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Frontline On MF Global's Six Billion Dollar Bet
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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still waiting for the Frontline documentary on Brian Sack and the Plunge Protection Team, that distort market signals for Bendemort, and the FMOC.
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.
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.
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
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?
Shouldn't this fucker be dangling from a tree by now?
Just askin'
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.
PL
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.....
Like he says, without hindsight there's no way anyone could see this coming.
and I believe him, no really, I do...
FREE JON CORZINE!!!!
Oh wait....he is.
Corzine the Sociopath. Obsessed with money, power and greed.
Brings the best out in people. LOL.
What did you expect from Don Corleozine?
What up BOP? Long time. You think Chinas new exchange will be a non event for JPM or the inverse?
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.
What up BOP? Long time. You think Chinas new exchange will be a non event for JPM or the inverse?
"Cockroaches" pretty much summed it up.
The Honourable John (F'ing)Corzine...ROLF
Is it legal for JPM to profit from MFGlobal's crime?
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.
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
TICK,
TOCK,
TICK,
TOCK,
15 TRILLION
TICK, TOCK
Ti
SORRY MY KEYS ARE STICKING ....
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..
http://bagnewsnotes.typepad.com/.a/6a00d8341cc90353ef01156e89c3a9970c-pi
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...
http://www.youtube.com/watch?v=-I92oNTmZow
Look at the profits however...
http://projects.propublica.org/bailout/list
Things just always just to seem rosey now don't they?
arsehole...
thanks... I don't no what just happened? All I can say is most of the juicy shit I wrote seemed to go away?
ok, you're forgiven then.
Maybe you're posting too much, alternatively you might find the delete key.
"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.
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?).
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.
Free Corzine!
....from this mortal realm!
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.
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.........
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.
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.
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.
Yeah, whatever, just tell us how to get the Nissen Nippon Panty Party banner ads.
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.
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.
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.
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.
Just draw Senor Wences on it & use your left hand.
I started using CIA agent Barry Soetoro and stopped getting the Obama ads.
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:
http://nataliemedia.com/serendipity/wp-content/uploads/2008/08/dukakis.jpg
JFC!
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.
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.
I see a magic presidential pardon in his future if Obama loses ...
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.
Nixon was never prosecuted and Ford pardoned him anyway.
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...
http://www.nationalreview.com/articles/226728/unpardonable-holders-marc-...
[EDIT: For addendum]
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).
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.
I did NOT have sexual relations with that woman.
- John Corzine
He did have sexual relations with MF Global clients.
...a different kind of ATM to be sure.
Sex by Surprise.
ass rape
Use the technical term: Collateral Debt Obligation
without so much as a courtesy reach-around
I did in fact have financial relations with her investment account, however.
- John Corzine.
thankyou tyler
You gotta admit, if it weren't for MF, the urban dictionary wouldn't have the term "Vaporized" or "Corzined". Those terms in themselves make this worthwhile.
Tell that to Gerald Celente...
Expensive terms indeed.
You're re-framing PBS?
I hope you guys donated, 'cause that's shameful for this crowd.
Half of the US "donated" under gunpoint to bring the rest Frontline....
Half of the US donated? What, a dollar? PBS gov funding is under $100m. Cry me a river.
Bunch of broke morons always complaing about PBS as if it is gobbling up the whole budget.
Yeah, 'cause $100 million is, uh, insignificant.
"Yeah, 'cause $100 million is, uh, insignificant."
When the US gov literally loses billions in cash sent to Iraq, yes 100M is insignificant.
Not to mention PBS is one of those rare things the gov is involved with that doesn't double as corporate welfare.
Hey, eat a dick. If you don't think $100M is significant, lobby congress and tell 'em to give it to me.
The soothing, whispered tones of the broadcasters on PBS, while they sometimes throw out juicy tidbits of truth, are used in the same way a farmer uses them, as he's carrying the chicken in one hand and the hatchet in the other, straight to the chopping block.
Compared to the MIC & missing trillions, yes VERY insignificant.
Anything government funded is also subject to government propaganda.
PBS
is doing an infinitely better job with their coverage than all of the MSM combined.
PBS better be careful. They are a creation and creature of the Left. Piss the Democrat bundlers off too bad and the blowback might be that Democrats allow Republicans to cut their Federal funding. I doubt very seriously that would ever happen, but the underlings gotta' get the message to stay in line.
People are complaining about PBS(Propaganda Benefiting Statitsts) because they are a paid for by federal tax dollars to spew propaganda for the left. If they weren't they would be making the connections to Corzine and Obama and he would be and should be laughed out of office let alone every time he shows his face in public. He is protected by PBD, CBS, ABC, NBC, PMSNBC, CNN, NYTimes, Washington Post, etc., etc.. Why is nobody discussing how high gas prices are and that it just might be the presidents fault for cutting domestic production on public lands. The only domestic production is coming rom private land, i.e. Texas and North Dakota. Obuttfukk shuts down Keystone Pipeline from friendly Canada for "safety" while the guy at the EPA talks about his philosophy is to crucifix the oil and gas industry. Why do you think all of these media hate Fox News? Because they "try" to provide the other set of facts that the major media purposefully ignore, distort, or make-up out of thin air, think Dan Rather and the faked document that said Bush was awol. They are propaganda meant not to inform but continue a false Democrat/Republican battle rather than a individual freedom vs collectivized rights.
Dude: if you think you were held at gunpoint and forced to do your taxes, I really want to meet your dealer.
Jesus, Meat, you're an embarrassment. I don't know which is worse: the possibility that you're actually so obtuse as to be unable to realize that the government does, in fact, extract taxes from its victims under the threat of violence, or that you think "You must have been high when you wrote that...hoo hoo hoo..." constitutes wit. Fucking unbelievable. That was probably a cliche when our remote ancestors were hunting mastodon.
On the first point, Meat, here's a gedanken experiment for you. (It means "thought experiment," Meat, in case you were wondering. And yes, it will require that you use your imagination, but give it a shot...) Imagine what would happen if you peacefully declined to pay any more taxes. They're "voluntary," right?
If that's too much of a stretch for you, I'll give you the answer: To begin, you'd get a series of increasingly threatening letters from a bunch of people calling themselves the IRS. If you continued to refuse their demands, eventually they'd send a gang of scary, heavily armed men in black costumes to kidnap you. If you tried to defend yourself, they'd kill you.
And now if you'll excuse me I have to go meet my dealer.
This nothing more than chum to keep the fish quiet momentarily.
The allegiance to the gargantuan governance by the rich and powerful for the benefit of the rich and powerful is laughable.
Billion, not "Million", god I'm helpful
He's the President's biggest bundler. That money isn't missing, it's offshore being laundered and pressed for this fall's election.
+1 Insightful, prescient, sharp, poignant, forward-looking.
money creation in a fiat regime
is debt creation and nothing is
easier or more tempting when all
integrity has been externalized,
securitized or otherwise dis-located.
... on Money
http://verbewarp.blogspot.com/
.
"...Do not believe that the history of mankind is non-existent; fore, it remains true and available for the seeker of knowledge; yet, here be tygers for those of dogma.
What is the definition of "money" ? This is the question unanswered by the battalions of Economists that are ruling / destroying the World!
The answer is simply as contained in the following:
word/money: Ancient texts written by the hands of those giants of philology and Gnosis have it that a certain phase of the Atlanteans had and utilized the origination of money. They yet carried it on them in types of materials of skins and tokens - which reminds us of a number of the American Indians, as an indication of the person's stature, integrity, capacity, credibility, coherency and community standing. It seems like this "money" was not exchanged, as fiat today, but established the credentials of the Parties in the exchange (trade) which was carried out and effected by the "word" of each Party, after viewing and validation of each others credentials albeit through the viewing of this "money".
From the Greek legend reading "Phaenos emi sema" we have in translation as regarding "money", either as "I am the badge of Phanes" or "I am the sign of light".
In the beginning was the Word, and the Word was with God, and the Word was God. John 1:1" .....
Ronnie Lane's slim chance- Done this one before/Flags and Banners
http://www.youtube.com/watch?v=ZsJdtQaIbhY&feature=relmfu
.
"Last night I was woken by my cry
Had a dream just as plain as you and I
Saw the morning sun on a woodland in the spring
Still hear the echo crashing through the trees
Oh when I saw you down I fell upon my knees
You and I we were wearing Southern Grey
I called to you but I used another name
I beat the ground and I cried out in your pain
Through a scarlet door I watched you slipping away
And your brother's helpless prayers were all in vain
Last night I was woken by my cry.."
.
get it? so be it.
I watched this last night. Can one of the financial geniuses on this site explain to me how in the hell can profits be booked
at the beginning of a trade ???
My guess is from short selling on an accrual basis, but I would have to watch the video to be more certain. The costs are booked after the short position is covered. Make sense?
Not in the least...
Now that I think about it, and have another fresh cucumber and Cazadores margarita, it would be shorting on a cash basis that would allow it, not an accrual basis. But I ain't no CPA, or financial genius, so don't take it as gospel.
More importantly, Hulk, what do you think about the recent increase in US crude production due to fracking?
I'll bite.
Peaks Oil Theory?
I think its a rather insignificant increase in production, with a significant chance to fuck up the ground water if not done properly (which costs more money)...
Don Calzone has all the SEC regulators, as well as Barry and Eric, in his pocket like so many nickels and dimes.
Too bad Madoff wasn't a former partner at the squid. License to steal.
Dedicated to Mr. Corzine. The best way to rob a bank (or investment fund/group) is to own one, apparently: http://www.youtube.com/watch?v=YONnbasNGFw
His supportive relatives can listen with glee, I'm sure.
Funny how things work out - MF Global = Mother Fuckers Global - and, they were. John Corzine's initials = Jesus Christ, and, he thought he was. Now, let's take that rat bastard out to the middle of the Pacific, and see if he can walk on water. If so, all is forgiven. If not, I am sure the fish will clean up the mess , however distasteful.
sleeping with the fishes...old song new candidate!
PBS Frontline wouldn't touch Richard Grove's whistleblowing on SarBox compliance software back door. (snicker)
tragedy and hope dot com
I wonder when PBS will do a piece on Corzine funneling 1.3 billion stolen dollars to the Obummer campaign .
could someone other than me kill the (M)(F)...............?
My internet IP is outside the USA, so I can not see it. Global Censorship. The Occult is starting to shut down the internet. Enjoy ZH while you can. And defend the Constitution and the Bill of Rights or perish.
-The one who expects Liberty and Security to be provided by their Government, deserves neither.
-Benjamin Franklin
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety. -Benjamin Franklin
I'll state this for all the world to see, if Johnny boy comes through my town I will gun that son-of-a-bitch down knees first, nurse him to health and stomp his head to a curb.
corzine for Presidente
Forewarned
"It appears our traffic has broken the PBS servers for now."
There are the Vandals...and then there are the Zeroheads
must watch has become not available
and can't watch. SOON THE EYES WILL
HAVE IT.
It's good to see that there is actually still one media outlet (other than blogs) that will produce and air this type of program.
I can guarantee you that this type of expose will never appear on FOX, NBC, CBS, ABC or any of the other wholly corporate owned "info-tainment" channels that pass themselves off as "newsy". (and if it did appear, you can guarantee, that the network board or directors would get a reminder call the next morning, from whoever the story was about (and whichevercorporate media conglomerate represents them) reminding them about the "deal" they all created not to shine the light in any meaningful way on each other (I am not sure if that is how it works...but is sure as fuck seems so...the whole "corporate media model reeks of collusion and obfuscation)
Regardless of what your views on PBS funding (from the Gov't / national endowment for the arts), I for one take joy in knowing that perhaps, just perhaps, some of my tax dollars helped shine the light on these cockroaches by paritally supporting the creation of this program.
There are SOME good uses for tax money afterall.
Some sound bite will be extracted and distorted by the various media if this program gets any traction. Both MSNBC and FOX will have their own biased takes on said sound bite. Otherwise, only the few who actually care will ever see the program. Santelli has a burr under his saddle about MF and Corzine, so there could be some exposure there.
fox is silly and msnbc is a corrupt fascist money loser....hope and change baby...not mentioned. obama changed us from a silly doltish nazi leader to a corrupt mean racist dog eating nazi leader....when a democrat promised change, get ready for the ovens. republicans dont even have to apply.
when to the masses revolt and....oh look a cow!!!!!
Since JUSTICE refuses to serve Corzine with his due, I think we should string him up by his ball sack, and let the entire country take a swing at him like a pinata. When he bursts forth, we can move on to Dimon, Blankfein, and Zukerman, and then work our way down the line.
Perhaps the criminal Banksters will get the message then.
Heh. Who am I kidding. That lot is too thick and egotistical to get any message that subtle.
ETA: SURPRISE!!! Today, my Company told me that they took it upon themselves to pay the $18,000 to make me a member of the ANA. I just looked at them blankly. After an awkward moment of silence, I asked them why they didn't grant my ATP request, or just give me the money as an Incentive Bonus.
"We're not allowed to by Federal Law to give away that amount of money, and this is worth far more than your ATP request," they replied. "Now, you can network with the Biggest, Brightest CMO's in Business."
I told them this (only slightly paraphrased): "This really means a lot, really. Coming from a man who espouses the Bill Hicks School of M&A, it means the world that my employers know and appreciate me so well."
Not a single, damned one of those over-paid fucktards knew who Bill Hicks was. AWESOME.
Folks-- your Government just wasted nearly $20,000. It's taken me two years to do it, but I have the next person in line for Leads Generation beat 2-1, in a pool of hundreds. I was a Theatre Design Major. Never took a damned Marketing Class in my life, and avoid that lot like the plague... save to mock them openly.
The upside is that I get to chat up the CMO's of such excellent Companies as BP, Kraft Foods, Altria, and DOW!
I suspect they'll regret their decision to not just stuff that cash into my pocket... or just pay off my STULOANS... whhich would have ALSO been cheaper.
This is the work of the best and brightest of the Military/Industrial Complex in action. Viva L'Meritocracy -- Bitchez!!
If you're an ANA Member-- I PROMISE you that your Committe Meetings are about to get one HELL of a lot more interesting.
front line has already demonstrated that it is a cover organization for wall street with previous 'informative' specials about wall street "greed" .
they are pushing the same old line about wall street just being a greedy place where people face stiff competition.
even libtard yvess smith ( who i both admire and look down upon as a naive retard) have been forced to tackle with front line's audacious 'interpretation' of the 'truth' of the story.
front line is lies and propoganda but the liberal left trust frontline as their interpreter. this is the story folks. the libsheep will follow at the frontline as directed.
Your take is simply too harsh and too absolutist. For me, any exposure is good exposure. Get the public to take notice and we'll have some action. I just don't see any downside to this program, or the fact that others may take issue with all or part of it. The more the merrier you might say.
"For me, any exposure is good exposure."
Rocky
We get your bigger point but, unfortunately, so do shitty entertainers.
I believe if Corzine had followed ZeroHedge, he wouldn't have ended up in this mess, the hubris!
So the customer funds are with JPM. Now what?
JPM needs to be charged with Receiving Stolen Goods to begin with.
I believe they are now in the hands of a guy named Wienstein. HA HA HA HA HA HA
Has Chris Whalen had an eye lift?
Arrogant humans bow down to chaos.
The narrator for Frontline rocks!
He could read the phonebook and convince you it was Dashiell Hammett
He's the Best. His name is Will Lyman. He does the voice-over for BMW and The Most Interesting Man in the World spots as well.
This guy is a clown. He comes from a dumpy town in Illinois and trashed New Jersey. He should go to jail like Madoff.
Frontline is a quality non biased source of Media. Zerohedge obviously is not posting garbage.
The more I watch the financial industry the more I think its like some kind of entertainment. Its like who can make the biggest loses and look like the biggest fool is the biggest celebrity. Its like a reality show but really stupid.
What other industry out there looks forward to crises. (Other than the government and law enforcement?)
Ina Drew:
Her eyes light up at the mention of last summer’s European currency free-for-all and she breaks into a grin when talking about the 1987 stock market crash.
“Crises make markets volatile, increase the flow of funds and provide us with more information,” she says.
I'm so happy to know our suffering gives her pleasure.
Wall Street Morality = Bankrupt
I look at those pics of Corzine and Paulson in the early part of the film and chills run up and down my spine. I admit it. These people scare the holy shit out of me now. The comments in the early part of the film are the whole story. You look at these people and you can’t see who they really are underneath. Even after they cause a catastrophe beyond the imagination they can still put on the mask and fool you. It’s like that scene from the Exorcist where Father Karras looks at an image of his mother sitting in the bed. He knows it’s the devil, but, even in his mind’s eye he can’t see the truth. Do you really think it’s any different with Lloyd Blankfein, Jamie Dimon, etc. The only ones who can see it are the people like themselves, and that’s what the recruiting process is all about at these firms.
Bow down all you terrorists; you’ve got nothing compared to this bunch.
Who are these men of lust greed and glory?
Rip off the mask and let’s see.
But that’s not right.
Oh no, what’s the story?
Well, there’s you and there’s me.
Crime Of The Century, Supertramp
Well said, Downtoolong,
They are all acting. Pretending. They are doing and saying whatever they need to in order to get and keep what they have. We don't know who they are. They are not movie actors, they are political actors, corporate actors...merely assuming a role. Corzine paid what? $100,000,000 for his desired roles in politics and finance. He's clearly certifiable.
Here's a short clip of Marlin Brando speaking with Dick Cavett about acting, start at 5:40
http://www.youtube.com/watch?v=8MErL2jRJII
As the whole MF Global mess continues with no resolution in sight, it has to make you wonder if there is a sinlge judge and prosecutor in the whole of Illinois that won't go after Corzine and company. I mean, the theft occurred in Chicago, (at the CME), and there is absolutely no doubt that over $1bn USD is missing. So what is so complicated in a prosecutor arresting the top 25 people who worked at MFG and say to all of them together, (whilst they wear that natty prison garb), this:
"The first one who sings gets the best deal. We're missing a billion and a half and no one goes home until it turnes up." Done. If they all plead the fifth, charge them all with conspiracy and sent them all up together. Remember that if they had held someone up with a gun for a mere $20, they'd all be sitting in jail awaiting trial. And as noted elsewhere, if JPM is holding the loot, then they are either a) an accessory after the fact and/or b) guilty of recieving stolen goods. They too could enjoy the benefits of wholesale corporate incarceration until the "stolen goods" materialize.
How is Corzine not in fucking jail. Prosecute the fucking fraud and restore the rule of law, period.
I remain long black markets and guillotines.
Corzine owns the fucking jail. The fucking prosecution fraud restores the law of rule, period.
http://www.oftwominds.com/survival-plus1.html
JAIL CORZINE
JAIL CORZINE
JAIL CORZINE
Wow. Much worse than even my wild imagination allowed me to believe.
Jail is too good for Corzine.
...considering this occurred about 6 months ago (yawn)...and they do a "story" on it now?...maybe change the name from "frontline" to the more appropriate "back-of-the-line"...i haven't watched this show for a while now...but, i am curious whom the "major funding by" corporations were.
BANKFELLAS:
Ultimately, it’s like what happened to Tommy in Goodfellas, when he’s ultimately killed off instead of becoming a “Made man”:Casino; alleghory, its always about the bundling dollars, the BundlerGATE diollars.....fraud, we dont need no stinking badges to find fraud... LOL
Bankfellas:
Jimmy Conway: Yeah.
Vinnie: Yeah.
Jimmy Conway: Who’s this?
Vinnie: This is Vinnie.
Jimmy Conway: Vinnie, what happened?
Vinnie: Well we-…
Jimmy Conway: You get it straightened out?
Vinnie: No, we had a problem… and uh, we tried to do everything we could.
Jimmy Conway: What d’you mean?
Vinnie: Well, you what I mean. He’s gone, and we couldn’t do nothing about it.
[pause]
Vinnie: That’s it.
Jimmy Conway: What d’you mean? What d’you mean? Uh…
Vinnie: He’s gone. Uh, he’s gone.
[pause]
Vinnie: And that’s it.
And that’s it. There was a problem, they tried to straighten it out, but there was nothing they could do, so the money’s just gone.
HONORABLE Jon Corzine - former senator and govenor and titan of Wall street. US - a nation of laws, not men. Most transparent markets in the world. FREE enterprise. All men are equal before the law. A meritocracy.
The zero hedge comment board must be like what the average Russian thought and spoke only to trusted friends in the old Soviet Union - an understanding that despite never ending propaganda, everything said by the state and the media is 1,000% bullshit. Never ending grandstanding about how just the society is, how great it is, how fair it is, ad nauseum. the daily ass raping is bad enough, but the incessant proclamations of how loving and virtuous the great ass rapist is are beyond endurance...
There are a bunch of good interviews and other articles on the Frontline website as well.
http://www.pbs.org/wgbh/pages/frontline/mf-global-six-billion-dollar-bet/
http://youtu.be/bYmuGKBGnmM
BANKFELLAS BANKSTER VS THE FREE MARKET USERS, (HOW TO END IT AND ENFORCE IT)
I would love to see a graph showing the number of years spend in jail for stealing money versus the amount of money.
If you hold up a liquor store and get $200 - 5 to 10 years
If you ruin the retirement of hundreds and steal millions - 1-5 years (if you ever go to jail at all)
Watched it on tv. Not one mention of ripped off gold.
They should put Corzine in jail so Obama can get him out - we know Corzine has at least one get of jail free card. Destroys everything he touches or gets involved in, the guy is evil. Greed is only part of his problem, money was the measurement but not really the goal - Power, Respect - thta's what he wanted more than anything, thus the huge positions.
Jon epitomizes the new American businessman and politician, fuck everything for personal gains and power, even if it destroys the company or country that I am responsible for. Honorable my ass, they actually had that on his name tag! If he doesn't go to jail that should make it clear what kind of society we now live in, obviously he won't as no 2008 financial terrorist has ever been tried so why would they go after him? 1.5 billion is hardly worth pursuing in the context of trillions and trillions of dollars stolen.
JPMorgan is next and bsaically for the same reasons on the same types of trades, how fucking stupid are these people? JPM's position rose to over 100 billion dollars, when this is all said and done it will have wiped out at least a quarters worth of earnings if not the firm entirely - they are big but they can't withstand a 100 billion dollar loss. That's only part of it, JP Morgan is involved in so many nefarious activities that going out of business would seem like an absolute - but with gubmint bailouts always at the ready - no worries, that's why Jamie isn't worried. Lest we forget, he sites on the board of the NY Fed! afterall.
I'm sure Moynihan and Blankfein are committing similar abuses of the system, treating things as hedges when they are clearly prop trades! The crash is coming and the banks will once again lead it because of the same things that happened in 2008 - stupidity and greed! This will be the last crash in the current configuration, since this crash will be monumental in scale people will require changes in the next iteration.
Wear your seatbelt Corzine
Unbelievable that this human is still walking around a free man. Simply beyond comprehension.
if regulators and prosecutors stop protecting investors, it is logical that they will consider taking the law into their own hands. history has proven that vigilantism is born from injustice. i hold the regulators to blame. they have failed the people that they swore to protect. the SEC, CFTC, FBI are complicit by virtue of their inaction. i think big changes have to happen at the highest levels of law enforcement before the investing public will return.
Another puff piece by the Progressive Broadcast System, pretty much a bunch of regulators doing the mea culpa while laughing about it, Corzine get to sell his story
Looks to me that Frontline let BHO off the hook on the Corzine/Gensler nutty buddy thing.
Whats the common denominator with all the massive frauds of the last 15 plus years? What no one else can notice its always about booking revenue now without waiting to see what it actually does economically at the end of a transaction. It was right there in the first five minutes of this program.
How come they can book these revenues immediately? Its akin to if Lamborgini or Ferrari started self financing their cars to minimum wage earners. Structure a loan with zero down and say $100 a month for the first couple of years. IN year three payments increase to $5,000 a month. Book the entire sales revenue when customers drive off the lot. I don't think anyone has trouble identifying fraud in the above hypothetical.
Why can't it be identified when its a multi million dollar telecom switch or multi billion dollar power plant????
GAAP accounting much like the IRC is clearly rigged for the ubher large corporate entity at the expense of the regular joe. And its clearly based on delusions.
The entire idea of making revenues out of thin air is criminal because somebody has to pay for the gamble and it's always the weaker ones, as happened everywhere in the World and still goes on. It's all been written many times. It was Einstein to say it's stupid keep doing the same things and hope for different results, wasn't he?
While I certainly feel sorry for the people who were defrauded by Corzine, I can't help but wonder about the mindset of those who put their money in his care. Here we have a guy who is a
1) serial politician, from New Jersey, no less,
2) former CEO of a major investment bank,
3) known associate of yet another notorious serial politician, Barack "President" Obama,
and who thinks buying IOUs from bankrupt entities ("governments") that can only be paid back by extortion ("taxation"), counterfeiting ("inflation"), or more borrowing is a wise investment.
I wouldn't loan a guy with that resume a dollar for the vending machine and expect to ever get it back, let alone allow him to make investments for me.
Still, I hope the people he ripped off eventually get compensated.
Corzine is such a pussy that if you gave him a titty twister he would be crying real tears to stop. A true coward in the piss yellowest sense and smell