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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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Questions may be complex, answers will be the same... uh... I dunno. Prison awaits, make room for Gensler, into this up to his corrupt eyeballs... and Dimon at JP Morgan is all bent to hell a well... AG Holder is still doing nothing... probably watching Ward abuse the beaver...
Repo105s just came up, Corzine denies they did them.
I'm familiar with the article.
Haha, He just called Corzine a God damn liar.
Didn't Corzine already answer earlier that he had read the article and had no opinion, and now he just stated that he has not heard of it? Posey and Pearce are after him about this.
Posey just called him slippery while dry.
TREASURY !!!!!!!!!!!!!!!
Will Corzine be doing the "perp walk"?
He should, but being such a valued crony...and a significant bag man to boot, he'll be saved that embarrassment is my guess, unless it serves Obama's campaign...in which case he'll pledge to fall on his sword.
Are you a scumbag kinda guy??
Expertize? Like lying and stealing?
I fear that Corzine will be the only tarred and feathered. MF Global will be labeled as the one and only bad apple, and the rest of the looting will proceed uninterrupted.
Mr. Durden,
It seems to me like a lot of these congressmen have little idea what they are talking about and this stuff is over their heads. Sooo, I wonder if maybe people here could cooperate on a list of questions for them to ask Corzine and others??? Maybe it could be an open thread or something, and people here could put their questions in and the good and relevant ones could be forwarded to different people in Congress prior to the hearings.
Squeeky Fromm, Girl Reporter
I have a question for Mr. Corzine: Where can I get a printout showing the debits and credits posted to your client's accounts? If you were using Quickbooks, this could be produced in a matter of hours. If you don't know, and I'm sure you don't, do you think you could get me the name of someone who does?
They have about 100 sets of books.
What they don't like to tell you (both sides of the table) is that most of these super duper financial titans don't have any idea what entries are made around the world at all their various skimming joints.
That is why the claims they all make as to their super key man status is bullshit.
Any bum with a purty mouth and a smooth line will do.
!
sqeeky, your idea would be having more influence if you would be having a list of questions for being an example of the questions other peoples should be writing and having too.
Geruda: I will try:
Mr. Corzine, is it true that your increase in holding European debt would have been a zero sum game, whether you won or lost?
If so, then wasn't the collapse of MF simply due to what could be categorized as a huge bet???
Does any SMART gambler you know bet his entire stake on a risky hand, or is that a sign of a compulsive gambler???
Isn't this why MF had a "risk manager" . . . to make sure the firm was not over-invested in a single bet???
Are you Mr. Corzine, a compulsive gambler???
Mr. Corzine, where are you sleeping tonight??? It isn't in your automobile is it???
Aren't you aware that some of your employees and customers may well be put into that danger due to your recklessness?
How much cash and assets do you personally have at this time???
Mr. Corzine, how much extra bonus or compensation did you stand to make if your "bet" had paid off???
Mr. Corzine, if you picked up $6 Billion in EuroSovBets, what percentage of the equity of MF global did that represent at the time???
Mr. Corzine, did you bet any of your PERSONAL wealth in the same bets you picked for MF global???
Squeeky Fromm, Girl Reporter
If I may?
How many accounts were out of reconciliation for each of the days in the week beginning October 24, 2011?
When the accounts failed to reconcile, was this across all acounts, or were the failed reconciliations confined to a few accounts?
If the process was to repo out the cash in the customer accounts and replace them with treasuries (or other, similar assets), did the reconciliation fail from the substitution or the replacement?
Don't cover for scum like Dimon, go down a hero by landing the heinous shit face first in it.
Ask him the same question 50 times and see if you get a different answer. Ask him questions where if he admits it he's incriminating himself. Ask him questions where he has to LIE to answer them. Stop having BULLSHIT conversations with him.
If these pretentious pontificating bastards would just ask Corzine how much of the shortfall is due to slippage in the collateral transfers and how much was siezed by creditors (JPM) through margin calls after the firm was technically bankrupt we would not be subjected to to the drivel coming out of Frank and Baca's orifices.
Anything else is just politicians masturbating in public.
he just asked your question
He was just asked your exact question by Canseco.
ug ug ug ug Abelow. You stuttering moron. Bubba will knock that stutter well and truly out of you.
Call him a fucking liar. Call him a fucking thief. INTIMIDATE HIM instaed of KISSING HIS ASS. It isn't FAIR??!!! This guy robbed innocent people and this fucking clown is worried about being FAIR????
who is the other clown who all he says is "I don't know?" Where do you sign up for his job??
He got a $3,000,000 guarantee for that work out.
Mr Abelow - "Can you tie your shoelaces?"
Ug Ug Ug I don't know!
JP MORGAN !!!!!!!!............JAMIE OWNS EVEN CORZINE
PUT THEM IN JAIL RIGHT NOW, THSES GUYS ARE PLAYING DUMB!!
What a SHAME this scumbag didn't die in that car. Damn.
I remember Hank Paulson stuttering squirming when questioned, but Corzine does not appear to be squiming at all.
Unfortunately, I predict he will walk and nothing will happen to him... maybe a small fine.
thats why we need lynchmobs and hit squads. Justice REAL justice
can you believe those 2 fuckers were in charge of goldman Sachs AT THE SAME TIME
WE NEED LYNCHMOBS!!!!!!!!
1.5 MIL!!!!! FUCK THIS CLOWN MOTHERFUCKER!!!!
3 mil for that JERKOFF??!!!!
$3 Million for Abelow !!!.........Someone was robbed !!!!!!!
Corzine about to star in the next epic film, "Treasury Island!"
Tattoo IDK on his forehead.
the 3 million dollar man speaks.....I don't know. I don't know ASSHOLE!!!!!!!!! KILL THIS ASSHOLE
Slippery when dry.
i have changed my mind, let corzine go, hang that prick Abelow
Corzine is scum. But Abelow is retarded scum.
If ANY of you ASSHOLE politicians are reading this, you're all a bunch of stupid motherfucking lying crooks. FUCK ALL OF YOU!!!!
If ANY of you little PRICKS ave anu balls get up off your ass and punch that motherfucker Cockzine in the fucking mouth.
Is 'I don't know' the new 'I take the Fifth'?
the slime think it makes them look better............after watching this, it does NOT
Having the word "fucking" in the words you are writing is making you having a bad impression. It is a signal of bad intelligences to be using words that are having such bad sounding.
Trust me using 'fucking' does not show a lack of intelligence, just anger.
PS. I think you mean't to type
'Using the word 'fucking' in the comments you write, give a bad impression. It is a sign of poor intelligence to use words that are obscenities.
Just saying. ;)
whatever. If ever there was an appropriate time to us eht e word FUCKING it's in reference to this BULLSHIT panel and anything to do with jon COCKzine. FUCK HIM.
This guy is lying his ass off. Should have taken the fifth and been done with it. He's cooking his own goose with this testimony.
Exactly, we don't have a 'crisis' here, we have fraud and someone will get prosecuted. He sits there with absolutely no fear. Long fall from Goldman to MF....just like Refco. I thought the 200 million they were hiding was bad, lets see how much jail time anyone gets for 1.2Billion.
Jailtime for a bankster? R U smoking crack or shooting heroin or dropping acid? Or all three??
This whole thing is just a fucking JOKE!!!
Did you clock the smug lawyers grinning on their way out.
Does ANYONE expect ANYONE to believe ANY of this BULLSHIT!!??? Just because I don't have power doesn't mean I'm STUPID.
He may be choosing words carefully
He may be trying to save his own ass
He may be a liar and a criminal
He is afraid.
seriously he looks like he KNOWS this is just a dog and pony show and nothing will happen to him. It looks like he's trying to keep from laughing.
Phew, all done.
Corzine is back to the hotel to do a few lines, fuck some hookers.
Abelow off to his hotel to take it up the arse from his lover.
Allegedly
I think Abelow doesn't know if he's gonna take it up the ass tonight.
SEC- Head Porn Surfer
he's a dic smoker. Bwaney Fwank must love this guy.
this guy couldn't identify his own cock if he held it in his hand
Hangemhigh77
I think Abelow doesn't know if he's gonna take it up the ass tonight.
LMFAO
glad you likied it and I didn't even use the word "fuck" although I do think it would have added some emphasis.
How do people like this get into positions of power??!!! I guess BJ's are a pretty powerful thing
Duffy's up
Let's have some more juice.
Jamie Dimon threatened to KILL Corzine if he didn't take customer money to post as collateral to JPM ???
Isn't that against the law?
Not their law - post hac Devil drafted contract signing/soul pledge, in the land where men make money their god.
In fact, it not only enforceable, but customary.
No you showed far more intelligence than me. Hats off.
CFTC informed someone of something? Incredible!!
CFTC "investigated"? No way. Really? No way.
Somebody just served him papers during the break time! HAHAHAHAHAHA!
Being under control of MF management must have been like watching cartoons on Saturday morning.
work with congress? Ahahahahahahahahahahahahahahaha
WHY do these guys STILL have their jobs? NOBODY gets fired anymore!! FIRE THESE ASSHOLES AND THROW THEM IN JAIL!!!!!
sorry this is off topic but it looks like QE 3 has started after all
the new Fed balance sheet shows a sudden bump in MBS to the tune of $31 bn. This asset category has been largely quiet for a long time.
This does not appear to be related to the Euro swaps, which now appear as a sep. line item asset wise (up $52 bn this week).
On balance, the FED added $81 bn in assets.
The Fed paid for this by typing up bank reserves (shows as a liability on the BS) by $65 bn. Paying for MBS purchases by this form of printing is pure QE.
The rest of liability side offsets came from the stellarly opaque 'other liabilities' which increased by $12 bn.
QE = back
Coincidentally he just told Congress he wouldn't bail Eurobanks. He started the first round of monetization right after he told Congress he wouldn't monetize debt, no?
Nice catch.
Wouldn't it be cool if it was Venezuelan/Iranian hackers that blew them up?
Baxter needs to be fired.
What a bunch of horseshit.
You know what? It doesn't matter anymore. It really doesn't. Its all horse shit until we start seeing TPTB arrested. This is nothing more than the fall guy while the elite run away with the loot. This is not justice, it really isn't. Thats why this upsets me. Fucking assholes. Give me 5 minutes alone with the pricks who really run the game. Thats all I want. sigh..
not to be flip but - how can i track a $5 paypal purchase across the globe - while MFG 'loses' over a $ Billion? I'm not a trader so i have no idea how this works. Are these trades not written down somewhere ?
If Congress wants to save taxpayer dollars and find out what happened to the assets and who did what....I say WATERBOARD FUCKIN CORZINE! It will take ten seconds to get a full confession...Then have Barney Frank ass fuck him for shits and giggles...
No way Barney would do that. He's retiring from public service.
As it is now legal to detain FEDNY, MF Global and JPM officials indefinitely without due process I am quite confident Mike Capuano, Quico Canseco & a Taser can find a truly bipartisan solution.
And they won't spend 2 years debating who should go first.
What district does Capuano represent? I like that guy.
"many of the clients who lost money were farmers"
this may take a little more time to build up steam but people WILL be gong to jail for this. It is an election year.
Did they get Baxter from central casting?
the only one that appears to be straight up and honest is no college degree duffy
So, what you're saying is that they'll charge him with perjury for saying mean things about Corzine.
Haha look at me I'm not a suit I'm one of the 99 per centers please don't string me up a lamp post when TSHTF