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Guest Post: MF Global: Comments From A Bank Executive

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Mon, 10/31/2011 - 16:00 | 1829587 CClarity
CClarity's picture

Corzine bought himself the legacy he deserves.  And I liked him way back in the GS and Primary Dealers days of the 1980s.

Too bad for all the employees he drowned.

Mon, 10/31/2011 - 16:15 | 1829617 redpill
redpill's picture

He's a piece of shit like so many of them.  Gross negligence doesn't begin to describe it.  How you can be so horribly wrong and lose so much money is unbelievable, and not only are you not jailed/sued/lynched, you get a $12 million check to boot.  Are you paying attention, OWS?

 

And it's grossly satisfying to watch this absurd stock market finally roll over in the final 30 minutes of trading to spoil the pre-loaded "what a great October!" stories on CNBS and Yahoo Finance.  Happy Halloween you talking head fuckers!  The market decided to dress up as reality.

Mon, 10/31/2011 - 16:21 | 1829663 GeneMarchbanks
GeneMarchbanks's picture

Agreed. Tomorrow, however is the 1st, usually a major melt up day. Headlines being brainstormed over at the CNBC lab as we speak...

 

 

 

Mon, 10/31/2011 - 16:42 | 1829733 trampstamp
trampstamp's picture

Uhmmm... That trade hasn't worked for months now. ZeroHedge did an article on this a while back. So we'll see if the trade doesn't until it does.

Mon, 10/31/2011 - 19:12 | 1830043 TwelfthVulture
TwelfthVulture's picture

And it worked great until Tyler reported it.  After that, it only lasted another month or two.

Mon, 10/31/2011 - 18:34 | 1829930 Poor Grogman
Poor Grogman's picture

They must have been desperate, shouldn't this have all been put to bed over the weekend...

Mon, 10/31/2011 - 16:24 | 1829673 Problem Is
Problem Is's picture

Because in Crony Capitalism...

You always fail upwards...

See: Robert "The Rube" Rubinite....

Mon, 10/31/2011 - 16:27 | 1829681 john39
john39's picture

just doing his part to prop up the global fiat ponzi...  MF shareholders? economic cannon fodder...

Tue, 11/01/2011 - 13:43 | 1829918 Pitchman
Pitchman's picture

Because in Crony Capitalism...

You always fail upwards...

 

... You see, as with the $1.2 Billion SunPower scam below, in the NWO Game of Debt Slavery Economics the House Always Wins And You Are The Mark.

See: Obama's Problem With Solyndra: It's A Warm Up For SunPower

*

When it comes to financial terrorism, waged against the people, the President has abdicated his Constitutional Oath and that is an act of Treason.

See: HOUSING: To Solve The Problem You Have To Force Very Large Banks To Recognize Loses

*

THE FED’S DEBT SLAVERY ECONOMIC MODEL is the genesis of funding for the elite money power.  Such power concentrated in the hands of so few is the most pernicious corrupting force, for which all others follow.

See: END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC

 

- Inflection Point

Mon, 10/31/2011 - 16:28 | 1829679 Fish Gone Bad
Fish Gone Bad's picture

I am pretty sure it was not his fault.  He watched CNBC diligently.

Mon, 10/31/2011 - 18:40 | 1829946 realitybiter
realitybiter's picture

If only Corzine got Chinese justice....

He's be saving his family the embarrassment of the formality by swallowing the barrel, now.

 

Instead, he looks like the clown he is, screwing everyone around him (financially), safely insulated by his years of ill-gotten gains.  POS.

 

Those Chinese, very smart......

Mon, 10/31/2011 - 20:20 | 1830203 malikai
malikai's picture

Probably not, unless it was politically appropriate.

But they certainly set good examples.

Mon, 10/31/2011 - 19:57 | 1830145 monkeyboy
monkeyboy's picture

Anyone know if IB are in the same boat?

Mon, 10/31/2011 - 22:48 | 1830642 Godisanhftbot
Godisanhftbot's picture

 not likely. the man that runs IB is not a piece of shit like the folks that have destroyed these other firms. It's still his money, and he's no fool. 

 

 why aren't those morons  in the tents calling for Corzines head? If anyone should be forced to pay for the damage out of his own pocket its this clown

Mon, 10/31/2011 - 23:46 | 1830777 jeff montanye
jeff montanye's picture

true words.  taibbi?

Mon, 10/31/2011 - 16:45 | 1829741 Ruffcut
Ruffcut's picture

Designed destruction at its best. TIme to remove the "political" connections and replace with a rope and noose. Don't want to break the connect but make it a little better suited.

Mon, 10/31/2011 - 17:09 | 1829789 Sequitur
Sequitur's picture

Good article on all the conflicts which may have prevented the NRSROs from reporting downgrades:

http://www.americanbanker.com/bankthink/cozy-ties-mf-global-downgrade-10...

Mon, 10/31/2011 - 18:39 | 1829940 Zero Govt
Zero Govt's picture

Yes what was MF Goonballs Credit Rating Agency rating yesterday?

Mon, 10/31/2011 - 18:47 | 1829970 oklaboy
oklaboy's picture

great read, thanks for the link. Corzine was scum before, and scum now, he just hangs with the good old boys. 

Mon, 10/31/2011 - 17:51 | 1829854 Freddie
Freddie's picture

Corzine, Rubin (a real POS), Madoff, Stan O'Neil (MF'er), Franklin Raines, The Sandlers - all lib Dem scum like the muslim in the white hut.

Mon, 10/31/2011 - 18:58 | 1829999 Pure Evil
Pure Evil's picture

Damn Freddie, tell us how you really feel.

 

Freddie: "Damn MoFo moslem in de honkey hut"

 

More like a barrel of monkeys hangin' out at the honkey house!

Mon, 10/31/2011 - 19:09 | 1830033 TwelfthVulture
TwelfthVulture's picture

I agree wholeheartedly.  Yet I feel I must point out the obvious.  It's not just the dems, it's the whole damn system.  Ignore all the presidents, vice-presidents, senators, representatives, and even the hated lobbyists.  In my short life, I swear, it has been the same dozen or so incompentent asshats who have been "advisors" to every single administration, dem and repub.  I bet that if you did the right research, one would discover that they all pledged the same fraternity, therefore, they can't be discharged, no matter how many complete and total fuckups they are responsible for, since they all know who was at the giant cock-sucking, ass-fucking gay orgy and will gladly spill the beans if ever a pink slip appears on their desk.

Mon, 10/31/2011 - 20:17 | 1830196 i-dog
i-dog's picture

  >> "if you did the right research, one would discover that they all pledged the same fraternity" <<

I have ... and they did! However, none of them will ever spill the beans ... because the penalties for doing so, to both themselves and their loved ones, are too dire for them to contemplate.

Mon, 10/31/2011 - 21:07 | 1830307 blindman
blindman's picture

why is it that we can speculate and calculate the consequences of
doing the wrong thing but are incapable of contemplating the
results of doing the right thing? is it a defect?

Mon, 10/31/2011 - 23:51 | 1830786 jeff montanye
jeff montanye's picture

i'm going with it's a defect to the degree that anyone contemplates consequences of any sort at all.

Tue, 11/01/2011 - 03:55 | 1830997 anonnn
anonnn's picture

Psst. Skl&Bns originally outed in late 1800's by 1 of its members.

Namely, ex-Yalee and later Professor of Chemistry Benjamin Silliman who did 1st comprehensive analysis of crude oil from 1st well in USA [Pennsylvania].

Mon, 10/31/2011 - 16:00 | 1829590 Chuck Bone
Chuck Bone's picture

If you liked Corzine as head of MF Global, you'll love him as Secretary of the Treasury.

Mon, 10/31/2011 - 16:02 | 1829596 JenkinsLane
JenkinsLane's picture

+100

Mon, 10/31/2011 - 16:09 | 1829623 TuesdayBen
TuesdayBen's picture

Nah, feels the same whether I pay for the asswipe directly or indirectly.

Mon, 10/31/2011 - 16:09 | 1829631 Frank N. Beans
Frank N. Beans's picture

yeah, even better'n timmay

Mon, 10/31/2011 - 16:27 | 1829684 Problem Is
Problem Is's picture

Corzine looks like a Bernank double...

For A New FED Chairman
Just insert Corzine in The Bernank like a suppository...

Mon, 10/31/2011 - 16:24 | 1829664 ToNYC
ToNYC's picture

 

If you don't think it was his Goldman Sacker special c*ck into NYFED Dudley do GS Right, you should remain sleeping. Collateral damage. Locals bleeding = chump change. Who cares? Henry Kissinger's next call.

It works 'till the streets get South America just adjacent to 9-11-73

Mon, 10/31/2011 - 23:56 | 1830795 jeff montanye
jeff montanye's picture

don't understand the last sentence.  it would seem to work even better after the cia led coup.  but we would have to have an opposition administration.  paul/johnson?

Mon, 10/31/2011 - 17:22 | 1829812 orangedrinkandchips
orangedrinkandchips's picture

chuck is SO right on....YOU JUST FUCKING WAIT....THE FUCKING MUTT WILL BE THE NEXT SEC OF TREAS. YOU JUST WAIT!

 

It is beyond comprehension. On second thought....nah....(it was in 2008 but not now).

 

Move along, move along...nothing to see here.

Mon, 10/31/2011 - 17:59 | 1829868 trav7777
trav7777's picture

how about as new Fed chairman?

Mon, 10/31/2011 - 18:01 | 1829874 Pitchman
Pitchman's picture

Head and sholders above Timmah - http://www.youtube.com/watch?v=tCQdplsl99E

 

THE FED’S DEBT SLAVERY ECONOMIC MODEL is the genesis of funding for the elite money power. Such power concentrated in the hands of so few is the most pernicious corrupting force, for which all others follow.

See: END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL DEMOCRACY

 

***

“The most potent weapon of the oppressor is the mind of the oppressed.” - Steven Biko

See: Peter Schiff Occupies Wall Street: Government Is The Problem But Ignorance Abounds

 

Tue, 11/01/2011 - 04:55 | 1831029 zhandax
zhandax's picture

Thanks for the link....haven't heard that in 30 years.  Don't forget the other video in the right hand margin.....http://www.youtube.com/watch?v=W1IzySRln_I&feature=related

Thank goodness Frank gave us the answer 30 years ago while most of us were too stoned to realize what the question was.  Having it in our subconscious made it easier to find when we finally woke up.

Mon, 10/31/2011 - 16:13 | 1829597 GeneMarchbanks
GeneMarchbanks's picture

Motha Fuckin Global...  Collapse!!!

Mon, 10/31/2011 - 16:02 | 1829599 Vergeltung
Vergeltung's picture

seems like an interesting inside perspective. wish there was more!

 

Mon, 10/31/2011 - 16:03 | 1829605 RSloane
RSloane's picture

He will return to government where he was well appreciated. I'm sure he misses the ass-kissing.

Mon, 10/31/2011 - 18:46 | 1829966 Zero Govt
Zero Govt's picture

wherever Goldman Sucks staffers roam there seems to be another train wreck

...or am I imagining things!

Mon, 10/31/2011 - 16:07 | 1829609 Mercury
Mercury's picture

But Corzine takes the cake, jumping into European sovereign debt of all things. WTF ?? I mean, doesn't he read zerohedge ? They blew the whistle in like 2008. From news reports, Corzine himself was the primary trader taking ever larger positions in government debt. That's almost astounding. If you liked Bear Stearns leverage, you'll love MF Global.”

 

Oh Mr. Corzine, that voluntary haircut looks fabulous on you...very European.  Did you get it done in Brussels or New York?

Mon, 10/31/2011 - 16:27 | 1829683 Hedgetard55
Hedgetard55's picture

"But they won't because they are all too powerful and very politically connected."

 

So said Marie Antoinette.

Mon, 10/31/2011 - 16:30 | 1829691 Problem Is
Problem Is's picture

Haircut??

Corzine just had Carla Katz put a chili bowl on his head in his/her New Jersey office....

Mon, 10/31/2011 - 18:57 | 1830001 TwelfthVulture
TwelfthVulture's picture

More like, Carla Tortelli.

Mon, 10/31/2011 - 16:05 | 1829611 TideFighter
TideFighter's picture

Corzine thought he was on an inside deal.

CDS is not booked income. TBTF banks next.

 

Mon, 10/31/2011 - 16:22 | 1829667 NotApplicable
NotApplicable's picture

Well, it's possible he was, but they just couldn't hang on until payday, due to the political difficulties?

Or perhaps the real inside plan is to break lots of stuff in order to have more for the survivors to loot, retaining solvency for another day?

There's just no telling.

Mon, 10/31/2011 - 17:54 | 1829861 Freddie
Freddie's picture

So what is the deal?  Was Corzine the scum bag a inside Goldman mole trying to wreck MF Global so Goldman could buy it for pennies?  Now I hear Interactive Brokers may buy it.  Who is behind IB?    Who at MFL Global was dumb enough to hire Corzine?  Some brain dead liberal board?

Tue, 11/01/2011 - 05:17 | 1831036 zhandax
zhandax's picture

That's what I am trying to guess.  If you read the link to the Revolving Credit Facility documents Tyler posted Thursday, Goldman was signed on as lenders to these turkeys (Credit agreement signature page 6 executed on behalf of Goldman by Mark Walton).

Mon, 10/31/2011 - 16:05 | 1829612 He_Who Carried ...
He_Who Carried The Sun's picture

Jail? They should be hung by their nostrils!

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