Live Webcast Of Corzine's Third Testimony Where The Questions Pick Up In Complexity
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
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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Tactical popcorn deployed, bItCheZ!
"Live Webcast Of Corzine's Third Testimony Where The Questions Pick Up In Complexity..."...And the answers become more equivocal.
Squirm, worm, squirm!
where's the money bitch?
http://www.youtube.com/watch?v=FXHHkYyYoPM
this is what happens when you fuck a stranger in the ass larry!
Barney Frank is wearing a fucking t-shirt. Decides to retire then fuck all the dress code eh?
he keeps picking his nose...can't wait for him to fart live on national tv...again
50 bucks he eats it!
Spalding, nnnoooo!!
That boy was hungry.
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.
http://www.c-spanvideo.org/program/MFGloba
http://www.c-spanvideo.org/program/FGloba
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:
From: http://english.economicpolicyjournal.com/2011/11/mf-global-bankruptcy-cheat-sheet-where.html
Is blankcheck Spalding?
No, that's what they used to say about Spalding. I guess he finally did.
Another troll sacrificed to Odin.
he is a live fart on television
In Barney's defense....50 years of daily abuse of ones anal sphicter would seemingly make fart restrainment a difficult task.
I thought that is what his butt plugs are for?
LOL
He's got a bum arm.
Bum arm ? Even Lord Nelson wore a dress uniform with waistcoat, shirt, and cravat !
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
(The guy sitting next to) Pearce is laying it on pretty heavy. I tuned in just at the right time.
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.
worth the ticket, it's like hyenas smelling blood, they're taking it to his ass, inside traders all fucking cackling sarbox
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.
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.
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".
hey man nice shot
Apparently he was served papers by an MF Global client between sessions. Priceless!
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.
He is on the ROAD (Retired On Active Duty) program.
"the questions pick up in complexity"...and so do the lies
Frank's T-shirt tells us Frank doesn't have any respect for Corzine.
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
See: RAPE OF THE REPUBLIC
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
this guy reminds me of hank paulson but with a beard
They both headed Goldmine Sucks, but "Stammerin" Hank stuttered much more. The bullshit and lies are about equal.
Shit I missed it. I went to the dentist. Helleva lot more fun.
Senator Pearce is cool!
Damn these questions are getting harder!
Compliments to Tyler for a perfect piece of satire. Just like grabbing a prickly pear!
This is infinitely better than The Bold and the Beautiful.
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."
Guys like Corzine don't go to jail. Sorry.
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.
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
that's about the size of it
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
They'll probably all get lifelong pensions too.
I cannot f*cking believe that Martha Stewart got nailed and this guy is gonna walk. Bullsh*t!
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.
Mr. Corzine did you lie to us last time? Be honest OK?
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....
Mom and Dad are using a custodian.
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.
ROFL...They obviously KNOW their son!
Is that a gremlin in your pocket, or are you just happy to see me?
All together now!
Dun dun dun dunnnn dundun! Dun dun dun dunnnnn dundun! Dun dun dun dunnnn dun dun dun dun dundun....
^ 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.
http://www.2012presidentialelectionnews.com/2012-debate-schedule/2011-2012-primary-debate-schedule/
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 ........
I thought Corzine was a heeb?
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...
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.
Game, Set, Match...Advantage Banzai - Could not add anything to your assessment - A perfect explanation!
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.
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!
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.
"The man is permanently damaged."
Since birth.
he's got a pocket full of presidential pardon, what the hell does he care.
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.
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
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?
The Ipso Ignoramus rule seems to work fine as a CEO defense in this day and age...
I hear it works for other "executive" officers too
Now, let's contrast this with their ever-growing salaries that have been justified to attract the "best and brightest."
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
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.
So much fucking comedy today
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?
YELL LOUDER AND MORE FREQUENTLY UNTIL YOU OBTAIN THE DESIRED EFFECT!
Awww, shucks. Tyler dun killed him.
Yeppers. Good thing the google will keep the memories alive for a while.
Wow Tyler grants requests??
But I have to use all caps and bold face. Okay.
HEY TYLER YOU WEIRDO FICTIONAL PERSONA IVE BEEN AT ZEROHEDGE ALL MY LIFE SINCE I WAS A BABIE GIVE ME A PONY!!1!ONE
Oh boy I'm so excited now! ohboyohboyohboy
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?
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
Yep.
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.
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.
This is a fucking anonomous blog. How do you request to not have your name associated? WTF?
Trimming of the herd. Perfect. Darwinism.
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.
Ignore him, he appears to be under 30.
Your password still works fine on YouPorn
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.