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.”

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
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.

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.

Mike in GA's picture

@Vergetung...

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

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?

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?

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.

Problem Is's picture

+1 Zola...

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

TwelfthVulture's picture

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

 

Fixed.

trav7777's picture

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

wang's picture
wang (not verified) Oct 31, 2011 4:09 PM

The question is this: Is MF is BS redux, then what/when is the coming Lehman event?

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

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/

Killer the Buzzard's picture

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

TuesdayBen's picture

Isn't Subway a bit fresh for your taste?

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...

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?

Deadpool's picture

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

SwingForce's picture

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

JenkinsLane's picture

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

williambanzai7's picture

Will anyone care to join me for some...

CREDIT DEFAULT SCHNAPPS

Piranhanoia's picture

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

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.

Lord Welligton's picture

I'd drink the whole 750ml.

Cheers.

kaiserhoff's picture

We'll need absinthe before this is over;)

s2man's picture

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

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

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

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. 

malikai's picture

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

Baron Robber's picture

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

Problem Is's picture

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

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.

ToNYC's picture

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

earleflorida's picture

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

let the debates begin!

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.

Piranhanoia's picture

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

Yellowhoard's picture

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

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

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......

ToNYC's picture

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

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.

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.

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.

TwelfthVulture's picture

Don't forget the muslim outreach.