• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

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

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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

DELISTED BITCHEZ!

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 Solyndra...box 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

Kraazy...

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...

 

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