Jon Corzine - Meet Bubba

Tyler Durden's picture

The admission is here:

  • MF Global Admits Using Client Money, AP Says
  • MF exec. made the admission in phone call with regulators Monday morning

It's time to get some expert on the ex-MF Global head's mental state and to blame temporary insanity, otherwise, someone is going to be bunking with Bubba very shortly.

From AP:

A federal official says MF Global, the securities firm led by Jon Corzine, admitted to using clients' money as its financial troubles mounted.


An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators discovered money missing from clients' accounts, according to an official familiar with the conversation.


The official spoke on condition of anonymity because he was not authorized to discuss a preliminary investigation by federal regulators.


Government rules require securities firms to keep clients' money and company money in separate accounts. Violating them could result in civil penalties.


MF Global, which filed for bankruptcy protection on Monday, faced a cash crunch following multibillion-dollar bets on European sovereign debt.


Corzine ran Goldman Sachs Group Inc., and later was governor of New Jersey.

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redpill's picture

I hear orange jumpsuits are the fashion rage on Wall Street these days.

hedgeless_horseman's picture



Fi-douche-iaries...they should all get jobs with the Social Security Trust Fund.


Social Security has a trust fund, and that trust fund is supposed to have $2.6 trillion in it, according to the Social Security trustees. If there are real assets in the trust fund, then Social Security can mail the checks, regardless of what Congress does about the debt limit.


nope-1004's picture

Corzine meet reality.  Nothing pleases me more than to see an ex Goldman CEO head to prison.  Idiot believer in fractional lying.


depression's picture

Corzine is heading for the Madoff Suite at Butner

trav7777's picture

they've already been hard at work trying to shred anything which would prove Corzine knew.  That is SOP, though I've no idea WHY.  The low-level employees that take the bullet for the boss end up getting NOTHING out of it other than a prison sentence.

JW n FL's picture

Death for ALL Involved!

let them get away with it like always.


aside from what we would like to see done..

2,000 tax dodgers are all free and the whistle blower is in Jail!

Welcome to America!

Celebrate the Fraud!

Celebrate the Criminality!!

Just like New York's Finest DO!

support your friends!

gmrpeabody's picture

HE (Jon Corzine) is one of THEM..., THEY will protect him.

Look for Eric Holder to raid the offices and carry out computers.

Don Birnam's picture

This time ? I don't think so. "They" need to make an example of one of their own, lest the governed break out in open rebellion.

Corzine will fall. It is decided. "They" will see to it.

jeff montanye's picture

post says mixing customer and corporate funds could result in "civil penalties".  will bubba's lust be thwarted?  if not, bubba might want to have an escrow account set up rather than having at jon;s somewhat long in the tooth charms.

Buck Johnson's picture

Thats the secret, the low level employees think that they will be rewarded.  But what they don't know is once the deed is done and they are covered and evidence is gone,  they don't have to worry about paying the employee or even him or her running saying they did it on the orders of Corzine.  Because by that time him and his thousand dollar an hour lawyers would say that it's his word against Corzine.

mkkby's picture

Yep, and right now some clueless low-level manager is having evidence planted against him.

To all employee -- if you are ordered to shred documents, photograph a few incriminating ones and make sure you can prove who ordered the evidence destruction.

greased up deaf guy's picture

hope you're right, but everyone may be reading too much into this.

"Violating them could result in civil penalties."

civil = $$$ fine and no jail time, right?

also, the "executive" who admitted to whatever is most certainly not corzine.  corzine will claim he had no knowledge of any wrongdoing... just like his buddy lloyd.

Transformer's picture

Ah yes, the SSI trust fund.  Only problem is, their is zip in the trust fund, nada.  The DC mafia stole it.

ALPO's picture

He's a Democratic politician, so he never grasped the whole "private money" vs "public money" thing.  Reaching into client accounts came as naturally to him as reaching into taxpayer pockets.


jeff montanye's picture

yes.  it is clearly solely a democratic politician failing to not keep the thin, bright line separating public and private funds in laser like focus.  case in point?  the perfection that was the accounting for funds in the war in iraq.  

Smithovsky's picture

retraction of admission in 3...2...

GeneMarchbanks's picture

Jail Corzine is what I wanted to say.

Now... the orange does have a sort of pumpkin/Thanksgiving feeling to it, doesn't it?

ZeroPower's picture

Why does anyone think Corzine's gonna take the blame for this? Some nigerian from the back office will take the fall. They always do.

GeneMarchbanks's picture

'Why does anyone think Corzine's gonna take the blame for this?'

I made a request, that's all. What is going to happen is outside the purview of my little rants on financial blogs. However, your cynicism is toxic my friend. You've clearly lost all sense of purpose and humanity by looking at financial markets 24/7. Start by purging yourself from the criminal everyday-ness and demand some rule of law.

Almost Solvent's picture

Not that I disagree with you, but:


Government rules require securities firms to keep clients' money and company money in separate accounts. Violating them could result in civil penalties.


Look for the "rouge trader" to take the fall OR a "civil penalty" that will be a few FRNs payable to Unka Sam and a slap on the wrist.

Corzine ain't going to jail.

MachoMan's picture

People at this level of the game don't scratch their asses without talking to an attorney, unless they know their actions to be expressly illegal AND they know their attorney will rat on them in the event he or she is told of any illegal plans.  Hell, they might have even rammed through unassuming test cases for these particular issues or at least ancillary and relevant ones.  I know I would if I was them.

That's not to say they'll be successful...  especially considering the law of public sentiment...  but, it's certainly a reasonable argument from induction (and I realize that induction is the last bastion of lazy theorists).

OpenEyes's picture

I suspect that there are quite a few TBTF's and Politicos who do NOT want Mr Corzine testifying in open court or on the public record.  Remember, this guy has been leading the President's campaign finance efforts since January and of course there are those ties to the Squid, NY Fed, etc... oh no, Jon knows where there are some skeletons buried and those skeletons do NOT want to be found.  I doubt we'll see this bastard in an orange jumpsuit, though we might see him taking a long nap with some fishes if he's not careful.

IEVI's picture

Time for a suicide.

Steaming_Wookie_Doo's picture

If I were him, I'd avoid hottubs and small planes.

Ident 7777 economy's picture

Or eating chicken (chicken bones and choking) ...

mrdenis's picture

Or a speeding car with no seatbelt .......

Hippocratic Oaf's picture

Agree. Politician AND banker. 

The best of both worlds.

You KNOW he knows some shit!


Stoploss's picture

WTF is going on?? Shit is bouncing all over the place


Josh Randall's picture

It's not bouncing, actually it just slogged in to the fan

SilverRhino's picture

When you attach a lead weight (or feces for that matter) to a single fan blade then massive instability is the resulting condition.  

So it goes with rotary engines and the financial markets.

Who knows?  Have enough shit hit the fan and you might get some kind of dynamic balance on the blades.

Ruffcut's picture

Next you will hear that cockzine has cancer. He dies and joins ken lay in the caymens with cocaine and hoes.

Nascent_Variable's picture

Bullish for commisary candy bars and AIDS medication.

flacon's picture

He is Italian and French.


During Corzine's campaign for the United States Senate, he made some controversial off-color statements. When introduced to a man with an Italian name who said he was in the construction business, Corzine quipped: “Oh, you make cement shoes!" according to Emanuel Alfano, chairman of the Italian-American One Voice Committee. Alfano also reported that when introduced to a lawyer named David Stein, Corzine said: "He's not Italian, is he? Oh, I guess he's your Jewish lawyer who is here to get the rest of you out of jail."[27] Corzine denied mentioning religion, but did not deny the quip about Italians, claiming that some of his own ancestors were probably Italian,[28] or maybe French.[5]

TradingJoe's picture

that makes his prison walk the more likely, no (WS) jew will ever see prison not in this lifetime!

whstlblwr's picture

Thank you for showing us that not only are you filthy, but stupid. "No jew will ever see prison" Madoff. Asshole.

"Damn it! I want my banker to believe in Jesus!"

oddjob's picture

I want my banker to swing dead poultry when times are tough.

Ruffcut's picture

"Is Jon Corzine Jewish?" NOt sure. But he is a cock sucking goldman asssucks alum.  That is enuff to say it all.

gmrpeabody's picture

I detect some attitude.

tmosley's picture

No, he's a member of the real enemy tribe--a banker.

yabyum's picture

Corzine: I'am a famous guy in for a short stretch!  Bubba: TAKE OFF YOUR PANTS!!

Paul Bogdanich's picture


Are you people dreaming?  With mary Schapirro and Eric Holder on the job it's doubtful whether or not they even get fined.  Some kind of a back door bailout is infinitely more likely. 


gmrpeabody's picture

Those two will be doing their best to cover for him. That's what they're paid for!

SirIssacNewton's picture

If Corizone doesn't get his ass kicked in jail along with the other senior management, then....... (then realization kicks in).... oh wait, they own the f#cking system, so they will be gently guided, with a $12 million bonus each, to the land of milk and honey.... where crime, herein called stealing...being a thief, gets you your next big CEO job in the banking and financial industry.  Never mind, if anyone else stole this much money, there would be a nation wide man hunt with a 20 year jail sentence at the end.  This CRIME wasn't at gun point, but it was at COMPUTER point which is just as deadly and even more insidious because it can hurt more people than the 17 rounds in a Glock.  Corizone was a crook in Jersey and he continues his mad ways and steals from his clients....nothing to see here move along.


New York Times has the audacity to call this a "Blunder"....... the spin doctors at work.

Flakmeister's picture

Umm... you do know that it was Isaac Newton??