked New Jersey, before he loaded Obama up with cash, he had a little part to play in a company called Goldman Sachs. He also helped John Kerry select John Edwards as his running mate.
This guy has been a toxic disaster for years. What will he do next?
So Corzine "sacked" this guy?
Hear that WB7, Corzine/sack/guy, bring on the visual interpretation.
Stockman and Roseman MF Global ''Risk Officers"" AKA NWO Agents of Vampire Squid on CSPAN http://www.c-spanvideo.org/program/MFGlobal
I wonder how many people actually do some descent work on Wall Street? How does an average day look like there?
Nice typo!
Wall St., where the higher-ups are lower-down.
Vaporized mean stolen, when is congress and the MSM going to say that. By the way there is enough evidence to arrest Corzine, where is he?
The very 1st Chief Risk Officer ('Crone' for short) to raise an issue?
Wow!
Presumably every bank that crashed in 2008, plus all the Eurobankers that effectively crashed last month requiring ECB bailouts were sacked too yes?
He was the first Chief Risk Officer not recruited from the professional Russian Roulette circuit.
Chief Risk Officer = CRO as in Cro Magnon
The corporate Golden Rule.
You is either a team playa...........or you is not.
Isn't that how pimps and whores run the business? The American way or the highway.
Gotta keep that pimp hand strong!
Hearings: an indepth investigation, all regulators on the JOB (poop, fart, ) it takes a BIG toilet to make $ 1.2 Billion vaporized.
everyone on zero hedge quick light your lighters......the customers have had enough of the B.S.
http://youtu.be/Ku4aAhxcbLw
and that testimony is not enough to move the Justice Department?
Justice is blind, remember?
Justice is a blind goddess, it is a thing to which we have become wise.
Her bandages hide two festering sores, that once perhaps were eyes.
With slight changes, hat tip to Langston Hughes
especially for billionaire campaign fund bundlers who are former US Senators and Stat Governors who are in the same political party as the administration and the head of the Justice Department...
they are way too busy prosecuting seniors for showing Netflix as a group center activity.
What you want one of them fired for not playing ball? See how ease it is to make this criminal society work.
Don't forget the armed Fed raids on the Amish farms for selling milk not loaded with hormones and antibiotics. Gotta make sure you're wearming flak vests and carrying machine guns. Those Amish are known for their violent lifestyle.
See this: Bribery, compromised officials leave indicted financial-crime suspects free from prosecution under Holder’s DOJ
Tyler, think about covering this story.
"leaving over a billion in client money go from the solid to the liquid phase overnight"
You mean the liquid phase to the gasous phase. The words: evaporated or vaporized are appropriate here.
fair point. 'sublimated' was also under consideration, but that will be the word of 2013.
Also, this being MF, rehypersublimation is probably more appropriate.
It is all become sublime.
All your sublime are owned by us.
Vaporized has a nice ring to it.
Dear valued client:
We are sorry to inform you that your account has been vaporized. Please stop calling us, no one works here anymore.
Corzine on South Park...and its gone!
http://www.youtube.com/watch?v=jrLbY4-Q99A
Since when did the m/o become "kill the comic"'is what I wanna know. So you're a jerk wad and I can make you prove it to the entire planet? Big whup!! This "kill the comedian" thing has been going on in New York for too long. Just ask Dana Carvey. I say "it's time for a Joke Off!" (joke off! joke off! joke off!)
Get used t the newest term of modern financial markets:
vapority -
1. (Economics, Accounting & Finance / Banking & Finance) the access to sufficient customer assets to discharge own liabilitiesWhat is similar in army and corporation?
Dumbest "yesmen" get promoted first.
Meanwhile the trouble-makers are sent to the Russian front.
Surely there are communication/authorization/recommendation records that he kept?
Or would that jeopardize a nice severance package?
What ever happened to "cover your ass" when it's clear things are heading south?
This is on topic, but not directly, but I welcome anyone's input as to wtf this means (what banks? how did the money end up there? why aren't they sure they can "retrieve the funds?").
This one is truly a mystery for the ages, when it comes to the farce/epic scam/massive crime scene that is the wake of MF Global's implosion:
After Delay, MF Global’s Missing Money Is Traced
The New York Times
January 31, 2012, 9:42 pm
By BEN PROTESS and AZAM AHMED
Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.
While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.
[Really? They know where hundreds of millions of dollars are, and which banks have these funds, but remain unsure whether they can retrieve those monies? hmmmmm...]
TruthInSunshine
http://market-ticker.org/akcs-www?post=201420
"Wait a second... Taped call eh? From 2007 and 2008? Can someone please explain why it's four years later when we're seeing these charges?"
Hey, you are lucky the statue of limitation didn't run out as it SURELY WILL for the banktsers themselves.
O: TruthInSunshine Thu, 02/02/2012 - 13:54 | 2120
"Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said. While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.
[Really? They know where hundreds of millions of dollars are, and which banks have these funds, but remain unsure whether they can retrieve those monies? hmmmmm...]
******************************************************************************************
i'm glad you asked this question. this a story i have been working on for 3 mopnths....this post/comment is the conclusion to an 8000 word article based on that research.......
THE SHADOW KNOWS
We know now that, with the collapse of MF Global, prodigal malfeasance has been elevated to an art form. The question that needs to be answered is, how was this lethal deed done? The answer, I think, lies in what we would have to call, just a few more rule changes “….to Bankruptcy laws that happened …in 2002 and 05. “ (23) http://www.golemxiv.co.uk/2011/12/plan-b-how-to-loot-nations-and-their-banks-legally/
“When a company declares bankruptcy there is what the Americans call an ‘automatic stay’, which means all the assets left in a company at the moment it goes bankrupt are protected from the rush of creditor’s demands until appointed auditors can sort out who should get what. The automatic stay prevents a first come first served disorderly looting where those with the most muscle get everything and everyone else gets nothing.”
“But, in America culminating in 2005 with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) the order was changed. And that change is the crucial event.....According to a scholarly article in the American Bankruptcy Law Review,” …the provisions [in the amendment] were derived from recommendations from the President’s Working Group and revisions espoused by the financial industry”
“The amendment exempted repos (and hypothecated and re-hypothecated assets) and a whole range of derivatives from the automatic stay. It also allowed lower quality assets to qualify for the exemptions. “The special bankruptcy treatment given repos and derivatives means that repo lenders and parties to derivative contracts can keep the collateral if their trading partner becomes insolvent. This exempts them from the ‘automatic stay’ rule in bankruptcy, which prohibits most creditors from trying to collect ahead of others.”
“This amendment which was touted as necessary to reduce systemic risk in financial bankruptcies also allowed a whole range of far riskier assets to be used, making them, too, immune from the automatic stay in the event of bankruptcy. [Which meant]… traders flocked to a market where risky assets would be traded and used as collateral without apparent risk to the lender. The size of the repo market...increased and riskier assets were gladly accepted as collateral because traders saw that if the person they had lent to went down they could get [their] money back before anyone else and no one could stop them. It also did one other thing. Because the repo and derivatives traders ran no risk.....it meant they had no reason at all to try to stop a bank from going under. ”
“All other creditors – bond holders – risk losing some of their money in a bankruptcy. So they have a reason to want to avoid bankruptcy of a trading partner. Not so the repo and derivatives partners. They would now be best served by looting the company – perfectly legally – as soon as trouble seemed likely. In fact the repo and derivatives traders could push a bank that owed them money over into bankruptcy when it most suited them as creditors."
"When MF Global went down it did so because its repo, derivative and hypothecation partners essentially foreclosed on it. And when they did so they then ‘looted’ the company. And because of the co-mingling of clients money in the hypothecation deals the ‘looters’ also seized clients money as well. The co-mingling story is what brought the whole thing into the light but also provided a wonderful distraction.”
"So what we have, courtesy of the change in the bankruptcy laws is the means for banks to loot each other. Simply become a major short term funder via repo or hypothecation or a major counterparty in derivatives deals with the ailing bank and in both cases should the bank you are lending to go bankrupt, you will keep all the assets it pledged to you before any other creditor get a chance."
When trying to make logical correlations between seemingly unwieldy fact sets I always tend to rely on a slightly altered version of Occam’s razor. Let the facts speak for themselves by creating a credible premise based solely on the evidence at hand. Using that method of discovery, it seems safe to say that what we have discovered buried within the ‘shadow banking system’ is a hidden mechanism by which “.. banks [are able to] to disembowel each other. The strongest lend to the weaker and loot them when the moment of crisis approaches. All that is required is to know the import of the bankruptcy law and do as much repo, hypothecation and derivative trading with the weaker banks as you can.” (24)
This explanation certainly coincides with the massive surge in derivatives trading which has occurred in the last few years. It also tells us, in a round-about-way, where the bailout money we have been pouring into the big banks has gone. Taxpayer money is being used to fund and collateralize these Armageddon- like looting schemes..
Rule of Law or Law of Rule?
The ‘real economy’ of producers and consumers has become the looting ground for a ‘virtual economy’ of amoral ‘shadow financial interests’ who operate without any kind of oversight. The money at MF Global was stolen twice; first when MFG used an internal repo to buy toxic euro debt, then by the banksters and their counterparties who took MFG down. The big banks are like wolf packs; they all create the same the worthless paper then run together pillaging accounts. When the trap door opens and the bottom falls out there is no accountability and no single entity can be held responsible.
Conceived of by a procession of pedigreed artful dodgers, the intractable complexity of the shadow system is in fact a cunning cover for massive fraud. What the MF Global affair has done is to pull the curtain back and reveal once and for all how the shadow players game the system. That’s why Corzine could say he didn’t know where the money was. That’s why $1.2 billion could be ‘vaporized’ and still be unaccounted for three months later.
No asset is safe and capital can not and will not will not form in such a corrupt system.
note: the" series of changes" referred to in the text includes glass steagal, the april 2004 SEC chanegs to the net cap rules, changes to CFTC Reg 1.25 in 2000/2005 and the bankruptcy laws in 2002/2005. all of the 'changes' cited were approved by regulators of record and woud seem to show, at least on the part of the shadow cartel, a premeditiated effort to systematically unravel the regulatory apparatus that, by protecting client assets, put an upside limit on their profits.
the portion cited is essentially unedited. all italics, underlining and bolding in the body of the article are mine..................hangemhigh
Hey, Hangemhigh, that is a seriously informative compendium of information regarding the consequences of bankruptcy reform, but the interesting thing is that individuals and firms having cash accounts at MF Global (I'm speaking of cash accounts, where the money was not invested in any commodities or contracts or chattel) wouldn't necessarily be subject to any of its reforms whereby they're cash would be treated as anything other than what is was, to wit, cash deposits belonging to them.
This section of what you wrote, with the link, is very interesting, but I don't see how it could affect such cash deposit accounts:
As far as Corzine not being to say he knew where the money is, the article I cited from the NYT, assuming it's disclosing credible information, states that authorities know precisely where the formerly "missing" money is, even knowing what banks are holding such monies.
TO: TIS Thu, 02/02/2012 - 22:07
"This section of what you wrote, with the link, is very interesting, but I don't see how it could affect such cash deposit accounts:"
i must confess that i too am at a loss to see how 'cash accounts' would be affected by the changes cited. i would empahsize though that, based on what happened af MF Global, when push comes to shove and the crime cartel needs liquidity/assets, literally nothing is safe. as an example of that state of infamy just look at the precious metals accounts ( gerald celente) standing for delivery who had their assets stolen even though they had warehouse receipts that confirmed both the validity and value of their claims.
"As far as Corzine not being to say he knew where the money is, the article I cited from the NYT, assuming it's disclosing credible information, states that authorities know precisely where the formerly "missing" money is, even knowing what banks are holding such monies."
sure the authorities' know where the money is....that's the whole point. what has been surreptitiously put in place is a cartel friendly legal framework that not not only sanctions their looting but aids and abets that very activity. the missing money is with the banks and counterparties that piled into the MF Global lending binge knowing that, when the trap door opened and corzine's red headed step child bit the dust, they could loot to their hearts content and enjoy a duly recognized legal immunity. that's the way the plunderbund rolls....and why, if you're gonna steal you wanna steal billions...so that you can afford to buy the legal and political protection that allows you to stay out of the slammer and continue gaming the 'bang da ho' shadow banking system.
an offshore version of the same game is going on right now in europe..............
It takes a special kind of genius to ask a man if he ever thought about the idea that he was hired not to think. Just exactly what kind of an answer did he expect? Too bad Stockman didn't reply with a blank stare while drooling.
"Republican Steven Pearce" - isn't this exactly how we elect our politicians? So they don't see, don't say and not even blink at any of the obvious Lies our society is built upon.. I am just saying this guy must be speaking from experience
And of course, his question was really rhetorical, as he wouldn't have had a clue how to react had Stockman answered yes. Would've taken the wind completely out of his sails.
If I were in Stockman's place, the temptation to quote Curly "I try to think but nothing happens" Howard would have been overwhelming.
"I hereby dub thee Baron of Gray Matter."
"Yes, sir. In fact, it was specifically called out in the job description. My most recent performance review shows that I exceeded expectations in this metric."
You're pretty bright NA...do you think he asked the question without knowing the answer? It was a rhetorical question meant to deamean the worm (Stockman) and put him on the spot. If he doesn't give you truthful answers then punsih the little fuck so he'll never be able to get a real job on the Street again. Right now Stockman's got more cooties than someone with full blown Ebola. Figure it all out dude!
I know many people(even here) will say it's all a vice of Capitalism, but alas I would point to the human trait of 'Monkey see, Monkey do' as the socialistic tendencies of the population grew and no1 was ever held accountable for their stupidity the capitalists simply followed the general trend of not accepting any responsibility for their actions(and many scam-artists and outright thieves piggybacked on this trend).
Even up to the early 90' companies and yes even banks where allowed to fail, but not so anymore and why would you ask? Because as we did away with personal responsibility on an individual level so we forced the Corporations to follow suite, when a customer/employee or even a bystander has no responsibilities why should the Corporations(big and small) be any different.
This ROT did not come from the business world and even less Capitalism it self, this ROT came from a changing grassroots culture that did away with personal responsibility and no longer rewards morality but depravation.
It is the homeowner that can walkway scoot free from his mortgage, it is the borrower who may default of most of his debts (in court) and walk away free, it's the deadbeat mother who has a 10th child so she can get more child support, it's the forever-student who can get an unlimited student loan line from the government to study art-history etc. that are the root of our problems not Capitalism.
Or more succinctly
A fish rots from the head down.
Also
Don't hate the playa, hate the game.
Moral relativism.
+1 to you, NA.
Nietzsche lives.
How 'bout some more from Josey Wales?
"Don't piss on me and tell me it's raining."
" ... as we did away with personal responsibility on an individual level so we forced the Corporations to follow suite... "
lol
Indict and prosecute the LYING WESAL Gensler.
Gensler, Corzine, etc., etc.
Weasels all.
They look like this when you call them weasels:
http://www.kiltedsnowweasels.com/images/lt_weasel_frontal.jpg
Nice guys finish last.......
... "The good die young" etc. (see my comment below.)
Let's get this one straight okay? They are not stupid. They are greedy and criminal and want to steal the public's treasure.
Shades of Helmsly Born.
I know that most whistle blowers lose their jobs regardless of the worthless protection law, but someone needs to write a book on where the good people went and how their lives turned out. Inquiring minds want to know.
think you meant Brooksley Born
Yeah, thanx. It's been a long day. She was highlighted on a Frontline special a couple of years ago. Nice lady. We need more like her.
John Corzine will NEVER go to jail...NEVER...no one else has....he has his jet fuled and ready to go when needed...he will get the 15 minute call...as a friendly ....and he will be out of the country...then...at the end of Obama´s term...he will be let free...
If Corzine doesn't go to jail, he'll be dead in 5 years...count on it. He fucked over a lot of down home boys.
"I see nothing. I was not here. I did not even get up this morning."
http://www.youtube.com/watch?v=34ag4nkSh7Q
The important part of this picture, Colonel Klink has not yet been unmasked.
Gensler is Klink
"Sergeant Schultz!!!"
FEMA Camps? I know nothing!! I vas in Finance...
DaddyO
This is your 3rd or 4th Hogan's reference...Disney played opposite in prime-time so I can only guess the dislike of communistsand socialists runs deep.
With Centralization of power (which by the way is not the same thing as Globalization) there is ultimately only one reason for everything: BECAUSE I SAID SO!
Whistle blowers get screwed. It's the usual rule. Vindication is the exception:
http://strikelawyer.wordpress.com/2011/08/16/who-i-really-am/
http://strikelawyer.wordpress.com/2011/08/16/introduction/
And there are lot of posts documenting things after that. If you have the patience or stomach for it.
That's why people are way off on the Penn State/Joe Paterno/McQueary thing. McQueary especially. He could have made a lot of noise, but he prally just would have been ignored and then punished for it. In fact, how many people did that happen to over all those years? Hard to believe there wouldn't be any, if the allegations against Sandusky are true.
http://strikelawyer.wordpress.com/2011/11/10/whistle-blowing/
Corzine lost/spent 100 of millions of his own money since leaving Goldman Sachs .....what do you all expect him to do but to take other peoples money
It just doesn't matter, any of it. No will go to prison or be indicted. The Gov. and corporations are so in sync together and they can fabricate anything anytime. Their is ONLY ONE way OUT. STOP SPENDING MONEY. Severe Economic slowdown crushes corporations and governments. Once the government can no longer extract money from the citizens it will go after the corp.
PayPal now sends a monthly account statement. It helps document the sales tax that is deferred until the 1040 is due each year.
In a recession, it helps to be able to collect tax again on Pez dispensers from the 70's, rare 78rpm records, and Teenage Mutant Ninja Turtles bedspreads.
I guess I'm no better than Apple-Foxconn. A 14-yr-old mows my lawn and neither one of us pays tax on that transaction, I'm sure.
"I refuse to anwer the following questions on the grounds that it may tend to eliminate me".
Agree with Corzine or be Vaporized!
We're currently trending on "sublimated" I think.
"When you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed." -- Ayn Rand
"When plunder becomes a way of life for a group of men, they create for themselves, in the course of time, a legal system that authorizes it, and a moral code that glorifies it." ~ Frederic Bastiat (political economist, 1850)
...this actually a ''Pale Rider'' moment. http://www.youtube.com/watch?v=cyX0luiFlTc&feature=related
Let me get this right: ...beautiful little girl living at a gold mining camp, among a group of claim owners, gets her dog shot to death by an evil claim jumper name Lahood (that's French for a Hoodlum) ...and as she is reading from the ''Book of Revelation'', about the Pale Horse, a rider on a Pale Horse (called Death and Hell followed) shows up. This rider who repented (afteer being fire upon by Stockburn and his deputies) and stopped working for StockBURN(lol)/Stockman and his deputies and became a preacher. In the end, all the deputies are shot to death by the Preacher and Lahood gets killed by a claim owner. http://www.youtube.com/watch?v=Gy4YmT3h3_8
Revelations, Chapter 6 Verse 8.
And I looked, And behold a Pale Horse: and his name that sat upon him was Death, and Hell followed with him. And power was given unto them over the fourth part of earth (check 32 parallel) to kill with sword (check Denver airport murals for picture) and with hunger, and with the beasts of earth.
Yes, sublimation ..like dry ice ... MF COULDN'T evaporate... There was no liquid ..illiquid ..broke..
Steve Pearce, good job.
Firing the honest has been a modus operandi of the entire financial bubble.
Workers who can bring in the numbers and toe the line have been retained.
One of the few bright spots for a recovery is that we have thousands of bright, honest, knowledgeable people resituated in smaller companies, or starting their own businesses.
Can the honest make it in this environment? If Sheila Bair and Bill Black started a bank, would it prosper?
So basically this is Japan 2.0, where an underling is supposed to agree at all times with his boss, and not rock the boat?
Go against group consensus, and you're exiled out of the tribe?
Figures, humans haven't really moved beyond tribal stage anyway. Unfortunately, the "bankster fraud" tribe is running the show.
Tribes have a tendency of becoming inbred and going extinct without genetic out-crossing. These fuckers are too stupid to know that though.
Well, that will teach him! just cause your my risk manager dosen't mean you have to do your job or tell me how not to crash this Global MFer Corperation. I can do fine on my own.
Here's your pink, now get stepping. Next time, you will think twice about these reports u been sending in and gettin everyone upset. Your fault!
Stockman = worm
Ya know, I can't help notice seventy something comments in that NO ONE AND I MEAN NO ONE has speculated on Michael Roseman's religion......
Hmmmmm.......... I wonder why....
What could possibly be the issue?
Oh yeah, the Jew is trying to protect money from those crooked greedy Christians so he gets thrown out the door!!!!
Frostfan, I'm a Christian but go fuck yourself you peabrained bigot! Roseman was a stud in that hearing!
I was once fired for doing my job well, and honestly (refusing my bosses orders to cheat a customer). After I was fired I brought it to the attention of his management, during the unemployment compensation hearing. He got fired because of it. I was not offered my job back though. I was tired of that shit hole anyway. I took a year off, and then went to work for the competition, better treatment, better pay, company car. Sometimes it pays to be honest.
I'm sick of people saying this money "vaporized". It was stolen. Let's stop this bullshit and call theft a theft, call thieves theives and purge the system of the politicians and thieves while there's still a chance.
I been thinkin about this vaporize thing...sort of sugegsts somethgin physcial disapp - I mean - vaporized.
It's all computer bits.
So maybe it all got o-bit-erated instead.
o-bit-erated (tm)
Pete
rotate accumlator right through carry.
But, but, but they were regulated!?&*
Corzine F'd over some very wealtthy people. He's probably laughing at them. Waiting for everything to calm down.
this story is the exact opposite of the rise of tim geithner, he moved up the ladder by being a total yes man and never telling a banker he met that it shouldn't be done, or that it wasn't OK. He's still at it.
it also says something about the club of masters of the universe. They say there is no conspiracy, but when you keep throwing everyone out of the club who doesn't go along with the program you get the same thing
Lloyd Blankfien
"There was no conspiracy to securitize crap and sell it to the world, we just goit rid of anyone who wouldn't do it. "
The ultimate snark. I almost spit out my lunch when I read this...
"Did you ever think that maybe they ran off Mr. Roseman and brought you in to be kind of the guy that doesn't see, tell, know? Did that ever occur to you?" Republican Steven Pearce asked Stockman.
Stockman replied, "No sir."
roseman was terminatd because he was viewed as a risk to the bankster-cia operation to destroy mf global.....it had nothing to his views per se - only the risk he posed to the focus of the crook corzine's maniacal drive to destroy the company for his masters.....
corzine's motivation had nothing to do with get rich quick....and as a bonus he got to vaporize 1.2b into his offshore accounts....probably using the same bank as mitt romney...
how dares one to question their masters
my buddy's step-sister makes $68/hour on the internet. She has been without work for 8 months but last month her paycheck was $7255 just working on the internet for a few hours. Go to this web site and read more.. LazyCash9.com
fuck....we have one of these "big-money-for-nothing" ad cocksuckers trolling here too......
Vaporize him!
Ex-Goldman Sachs chairman Corzine, the ex-governor of the mob in New Jersey, did his job: fcked the goyim.
He will be richly rewarded for his service. The SEC is the bitch of Wall Street, Goldman Sachs and JP Morgue.
Bring on the new American Revolution.
Business as usual in fascist Amerika. Obedient serfs rewarded with their share of the fiat, independent thinkers crushed like bugs.
Warrant, arrest, jail, trial, prison, seize assets of the fraudsters in DC. That ought to do it.