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Live Webcast Of Corzine's Third Testimony Where The Questions Pick Up In Complexity

Tyler Durden's picture


Following the gotcha moment from Tuesday, fully documented here and here, in which CME Executive Chairman Terry Duffy basically caught Jon Comminglerzine committing an act of perjury, or lying about the chronology of his knowledge of MF Global's commingled loans under oath, today we get the third and last (for the time being) testimony of the former CEO of Goldman and MF Global, this time to the House Financial Services Committee. Grab your popcorn, the hearing is live, and Jon Corzine is about to sound just like Hank Paulson because this time it will be a little more difficult to "recall" events that happened 6 weeks ago, now that the CME chairman has been kind enough to remind him.

Barney Frank preparing to tear Corzine a new one

From Congress:

The Financial Services Oversight and Investigations Subcommittee will examine the decisions and events leading up to the collapse of MF Global during a hearing on Thursday. At the hearing, the Subcommittee will hear from Jon Corzine, the former chief executive officer of MF Global, as well as regulators of the firm and the bankruptcy trustee.

The Subcommittee hearing will also focus on the effectiveness of regulators in overseeing the firm’s activities, the impact that MF Global’s bankruptcy will have on its customers, and the decision by the New York Federal Reserve to grant MF Global primary dealer status.

Since November, the Subcommittee has been at the forefront of investigating the downfall of MF Global. The Subcommittee has obtained hundreds of documents and other materials concerning MF Global and interviewed more than a dozen individuals.  On December 7, the Subcommittee unanimously voted to issue a subpoena to compel Corzine’s appearance.

Subcommittee Chairman Randy Neugebauer said, “Building upon the earlier hearings held by the House and Senate Agriculture Committees, the Subcommittee will continue to pursue any and all facts pertaining to investment decisions that led to MF Global’s collapse and the activities at MF Global in the days and weeks leading to its collapse. Clearly, there is much work to be done in order for the MF Global investors to discover what occurred prior to the firm’s collapse. In order for our financial institutions to have credibility in the global market place, and for our regulatory institutions to have credibility with the taxpayer, the Subcommittee will continue to examine not only Mr. Corzine’s actions, but also the effectiveness of several regulatory entities that at first glance seem to have been asleep at the switch.”

MF Global filed for bankruptcy on October 31, 2011. MF Global’s demise has had a negative impact on its customers. The bankruptcy trustee reported in November that customer funds were not segregated as required by law. The bankruptcy trustee also found approximately $1.2 billion in customer funds are missing.  This is the first time in the futures industry’s history that a customer has suffered a loss as a result of a clearing members’ improper handling of customer funds.  

Click here to view the Committee’s memo for the hearing.

Witnesses Scheduled To Testify:

Panel I:
Jon Corzine, former Chief Executive Officer, MF Global

Bradley Abelow, Chief Operating Officer, MF Global

Panel II
Daniel M. Berkowitz, General Counsel, Commodity Futures Trading Commission

Robert Cook, Director, Division of Trading and Markets, U.S. Securities Exchange Commission

Terry Duffy, Executive Chairman, CME Group

Richard Ketchum, President, Chairman and Chief Executive Officer, Financial Industry Regulatory Authority

James Kobrak, Jr., Chief Counsel to Mr. James Giddens, Bankruptcy Trustee for MF Global Inc.

Thomas C. Baxter, Jr., General Counsel, Federal Reserve Bank of New York


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Thu, 12/15/2011 - 14:01 | 1983924 fuu
fuu's picture

Tactical popcorn deployed, bItCheZ!

Thu, 12/15/2011 - 14:06 | 1983949 Don Birnam
Don Birnam's picture


"Live Webcast Of Corzine's Third Testimony Where The Questions Pick Up In Complexity..."

...And the answers become more equivocal.


Thu, 12/15/2011 - 14:08 | 1983967 redpill
redpill's picture

Squirm, worm, squirm!

Thu, 12/15/2011 - 14:13 | 1984002 gangland
gangland's picture

where's the money bitch?

this is what happens when you fuck a stranger in the ass larry!


Thu, 12/15/2011 - 14:18 | 1984034 redpill
redpill's picture

Barney Frank is wearing a fucking t-shirt.  Decides to retire then fuck all the dress code eh?

Thu, 12/15/2011 - 14:21 | 1984049 gangland
gangland's picture

he keeps picking his nose...can't wait for him to fart live on national tv...again

Thu, 12/15/2011 - 14:43 | 1984147 Lord Blankcheck
Lord Blankcheck's picture

50 bucks he eats it!

Thu, 12/15/2011 - 15:31 | 1984369 redpill
redpill's picture

Spalding, nnnoooo!!

Thu, 12/15/2011 - 16:00 | 1984484 tarsubil
tarsubil's picture

That boy was hungry.

Thu, 12/15/2011 - 20:08 | 1985480 fuu
fuu's picture

For the record Posey and Capuana voted no on NDAA while Canseco and Pearce voted aye. Oddly enough Barney voted no on NDAA.

Also the archived videos.


Fri, 12/16/2011 - 03:16 | 1986207 Mauibrad
Mauibrad's picture

Tyler, did you see this:

"Most articles have posited or assumed that the counterparty to the $6.3 billion European debt repo-to-maturity trades was a large Wall Street entity, such as Goldman, JP Morgan or even Nomura. This is likely not the case because regulatory filings of the broker/dealer unit indicate that, as of March 31, 2011, the counterparty was an affiliate of MF Global Inc." 

Much more at:


Thu, 12/15/2011 - 17:03 | 1984775 topcallingtroll
topcallingtroll's picture

Is blankcheck Spalding?

Thu, 12/15/2011 - 18:40 | 1985274 tmosley
tmosley's picture

No, that's what they used to say about Spalding.  I guess he finally did.

Another troll sacrificed to Odin.

Thu, 12/15/2011 - 15:11 | 1984283 DaveyJones
DaveyJones's picture

he is a live fart on television

Thu, 12/15/2011 - 15:14 | 1984301 Hugh G Rection
Hugh G Rection's picture

In Barney's defense....50 years of daily abuse of ones anal sphicter would seemingly make fart restrainment a difficult task.

Thu, 12/15/2011 - 16:53 | 1984721 FEDbuster
FEDbuster's picture

I thought that is what his butt plugs are for?

Thu, 12/15/2011 - 14:21 | 1984051 NotApplicable
NotApplicable's picture


He's got a bum arm.

Thu, 12/15/2011 - 14:25 | 1984077 Don Birnam
Don Birnam's picture

Bum arm ? Even Lord Nelson wore a dress uniform with waistcoat, shirt, and cravat !

Thu, 12/15/2011 - 14:21 | 1984056 smlbizman
smlbizman's picture

why did i have to watch that fucking piece of shit pick his fucking nose, hopefully he will pick his ass next.....fuck me i cant take it anymore

Thu, 12/15/2011 - 16:04 | 1984498 tarsubil
tarsubil's picture

(The guy sitting next to) Pearce is laying it on pretty heavy. I tuned in just at the right time.

Thu, 12/15/2011 - 16:06 | 1984517 redpill
redpill's picture

A bit theatrical but delightfully effective.  For those that missed it, Rep Pearce confirmed that:

- Corzine is currently staying at the Ritz.

- Corzine is worth ~$600 million.

- Corzine hasn't called a single victim.  Zero.

- Corzine hasn't set up any charitable entities or scholarship funds for victims.

Thu, 12/15/2011 - 16:18 | 1984536 gangland
gangland's picture

worth the ticket, it's like hyenas smelling blood, they're taking it to his ass, inside traders all fucking cackling sarbox

Thu, 12/15/2011 - 16:24 | 1984578 tarsubil
tarsubil's picture

The BS then flowed from Corzine in such amounts that I had to turn it off. Corzine needs to be introduced to his maker ASAP.

Thu, 12/15/2011 - 16:30 | 1984607 redpill
redpill's picture

It's amazing, when the shit hits the fan these guys supposedly know so little and have so little insight into their own organization.  Yet when things are hunky dory they are happy to take salaries and bonus packages far larger than anyone else in the company.

Thu, 12/15/2011 - 16:57 | 1984746 FEDbuster
FEDbuster's picture

I am still looking forward to the day Corzine decides to "Budd Dwyer" himself, and given my choice of venues it would happen on "Mad Money".

Thu, 12/15/2011 - 17:00 | 1984759 gangland
gangland's picture

hey man nice shot

Thu, 12/15/2011 - 18:50 | 1985304 redpill
redpill's picture

Apparently he was served papers by an MF Global client between sessions.  Priceless!

Thu, 12/15/2011 - 14:23 | 1984064 Don Birnam
Don Birnam's picture

Simply one, last, middle finger raised to Congressional decorum...Barney is evidently still quite upset over the redistricting he suffered at the hands of his fellow Democrats in the Massachusetts legislature, and he wants his ( soon to be former ) colleagues in the House to see it.

Thu, 12/15/2011 - 15:04 | 1984240 r101958
r101958's picture

He is on the ROAD (Retired On Active Duty) program.

Thu, 12/15/2011 - 15:12 | 1984289 DaveyJones
DaveyJones's picture

"the questions pick up in complexity"...and so do the lies

Thu, 12/15/2011 - 15:37 | 1984391 UnpatrioticHoarder
UnpatrioticHoarder's picture

Frank's T-shirt tells us Frank doesn't have any respect for Corzine.

Thu, 12/15/2011 - 17:55 | 1985102 Pitchman
Pitchman's picture

When Corzine pops his head up, bring the mallet down.

If You Liked Credit Default Swaps Your Going To Love RE-HYPOTHECATION!

RE-HYPOTHECATION: Are Your Brokerage Accounts, Muni Bonds, Futures Contracts, Corporate Bonds... Safe? The people on a whole do not understand the original intent of our Constitutional Republic (that's right we are not a Democracy).  And they keep looking to those who are dismantling it from within to fix it.  Ignorance will carry you all the way to a heap of destruction with gaping sores covering your body and wondering how you got there.

The President Declares Freedom & Free Markets Dead - What You Need To Know.

Pay close attention to the third video - This Must Become A Dominant MEME



You have a system that's not being run to be productive as an economy or healthy as an economy.  Its being run to centralize control. - Cathrine Austin Fitts

I did a post featuring a fascinating interview on corruption with her.  If you're interested in the depth of the Rabbit Hole and the psychopaths within, see the "Dillon Reed and Company: And the Aristocracy of Stock Profits" link at the bottom of: The Looting of America: Happy Labor Day



All Americans must consider the following

"The bane of humanity is we learn nothing from the horrors of past atrocities; and history repeats itself. Our/Your passive acceptance of one transgression or worse complicit participation, always makes way for another.  This and the belief that injustice, visited on our neighbor, will not one day come knocking at our door is the banality of evil and its final reward is death." - Inflection Point



The Banality of Evil

Us and them

And, after all, we’re only ordinary men.

Me and you

God only knows it’s not what we would choose to do. 

- Pink Floyd, Us and Them

See: "There Are Monsters, And They Walk Among Us." - Jesse's Cafe Americain

Thu, 12/15/2011 - 14:48 | 1984170 gangland
gangland's picture

this guy reminds me of hank paulson but with a beard

Thu, 12/15/2011 - 16:59 | 1984755 FEDbuster
FEDbuster's picture

They both headed Goldmine Sucks, but "Stammerin" Hank stuttered much more.  The bullshit and lies are about equal.

Thu, 12/15/2011 - 16:09 | 1984523 Ruffcut
Ruffcut's picture

Shit I missed it. I went to the dentist. Helleva lot more fun.

Thu, 12/15/2011 - 16:09 | 1984525 Chief KnocAHoma
Chief KnocAHoma's picture

Senator Pearce is cool!

Damn these questions are getting harder!

Thu, 12/15/2011 - 15:45 | 1984426 RMolineaux
RMolineaux's picture

Compliments to Tyler for a perfect piece of satire.  Just like grabbing a prickly pear!

Thu, 12/15/2011 - 14:01 | 1983927 youLilQuantFuker
youLilQuantFuker's picture

This is infinitely better than The Bold and the Beautiful.

Thu, 12/15/2011 - 14:03 | 1983936 justanothernerd
justanothernerd's picture

At what point does someone just stand up and say "Okay, we've heard enough I believe -- let's go ahead and throw your ass in jail. Nice meeting everyone, I'll be in my office having a cocktail."

Thu, 12/15/2011 - 14:25 | 1984074 redpill
redpill's picture

Guys like Corzine don't go to jail.  Sorry.

Thu, 12/15/2011 - 17:48 | 1985063 Grinder74
Grinder74's picture

But the "scary" little guy gets reamed over by the SEC and literally driven into bankruptcy.  Way to go regulators.  Glad you wasted all that time ignoring the likes of Madoff and Corzine. 

Thu, 12/15/2011 - 18:04 | 1985130 Zero Govt
Zero Govt's picture

I've had 2 friends, both owners of small businesses, harried and bankrupted by Regulators

they don't stop any big fraud, money laundering, druggies or terrorists and they don't stop any big bankruptcies... they just piss all over small businesses and shut down competition

Regulators are gangsters, above the Law (lawless) and a cancer on the free market

Thu, 12/15/2011 - 18:56 | 1985327 reinhardt
reinhardt's picture

that's about the size of it

Thu, 12/15/2011 - 19:17 | 1985390 Zero Govt
Zero Govt's picture

are you watching these 6 regulatory bodies answer questions?

All "monitor" this and "report" that and shuffled paper there but they ALL FAILED

6 big fat worthless turkeys ...the same 6 (and more) turkeys that failed to prevent anything in 2008

It is Chrsitmas time so slaughter the lot of them, stuff 'em and serve them up for dinner

Thu, 12/15/2011 - 19:21 | 1985404 redpill
redpill's picture

They'll probably all get lifelong pensions too.

Thu, 12/15/2011 - 19:20 | 1985400 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

I cannot f*cking believe that Martha Stewart got nailed and this guy is gonna walk.  Bullsh*t!

Thu, 12/15/2011 - 19:51 | 1985510 XitSam
XitSam's picture

Martha Stewart went to prison for lying to a federal agent not for insider trading.  Corzine has been carefully coached to not lie and just act stupid.

Thu, 12/15/2011 - 14:03 | 1983937 GeneMarchbanks
GeneMarchbanks's picture

Mr. Corzine did you lie to us last time? Be honest OK?

Thu, 12/15/2011 - 14:03 | 1983939 williambanzai7
williambanzai7's picture


Thu, 12/15/2011 - 14:08 | 1983970 willien1derland
willien1derland's picture

WB7 - Brilliant! You are a very talented man WB - Thank you for laughs as they are needed in such an environment as we find ourselves today...perhaps you can add a 'Hypothecation Agreement' in Mom & Dads' stocking from Jon...this way he can pledge their gifts as well....

Thu, 12/15/2011 - 14:15 | 1984011 williambanzai7
williambanzai7's picture

Mom and Dad are using a custodian.

Thu, 12/15/2011 - 14:20 | 1984046 Don Birnam
Don Birnam's picture

Credit Agricole or SocGen ? 

Either way, Ma and Pa will be in the SNAP program before you can say "Fifth Amendment." Bid adieu to those funds.

Thu, 12/15/2011 - 14:24 | 1984069 williambanzai7
williambanzai7's picture


Thu, 12/15/2011 - 14:36 | 1984122 willien1derland
willien1derland's picture

ROFL...They obviously KNOW their son!

Thu, 12/15/2011 - 14:52 | 1984184 williambanzai7
williambanzai7's picture


Thu, 12/15/2011 - 15:06 | 1984261 blu
blu's picture

Is that a gremlin in your pocket, or are you just happy to see me?

Thu, 12/15/2011 - 15:14 | 1984302 redpill
redpill's picture

All together now!


Dun dun dun dunnnn dundun!  Dun dun dun dunnnnn dundun!  Dun dun dun dunnnn dun dun dun dun dundun....

Thu, 12/15/2011 - 15:40 | 1984409 wisefool
wisefool's picture

^ Jon Williams Orchestra.

Also folks, WB7 is our great artist, but I think Ron Paul (who belongs to the world)  is going to create a new masterpeice tonight during the republican debate. We dont have to follow tradition because this one DOES NOT have a internet company witha 100B market cap to run the poll that they take down later. Its just FoxNews this time.

Thu, 12/15/2011 - 16:24 | 1984583 mrdenis
mrdenis's picture

Corzine's first wife said of her 33 marrage to Jon "Jon let his family down, and he'll probably let New Jersey down, too," ...and now ........

Thu, 12/15/2011 - 17:22 | 1984883 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

I thought Corzine was a heeb?

Thu, 12/15/2011 - 14:05 | 1983948 willien1derland
willien1derland's picture

Unfortunately as the questions become more complex & perhaps more probing I am afraid the answers will remain banal...How can Corzine complicate the statement, 'I have no idea where the money went' - despite the fact that under Sarbanes Oxley he is STILL ACCOUNTABLE & supposedly Corzine helped draft SARBOX...Tragic irony...Poetic Justice...Its your call...

Thu, 12/15/2011 - 14:18 | 1984030 williambanzai7
williambanzai7's picture

The only reason this guy is not pleading the Fifth is denial and vanity. Somehow he thinks he is going to come out of this and move onto bigger and better things. The man is permanently damaged.

Thu, 12/15/2011 - 14:39 | 1984134 willien1derland
willien1derland's picture

The man is permanently damaged

Game, Set, Match...Advantage Banzai - Could not add anything to your assessment - A perfect explanation!



Thu, 12/15/2011 - 17:20 | 1984783 FEDbuster
FEDbuster's picture

I have a theory that when Corzine stole the customer funds to pay back JP Morgan Chase, that Jamie told him that they wouldn't kill him or let the government throw him in jail.  Since the bankster pimps are in complete control of the current whores of Washington, they can most likely get away with this sort of deal.

Thu, 12/15/2011 - 14:44 | 1984151 redpill
redpill's picture

He's been a Governor and a Senator, by now he's violated so many oaths and told so many lies that he figures it's no time to start being truthful!

Thu, 12/15/2011 - 14:57 | 1984204 NotApplicable
NotApplicable's picture

Dunno, if he did this intentionally, he will be well rewarded for his service to the cause. If he was flying solo though, then he suffers as his buddies try to minimize the damage, knowing that any one of them might be next.

Then again, he just might find himself expendable if it can be used to get Obummer reselected.

Bet he will still never see a jail cell, though.

Thu, 12/15/2011 - 15:31 | 1984367 Chingalay
Chingalay's picture

"The man is permanently damaged."


Since birth.

Thu, 12/15/2011 - 15:34 | 1984382 ParkAveFlasher
ParkAveFlasher's picture

he's got a pocket full of presidential pardon, what the hell does he care.

Thu, 12/15/2011 - 17:29 | 1984925 FEDbuster
FEDbuster's picture

Clinton did it for Marc Rich, so why not? Obama on the way out giving Jon a pass for all his hard fundraising work? 

I just hope the New York and Chicago mafia had  trading accounts with MFG and got burned.  They don't care about politics when it comes to their money.  Jon will sleep with the fishes, if they stole money from the wrong people. 

Thu, 12/15/2011 - 18:49 | 1985301 Fedaykinx
Fedaykinx's picture

I wasn't surprised that he didn't plead da fif, people like him have huge egos and think they're above the law.


I think the situation is a little more serious than he's willing to admit.   Shoulda done the ONE TWO THREE FOUR FIIIIIIF

Thu, 12/15/2011 - 14:55 | 1984200 crazyv
crazyv's picture

If they were serious this how the question would go:

Mr. Corzine you are on record as saying that you are responsible on a day to day basis for the sovereign trade transaction.

Are you aware of the financing arrangement for that position? Are you aware of whether you have to put up more margin if the market price of those securities goes down?

As CEO you no doubt have full knowledge of how much cash your firm has on hand (its own not the customers) bank line of credits etc

Where the fuck did you think the money for all your margin payments was coming?

Thu, 12/15/2011 - 15:05 | 1984254 williambanzai7
williambanzai7's picture

The Ipso Ignoramus rule seems to work fine as a CEO defense in this day and age...

Thu, 12/15/2011 - 15:16 | 1984309 DaveyJones
DaveyJones's picture

I hear it works for other "executive" officers too

Thu, 12/15/2011 - 16:26 | 1984591 NotApplicable
NotApplicable's picture

Now, let's contrast this with their ever-growing salaries that have been justified to attract the "best and brightest."

Thu, 12/15/2011 - 16:18 | 1984549 SqueekyFromm
SqueekyFromm's picture

But Williambanzai7, Mr. Corzine is a JOB PRODUCER! If we are not careful, people like him are going to run off to Galt's Gulch, and leave all us regular people to starve to death or get run over by trains.

Therefore, I must INSIST that everybody here treat Mr. Corzine with the UTMOST RESPECT and DEFERENCE!!!

No jokes about him like calling him "Don Corzeone" or stuff like that!!!

Squeeky Fromm, Girl Reporter

Thu, 12/15/2011 - 14:05 | 1983953 jdrose1985
jdrose1985's picture

Tyler please help to delete my account, I have emailed for weeks to no avail.

I no longer wish to be identified with the believers of lies.

There is real remedy available for those who no longer choose to be entertained.

You all can open your own accounts through the Treasury and zero out any public debts for yourself and others. This is truth.

What does zero hedge have to offer besides cheap entertainment.

Yes, well all came to the realization a long time ago the terminal bust was on the horizon.

It is here and my popcorn has been stale for a long time now.

I wish to no longer be identified with this organization.

Thank you for your help.

Thu, 12/15/2011 - 14:08 | 1983971 Capt Tripps
Capt Tripps's picture

So much fucking comedy today

Thu, 12/15/2011 - 14:30 | 1984096 NotApplicable
NotApplicable's picture

This is awesome. Who would publicly identify themselves on a site they didn't want to be associated with, when the obvious thing to do would to be stop posting?

This is like taking the Streisand Effect and combining it with concept of reductio ad absurdum.

My advice?


Thu, 12/15/2011 - 14:34 | 1984120 NotApplicable
NotApplicable's picture

Awww, shucks. Tyler dun killed him.

Thu, 12/15/2011 - 14:36 | 1984124 fuu
fuu's picture

Yeppers. Good thing the google will keep the memories alive for a while.

Thu, 12/15/2011 - 14:39 | 1984135 blu
blu's picture

Wow Tyler grants requests??

But I have to use all caps and bold face. Okay.




Oh boy I'm so excited now! ohboyohboyohboy

Thu, 12/15/2011 - 14:09 | 1983974 SheepDog-One
SheepDog-One's picture

Who is 'identifying' you here? Instead of complaining about your password not being deleted, why dont you explain how to go about opening your own Treasury account and 'zero out' your debt?

Thu, 12/15/2011 - 16:27 | 1984560 SqueekyFromm
SqueekyFromm's picture

He sounds like one of those Sovereign Citizen people, who are careful not to use capital letters when spelling their names, lest legal liability attach.

Squeeky Fromm, Girl Reporter

Thu, 12/15/2011 - 17:12 | 1984829 topcallingtroll
topcallingtroll's picture


I really tried to make sense of that stuff of them not having authority over you if you dont answer your name in court or something like that, and that taxes and citizenship is voluntary even if you want to stay in this country.

I tried to understand. Really I did. They are wacked out.

Thu, 12/15/2011 - 21:01 | 1985686 Sunshine n Lollipops
Sunshine n Lollipops's picture

No offense, top, but if that's all you gathered from your 'sense making' then it appears you didn't 'really try'. It's fucking complicated, because that was the idea when they wrote fifteen bazillion statutes and regulations giving them all of the power. They made it so dense and complex that the average person, already at a disadvantage thanks to the steady drumbeat of propaganda, would never, ever figure it all out. There's obviously a conspiracy against We the People and to counter it without resorting to violence, we are going to have to beat them at their own game in the courts, which means we are going to have to do some heavy reading. The curriculum is a bitch, for sure, but the truth is in there. I've spent around 30 hours reading/watching video and barely scratched the surface. It's a daunting task, but the conclusion I've reached is that if one wants to be truly free of the government's control, this is the only way.

If that makes me wacky, so be it. 

Thu, 12/15/2011 - 19:58 | 1985536 Larry Dallas
Larry Dallas's picture

This is a fucking anonomous blog. How do you request to not have your name associated? WTF?

Trimming of the herd. Perfect. Darwinism.

Thu, 12/15/2011 - 14:12 | 1983989 Dr. Engali
Dr. Engali's picture

So long. Don't let the door hit you in the ass on your way out. I'm sure you will fit in over on the Yahoo boards.

Thu, 12/15/2011 - 14:13 | 1983999 ebworthen
ebworthen's picture

Ignore him, he appears to be under 30.

Thu, 12/15/2011 - 14:21 | 1984052 williambanzai7
williambanzai7's picture

Your password still works fine on YouPorn

Thu, 12/15/2011 - 14:47 | 1984166 Teamtc321
Teamtc321's picture

Wake up, Nathan Sheet's the ex fed res. man that designed the fed swap lines after the lehman crisis from my understanding, just said on CNBC of all places he is giving a 1/3 shot of a major crash starting in Europe. Said it is the un-known's that will hit hard and swoop the global finacial system. 

Thu, 12/15/2011 - 15:01 | 1984221 NotApplicable
NotApplicable's picture

Congratulations! You are hereby presented with the Non-Sequitur of the Day Award.

(or is that supposed to be porn?)

Thu, 12/15/2011 - 16:23 | 1984577 slewie the pi-rat
slewie the pi-rat's picture

prob'ly just the known un-knowns doncha think?

Thu, 12/15/2011 - 14:38 | 1984127 Jay Gould Esq.
Jay Gould Esq.'s picture

Well, JD, when your profile is clicked, "Access Denied" is the return. 

I guess this means Das Vadanya.

Thu, 12/15/2011 - 14:42 | 1984145 willien1derland
willien1derland's picture

jdrose1985 = Bob Pisani

Thu, 12/15/2011 - 14:06 | 1983960 SheepDog-One
SheepDog-One's picture

If there was any sanity at all, Corzine would not be walking around freely but there would be FBI agents behind him holding Corzines leg irons and hand cuffs.

Thu, 12/15/2011 - 14:19 | 1984015 SHEEPFUKKER

Until that moment comes, and comes en masse, then it will be shady business as usual. No perp walk, no dice. 

Thu, 12/15/2011 - 14:21 | 1984055 alien-IQ
alien-IQ's picture

No, that would only happen to someone who did something really unforgivable like stealing diapers or baby food for their child.

He stole billions of dollars. That makes him the envy of all politicians. It's what they aspire to and they will treat him with reverence in the hopes that he will one day teach them how to steal billions and get away with it scott free.

Thu, 12/15/2011 - 14:07 | 1983965 aheady
aheady's picture

lol Comminglerzine

Thu, 12/15/2011 - 14:11 | 1983979 kralizec
kralizec's picture

Somebody man-up and manacle that criminal!

Thu, 12/15/2011 - 14:11 | 1983983 ebworthen
ebworthen's picture

What will happen:

Corzine, in a cushy leather chair and warm cup of coffee being asked:  "Dear honorable sir, I feel your pain, and understand how hard it is to try and be a leader with so many people below you acting without your knowledge.  Has this been stressful for you?"

What should happen:

Corzine, on a wobbly stool with a noose around his neck being asked:  "Where the fuck is the money you pompous asshole!?!"

If only we could have some honesty instead of theater.

Thu, 12/15/2011 - 14:34 | 1984016 Jay Gould Esq.
Jay Gould Esq.'s picture

Re: A Wobbly Stool

Yes, come to think of it -- and speaking of grifts -- Corzine does call to mind Tuco in "The Good, the Bad, and the Ugly." 

Thu, 12/15/2011 - 14:33 | 1984112 NotApplicable
NotApplicable's picture

You forgot the single lamp, shining right into his eyes, inches from his slimy face!

That'd be worth the price of PPV.

Thu, 12/15/2011 - 14:15 | 1983984 Mercury
Mercury's picture

How often do you suppose money "disappears" at Goldman Sachs and the fiduciary or manager in charge gets away with it?

Thu, 12/15/2011 - 14:37 | 1984123 NotApplicable
NotApplicable's picture

Basic math and T-accounts, how the fuck do they work?

Thu, 12/15/2011 - 15:51 | 1984446 SilverIsKing
SilverIsKing's picture

Have his phone records been checked?

Thu, 12/15/2011 - 14:11 | 1983988 SheepDog-One
SheepDog-One's picture

Who hit 'the button' Mr Corzine? And where is it located? You know, the button you were describing which apparently transfers all customer accounts to Jamie Dimons JP Morgan bank?

Thu, 12/15/2011 - 14:12 | 1983993 The Axe
The Axe's picture

Yes...agree  If we live in a real world...Jon should be in jail today...But why would the CME accept a loan based on customers funds?  That I do not get...?

Thu, 12/15/2011 - 14:41 | 1984141 NotApplicable
NotApplicable's picture

Gensler said it was cool? Duffy trusted Jonny? Oh wait, Duffy had to take the money, else the CME was toast. (it's always defense of the institution empowering the individual)

As for the real world, it only exists coherently in the virutal world. Go figure...

Thu, 12/15/2011 - 14:12 | 1983996 Gringo Viejo
Gringo Viejo's picture

Ich Ben Ein Don't Recall.

Thu, 12/15/2011 - 14:14 | 1984005 JLee2027
JLee2027's picture

Best thing that can happen is Corzine gets away and the crooks never account for the missing money which quickly leads to a complete loss of confidence in these phony markets and a collapse of the financial (enslavement) system.

Thu, 12/15/2011 - 14:18 | 1984035 SHEEPFUKKER

Don't you think they will somehow just miraculously find the money and Jon Jon will get a little slap on the wrist and all will be forgiven? 

Thu, 12/15/2011 - 14:33 | 1984114 In Fed We Trust
In Fed We Trust's picture

Money never sleeps.

In fact it follows the sub around the earth day by day.

It changes form sometimes but then keeps on moving.

Thu, 12/15/2011 - 17:50 | 1985064 DaveyJones
DaveyJones's picture

frosty says it's just like Christmas snow, only dirtier. Come to think of it, New York snow is never pure

Thu, 12/15/2011 - 15:58 | 1984476 toadold
toadold's picture

uhm if the agriculure futures market collapses you'll see one heck of a price jump at the grocery store. 

Thu, 12/15/2011 - 14:17 | 1984007 SheepDog-One
SheepDog-One's picture

LOL! 'Mr Capuano' says 'MF Global had too much regulation, thats what the real problem is, and we'll never find where the money went anyway'....well what are waterboards for then?? Just for 12 year old Afghani kids picked up in a village to beat some answers out of them, but a couple trillion stolen is all just water under the bridge and we're better off just moving along....nothing can be done anyway so lets just go to cocktail hour? 

And theyre BAFFLED why theres NO confidence...

Thu, 12/15/2011 - 14:46 | 1984164 willien1derland
willien1derland's picture

Classic - +100!

Thu, 12/15/2011 - 14:15 | 1984008 sitenine
sitenine's picture

Quoting The Honorable Jon Corzine, "I did not have sexual relations with clients' segregated accounts."

Thu, 12/15/2011 - 14:16 | 1984017 Global Hunter
Global Hunter's picture

BArney Frank couldn't even be bothered to get out of his pajamas that's how seriously he's taking this 

Thu, 12/15/2011 - 14:16 | 1984018 reinhardt
reinhardt's picture

I don't see MF Global being anything other than a non-story.  Bunch of greedy bankers .. nothing affectively systemic.  Of course greedy bankers are systemic, but MF Global is not a harbinger of things to come like Tyco was in 1999 in relationship to the collapse of 2000-2003.  I rarely even use the term "greedy" cause "greed" is pretty much an across the board, natural human instinctive trait.  And "greed" in itself doesn't really lower global wages in the context of a grander scheme.  I wouldn't take MF Global as any kind of indicator.  ZH is just filling space and attempting to get readers psyched over what should be the obvious.  MF Global is a bunch of corrupt folks .. nothing new.  Nothing to waste too much thought process on.  Not an indicator of a larger controlled debasement.  Not, unless they dumped some money into global infrastructure somewhere.

Thu, 12/15/2011 - 15:53 | 1984455 Canaduh
Thu, 12/15/2011 - 16:14 | 1984541 reinhardt
reinhardt's picture

interwebz .. shutdown?


Thu, 12/15/2011 - 16:36 | 1984639 Canaduh
Canaduh's picture

You're not very good at this. May I talk to your supervisor?

Thu, 12/15/2011 - 19:02 | 1985347 reinhardt
reinhardt's picture

strange request

strange website

Thu, 12/15/2011 - 19:30 | 1985438 Canaduh
Canaduh's picture

fake person

fake problem

Thu, 12/15/2011 - 20:09 | 1985581 reinhardt
reinhardt's picture




Thu, 12/15/2011 - 17:27 | 1984924 twotraps
twotraps's picture


Thu, 12/15/2011 - 19:50 | 1985505 karzai_luver
karzai_luver's picture

Sure , money can go poof out of customer accounts with no accounting to the customers and their positions can be annihilated and they can be frozen out of hedges that are essential to the production of the food you eat and that's nothing to get worked up about.

Tell you what son, Give me the login and key/pins to your futures trading account and when I drain it then we will see if it's anything to get worked up about.


child pleeeeezzzzze.

Fri, 12/16/2011 - 19:22 | 1988753 reinhardt
reinhardt's picture

it ain't goin anywhere

much bigger bs goin on out there


Thu, 12/15/2011 - 14:17 | 1984019 JLee2027
JLee2027's picture

Barney Fwank: "We need more Regulation!"

F---ing idiot. 

Thu, 12/15/2011 - 14:19 | 1984036 SheepDog-One
SheepDog-One's picture

'Mr Capuano' just testified that this was caused by too MUCH regulation...dogs riding ponies clownshow!!

Thu, 12/15/2011 - 14:22 | 1984062 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

He also said

It looks like there was nothing done illegally.

Thu, 12/15/2011 - 15:07 | 1984146 NotApplicable
NotApplicable's picture

Followed by, "...TADA!"

(", bitchez!" also acceptable)

Thu, 12/15/2011 - 15:31 | 1984368 Fred Hayek
Fred Hayek's picture

We could have an interesting test of whether more or less regulation is needed if they would just ENFORCE it so we would know what would happen.

Thu, 12/15/2011 - 15:01 | 1984224 marathonman
marathonman's picture

The mental image formed from reading the caption under the picture that said Barney Frank was going to tear Corzine a new one was more than I could bear.

Thu, 12/15/2011 - 17:54 | 1985092 DaveyJones
DaveyJones's picture

more regulation...unless it involves inquiry into his own dirty dealings 

Thu, 12/15/2011 - 14:17 | 1984020 toothpicker
toothpicker's picture

Does Barney Frank talk with puke in his mouth?

Thu, 12/15/2011 - 14:24 | 1984067 Dr. Richard Head
Dr. Richard Head's picture

That's note puke. Here is a hint - it rhymes with dumb.

Thu, 12/15/2011 - 14:17 | 1984022 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Is Bawknee Fwank wearing pajamas and a blazer?

Thu, 12/15/2011 - 14:17 | 1984023 Seasmoke
Seasmoke's picture

did Barney wakeup in some others guy bedroom this morning ?

Thu, 12/15/2011 - 14:17 | 1984024 fuu
fuu's picture

Barney Frank can't even wear a suit to the meeting. Black jacket over t-shirt no tie. Classy.

Thu, 12/15/2011 - 14:22 | 1984057 toothpicker
toothpicker's picture

Good. Looks more like the crook he is

Thu, 12/15/2011 - 19:34 | 1985453 fuu
fuu's picture

After listening to that thing today I have to wonder if Barney Frank wins the non sequitur of the day award. He is about a month early on the whole Red vs Blue montage period. He never asked any questions of the first panel.

Thu, 12/15/2011 - 14:17 | 1984025 Dr. Engali
Dr. Engali's picture

Shut the fuck up Frank! You worthless pig vomit cum guzzling gutter slut.

Thu, 12/15/2011 - 14:30 | 1984101 blu
blu's picture

It's okay, go ahead and tell us how you really feel.

Thu, 12/15/2011 - 14:45 | 1984161 Dr. Engali
Dr. Engali's picture

I would but I fear if I told you how I really felt about Bawny and his lying cohorts I'd jeopardize my soul.

Thu, 12/15/2011 - 14:55 | 1984198 blu
blu's picture

You have ... a soul? I am not familiar with this ... soul thing of which you speak.

j/k I'm pretty sure I sold mine about 30x leverage hypothecated to Satan, at a discount. And all I got was this lousy t-shirt.

Thu, 12/15/2011 - 14:44 | 1984039 Seasmoke
Seasmoke's picture

Barney.................PIG !

Thu, 12/15/2011 - 14:19 | 1984041 SheepDog-One
SheepDog-One's picture

'We need moar wegwoowation'...whatever ass hat Frank!

Thu, 12/15/2011 - 14:25 | 1984076 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

human beans are human beans!

A brilliant man, this Fwank.

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