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Guest Post: MF Global: Comments From A Bank Executive

Tyler Durden's picture





 

Submitted by FMX Connect

MF Global: Comments from a Bank Executive

More from our Bank Exec friend, this time on MF Global after we tried to lay blame on Rubin, Thain and Corzine for blowing up their firms :

“MF Global. They named that company right. You probably didn't see it first hand but Lehman, Bear and Merrill were doing the dumbest real estate deals "ever" in the run up to the implosion. Every real estate veteran saw it, and while AIG's CDS exposure gets airplay, bad real estate lending is at the center of the disaster. So, Merrill was toast before Thain showed up. He was just the funeral director. Citi (with its 14 off balance sheet SIV's @ $1 trillion) was an abomination in progress before Rubin arrived, the Enron of banking and each and every officer and board member should go to jail. But they won't because they are all too powerful and very politically connected.

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.”

 


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Mon, 10/31/2011 - 16:00 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment malikai
malikai's picture

Probably not, unless it was politically appropriate.

But they certainly set good examples.

Mon, 10/31/2011 - 19:57 | Link to Comment monkeyboy
monkeyboy's picture

Anyone know if IB are in the same boat?

Mon, 10/31/2011 - 22:48 | Link to Comment 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 | Link to Comment jeff montanye
jeff montanye's picture

true words.  taibbi?

Mon, 10/31/2011 - 16:45 | Link to Comment 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 | Link to Comment 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 | Link to Comment Zero Govt
Zero Govt's picture

Yes what was MF Goonballs Credit Rating Agency rating yesterday?

Mon, 10/31/2011 - 18:47 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment JenkinsLane
JenkinsLane's picture

+100

Mon, 10/31/2011 - 16:09 | Link to Comment TuesdayBen
TuesdayBen's picture

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

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

yeah, even better'n timmay

Mon, 10/31/2011 - 16:27 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment trav7777
trav7777's picture

how about as new Fed chairman?

Mon, 10/31/2011 - 18:01 | Link to Comment 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 | Link to Comment 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 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Motha Fuckin Global...  Collapse!!!

Mon, 10/31/2011 - 16:02 | Link to Comment Vergeltung
Vergeltung's picture

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

 

Mon, 10/31/2011 - 16:03 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment TwelfthVulture
TwelfthVulture's picture

More like, Carla Tortelli.

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

Jail? They should be hung by their nostrils!

Mon, 10/31/2011 - 17:25 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

seriously, In Northern Africa, Gawd-awful(Gadhafi) and his klan for the last 40 something years would put a pole up someone's ass they disliked, turn it up and let gravity take it's toll....NO SHIT.....luckily, they would pass out from the pain as a normal prostate exam hurts like helll...(MOON RIVER!...Gee doc...you using the whole fist???)

 

THAT is what they deserve......nothing short.

 

I did love the part about Thain being funeral director....funny shit as usual from Zero Hedge.

Mon, 10/31/2011 - 16:05 | Link to Comment azusgm
azusgm's picture

Could he have been putting together a sovereign debt equivalent of the Abacus deal? That kind of hands on with blatantly toxic assets screams for an explanation. If he was building another Abacus, that would explain why the plug was pulled. The regulators and SROs don't need the political heat.

Mon, 10/31/2011 - 16:06 | Link to Comment Mike in GA
Mike in GA's picture

@Vergetung...

There IS more...and we've got a front row seat, right here @ ZH!

Mon, 10/31/2011 - 16:06 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Wanna have some fun?

Google with quotation marks "MF Global bankruptcy" then Google "Steeler Patriots" with quotes and check out the disparity in hits.

You already know which one will return more hits, dontcha now. laddies and lassies?

Mon, 10/31/2011 - 16:19 | Link to Comment Joe Davola
Joe Davola's picture

Now that Bellicheat can't front run defenses, it is important news.

 

By the way, now that Bocephus is out of the MNF picture, who is doing tonight's opening?

Mon, 10/31/2011 - 16:08 | Link to Comment Zola
Zola's picture

"Doesnt he read Zerohedge?" Reply: Oh you mean THAT fringe blog ? Of course not, I read the WALL ST JOURNAL and they told me a BAILOUT WAS COMING ?? So i load up on the debt because you know the ECB is going to BUY BUY BUY so i make $$$$ !! Of well i fucked up : time for my 15mil $ golden parachute...

AND THIS GUY IS HEAD OF MF GLOBAL ?? Gimme a break.

Mon, 10/31/2011 - 16:34 | Link to Comment Problem Is
Problem Is's picture

+1 Zola...

Corzine: "Oh well, I only lost some one else's money..."

Mon, 10/31/2011 - 18:55 | Link to Comment TwelfthVulture
TwelfthVulture's picture

Corzine: "Oh well, I only lost some one else's money, AGAIN..." 

 

Fixed.

Mon, 10/31/2011 - 18:01 | Link to Comment trav7777
trav7777's picture

He went to the Bill Gross school of loading up on bonds for QEs

Mon, 10/31/2011 - 16:09 | Link to Comment wang (not verified)
Mon, 10/31/2011 - 16:09 | Link to Comment SuSpencer
SuSpencer's picture

JC would have been much more successful had he just followed a more stringent set of Risk Management Prinicples:

 

http://www.youtube.com/watch?v=Qid_WGBrQjA&noredirect=1

Mon, 10/31/2011 - 16:09 | Link to Comment narnia
narnia's picture

the same team of shredders at PwC who probably just finished up Solyndra have a new project:

http://www.forbes.com/sites/francinemckenna/2011/10/30/mf-global-99-problems-and-auditor-pwc-warned-about-none/

Mon, 10/31/2011 - 16:11 | Link to Comment Killer the Buzzard
Killer the Buzzard's picture

Today is the last day for $5 footlongs at Subway bitchezzzz.

Mon, 10/31/2011 - 16:17 | Link to Comment TuesdayBen
TuesdayBen's picture

Isn't Subway a bit fresh for your taste?

Mon, 10/31/2011 - 16:36 | Link to Comment Problem Is
Problem Is's picture

SHIT! Today is the last day?

Can I have a foot long for which I will gladly pay you Tuesday??? No really. I will pay tomorrow...

Mon, 10/31/2011 - 16:12 | Link to Comment Note to self
Note to self's picture

Slightly OT but:  WHy is it that after horrible days with nearly 10% losses on the day in their stock price, MS and BAC show as nearly flat, +/- .04% on the dya if you get a quote from Marketwatch at 4:10 PM?  How does that work?

Mon, 10/31/2011 - 16:17 | Link to Comment Deadpool
Deadpool's picture

they don't. BAC down 7% today and MS down 8.65%...maybe you're seeing after hours.

Mon, 10/31/2011 - 16:18 | Link to Comment Note to self
Note to self's picture

must be

Mon, 10/31/2011 - 16:25 | Link to Comment SwingForce
SwingForce's picture

Those are after hours quotes, see the little moon icon? They wipe the slate clean at 4pm.

Mon, 10/31/2011 - 16:13 | Link to Comment JenkinsLane
JenkinsLane's picture

Tonight, Matthew, I'm going to be Nick Leeson.

Mon, 10/31/2011 - 16:13 | Link to Comment williambanzai7
williambanzai7's picture

Will anyone care to join me for some...

CREDIT DEFAULT SCHNAPPS

Mon, 10/31/2011 - 16:18 | Link to Comment Piranhanoia
Piranhanoia's picture

Is that what I'm going to look like afters?   

Mon, 10/31/2011 - 17:25 | Link to Comment Ruffcut
Ruffcut's picture

I'll pass.  This may that schnapps that tastes like ass and you wake up up with a big fat ugly something.

Mon, 10/31/2011 - 16:20 | Link to Comment Lord Welligton
Lord Welligton's picture

I'd drink the whole 750ml.

Cheers.

Mon, 10/31/2011 - 16:24 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Is that Chris Christie?

Mon, 10/31/2011 - 16:28 | Link to Comment kaiserhoff
kaiserhoff's picture

We'll need absinthe before this is over;)

Mon, 10/31/2011 - 17:43 | Link to Comment s2man
s2man's picture

I've bought wormwood seeds.  will let you know when I get the recipe for absinthe ;-)

Mon, 10/31/2011 - 16:28 | Link to Comment SwingForce
SwingForce's picture

In the can?

Mon, 10/31/2011 - 16:31 | Link to Comment williambanzai7
williambanzai7's picture

At this point there is no point in going to see standup comedy. All you have to do is watch the screen...

BAILOUT OUZO

Mon, 10/31/2011 - 17:48 | Link to Comment Pitchman
Pitchman's picture

Ouzo: Liquid Polio

Mon, 10/31/2011 - 18:54 | Link to Comment Zero Govt
Zero Govt's picture

Drunk on debt that's for sure ...I'm just watching Jean Claude Trichet on CNBC explain how very important it is for the ECB to quadruple the size of the brewery and keep all the drunks of Europe pissed as farts 24/7 for a decade to come

Brilliant stuff... pass the vodka popcorn

Mon, 10/31/2011 - 23:14 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

banzai i sent cyriak your blog, i wanted him to check you out. he's not political. but if you watch all his videos and look at the subtext of his creative messages. he's deeply subversive. please check him out. i'd love for you two to collaborate. seriously. that would be my dream. PLEASE watch his videos. it will take an hour, it will be worth it. 

Mon, 10/31/2011 - 16:33 | Link to Comment malikai
malikai's picture

Is that a PIIGS he's got his right foot on?

Mon, 10/31/2011 - 16:34 | Link to Comment Goldtoothchimp09
Goldtoothchimp09's picture

should read 112 proof - gotcha

Mon, 10/31/2011 - 16:35 | Link to Comment Baron Robber
Baron Robber's picture

hope that's in the store WB, I'll buy the shirt now

Mon, 10/31/2011 - 16:38 | Link to Comment Problem Is
Problem Is's picture

Damn it willb7... I'm trying to eat lunch here...

Mon, 10/31/2011 - 18:21 | Link to Comment 11b40
11b40's picture

Yo!  WB7.....Your Halloween post was FANTASTIC!

Anyone who missed it:

http://www.zerohedge.com/contributed/return-bail-out-thrilla-happy-halloween-zero-hedge

 

Mon, 10/31/2011 - 16:13 | Link to Comment Mark123
Mark123's picture

This is just another tiny fraction of the total and utter corruption to be exposed.  As Ron Paul says this all goes back to sound money (the lack of it).  Until that is fixed there will be no stopping this destruction of our wealth.   

 

And for those that pin their hopes on emerging markets....I hope you enjoy what they have in store for you.

Mon, 10/31/2011 - 16:27 | Link to Comment ToNYC
ToNYC's picture

Death by ZIRP. EuthanAsia currency: Mrs. Smith meet Mrs. Watanabe.

Mon, 10/31/2011 - 18:13 | Link to Comment earleflorida
earleflorida's picture

note: there are ~14 months left to debate whether or not to extend the FRB'System charter

let the debates begin!

Mon, 10/31/2011 - 18:50 | Link to Comment TwelfthVulture
TwelfthVulture's picture

It is the genius of the New Deal which halted and then reversed the upward mobility of a growing "super" middle class while at the same time instituting a permanent barrier to downward mobility for those who had already "made it."  The end of WWII, leaving America's manufacturing base largely unscathed threatened this construction, however, recent events have restored the status quo.

Mon, 10/31/2011 - 16:17 | Link to Comment Piranhanoia
Piranhanoia's picture

More whistles.  More blowing.  I want my ears to hurt.

Mon, 10/31/2011 - 16:20 | Link to Comment Yellowhoard
Yellowhoard's picture

I wonder if Corzine's wallet has Bad Mother Fucking Global on it?

http://www.youtube.com/watch?v=fi64t3zhDRQ

Mon, 10/31/2011 - 16:27 | Link to Comment jcaz
jcaz's picture

LOL- Corzine rolled the dice, it was his shot to get up to GS status-  he failed, but in his mind-  so what?  He has no skin in this game, and no liability as it goes down in flames.  He'll make some grandiose announcement that he's foregoing any claim to the $12M-  he'll struggle by on just his billion, plus the double government pension.

I'm sure he doesn't mind being called stupid, as long as he's not in jail.

Bet he's laughing his ass off at the world right now-  oh well, onto the next adventure,what else can I fuck up for free......

Mon, 10/31/2011 - 16:28 | Link to Comment ToNYC
ToNYC's picture

Triple damages will make him locked-in NJ farmer, sharecropping if he's lucky.

Mon, 10/31/2011 - 16:22 | Link to Comment Me XMan
Me XMan's picture

Wow.

Mon, 10/31/2011 - 16:26 | Link to Comment Deadpool
Deadpool's picture

dust in the wind:

An energy company that received U.S. loan guarantees has filed for bankruptcy, the latest black eye for a Department of Energy loan-guarantee program after Solyndra LLC collapsed two months ago.

Massachusetts-based Beacon Power Corp. filed for bankruptcy Sunday after running out of money building its first energy-storage project outside Albany, N.Y.

Beacon filed for Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del.

The company has been developing technology that could recycle unused power left over from conventional utility power grids.

The Department of Energy had agreed to back $43 million of Beacon's $69 million project in Stephentown, N.Y., according to court documents. The company has drawn down $39 million of the loan, according to the Department of Energy.

Mon, 10/31/2011 - 16:31 | Link to Comment Piranhanoia
Piranhanoia's picture

Sadly,  The idiot boy and his monkey trainer fired all real scientists for talking or reporting real scientific information that their retarded gentry they called their base loved them for.  There is no one left in the government that is allowed to make a truthful report, and very few that would be able to write one.

Mon, 10/31/2011 - 18:05 | Link to Comment trav7777
trav7777's picture

There were also the diversity mandates to account for.

Any organization lacking appropriate diversity is to be shut down or else have diversity imposed on it at all levels.

Mon, 10/31/2011 - 18:42 | Link to Comment TwelfthVulture
TwelfthVulture's picture

Don't forget the muslim outreach.

Mon, 10/31/2011 - 16:26 | Link to Comment RickyBobby
RickyBobby's picture

We're still waiting to hear back from ISDA on whether or not this is considered a credit event.

Mon, 10/31/2011 - 17:20 | Link to Comment SamuelMaverick
SamuelMaverick's picture

Now that is freakin funny. Thank you Rickybobby.

Mon, 10/31/2011 - 16:28 | Link to Comment FinalCollapse
FinalCollapse's picture

How many CDS issued for the MF Global? Or is it voluntary default?

Mon, 10/31/2011 - 16:29 | Link to Comment Goldtoothchimp09
Goldtoothchimp09's picture

 

These Goldman clowns have one trick - leverage up risk to the MAX consequences be damned... How about Hank Paulson at GS lobbying for more leverage?!

Why do these tools keep getting jobs?!?!  Suicide Bankers indeed.

Mon, 10/31/2011 - 16:41 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

exactly, same with all the financials, if they don't have leverage they got nothing, the psychopaths will lose everyone else's money trying to hit a home run for themselves

Mon, 10/31/2011 - 16:30 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Corzine is still a billonarie so none of this matters to him.

Mon, 10/31/2011 - 16:42 | Link to Comment ThisIsBob
ThisIsBob's picture

That is, after all, supposed to be the name of the game.

Mon, 10/31/2011 - 18:22 | Link to Comment robertocarlos
robertocarlos's picture

As long as he keeps his head I guess he'll be OK. What happens when all the money is replaced with a new money and FDIC is topped at 250k?

Mon, 10/31/2011 - 18:40 | Link to Comment TwelfthVulture
TwelfthVulture's picture

If you really think that this guy plays by the same rules as the rest of us, you, my friend, have no business here.

Mon, 10/31/2011 - 16:41 | Link to Comment Restcase
Restcase's picture

The timeline is amusing. Haircuts were announced FRI, which sent the MoFo board into weekend conferences. They should've been in conference all week.

They were probably beguiled by stories like:
Why It's Actually A Big Deal That Greek Bond Haircuts Talks Have Been Suspended

Common wisdom puts its money on the table and gets clobbered.

Mon, 10/31/2011 - 16:43 | Link to Comment SweatpantKing
SweatpantKing's picture

This is what happens in the real world when a politician lusts for more government debt.  nom nom nom

Mon, 10/31/2011 - 17:04 | Link to Comment franzpick
franzpick's picture

Imagine the bankers and sovereign leaders having painted themselves into a corner of the boardroom, and now asking for more paint to enable them a way out of the trap.

Mon, 10/31/2011 - 16:57 | Link to Comment Deadpool
Deadpool's picture

The following are MF Global Holdings’ largest unsecured creditors and shareholders, according to the company’s bankruptcy filing and related court papers submitted today in U.S. Bankruptcy Court in Manhattan.

Unsecured creditors rank behind secured lenders in getting repaid in a bankruptcy, and are ahead of preferred and common shareholders.

Unsecured Creditors:

JPMorgan Chase & Co. (JPM)’s JPMorgan Chase Bank, bondholder trustee, $1.2 billion.

Deutsche Bank AG (DBK), trustee for $1.02 billion in bonds:

Deutsche Bank Trust Co., bondholder trustee for 6.25% notes, $325 million bondholder trustee for 3.375% notes, $325 million bondholder trustee for 1.875% notes, $287.5 million bondholder trustee for 9% notes, $78.6 million.

Headstrong Services LLC, $3.9 million

Comcast Corp. (CMCSA)’s CNBC, $845,397

Sullivan & Cromwell LLP, $596,939

Caplin Systems Ltd., $427,520

Wachtell, Lipton, Rosen & Katz, $388,000

Linklaters LLP, $348,000 PricewaterhouseCoopers LLP, $312,598 Dean Media Group, $309,000

Oracle Corp. (ORCL), $302,704

ForwardThink Group Inc., $278,825

Bloomberg Finance LP, $276,064

The Gate Worldwide (S) Pte Ltd., $229,739

Lever Interactive, $178,900 Braxton Group LLC, $172,325 Forum Group, $154,300 Shearman & Sterling LLP, $135,500 RR Donnelly, $118,600 Infinia Group LLC, $115,001 Directors Fees, $105,000

ADK America Inc., $101,958

Shareholders as of Sept. 30, according to the petition:

Preferred Shares:

J.C. Flowers, 1.5 million preferred shares

Common Shares:

Pyramis Global Advisors LLC, 8.44 percent

RS Investments, 7.81 percent

Fine Capital Partners LP, 7.37 percent

Cadian Capital Management LLC, 6.17 percent

TIAA-CREF, 5.77 percent

Advisory Research Inc., 5.54 percent

Dimensional Fund Advisors LP, 5.41 percent

Rydex Security Global Investors LLC, 5.13 percent

=51.64% [idiots!]

The case is MF Global Holdings Ltd. (MF), 11-bk-15059, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Mon, 10/31/2011 - 17:00 | Link to Comment sbenard
sbenard's picture

Corzine needs to be sent to prison!

Mon, 10/31/2011 - 18:08 | Link to Comment ejhickey
ejhickey's picture

Or at least sent for a long stroll east from the Jersey shore.

Mon, 10/31/2011 - 17:06 | Link to Comment azzhatter
azzhatter's picture

Nice to see JC Flowers get buttfucked a little here 

Mon, 10/31/2011 - 17:18 | Link to Comment aerial view
aerial view's picture

The only way besides jail/execution to stop raging psychopaths from pillaging the world's wealth is to put severe limits on the amount of leverage for financial instruments and clawback clauses including their personal wealth when laws are broken. 

Mon, 10/31/2011 - 17:46 | Link to Comment jpintx
jpintx's picture

Corzine, like others named and thier ilk, confuse the ability to game the system, to screw the government/taxpayer and to fool investors, with the actual ability to trade.  First they need to be shamed and shown to be fakes, then jail works nicely.

Mon, 10/31/2011 - 17:47 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

"AH-HA!" Nelson from the simpsons....

 

THIS IS JUST THE START FOLKS.....JUST THE START.

Mon, 10/31/2011 - 17:58 | Link to Comment blindman
blindman's picture

http://archive.wbai.org/
Monday October 31 12:00pm
esp. minute 29. and don't miss the interview
at the last half. good program all around!
.
Sunday, October 30, 2011
END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL DEMOCRACY
http://notionalvalue.blogspot.com/2011/10/end-fed-first-step-in-restorin...
.

Mon, 10/31/2011 - 18:03 | Link to Comment 0cz
0cz's picture

I feel sorry for the poor fucking kids that are going to get Greek bonds in their candy baskets for halloween this year.

"Daddy what's this I got in my candy basket?"
"Oh son...that is why every parent should check their children's candy for harmful and toxic substances before we let them eat it."

Mon, 10/31/2011 - 19:37 | Link to Comment malek
Mon, 10/31/2011 - 18:11 | Link to Comment booboo
booboo's picture

Corzine is the Ted Bundy (NO, not Al, TED!!) of Fraud Street. He leaves pecker tracks and bloody foot prints from one rape scene to the next and the dummy cops are still stumped as to not only the cause of death but the perp. This pig fucker sleeps like a baby at night while most Americans fret that Animal Control will bust their door down and shoot their dog because they are a week late on rovers rabies shot.

If there was any justice in this world he would get mowed down and hung up under a New Jersey school bus.

Which reminds me, I was smootchin with a girl on a hill in New York once and she whispered in my ear "Kiss me where it stinks" so I loaded her up in the car and drove her to New Jersey.

Mon, 10/31/2011 - 18:13 | Link to Comment 0cz
0cz's picture

Send him a copy of "A Tale of Two Cities" for Christmas. 

Mon, 10/31/2011 - 18:19 | Link to Comment robertocarlos
robertocarlos's picture

How can a PD go BK? They get free money from the govt every auction.

Mon, 10/31/2011 - 18:36 | Link to Comment TwelfthVulture
TwelfthVulture's picture

Somebody tell me, "what are the odds that AIG wrote insurance (in some form or other) on this garbage?"

Mon, 10/31/2011 - 19:02 | Link to Comment sgt_doom
sgt_doom's picture

"..bad real estate lending is at the center of the disaster.."

Negative, but it's a great meme and subterfuge.

While there have been endless criminally fraudulent RE deals, and they need to be gotten after, the fact of the matter is that the subprime market was but a drop in the bucket of securitizations backing worthless credit derivatives.

The ultra-leveraged run, a replay of the one leading up to the Great Crash of 1929, simply began with the banksters having $1 of debt on hand for every $60 to $100 worth of debt, which they ran up to $1,000 using layer upon layer of credit derivatives, coupled with financial manipulation utilizing credit default swaps.

That really should be obvious to everyone by this time.

Mon, 10/31/2011 - 19:35 | Link to Comment malek
malek's picture

Oh, and what was the leverage of a guy buying a house 4.5 times his gross income with zero down? And you interpreted that original statement to be all about subprime only.

Mon, 10/31/2011 - 19:46 | Link to Comment mendolover
mendolover's picture

His NJ State Trooper chauffeur could have saved some people alot of $$.  Just sayin'.

Mon, 10/31/2011 - 20:10 | Link to Comment gs_runsthiscountry
gs_runsthiscountry's picture

"MF Global’s leverage ratio was 80:1"

http://www.forbes.com/sites/afontevecchia/2011/10/31/mf-global-the-fall-...

Nothing has been learned in the last 3 years, nothing.

That is all

gs_

Mon, 10/31/2011 - 21:16 | Link to Comment blindman
blindman's picture

Regulators Investigating MF Global
By BEN PROTESS, MICHAEL J. DE LA MERCED and SUSANNE CRAIG
MF Global Bankruptcy Rattles Wall St. Firms
.
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.

The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.

Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis.

What began as nearly $1 billion missing had dropped to less than $700 million by late Monday. It is unclear where the money went, and some money is expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said.

But regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money.

Such a finding would move the discussion from sloppy internal controls at MF Global to something more troubling. While the investigation is in its early days, it raises the specter that regulators could sanction the firm or the employees responsible.

MF Global and Mr. Corzine have not been accused of any wrongdoing.

Azam Ahmed contributed reporting.
.........
http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-globa...

Mon, 10/31/2011 - 23:30 | Link to Comment americanspirit
americanspirit's picture

If Corzine can be proven to be involved then there are many, many layers beneath him who need to be cleaned out or else the corruption will never end. Corzine is the head of a criminal organization, and if only the boss gets busted then you know the fix is in.

Mon, 10/31/2011 - 23:31 | Link to Comment americanspirit
americanspirit's picture

sorry - double post

Tue, 11/01/2011 - 00:33 | Link to Comment honestann
honestann's picture

Hang MF Corzine.
Hang the MF regulators.
Hang the MF executives and board of directors.

Do NOT follow this link or you will be banned from the site!