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Keeping Up With The Korzines In The Kooler: FBI To Investigate MF Global's Theft Of Client Money

Tyler Durden's picture


It is now 100% safe to say that the 100 basis point "springing rate clause" in the 6.25% bond indenture (that never saw even one coupon payment before the company filed) should Corzine join the White House will never be triggered. As NBC reports, Federal prosecutors and the FBI are set to join the inquiry into what happened to hundreds of millions of dollars invested with a securities firm headed by former New Jersey Gov. Jon Corzine, officials familiar with the case told NBC New York. The Justice Department involvement comes as the Securities and Exchange Commission and the Commodities Future Trading Commission have said their own inquiry is underway into the collapse of the brokerage firm, MF Global Holdings Ltd. The head of the Chicago Mercantile exchange said Tuesday that the firm broke rules requiring it to keep clients' money and company funds in separate accounts. U.S. Attorney Preet Bharara declined to comment Tuesday as did DOJ spokesmen in New York and Washington. An FBI spokesman also declined to comment.

The former governor and U.S. senator who served on the Senate Banking Committee has not been charged with any wrongdoing. But there are questions as to whether the firm improperly used hundreds of millions of client money to cover bets made by the firm.


Corzine had been seeking to sell his firm in recent days but potential bidders backed out.  According to the New York Times, one firm, Interactive Brokers, discovered client investments appeared to be missing, and abandoned its deal.


CME Group Inc. CEO Craig Donohue said Tuesday that MF Global was "not in compliance" with requirements set by his company and the Commodity Futures Trading Commission, its key regulator.


"While we are unable to determine the precise scope of the firm's violation at this time, we are investigating the circumstances of the firm's failure," Donohue said in a conference call about his company's quarterly financial results.

Needless to say, MTV already has all worldwide licensing rights on Keeping Up With The Korzines, irrelevant of what state or federal penitentiary they have to be shot at.


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Tue, 11/01/2011 - 17:19 | 1834343 lizzy36
lizzy36's picture

They can start with a special segment on the Today Show: "where in the world is Jon Korzine".

Tue, 11/01/2011 - 17:24 | 1834368 DavidPierre
DavidPierre's picture

FBI To Investigate MF Global's Theft Of Client Money

Just like they did with JFK...MLK... RFK... 9/11... etc... etc...etc...

Tue, 11/01/2011 - 17:25 | 1834382 The Fonz...befo...
The Fonz...before shark jump's picture

yup agreed, in each of those cases JUSTICE WAS SWERVED

Tue, 11/01/2011 - 17:29 | 1834408 gmrpeabody
gmrpeabody's picture

Yup..., they'll be carrying out boxes soon.

Eric on the job.

Tue, 11/01/2011 - 17:35 | 1834436 metastar
metastar's picture

Upcoming Headlines:

1) Millions spent on investigation

2) Investigation complete

3) No problems found. Nothing to see. Move along, your protest is blocking the sidewalk.

Tue, 11/01/2011 - 17:41 | 1834468 Grinder74
Grinder74's picture

4) Spend two years driving a start-up HF manager into bankruptcy over violations and a measley few thousand in losses that were never proven (not that he's bitter LOL)

Tue, 11/01/2011 - 17:49 | 1834502 wombats
wombats's picture

No problem will be found.  Shredders working overtime tonight.

Tue, 11/01/2011 - 18:32 | 1834639 Western
Western's picture

Mary Schapiro is personally on the task.

Tue, 11/01/2011 - 19:14 | 1834788 Manthong
Manthong's picture

I thought the show was going to be about his daughters family and called "Growing Up Corzine".

Tue, 11/01/2011 - 20:40 | 1835088 Problem Is
Problem Is's picture

Mary Schapiro...

The Queen of SEC Tranny Porn...

Wed, 11/02/2011 - 03:06 | 1835869 jeff montanye
jeff montanye's picture

irrespective of whatever penitentiary she eventually graces.

Tue, 11/01/2011 - 17:32 | 1834415 Conrad Murray
Conrad Murray's picture

You got junked by people who think the system isn't completely captured. How quaint.

Hang this bankster swine and deport everyone he calls family.

Tue, 11/01/2011 - 18:23 | 1834613 SilverIsKing
SilverIsKing's picture

This story will drop from the headlines when something bigger comes along.  Then it will be swept under the rug like everything else.  Did ya hear that Kim Kardashian and Chris Whatshisname are getting divorced?  There you go.

Tue, 11/01/2011 - 18:25 | 1834617 Freddie
Freddie's picture

All the evidence will be white washed or detroyed like Solyndra.   What Corzine and MF Global did, if they looted client accounts, is a serious violation of criminal law.  It is going to be a real trick to whitewash this one.

It will probably take a new Kim Kardashian wedding to some other clown to distract the sheep.  

Tue, 11/01/2011 - 20:45 | 1835099 Problem Is
Problem Is's picture

Good call... Korzine is taking the fall to get Solyndra and Fast 'n Furious out of the headlines....

What a bitch, huh Jon?

Tue, 11/01/2011 - 21:33 | 1835207 24KGOLD FOIL HAT
24KGOLD FOIL HAT's picture

Hows this for a theory-

Corzine joins MF a year ago, it goes from a stodgy broker to a 40-1 leverage gambler, what a coinkydink.  I wonder who had the other side of his 6 Bil eurobond bets?  Could it be Gold-inmy-sacks?  As a smokescreen he did all th fancy footwork/logical hedging/short Frenchie bonds.

Why did AIG do 200 Bil of stupid insurance?  Did someone infiltrate their City operation?  Who had the other side of that stuff?

A gang chooses its mark, infiltrates, loots and vanishes.  The club pulled off the biggest one in history...and its still operating!

In the end, Corzine says he didnt see it a comin.  Holder agrees, so does sec, cftc, finra, snp. moodys, etc,

Wed, 11/02/2011 - 03:09 | 1835873 jeff montanye
jeff montanye's picture

not bad but eerily familiar.

Tue, 11/01/2011 - 18:39 | 1834653 disabledvet
disabledvet's picture


Tue, 11/01/2011 - 17:36 | 1834376 redpill
redpill's picture

There once was a prick named Corzine

His firm looked sick but he said it was fine

Then he finally went broke

Client funds up in smoke

With any luck he'll be doing some time

Tue, 11/01/2011 - 18:59 | 1834734 bigun
bigun's picture

WTF? u have HUNDREDS OF MILLIONS OF DOLLARS MISSING, and the person in charge walks free with 12M BONUS?

my god

Tue, 11/01/2011 - 19:59 | 1834954 Zero Govt
Zero Govt's picture


This should be easy, even for the fuking pricks in the FBI...

i). establish client funds are missing

ii). establish MF Global is bankrupt

iii). establish Corzine pocketed a $12m Bonus 2 months before bankruptcy 

Jail the slimebag swimming in other peoples money

Let's see how the Fuking Bent Investigators get on with this

Tue, 11/01/2011 - 20:09 | 1835003 nmewn
nmewn's picture

Same way they got on with everything up and burn it.

Tue, 11/01/2011 - 20:34 | 1835064 Zero Govt
Zero Govt's picture

Yep, there goes another $450m of taxpayers lolly with not a single cuffing of any DC crookster... same as the $1 Trillion in damages from the WS-DC property super scandal

it's astounding what goes on while we all sit on our sofas and continue to sponsor (pay tax to) this ongoing theft, fraud and imbezelment. Maybe if we continue to pay more $1,000's in tax to be stolen and have another 3 packs of popcorn it'll all stop as if by magic!!

Tue, 11/01/2011 - 22:12 | 1835307 DavidPierre
DavidPierre's picture


In 1951 FBI Director J. Edna Hoover attempts to block the formation of the Kefauver Committee which is intended to investigate organized crime in the U.S.

Hoover repeatedly tells committee members that he knows nothing about the Mafia. In fact, Hoover and his lover, FBI Assistant Director Clyde Tolson, are long time associates and frequent guests of leading American Mafiosi and receive lucrative "tips" on fixed horse races from their gangster friends.

Heavily censored documents in Senator Kefauver's FBI file will show that Hoover collected material on the senator, clearly for the purpose of blackmail or smearing him. Hoover refuses to provide FBI protection to Committee witnesses, even after two are murdered.

Even when the Kefauver Committee determines, despite J. Edna's protests, that the Mafia does exist and is doing big business in the U.S., Hoover, predictably, does nothing.

For the next two decades FBI Director J. Edna Hoover and his lover, miraculously promoted FBI Assistant Director Clyde Tolson, spend extended summer vacations at the Del Charro, a La Jolla, California hotel owned by Mafia-connected multi-millionaire oil man, political fixer and American Nazi Party financier Clint Murchison.

The Del Charro is a very exclusive, very expensive hotel, no kikes or niggers allowed, except as servants of course. None of this troubles the happy couple since Murchison picks up the tab and the FBI provides agents at public expense to act as errand boys for the happy couple. J. "Edna" and Clyde's lovefests at La Jolla are usually booked as FBI "inspection trips" with the hapless U.S. taxpayers picking up the tab.

Murchison arranges a very special "no lose" investment strategy for Hoover and Tolson.

 They will invest, usually in oil or gas ventures on federal land. If the investment pays off, they keep the profits. If the well is a dry hole, Murchison will give them their money back. By amazing coincidence, Murchison's shady business and political dealings are never investigated by the FBI.

According to a Senate committee of the early fifties, twenty percent of the Murchison Oil Lease Company is owned by the Vito Genovese Mafia family.

The Del Charro is also the vacation spot of choice for many well-known gangsters and mob figures.

Hoover's regular poolside companion at the Del Charro is Dub McClanahan, partner of New Orleans Mafia boss Carlos Marcello. J. Edna and little butt-buddy Clydie traditionally spend their Christmas holidays in Miami as the guest of mob-connected hotelier/casino operator Myer Schine.

 "The families made sure he was looked after
when he visited the East Coast.
They had an understanding. He would lay off the families, turn a blind eye.
It helped that he denied that we even existed."   Carmine "The Doctor" Lombardozzi Money man for the Gambino Mafia family
Wed, 11/02/2011 - 03:28 | 1835878 jeff montanye
jeff montanye's picture

thank you.  all true.  but just for insurance the mafia had photos of hoover and tolson that, imo, the kgb eventually got explaining the amazing crackdown on both organizations by the fbi following hoover's death.  still named the building after him though.

seriously, would a writer of speculative fiction invent a flaming transvestite homosexual homophobe that kept multiple governments of a putative democracy in thrall through decades of blackmail while heading the top domestic law enforcement agency and denying the existence of the largest criminal organization while nobody said anything, indeed while the msm sung his praises as a super duper top cop?  why it's unbelievable, impossible.  it would take a conspiracy the size of ....

Tue, 11/01/2011 - 23:45 | 1835574 Paul Bogdanich
Paul Bogdanich's picture

This is preposterous.  Do you really believe they will prosecute MF Global on a 23A wrap when Bank of America is currently working under an exemption from the same rule and effectively doing the same thing as MF Gloabl did?  I personally hope they try as it would clearly indicate that the law doesn't matter anymore as much as the capricious enforcement thereof.  I would love to heat the windbag President or his comatose attorney general try and explain that. 

Tue, 11/01/2011 - 17:19 | 1834344 Gubbmint Cheese
Gubbmint Cheese's picture


Tue, 11/01/2011 - 17:19 | 1834345 homersimpson
homersimpson's picture

An ex-Goldman guy supposedly spending cash he's not supposed to? Oh the horror..

Tue, 11/01/2011 - 17:31 | 1834421 gmrpeabody
gmrpeabody's picture

But he's only doing God's work.

Tue, 11/01/2011 - 18:42 | 1834662 disabledvet
disabledvet's picture

Yeah well Satan's in town this time...and like they say "the devil always collects his due."

Tue, 11/01/2011 - 17:22 | 1834356 SirIssacNewton
SirIssacNewton's picture

If only it were true that Corizine would actually end up in jail......we all know he will take his $12 million and laugh his way into OBummer's Administration....maybe even take Timmy's job since he has a proven track record of stealing from both clients and citizens.  It will be some lowly trader that will be blamed for all of this..... we all know how they work.....

Tue, 11/01/2011 - 19:33 | 1834860 oklaboy
oklaboy's picture

great link, thanks!

Tue, 11/01/2011 - 17:22 | 1834357 Carpathia
Carpathia's picture

Doesn't his sign off by way of Sarbanes Oxley make him responsible for all reporting irregularities?  In the immortal words of lawyer Joseph Welch, "Mr. Corzine, have you no shame?"


Tue, 11/01/2011 - 17:34 | 1834433 WestVillageIdiot
WestVillageIdiot's picture

Bwahahaha.  That is rich.  You mentioned Sarbanes Oxley.  That doesn't really apply to the top guys, like it was supposed to.  That was just window dressing to shut up the fucking plebs.

Thanks for the laugh.  That was some good material. 

Tue, 11/01/2011 - 18:45 | 1834683 disabledvet
disabledvet's picture

He forgot to read the bill. I wonder now that he has one...speaking of welch of course...

Tue, 11/01/2011 - 17:22 | 1834359 TwelfthVulture
TwelfthVulture's picture

So, the proscription against commingling funds is now ONLY a "rule."  LMMFAO.


Carmak says, "we are going to need congressional investigations and probably some new "laws" to prevent this outrage from ever happening again."


Tue, 11/01/2011 - 17:34 | 1834431 gmrpeabody
gmrpeabody's picture

Now THAT'S funny!

Tue, 11/01/2011 - 17:24 | 1834371 PaperBear
PaperBear's picture

Does this mean that someone has a chance of going to jail ?

(thud) That was me fainting in astonishment and hitting the floor.

Tue, 11/01/2011 - 20:19 | 1835012 Zero Govt
Zero Govt's picture

it shouldn't just be Corzine going to jail but all the Exchanges (CME etc) and Regulators. MF Global was leveraged up to 80 to 1 

there is no way this fact could have been missed in basic checks by exchanges like the CME or the Regulators

General Jim Sinclair also proposes the reason MF went tits up on their hi-risk bets (on the worst collection of the PIIGS you could wish to select to take risk with) was because the CDS hedges didn't pay out.

Who are the biggest CDS players? JP Morgan. Who is MF Globals biggest creditor? JP Morgan. When the haircuts hit the CDS crooks made it so it wasn't a CDS triggering event (a fraud in itself)

What's setting off my spider senses is the muck-raking machine is in full overdrive with every regulator, exchange and the FBI (a Parasite Club 'Full House' then) throwing mud from every angle at MF Global. The Parasite Clubs greatest tool is to so slander their opponents and cover them in shit nobody wants to defend them even if they were even remotely innocent

The whole matter stinks like a Wall Street gangsters stitch-up job (i'm getting Dominic Strauss-Khan flashbacks!) 

Tue, 11/01/2011 - 21:45 | 1835228 24KGOLD FOIL HAT
24KGOLD FOIL HAT's picture

In this case it looks like JPM instead of GS...but could this be a general template?

Hows this for a theory-

Corzine joins MF a year ago, it goes from a stodgy broker to a 40-1 leverage gambler, what a coinkydink.  I wonder who had the other side of his 6 Bil eurobond bets?  Could it be Gold-inmy-sacks?  As a smokescreen he did all th fancy footwork/logical hedging/short Frenchie bonds.

Why did AIG do 200 Bil of stupid insurance?  Did someone infiltrate their City operation?  Who had the other side of that stuff?

A gang chooses its mark, infiltrates, loots and vanishes.  The club pulled off the biggest one in history...and its still operating!

In the end, Corzine says he didnt see it a comin.  Holder agrees, so does sec, cftc, finra, snp. moodys, etc.

I guess the sheep dont even want to consider it could be this rotten...just stay on the river in Egypt.


Tue, 11/01/2011 - 17:28 | 1834380 Flakmeister
Flakmeister's picture

My fear is that Corzine and Gupta will be the only "fall guys".... not nearly enough given all the guilt... A short list of easily convictable people:

A. Mozillo

L. Blankfein and anyone in the CDO group at GS

D. Fuld and the Corporate Officers at Lehman.... 

Feel free to add

Tue, 11/01/2011 - 17:30 | 1834411 The Fonz...befo...
The Fonz...before shark jump's picture

Oh that whole Galleon affair was window dressing...oh so the problem with Goldman Sachs was the two brown guys that created this culture of lies, greed, scamming,?


yeah right

Tue, 11/01/2011 - 17:37 | 1834449 WestVillageIdiot
WestVillageIdiot's picture

Apu from the Kwik-e-Mart will go to jail for selling out of date beef jerky long before these scum will go to prison for destroying the world's financial system.  Once you've gotten your first glimpse at the men that run this pig circus you never feel the same again.  Maybe somebody will blow up Westchester and Greenwich.  The world would be a much better place. 

Tue, 11/01/2011 - 18:07 | 1834564 john39
john39's picture

yeah but, from their perspective, this is going exactly as planned.

Tue, 11/01/2011 - 17:46 | 1834487 cossack55
cossack55's picture

Jamie Dimon and his bitch (the bitch) Blythe.

Tue, 11/01/2011 - 17:56 | 1834524 Flakmeister
Flakmeister's picture

Not defending Dimon.... but his teflon is a bit better than the others...I said "easily convictable"

Forgot to mention John Mack, his wife and her bridge partner for gaming TALF...

Tue, 11/01/2011 - 18:16 | 1834596 Mitzibitzi
Mitzibitzi's picture

Sad but true. I did some research on that scumbag and he comes up smelling far rosier than his peer group, unless I'm missing something?

And you don't get that far up the ladder without kicking some other greedy fuckers off it on the way up, as we all know. The relative lack of empirical (rather than anecdotal, there's a lot of that!) evidence that he's a world class evil, grasping prick just means he's smarter and better connected than most, I assume?

Tue, 11/01/2011 - 18:27 | 1834627 Don Smith
Don Smith's picture

Joe Cassano - Head of AIG FP, creator of hundreds of billions of fraudulent derivatives.

Tue, 11/01/2011 - 18:30 | 1834632 Flakmeister
Flakmeister's picture

Yep... overlooked him...


Tue, 11/01/2011 - 18:28 | 1834628 nmewn
nmewn's picture

"Feel free to add"

Glady, congress...regulators...its incestuous.

"The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.

The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies.

"The agencies will not tolerate lending discrimination in any form," the document warned financial institutions."

Tue, 11/01/2011 - 19:18 | 1834804 disabledvet
disabledvet's picture


Tue, 11/01/2011 - 19:31 | 1834857 nmewn
nmewn's picture

On the bright in government institutions and regulations in general are at all time lows.

I'm sayin theres some real "hope" ;-)

Tue, 11/01/2011 - 17:25 | 1834383 NOTW777
NOTW777's picture

holder is busy suing states - he has at least 40 to go

no time for this

Tue, 11/01/2011 - 17:35 | 1834442 gmrpeabody
gmrpeabody's picture

Not to worry..., he'll send the boys in to clean the joint.

Tue, 11/01/2011 - 17:38 | 1834456 WestVillageIdiot
WestVillageIdiot's picture

Hope and Change, bitchez.  OBAMA 2012

Tue, 11/01/2011 - 18:24 | 1834614 GolfHatesMe
GolfHatesMe's picture

He has already sued 17 states?

Tue, 11/01/2011 - 20:37 | 1835072 Problem Is
Problem Is's picture



You mean Eric "Empty Suit" Holder???

Has that fucktard shown up for work yet?

Tue, 11/01/2011 - 20:48 | 1835105 Jena
Jena's picture

Holder probably figures anything to distract from that Fast & Furious mess...  If it means Corzine going down, so be it.

Tue, 11/01/2011 - 17:26 | 1834386 Sequitur
Sequitur's picture

Next up: SEC to investigate SEC employees using "private" email accounts for SEC-related business, a clear violation of the Federal Records Act.

So, looks like the SEC porn lovers have taken a page out of the bankster playbook. Because when the banksters are insider trading, don't you know they hop on their private IM accounts or send text message via "burner" cell phones to avoid data capture.

Fuck these financial markets. Rigged to the core.

Tue, 11/01/2011 - 17:35 | 1834438 The Fonz...befo...
The Fonz...before shark jump's picture

still waiting for SEC records to be delivered to Sen bad they were shredded by the SEC and now these pigs come late to party at the MF capital bankruptcy because they know there is easy money to be scooped up via Civil suits in order to maintain "market integrity" and maintain "investor confidence" lol so friggin hilarious....dismantle the SEC it is USELESS.... it was created by a stock promoter who made his family fortune selling unregistered securities in an unregistered market oh and he also did some illegal bootlegging and rum running...

Tue, 11/01/2011 - 17:26 | 1834387 azengrcat
azengrcat's picture

Arrested Development 2.0?

Tue, 11/01/2011 - 17:26 | 1834389 BurningFuld
BurningFuld's picture

Why on earth would anyone have money invested through Wall Street??  Can anyone answer that? PLEASE!  I am so confused!?%$@!

Tue, 11/01/2011 - 17:41 | 1834469 WestVillageIdiot
WestVillageIdiot's picture

I ask myself why I trade stocks.  All it has done is make me poorer.  Then, unfortunately, I answer my question.  I am a greedy idiot.  I wish I could see it differently.  Maybe it is time (past time) to close out the trading account and not look back. 

Tue, 11/01/2011 - 17:26 | 1834390 sheeple2012
sheeple2012's picture

the theft is almost understandable, given the KATZwoman's incessant spending habits...

Tue, 11/01/2011 - 17:26 | 1834392 Dasa Slooofoot
Dasa Slooofoot's picture

"That's my Wall Street guy."- TOTUS

Tue, 11/01/2011 - 17:28 | 1834398 pain_and_soros
pain_and_soros's picture

Perhaps they should also investigate the State of New Jersey's finances while they are at it...

But then again, politicians have their own ponzi going with other people's (i.e. taxpayer) money which apparently is all perfectly legal & codified.

Tue, 11/01/2011 - 17:43 | 1834475 WestVillageIdiot
WestVillageIdiot's picture

Talk to some Jerseyites and you will understand that everybody here is corrupt.  Everybody. 

Tue, 11/01/2011 - 17:30 | 1834410 midgetrannyporn
midgetrannyporn's picture


Tue, 11/01/2011 - 17:30 | 1834412 Forgiven
Forgiven's picture

Wow!  The department of nJustice is getting involved.  Bringing to bear the full force of the DOJ sure will shake things up.   //sarc off.

Tue, 11/01/2011 - 17:32 | 1834418 dwdollar
dwdollar's picture

Glad to see they're on top of things... Now that the shredders are running out of documents and databases have been deleted.

Tue, 11/01/2011 - 17:31 | 1834420 navy62802
navy62802's picture

Hmm. This is already quite interesting, and we're less than 2 days into the bankruptcy! Stay tuned and have your popcorn ready. Somebody's about to become a sacrificial lamb upon the alter of public consumption. Someone will have to be sacrificed in order to create the image of due dilligence on the government's part. On the other hand, there is a non-zero chance that they actually investigate the shit out of MF Global's dealings and this becomes a flock of black swans.

Tue, 11/01/2011 - 17:31 | 1834422 treemagnet
treemagnet's picture

I can hear a guard saying "ello guvna"

Tue, 11/01/2011 - 17:32 | 1834425 drivenZ
drivenZ's picture

Federal prosecutors and the FBI are set to join the inquiry into what happened to hundreds of millions of dollars....

how much did Corzine make when GS went public? oh right, a few hundred mill. He could pony that up himself and hopefully will have to.

Tue, 11/01/2011 - 17:36 | 1834445 10044
10044's picture

OT, 2 words to explain gold's rise today:
David Einhorn

Tue, 11/01/2011 - 17:36 | 1834447 cdub
cdub's picture

So its only ok to mix clients' money with house money if you're the Bank of America but not if you're MF Global.

Thanks for clearing that up SEC and Department of Justice.  Illuminating.

Tue, 11/01/2011 - 17:38 | 1834459 Alvaro de Esteban
Alvaro de Esteban's picture

Has Corzine´s pal Krugman said something or is he too busy supporting -sarc on-  OWS??

Tue, 11/01/2011 - 17:46 | 1834486 WestVillageIdiot
WestVillageIdiot's picture

I walked by the OWS camp the other day.  I didn't see that piece of shit Krugman.  I did see a woman with a sign that would love for the government to have even more control over our lives.  Her sign was a socialist wish list.  I was very disappointed.  Seeing that piece of shit Krugman might have been better. 

Tue, 11/01/2011 - 18:10 | 1834575 Arkadaba
Arkadaba's picture

Wish I still lived in the neighbourhood to walk by. But one women with a sign does not a revolution make or break. Check out Twitter at #OWS

Tue, 11/01/2011 - 18:42 | 1834666 Island_Dweller
Island_Dweller's picture

The Greek protestors might not be asking for the right things either, but I'm still glad they're both out there (and the Tea Partiers).  The only way this system works is when people get involved in the choices that affect them; the greeks are going to go a long way in learning this now. It doesn't matter to me what they decide as long as they get to make the choice and then succeed or fail based on THEIR choices.


I think it's time for direct democracy.

Wed, 11/02/2011 - 00:33 | 1835687 cdub
cdub's picture

Krugman's too busy gobbling schlongs.

Tue, 11/01/2011 - 17:42 | 1834471 Demologos
Demologos's picture

Since Corzine left New Jersey in such great financial shape, setting up Gov. Christie to impose fascist budget policies, time to look into whether his administration was spending customer's (i.e. taxpayer's) money to benefit his squid goombas. 

Tue, 11/01/2011 - 20:33 | 1835059 Problem Is
Problem Is's picture

The only cuts Christie needs to make are on his fucking meal plan...

Tue, 11/01/2011 - 17:45 | 1834485 Dingleberry
Dingleberry's picture

What's the over/under how many years Corzine wil go to jail???? I bet zero....any takers?

Tue, 11/01/2011 - 17:47 | 1834494 WestVillageIdiot
WestVillageIdiot's picture

Can I take the under?  He will probably be compensated by the states of New Jersey, New York and Connecticut for the inconvenience.  He can't really sue them for slander.  He would have to have some character to be slandered for that to happen.

Tue, 11/01/2011 - 17:48 | 1834499 Carlyle Groupie
Carlyle Groupie's picture

I'm not sure how many are watching Libya but now they have a EE Professor as interim PM. Let the fleecing begin!!

Tue, 11/01/2011 - 17:52 | 1834512 aquagreen73s
aquagreen73s's picture

He'll never see a day in termer O'bama will make sure of it.

Tue, 11/01/2011 - 20:11 | 1835010 UP Forester
UP Forester's picture

Funny thing about lame-duckers and pardons, eh?

Tue, 11/01/2011 - 18:02 | 1834547 sheeple2012
sheeple2012's picture

No way he goes to jail, the big guy upstairs was watching over him during his SUV crash because he has MUCH more important work to do here, MF being only the beginning of his contributions to humanity

Tue, 11/01/2011 - 18:06 | 1834562 Village Idiot
Village Idiot's picture

I know, Henry Blodget...still a pretty hard hitting piece.  Love the picture of MF Global in flames.

Tue, 11/01/2011 - 18:15 | 1834591 Arkadaba
Arkadaba's picture

I think Henry Blodget is one of the stupiest reporters in town. On no,  I'm thinking of that Weisenthal guy.


Tue, 11/01/2011 - 18:13 | 1834585 maneco
maneco's picture

This is what happened to the CEO of Refco!

Tue, 11/01/2011 - 18:25 | 1834601 Boilermaker
Boilermaker's picture

Maybe...JUST MAYBE., the clients VOLUNTARILY let MF Global steal their money.  It certainly appears that way to me.


                   International Swaps and Derivatives Association

Tue, 11/01/2011 - 18:21 | 1834608 DavidDavid
DavidDavid's picture

Last week, Jim Cramer said MF Global was a strong buy.  Solid as a rock.

Tue, 11/01/2011 - 18:32 | 1834637 Flakmeister
Flakmeister's picture

The only resemblence of MF Global to a rock is that it floats like one

Tue, 11/01/2011 - 18:36 | 1834644 Forgiven
Forgiven's picture

He just needs to be specific, he means...pumice.

Tue, 11/01/2011 - 18:40 | 1834650 Yellowhoard
Yellowhoard's picture

Sans a Corzine perp walk, we'll begin to see an avalanche of cash flow out of Wall Street firms.

Over the next weeks, we'll start to read the stories of people who lost everything with these douche bags.

If the people don't see consequences for this type of criminality, there will be a run on the banks of epic size.

Tue, 11/01/2011 - 18:52 | 1834708 markar
markar's picture

We can only hope.

Tue, 11/01/2011 - 19:35 | 1834865 oklaboy
oklaboy's picture

and I bet they will do a fine job, the FBI, just like Solyndra. Why is it when the FBI gets involved,( and don't they report to  F&F Holder?) all info goes away?

Tue, 11/01/2011 - 21:37 | 1835215 dexter_morgan
dexter_morgan's picture

Holder makes Janet Reno look good.....

Tue, 11/01/2011 - 19:40 | 1834881 TreZeke
TreZeke's picture


Tue, 11/01/2011 - 20:11 | 1835008 Goldmund
Goldmund's picture

The money isn't missing, they just can't find it. Obviously all they need to do is bring in some German accountant to find the mistake in their books. 

Tue, 11/01/2011 - 20:19 | 1835033 Buck Johnson
Buck Johnson's picture

I bet 10,000 dollars that Corzine had to have signed off on that, I don't care what anybody says.

Tue, 11/01/2011 - 20:31 | 1835053 Problem Is
Problem Is's picture

Tyler: "Say you are the head back office guy at MF Global..."

"There is simply no way that you will be left without some miraculous (Fed) rescue..."

"Then you realize no miracle is coming, partly because your actions have been exposed..."

Korzine to Head Back Office Guy:

"Shit! Walter, you fuck... you fucked it up! You fucked it up!"

"Nothing is fucked here, Dude. Come on, you're being very un-Dude."

"They'll call back."

Tue, 11/01/2011 - 21:18 | 1835170 Bansters-in-my-...
Bansters-in-my- feces's picture

To fucking funny...

Justice deptment in the USA ...????? Too fucking funny.

And the SEC and the CFTC,they work for the biggest thiefs of all with usa govt blessing.

Feeding the wolfs a sacraficial lamb.

Tue, 11/01/2011 - 21:34 | 1835209 Duke of Con Dao
Duke of Con Dao's picture

Corzine is on his way to the White House? 

here's a guy that might be de-railed soon. Herman Cain.

here Herm stars in Black to the Future ... a Sex Bomb from the past comes back to blow up his presidential campaign for White House.

Tue, 11/01/2011 - 21:37 | 1835214 earnyermoney
earnyermoney's picture

Hilarious if HF Global's corporate funds were comprised of O's campaign funds.

Tue, 11/01/2011 - 22:18 | 1835328 El Gordo
El Gordo's picture

Isn't it interesting that the FBI is so quick to sequester the records of Dem firms who might otherwise be subject to review by nosy reporters (if there are any still out there) or the general public.  Same here as Syolandra I believe.  Somehow I don't think this investigation will ever see the light of day, at least during the current administration.

Tue, 11/01/2011 - 22:37 | 1835390 Downtoolong
Downtoolong's picture

U.S. Attorney Preet Bharara declined to comment Tuesday as did DOJ spokesmen in New York and Washington. An FBI spokesman also declined to comment.

Is Maxwell Smart in there too? Must be getting pretty crowded under the cone of silence.

Tue, 11/01/2011 - 23:25 | 1835529 connda
connda's picture

Small fine, no admission of wrongdoing, golden paracute for Jon Corzine, Average Joe Employee becomes an unemployment statistic.

Wed, 11/02/2011 - 00:43 | 1835704 Dr. Goose
Dr. Goose's picture

Said the Feds, in a stern admonition,
At a broker's insolvent petition:
"We place our reliance
That money of clients
Is far from your trading position."

Mon, 11/14/2011 - 14:43 | 1876244 AE911Truth
AE911Truth's picture

JP Morgan needs to fill their recently created Silver warehouse to cover their significant Silver sort position. They were having difficulty getting longs to sell, so they did the next best thing. Bankrupt the company holding the silver longs warehouse receipt then offer a loan for the liquidation process requiring collateral including among other things, customer’s silver warehouse receipts. In short, if you can’t get those pesky silver longs to sell, just steal it.

From the New York Post:

At issue is a lien and other protections given to JPMorgan, MF’s largest lender, in exchange for an $8 million loan the bank gave to MF on its first day of bankruptcy.

In short, the lien appears to give JPMorgan the right to some assets that creditors might otherwise try to claw back through lawsuits.

The bankruptcy judge in the case, Martin Glenn, acknowledged he doesn’t normally grant such special rights for a lone lender and said he would re-evaluate the matter at a hearing today.

In an interview, Koutoulas called the loan “a farce” and “a cheap ploy for them to jump the line.”

Stanley Haar, owner of a small commodities trading firm in Boca Raton, Fla., who is part of Koutoulas’ group, said if the bankruptcy judge confirms JPMorgan’s lien, “We would automatically be stepped on by the bank.”

A person close to JP Morgan, which declined to officially comment, said the bank is entitled to be lead creditor because it was MF’s biggest lender as the result of a revolving $1.2 billion credit line given to MF before the broker-dealer imploded.

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