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Jon Corzine - Meet Bubba
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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Jail
I hear orange jumpsuits are the fashion rage on Wall Street these days.
Fi-douche-iaries...they should all get jobs with the Social Security Trust Fund.
Corzine meet reality. Nothing pleases me more than to see an ex Goldman CEO head to prison. Idiot believer in fractional lying.
Corzine is heading for the Madoff Suite at Butner
potential stoolie?
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.
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!
http://www.youtube.com/watch?v=oVGVBhiN96c&list=FLbRZZAixeFXZfqszvKisEdQ&index=2&feature=plpp_
support your friends!
HE (Jon Corzine) is one of THEM..., THEY will protect him.
Look for Eric Holder to raid the offices and carry out computers.
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.
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.
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.
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.
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.
Ah yes, the SSI trust fund. Only problem is, their is zip in the trust fund, nada. The DC mafia stole it.
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.
+1
Too funny...
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.
retraction of admission in 3...2...
Jail Corzine is what I wanted to say.
Now... the orange does have a sort of pumpkin/Thanksgiving feeling to it, doesn't it?
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.
'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.
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.
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).
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.
Time for a suicide.
If I were him, I'd avoid hottubs and small planes.
Or eating chicken (chicken bones and choking) ...
Or a speeding car with no seatbelt .......
Agree. Politician AND banker.
The best of both worlds.
You KNOW he knows some shit!
WTF is going on?? Shit is bouncing all over the place
It's not bouncing, actually it just slogged in to the fan
http://www.youtube.com/watch?v=SYxvVe9y5NQ
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.
Next you will hear that cockzine has cancer. He dies and joins ken lay in the caymens with cocaine and hoes.
Bullish for commisary candy bars and AIDS medication.
Wazzup brother-in-law?
Is Jon Corzine Jewish?
He is Italian and French.
http://en.wikipedia.org/wiki/Jon_Corzine
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]
that makes his prison walk the more likely, no (WS) jew will ever see prison not in this lifetime!
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!"
I want my banker to swing dead poultry when times are tough.
Madoff?
"Is Jon Corzine Jewish?" NOt sure. But he is a cock sucking goldman asssucks alum. That is enuff to say it all.
I detect some attitude.
No, he's a member of the real enemy tribe--a banker.
Corzine: I'am a famous guy in for a short stretch! Bubba: TAKE OFF YOUR PANTS!!
Jail?
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.
Those two will be doing their best to cover for him. That's what they're paid for!
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.
Umm... you do know that it was Isaac Newton??
That would be Sir Issac's cousin. People get them confused all the time.
Damn... my bad...
Rot in prison Corzine. Maybe karma does exist. You destroyed NJ with your crappy cronies, now Bubba is going to destroy backside.
Two down votes??
John, that you?
What, you have two ZH accounts now?
Handcuffs.
He seems a little too soft to survive in prison. Wait, what am I thinking, no member of his tribe go to jail. Is there an Indian fall guy at MF???
You really are clueless. Ugly girlfriend too.
Yes
No
Will/would Obama pardon Corzine?
Won't get the chance. There's no way he'll be the fall-guy.
Just don't drop your bar of soap in the shower....
ISDA: Corzine's soap dropping "appears" voluntary
If ol' Jonny Boy gets away with this, there will be rioting in the streets.
Weekend project: Construct a guillotine.
Correction, if ol Johnny Boy gets away with this, Americans will be too busying recording Dancing with the Stars on their DVR and watching the E! miniseries about the Kardashian divorce while tending their farmville crops on facebook to care.
Obama will have a Presidential pardon lined up for him at the end of his term if he is indictecd and convicted anyway.
2 words: Eric Holder. Not a chance for handcuffs yet alone conviction. But if you're a white guy who he thinks hate crimed a minority then you better look the fuck out. Black on white hate crime? Not so much.
It will make for a very interesting population in Club Fed.
his "friends" are panicking on the Garden State
I'd rather see him cop a plea and provide evidence (even if justice would try to destroy it) of all the rest of the bankster crooks doing the same thing.
Plea? Pffft- no freaking mystery here- he tried to cover his bets with client money- end of mystery, go to jail.
he wont go to prison. some mid-level manager will. this is the freaking USA. no banking execs ever do perp walks.
That $12 million parachute is going to buy him a lot of cigarettes.
Can't smoke in jail anymore. That's how I finally quit.....
Time to occupy Corzine's anus.
Maybe he can get some sound advice from Martha Stewart.
Rectum?? Damn well near killed him...
It needs to be life in prison for everyone involved with any management responsibilities. The only way to save yourself should be if you make a whistleblower attempt at stopping the theft.
Guillotine, is good by me.
Jail is way too easy. You can't repair this damage without some wet work. If Corzine directly jeopardized client's money to cover his full retard trades he cannot walk around breathing the same air as his ex-clients.
not gonna happen because the people are too stupid to demand it. they demand all the wrong things. like free cheese and bailouts for morons that overpaid for their shacks
"Too easy" Ask Stanford about that.
It will be too easy if I am not compensated for the entire value of my account plus the mental anguish it has caused. I likely will get my money. Anguish? right. Multiply that by the tens of thousands of accounts and you get the point....Hence, too easy.
If I stole a thousand bucks from a bank, I would likely get punished more severely. Society needs to man up and get old testament on the POS that are running around, destroying society, with maximum impunity. The proper way to deal with a POS is to flush it.
First grab it, and then flush it. I'm with that shit. But first put your gloves on. Safety of feces exposure is important.
"otherwise, someone is going to be bunking with Bubba very shortly.."
if mary schapiro or barney frank has anything to do with it, the only person bunking with bubba is bubba. i assure you that no one but an administrative assistant will be rolled under the bus...
He should have said that the three page memo via Hank Paulson told him to do it! Matter of national security and all.....
Who wrote CDS on MF Global? This is getting interesting.
The MF creditors will take "voluntary haircuts".
diameter of his asshole before prison and after....should be interesting
Barney Frank has the ruler and is very interested.
You would know.
Couple of protein packed spunk shakes and he'll be good as new ......
Hi whats your name cell mate?
Bend over.
Nice to meet ya, Ben!
maybe he can room with bernie Madoff .. We can make reality show out of it.
cockmeat sammich bitchez!!!
Jon Corzine better watch his every step from hereonout. There is NO honor among thieves.
Dead men tell no tales.
and those fed guards don't make much money.. if he want to stay a virgin he's gonna have to pay up or be tyrone's cell bitch.. what's it worth to you ?
I hope lives long enuf to sing out loud about all the dirty little secrets he knows. Thats always what brings down a big racket.
For example, I have always thought that the Tyler Durden's of the world know things they wouldn't unless they came from high up in the Wall Street circles. Now who would be motivated to bring down the Ponzi, who knows all this stuff and start in earnest around 2007/8. Why the Lehman and perhaps Bear guys. Fed should never treat people that way because the Tyler's are going to succeed in getting even, many fold over.
BIG LANCE.......HE'S A HAPPY CAMPER.......SOAP IN HAND & A BIG SMILE !
Put in a request to wire funds out of my Lind Waldock account yesterday. Called back today and they said all wires are on hold indefinitely.
Added that to my list of reasons to pull everything and just buy gold and be done with it.
john will be renamed joanie............. and get some fake tits for prison
Nobody wants his tired ass -- now his money, that's a different matter. Pay protection or get beat half to death.
They'll just tattoo them on his shoulder blades with Bic blue ink and a paper clip.
Call me cynical, but there is no way he ends up in Federal pound-me-in-the-ass prison.
(best guess:In 6 months pleads guilty to reduced charge, serves 2 years in Club Fed, 5 years probation, moves to London and is never heard from again.)
Well since we're all speculating here then my guess is on a suicide by gun shot to the head right after his conviction. Thereby granting a "win" to prosecutors ala Kenneth Lay style but still allowing the thief to keep the cash. After the closed casket "funeral" and a quick trip to the plastic surgeon, somewhere in Hong Kong, a new trading sensation will be born over night.
Ken Lay was never convicted. When he "died," his record was expunged, and is considered innocent.
TADA!
Which means everyone was doing the exact same thing.
+1 ! And IF everybody is doing the SAME thing... Karl had this telling morsel for us today... http://market-ticker.org/akcs-www?post=196893
"You need to start thinking about this folks. SIPC and FDIC insurance are only good in the case of isolated failures. If the entire system has broken down on a regulatory basis such that a primary dealer can filch allegedly-segregated funds -- better than half a billion -- and not get "caught" until it blows up you must assume that every nickel you have in a bank or trading account does not exist."
Yes.
Six months and $12 million....
JON in jail......what are you all smoking.....please ain't going to happen....
Seems nobody else read the "civil penalty" part of the piece... so (bankrupt) MF Global may be subject to serious fines...lol!
Corzine sounds much like a medication one would apply to one's torn anus.
Shit he will do time in some cushy place. 60 minutes will run a positive profile piece on how he is helping prisoners manage their finances, then he will write a book and end up as a commentator on Yahoo finance with Henry Blodget..
Shawshank Redemption Redux: 2011
corzine should use some parachute money to buy butt plugs in order to prep
yeah, right.
We can only wish but seriously, the fucking mutt will become the next Treasury Sec.
just wait.....
12.2MM....yah....make the joke so obvious before we do something about it.
"Violating them could result in civil penalties."
Corzine the Obama supporter is going to get a slap on the wrist.
Jail time? Are you kidding me?
That fucker shoulda went through the windshield when he wasn't wearing his seat belt.
But I thought it was only Madoff....
Jail is for real criminals, like pot smokers and shit. This guy won't go there.
WHAT IS IT WITH THE JEW-BASHING HERE? FUCKING ANTI-SEMITES...
Welcome to the internets, enjoy your stay!
Ahhh Zero Hedge, one of the very last bastions of completely of real news with also an uncensored and unmoderated comment board. I'd rather have that over everywhere else on the internets.
You got downgraded for sticking up for them, now that's racialist
Um. Get used to it. I would be completely blind about how the world really works but for ZH. The trade-off, if you also read and contribute to ZH comments, is that you have to deal with a shit ton of internet bigot knuckle draggers.
If anything, hanging out here makes me prouder to be Jewish. Yeah you paranoid motherfuckers, maybe we do control everything. Maybe we will confiscate your wealth; control your future. Nothing you can do about it but PASTE little tiny rascist rants day after day.
Could you at least have the decency to reply to a relevant comment, or are you trying to say the article itself is the problem?
We know count Blankenfein has a criminal attorney. Has the brilliant Corzine got a criminal attorney?
You do need to be a criminal and an attorney to defend these people, don't you? Consigliere, is that the term?
There is no freaking way Dudleys boy Corzine drowns, without pulling down some other flailing big fish with him. Furthermore if he does go down he deserves way more than some Minimum Security Prison "white collar" sentence.
Putting Corzine in jail doesn't fit current SEC Brown guys only mandate.
The day this clown goes to jail is the day Becky Quick stops blowing The Oracle.
I say as punishment they only give him $10M severance. That will teach him. Civil penalty we can believe in
It seems our financial system isn't as well regulated as we were led to believe. Shocking.
Brokers using your money to prop up the market.
Every normal man must be tempted at times, to spit upon his hands, hoist the black flag and begin sliting throats. H.L. Mencken
Somebody hold him DOWN, please...
AMZN junk is green, can you believe it? The fraud money will be used to buy Kiddle fire.
I hope Bubba is horny
This smells of a set up or a head fake to me....Corzine knows better...something is wrong here.....is this the kitchen sink event...TPTB will use this as an excuse to print, bailout, restructure...whatever...I just don´t think Corzine was that stupid....there is more to this story
Time for some common sense solutions. Raise the missing money by broadcasting the meeting with "Bubba" live on the internet and charging a buck a minute.
Can't help but to think of this scene from fletch lives: http://www.youtube.com/watch?v=CS-nCS9Az94
Ben Dover: Take your pants off.
Fletch: I don't even know your name.
Ben Dover: Bend over.
Fletch: Ben? Nice to meet you, Victor Hugo.
me too
thanx for posting
and that crazy ex fighter actor was perfect for the part
Violating them could result in civil penalties.
key word being CIVIL, bitches! a person doesn't go to jail for civil violations, they must be criminal violations for jail time.
Well....civil for not segregating the monies. Taking the money is criminal by any measure, no?
Good luck finding a prosecutor that: (a) is competent in the courtroom; (b) actually knows his elbow from his asshole in regard to complex financial instruments [hell, even rudimentary business]; (c) is not solely there as a resume padding exercise to hop into an AG role (or equivalent)/future political career; and (d) is not leashed by higher ups.
i think i can see the green shoots
This corrupt, thieving, greedy fuck could have spent the rest of his life in a hot tub with hot bitches, fine cigars, and the best booze money can buy. He could have lived absolutely anywhere in the world that he wanted, Aspen/Keys/NY/Hamptons/Carmel, fucking anywhere. How stupid can you possibly be??
Absolute greed stupefies all absolutely.
Greed is not ever satisfied. Ever. It will risk all because it wants all.....its worth it, under those terms.
Shit's biblical for a reason. It is a psychological disorder.
Which is why other greedy bastards need to realize that it is not about your plane, your dumb beautiful trophy beeyatch, your yacht, or your campaign contributions.......it is your life dumbass, and you may lose it!!!!
Guillotines, bitchez
I dream that in a few months one banker looks to the other and says, "are you crazy? You do that and you will get Corzined. This Shit is not worth dying."
Your DoJ thinks nothing of running guns and drugs and lying about it under oath, twice. Letting this POS get away with his favorite hobby will not even make them think twice.
Shocking !!!
I expected to see a WB7 - Madoff - Corzine cell-bunk marriage before the news hits the streets !!
WB7 is falling "behind"...or is that Corzine? Who gets to be on top ? or bottom ?
Fuck Jon Corzine, and the idiots I knew here in New Jersey who wanted him relected.. stupid typical passive NJ democrats who always turned a blind eye on his work experience on Wall Street and Goldman Sachs
I can see it, about two years from now... "Mr. Corzine, welcome to Butner Medium Security Federal Prison. You have been sentenced to 150 years. Meet your new cell mate, Bernard Madhoff."
"MF Global Admits Using Client Money, AP Says"
translation: We have identified a "rogue trader"
His scraggly beard will make for some great prison pussy!