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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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.

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.

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. 

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

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?

Harlequin001's picture

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

Just askin'

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.

 PL

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.....

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...

GetZeeGold's picture

 

 

FREE JON CORZINE!!!!

 

Oh wait....he is.

 

nope-1004's picture

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

Brings the best out in people.  LOL.

 

Ahmeexnal's picture

What did you expect from Don Corleozine?

backseatdriver's picture

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

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.

backseatdriver's picture

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

connda's picture

"Cockroaches" pretty much summed it up.

Blammo's picture

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

Darth..Putter's picture

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

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.

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

tahoebumsmith's picture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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?

Harlequin001's picture

ok, you're forgiven then.

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

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.

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?).

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.

 

UP Forester's picture

....from this mortal realm!

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.

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.........

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.

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.

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.

fnordfnordfnord's picture

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

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.

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.

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.

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.

WillyGroper's picture

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

q99x2's picture

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

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:

 

http://nataliemedia.com/serendipity/wp-content/uploads/2008/08/dukakis.jpg

 

JFC!

 

 

 

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.

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.

brooklynlou's picture

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

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.

FeralSerf's picture

Nixon was never prosecuted and Ford pardoned him anyway.

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...

http://www.nationalreview.com/articles/226728/unpardonable-holders-marc-...

[EDIT: For addendum]

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).

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.