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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fuu's picture

Tactical popcorn deployed, bItCheZ!

Don Birnam's picture


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

...And the answers become more equivocal.


gangland's picture

where's the money bitch?

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


redpill's picture

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

gangland's picture

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

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.


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:


tmosley's picture

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

Another troll sacrificed to Odin.

DaveyJones's picture

he is a live fart on television

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.

FEDbuster's picture

I thought that is what his butt plugs are for?

Don Birnam's picture

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

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

tarsubil's picture

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

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.

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

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.

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.

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".

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.

r101958's picture

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

DaveyJones's picture

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

UnpatrioticHoarder's picture

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

Pitchman's picture

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

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"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



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gangland's picture

this guy reminds me of hank paulson but with a beard

FEDbuster's picture

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

Ruffcut's picture

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

Chief KnocAHoma's picture

Senator Pearce is cool!

Damn these questions are getting harder!

RMolineaux's picture

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

youLilQuantFuker's picture

This is infinitely better than The Bold and the Beautiful.

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."

redpill's picture

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

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. 

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

reinhardt's picture

that's about the size of it

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

redpill's picture

They'll probably all get lifelong pensions too.

Au_Ag_CuPbCu's picture

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

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.

GeneMarchbanks's picture

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

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....