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    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Frontline On MF Global's Six Billion Dollar Bet

Tyler Durden's picture


UPDATE: Since this post crashed the video servers when it went up last night, we are reposting it again for our readers' convenience.

While the sur-realities of just what Corzine and the rest of the MF Global 'traders' did has been extensively discussed here and elsewhere, PBS' Frontline provides the most succinct (and relatively in-depth) documentary on just what occurred from how the corrupt CEO lobbied regulators who had the power to stop his risky bets to the endgame realization of the missing customer money. A narrative, not just of "a bet that went bad", but "a Wall Street morality tale". Must watch!

The story of Jon Corzine, the former head of Goldman Sachs and political power broker, who took over MF Global in the spring of 2010 with oversize ambition and a passion for risk. But after a massive bet on European debt turned sour, the firm lay in ruins, with more than a billion dollars of customer funds missing.

Chapter 1: Six Million Dollar Bet - The Power of Jon Corzine

Chapter 2: Six Million Dollar Bet - The Final Days Of MF Global

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Wed, 05/23/2012 - 20:03 | 2457117 DormRoom
DormRoom's picture

still waiting for the Frontline documentary on Brian Sack and the Plunge Protection Team, that  distort market signals for Bendemort, and the FMOC.

Wed, 05/23/2012 - 23:08 | 2457577 strannick
strannick's picture

CFTC's Jill Sommers told MF Global at their hearing that she knew where the money was then all of a sudden nobody knew where the money was. Sommers tried to keep public input out of position limits and voted against position limits. Judge Painter when retiring from the CFTC said the agency was corrupt and he was told upon being hired by the CFTC never to rule in favor of a plaintiff. At best the 5 CFTC Commisioners are completely incompetent. If retired CFTC Judge Painter is to be believed, they are corrupt and intentionally sabatoge investigations to the detriment of small traders ans commodity users and producers.

Wed, 05/23/2012 - 23:41 | 2457738 Bay of Pigs
Bay of Pigs's picture

All these people, Corzine, Sommers, Gensler, Geithner, Bernanke, etc....represent some of the worst America has to offer.

Their acts and behavior are obviously criminal and quite possibly treasonous in nature. Yes, it is that bad. 

Thu, 05/24/2012 - 00:59 | 2457887 strannick
strannick's picture

I wonder if Commisioner Sommers realizes she could go to jail. A Ropespierre-esque purge from Obama ideologues feeling fat and sassy ensconsced in their second term, throwing some Republican bankster types under the bus to appease the mob. Guess she didnt study much history during her  BA degree while she was rah rah-ing at the Bob Dole pep rallies. Funny what passes for qualifications to regulate commodities and derivatives

Thu, 05/24/2012 - 01:10 | 2457918 Bay of Pigs
Bay of Pigs's picture

Even Bart Chilton, who plays the good cop at the CFTC, sounded like a complete douchebag. Not credible at al, as nothing has been done. And what ever happened to that silver investigation?

Thu, 05/24/2012 - 01:16 | 2457925 Harlequin001
Harlequin001's picture

Shouldn't this fucker be dangling from a tree by now?

Just askin'

Thu, 05/24/2012 - 01:27 | 2457948 PeaceLover
PeaceLover's picture

Just a though aren't we  looking forward. KIDDING who was the sick guy that said that?

We now spy on anyone that questions our power.
We send missiles and bombs all over the place, have no problem sleeping killing civilians in the name of profit.

Hanging one of there own... not going to happen until the police get a IQ above room temp. and stand with the true hero's OWS
but we will hang a true hero a "whisle blower"

They are connected to the Big "O" makes Latin America look honest!

I mean what are most peoples choices... they think it's a couple of bankers friends.. Mitt or Obama.


Thu, 05/24/2012 - 05:34 | 2458186 i-dog
i-dog's picture

Chilton is more corrupt than even Corzine. Corzine was doing his job...gambling. Chilton was doing...nothing!

Someone should wipe that smug grin off Chilton's face.....

Thu, 05/24/2012 - 06:27 | 2458228 Harlequin001
Harlequin001's picture

Like he says, without hindsight there's no way anyone could see this coming.

and I believe him, no really, I do...

Thu, 05/24/2012 - 08:33 | 2458363 GetZeeGold
GetZeeGold's picture





Oh wait....he is.


Thu, 05/24/2012 - 12:11 | 2459136 nope-1004
nope-1004's picture

Corzine the Sociopath.  Obsessed with money, power and greed.

Brings the best out in people.  LOL.


Thu, 05/24/2012 - 13:33 | 2459412 Ahmeexnal
Ahmeexnal's picture

What did you expect from Don Corleozine?

Thu, 05/24/2012 - 12:09 | 2459127 backseatdriver
backseatdriver's picture

What up BOP? Long time. You think Chinas new exchange will be a non event for JPM or the inverse?

Thu, 05/24/2012 - 14:02 | 2459515 Bay of Pigs
Bay of Pigs's picture

Aloha BSD. Good to see you again friend.

Yes, China is producing, importing and hoarding all the physical gold and silver they can. The West is being systematically cleaned out.

I know that doesn't answer your question either. LOL.

Thu, 05/24/2012 - 12:10 | 2459128 backseatdriver
backseatdriver's picture

What up BOP? Long time. You think Chinas new exchange will be a non event for JPM or the inverse?

Thu, 05/24/2012 - 00:57 | 2457889 connda
connda's picture

"Cockroaches" pretty much summed it up.

Thu, 05/24/2012 - 14:03 | 2459539 Blammo
Blammo's picture

The Honourable John (F'ing)Corzine...ROLF 

Wed, 05/23/2012 - 23:51 | 2457772 Darth..Putter
Darth..Putter's picture

Is it legal for JPM to profit from MFGlobal's crime?

Thu, 05/24/2012 - 00:21 | 2457827 Bay of Pigs
Bay of Pigs's picture

No, it's not. Dimon and Blythe Masters are responsible for much of this shit show. JPM is breaking laws every single day with impunity.

Thu, 05/24/2012 - 15:06 | 2459812 Omen IV
Omen IV's picture

the politicians, judges and regulators who make the rules, regulations and laws are all OWNED and paid for - it doesnt matter any more about reasons for this and that - the system is supposed to be criminal - anyone who participates and gets burned deserves what they get

Thu, 05/24/2012 - 01:13 | 2457892 tahoebumsmith
tahoebumsmith's picture








































































Nice..I'd like to see some handcuffs on a few others not mentioned in your post. Just a few other names to add to the list, HANK PAULSON, TIMMOTHY GEITHNER, LLOYD BLANKFEIN, BEN BERNANKE, KEN LEWIS,VIKRAM PANDIT, JAMIE DIMON, JOHN STUMPF, EDWARD LIDDY just to name a few. Here is the photo taken in 2009 when the CRONIES went to the White House..


The Constitution has been torched and now LIBERTY is something of the past. Your rights have been stripped in stealth mode,  Obama's Healthcare Plan, NDAA signed on New Years Eve while all the Mutton were drunk at staring at a hypnotist's ball . So far we have never seen one prosecution for numerous crimes.  There simply is no rules or justice when it comes to Wall St, as predicted back in the 1809..

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."Thomas Jefferson

And now this is what we got...Lip Service, I mean stuttering Hank, i'm in it for Goldman Paulson...



Look at the profits however...


Things just always just to seem rosey now don't they?


































































Thu, 05/24/2012 - 01:21 | 2457935 Harlequin001
Harlequin001's picture


Thu, 05/24/2012 - 01:37 | 2457968 tahoebumsmith
tahoebumsmith's picture

thanks... I don't no what just happened? All I can say is most of the juicy shit I wrote seemed to go away?

Thu, 05/24/2012 - 03:37 | 2458098 Harlequin001
Harlequin001's picture

ok, you're forgiven then.

Maybe you're posting too much, alternatively you might find the delete key.

Thu, 05/24/2012 - 06:16 | 2458217 Dr. Engali
Dr. Engali's picture

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."Thomas Jefferson

Good grief. This is a bogus made up quote making it's way around the net. Jefferson never said this. One would think people might know that by now, but I guess not. If you want to have credibility make sure your posts are accurate.

Thu, 05/24/2012 - 02:26 | 2458038 Ignatius
Ignatius's picture

Two things immediately come to mind after watching this:

1)  YouTube sucks donkey d***s.  This video streamed beautifully in full screen mode (yes, my machine is older).

2)  Frontline discovered the word "fraud" in this piece -- ironically absent in their recent mash-up on the Wall Street meltdown -- which suggests to me that Corzine may get tossed to the wolves... eventually (before the election?).

Thu, 05/24/2012 - 13:16 | 2459337 surfersd
surfersd's picture

They still have $53,000 of my money. Can I donate it to the 'convict Corzine fund?' The piece shows you how truly corrupt the system really is. Makes me fricking sick that this is the country my kids are going to have to survive in.


Wed, 05/23/2012 - 20:07 | 2457128 ghengis86
ghengis86's picture

Free Corzine!

Wed, 05/23/2012 - 20:08 | 2457130 UP Forester
UP Forester's picture

....from this mortal realm!

Wed, 05/23/2012 - 20:22 | 2457163 Freddie
Freddie's picture

Jon Corzine - Obama and The Democrats best friend.  F him!

Nice banner ad's from Nissen for Japanese lace bras and panties.  Nice looking women.  Keep those ads and SNORG Tees with big bazooms versus the Kenyan Muslim 2012 and Wookie 2012 banner ads.   I could use some of that post Fukasima nippon lovin.

Wed, 05/23/2012 - 20:46 | 2457224 Long-John-Silver
Long-John-Silver's picture

Nice banner ad's from Nissen for Japanese lace bras and panties.


HA HA HA! The ad's here are based on the cookies left on your computer from sites you have visited.........

Wed, 05/23/2012 - 20:56 | 2457248 Freddie
Freddie's picture

Not totally true.  I never visited the 2012 Kenyan and his wookie's sites.  Also Corzine's criminal DNC site.  Never been to Nissen's Nippon panties and bras store.  I did consider sewing gold coins into a kimono like Charlie Munger suggested.  F Charlie Mungman and Buffet!

Getting those horrible cancer banner ads too.  Seeing some poor soul carved up from cig or pot smoking in horrible but still better than the wookie.

Thu, 05/24/2012 - 05:09 | 2458173 WTFx10
WTFx10's picture

Firefox with adblocker you retard, I don't want to hear your ignorant ad commentary, learn how to use that thing your pounding on. I mean your keyboard not your dick or ugly ass wife.

Thu, 05/24/2012 - 12:08 | 2459118 PeterLemonJello
PeterLemonJello's picture

Except you screw over the website who is using those ads for revenue cocksmoker...and I care too much about this site to screw them.

Thu, 05/24/2012 - 13:43 | 2459454 fnordfnordfnord
fnordfnordfnord's picture

Yeah, whatever, just tell us how to get the Nissen Nippon Panty Party banner ads.

Wed, 05/23/2012 - 23:51 | 2457773 Urban Roman
Urban Roman's picture

I get ads for Apmex telling me how I can put my 41K into gold and silver.

Also the occasional Snorg tee shirt ad.

So far no midget tranny porn ads... no idea why that is.

Thu, 05/24/2012 - 14:04 | 2459543 Harbanger
Harbanger's picture

It's driven by what you search.  I was buying bed sheets online a few weeks ago, and for the next few days all I was getting was bedsheet ads.

Wed, 05/23/2012 - 20:52 | 2457241 Freddie
Freddie's picture

New Snorg Tees ad with a hot chick in a black t shirt with white letters.   Bigger busoms please.  +100

Then I get one of those CDC smoking cancer ads that are disgusting.  With people who have had vivasection. Still it beats looking at the lying Kenyan Islamic's 2012 banner ads or his wookie.  Hey ZH -

I never smoked including dope which is filled with chemicals.  Pot kills.

Keep up the Snorg Tees ads and the Japanese Nissen bra and panties banner ads.

Wed, 05/23/2012 - 22:38 | 2457573 Freebird
Freebird's picture

Hey Fred, don't mean to be pedantic but fckg spelling plse.
BOSOM ...ok ..& its singular & plural as in what a great bosom, or bigger bosom please. Tx man.

Wed, 05/23/2012 - 21:08 | 2457283 WillyGroper
WillyGroper's picture

Just draw Senor Wences on it & use your left hand.

Thu, 05/24/2012 - 02:22 | 2458034 q99x2
q99x2's picture

I started using CIA agent Barry Soetoro and stopped getting the Obama ads.

Thu, 05/24/2012 - 04:58 | 2458167 Disenchanted
Disenchanted's picture




Hey Freddie, you fucking muppet...


"Kenyan Muslim 2012"


re: politicians posing for pictures


I guess that means this man was a genuine tank commander too:








Wed, 05/23/2012 - 21:21 | 2457335 LoneStarHog
LoneStarHog's picture

That is "Free Rick!" ... You mistake American Chopper Junior vs Senior with MF Global ... Thank you and I hope this helps in your understandable confusion since both cases emit toxic substances.

Wed, 05/23/2012 - 20:09 | 2457131 Meatballs
Meatballs's picture

Caught the second half of this last night. This guy must have a 'Get out of jail free' tattoo on his ass. In the end I think he will be perp-walked. Especially if the O-man goes down...we'll see.

Wed, 05/23/2012 - 20:30 | 2457192 brooklynlou
brooklynlou's picture

I see a magic presidential pardon in his future if Obama loses ...

Wed, 05/23/2012 - 20:49 | 2457232 Long-John-Silver
Long-John-Silver's picture

If Corzine is not prosecuted before Obama leaves office he will be unable to provide a pardon. I can't see Corzine being arrested while Obama is in office.

Wed, 05/23/2012 - 21:17 | 2457322 FeralSerf
FeralSerf's picture

Nixon was never prosecuted and Ford pardoned him anyway.

Wed, 05/23/2012 - 23:08 | 2457435 palmereldritch
palmereldritch's picture

I believe they initiated an indictment on Nixon in Congress...regardless, the threshold appears to be low for the pardon thing. 

Whatever the technical requirement, expect Corzine to qualify.

If Clinton can cash-out Marc Rich, anything is possible. After all it's old hat for Holder now...


[EDIT: For addendum]

Wed, 05/23/2012 - 21:36 | 2457393 Clashfan
Clashfan's picture

What makes you think Rob-me won't pardon him or that he won't "die" just before having to go to jail ala KLay and that his family won't keep every dime?

The whole Dummycrap Con-gress basically pardoned both Bush presidents. When that first Congressional pardon (refusal to impeach/prosecute over Iran-Contra) happened, I stopped believing in the two-party system, especially after what I learned about the HSCA and how it functioned (with Ds in charge).

And, yes, didn't Tricky Dick get a pardon for life for basically anything? Wasn't there a quote like all crimes past and present or something? I can't remember, but I remember it sucked (I was just a kid), and Ford was on the Warren Commission. And Bush defended Ford over the WC at his freakin' funeral (the real Bush, 41).

What I'm saying is that functional immunity to prosecution seems to follow these "made" criminals. Partisanship rarely seems to affect it. It doesn't seem to be a party loyalty thing but a class loyalty thing or some surreptitious recognition of an interior power structure. If Corzine hasn't been headed toward a courtroom yet, what makes anyone think that he ever will? Duh.

Let's bet on that one (sarc).

Thu, 05/24/2012 - 12:51 | 2459264 WillyGroper
WillyGroper's picture

It will drag on until the 5yr statute of limitations has expired. 

Every one of the rodents of questionable heritage should have their left nad slit & their right leg placed thru it & then the inverse.

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