MF Global Hires Two Bankruptcy Legal Advisors As Chapter 11 Looms

Tyler Durden's picture

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DoChenRollingBearing's picture

So the odious Jon Corzine will hand off MF Global to his masters there at Goldman Sachs.  Ugh.

WestVillageIdiot's picture

Too bad that ugly prick didn't die when he ordered his security detail to drive at excessively high speeds when he was trying to meet with Al Sharpton to make political hay.  Talk about a sociopathic piece of shit.  Thy name is "John Corzine". 

 

 

Jay Gould Esq.'s picture

"MF Global ? Corzine ?! Hey look, buddy -- we're still working on Bear Stearns, here. Find yourself another sucker. Try the ChiComs. They're flush with Timmy's trillions."

http://www.birdinginspain.com/images/phototrip-gt-black-griff-bi.jpg

slewie the pi-rat's picture

thxz!

saved to hardDrive, JG_Esq

what's for dinner?  capitalism!

Don Birnam's picture

Bon appétit, Slewie... Capital Tartare.

slewie the pi-rat's picture

hey guys & ghouls!

the bloomie commodities-for-idiots page now carries [slightly-delayed] quotes from the china crimex on gold and silver.  see?

Commodity Futures Online Trading - Bloomberg

from friday?  that's helpful!  i don't mind 15 minutes, but 2 daZe?

WestVillageIdiot's picture

I looked at puts on MF on Friday.  I figured I would want a little time so that any bullshit rally, in the short run, wouldn't kill me.  Looking at the puts on MF I figured the only possible way to make the gamble worthwhile was if they went into bankruptcy.  Waiting for that seemed like it would be painful.  And here we are only 56 hours later.  "If only......"

NewThor's picture

So Corzine heads over to MFglobal.

Uses all monies to load up on Euro bonds.

Even though he's got deep GS insight into this issue.

MFglobal tanks like Ishtar

and Goldman Sachs steps into buy them

for pennies on the dollar.

They should skywrite "We use your money to find more creative ways to profit from fucking the system."

That's put the icing on this radioactive dead fish cake.

Freddie's picture

Corzine bankrupts NJ and then MF Global.  This POS should be in prison.  Do Chen nailed it.  This was a set up fromthe start to just fold it into Goldman.  The Mafia has more honor than GS.

X.inf.capt's picture

alright.

ill say it...

bankrupcy......BITCHEZ

lolmao500's picture

And who cares if they go tits up? Will that bring anyone else down? No? Then who the hell cares?

trampstamp's picture

Have you seen 'Margin Call''? Same shit

lolmao500's picture

Yes I did. Lehman had $275B in assets when they went bankrupt. MF has about $42B... not the same thing at all.

AbelCatalyst's picture

MF Global = Mother F$&@$ Global(ization)

In a world where there are an unlimited number of weakest links...

Albertarocks's picture

"...has hired law firms Skadden, Arps, Slate, Meagher & Flom and Weil, Gotshal & Manges to prepare potential restructuring options."

 

MF Global doesn't stand much of a chance with that law firm when Goldman has at their disposal the all-time greatest partners in crookerie, the real masters at handling bankers' affairs, the law firm of Dewie, Cheatem and Howe.   Goldie will probably get the remnants for about 12 cents on the dollar.

Eally Ucked's picture

Actually if Weil Gotshal, Skadden Arps, Meagher & Flom and sorry (I did not put the full name at first) Weil, Gotshal & Manges are involved situation is under control, everything will stay in family. Don't worry!

sitenine's picture

Queue the next domino please.

slewie the pi-rat's picture

once when i was working on a house in a brutal heat wave, my boss sez to me:  slewie!  see that buzzard up there?

yeah, chuck...

well, you're moving so slow, he thinks you're dead!

buzzards circling, BiCheZ!

Miss Expectations's picture

A farmer wanted to have his hens serviced, so he went to the market looking for a rooster. He was hoping he could get a special rooster—one that would service all of his many hens. When he told this to the market vendor, the vendor replied: “I have just the rooster for you. Henry here is the horniest rooster you will ever see!”

So the farmer took Henry back to the farm. Before setting him loose in the hen house, though, he gave Henry a little pep talk: “Henry,” he said, “I'm counting on you to do your stuff.” And without a word, Henry strutted into the henhouse.

Henry was as fast as he was furious, mounting each hen like a thunderbolt. There was much squawking and many feathers flying, until Henry had finished having his way with each hen. But Henry didn't stop there.

Henry went into the barn and mounted all of the horses, one by one, and still at the same frantic pace. Then he went to the pig house, where he did the same. The farmer, watching all of this with disbelief cried out, “Stop, Henry!! You'll kill yourself!!”

But Henry continued, seeking out each farm animal in the same manner.

Well, the next morning, the farmer looked out and saw Henry lying there on his lawn. His legs were up in the air, his eyes rolled back, and his long tongue hanging out. A buzzard was already circling above Henry. The farmer walked up to Henry saying, “Oh you poor thing, look what you did, you've gone and killed yourself. I warned you little buddy.”

“Shhhhhhh,” Henry whispered, “The buzzard's getting closer.”

vamoose1's picture

hahahahaha            

DoChenRollingBearing's picture

That was an excellent joke Miss E!  I went ahead and sent it to my Joke List and with credit to you.

Albertarocks's picture

HIS AND HER DIARY FOR THE SAME DAY:

Her Diary:

Tonight, I thought my husband was acting weird. We had made plans to meet at a nice restaurant for dinner. I was shopping with my friends all day long, so I thought he was upset at the fact that I was a bit late.  But he made no comment on it.
 
Conversation wasn't flowing.  So I suggested that we go somewhere quiet so we could talk. He agreed, but didn't say much. I asked him what was wrong.  He said: "Nothing".  I asked him if it was my fault that he was upset. He said he wasn't upset, that it had nothing to do with me and not to worry about it.

On the way home, I told him that I loved him. He smiled slightly, and kept driving. I can't explain his behavior.   I don't know why he didn't say, "I love you, too".  When we got home, I felt as if I had lost him completely, as if he wanted nothing to do with me anymore.  He just sat there quietly, and watched TV. He continued to seem distant and absent.

Finally, with silence all around us, I decided to go to bed. About 15 minutes later, he came to bed. But I still felt that he was distracted and that his thoughts were somewhere else.  He fell asleep - I cried. I don't know what to do. I'm almost sure that his thoughts are with someone else. My life is a disaster.

His Diary:

Boat wouldn't start, can't figure out why.

Forgiven's picture

Blackbeard the Pirate was awakened by the loud alarm shouted from the crow's nest, "There be a British Man 'o War on horizon off the starboard bow."  Blackbeard rousted from his rack and bounded quickly to the helm.  His first mate handed him the spyglass.  Blackbeard surveyed the horizon and shouted an order to roust the crew and prepare for battle.  As his first mate blasted the order to the crew, he turned to his steward. "Fetch me my bright red coat," he ordered.  "If I should be struck in battle, I don't want the men to notice and lose heart."

As the crew began to assemble midships, he stood and gave a rousing speech to action.  As he finished, the crow's nest shouted, "There be 10 more British Man O' War now."  Blackbeard turned to his steward, "Fetch me my brown trousers lad."

PY-129-20's picture

A bit OT:

Just two days after UniCredit shares were suspended for EXCESSIVE VOLATILITY, they set a new record. They finished their building - the Torre Garibaldi - in Milano. It's now the highest building in the town (230 m). A bit ironic for an "insolvent" bank.

Like that Casino building (Cosmopolitan) in Las Vegas, owned and finished during the banking crisis by Deutsche Bank.

Sudden Debt's picture

Why doesn't the ceo take the remaining money from the vault, step on a plane to mexico and change his name?

Eally Ucked's picture

Mexico? Are you crazy, you don't know any better countries to run to?

tickhound's picture

Because former Goldman CEO's don't ever have to run. 

He has $millions from years of pillaging on behalf of Goldman, and only added to it and secured his 'reputation' as a former Senator and Governor.  They don't run either.

His name will someday again be 'celebrated,' for the above mentioned reasons.  And slightly analagous to Herman Cain, is 'presidential' material.

After a 2014 A&E Bio, and a few years of heart-warming philanthropy... Look for him to re-enter politics... Perfect resume for a Treasury Secretary.

Want to know the "type" of guy leading us into the abyss?  Corzine is a poster child candidate.

rosethorn's picture

As a Goldman alum, former Senator and Governor, you don't have to be a NJ politico to know that this guy has contacts, connections, and favors to be called in all over the place.  The company gets liquidated but Corzine just moves on to the next deal.

tickhound's picture

However, and as punishment, he may be forced to do a stint at Harvard... As president.

Freddie's picture

I don't watch TV anymore and only saw a few Sopranos (shot on location in NJ).  Corzine was Goldman and they die Goldman like mobsters never leave and CIA never leave.

This was a "bust out" just like Good Fellas and the Sopranos.   Corzine gets into MF Global then "busts it out" so Goldman buys it up for pennies.  This man, like the rest of Goldman, is PURE EVIL.

DormRoom's picture

oh shiat.. markets tanked after Global Alpha liquidated.   Perhaps another huge selloff, if MF liquidates.  Anyone know how leverage up they were.. the unwind may be brutal for markets.

mrdenis's picture

This piece of garbage (Corzine)gave away New Jersey via of taxing the shit out of the burbs and sending the money to support the cities,urban gettos ,or the hood ,Corzine raped the property taxpayers I've live in this state all mt life the same house for 30 years my property taxes went from $2,200 to now over $26,000 in his 4 years alone they went from 14K to over 22K ....being roasted on a spit would be just punishment ...http://www.youtube.com/watch?v=Br6L5Bcieas

msmith's picture

This may be contribute as a catylist for the next major move for the markets.  An intermarket analysis shows that we may be very near to a significant turn in the markets.  After another possible push in "risk on", the bears are looking to gain control with a strong "risk off" move for the longer term.  Here is a look at the ES, DX, and GC.  http://bit.ly/tckY8L

Atomizer's picture

Let's have a history lesson about capitalism.. Shall we? 

Jon Stevens Corzine (born January 1, 1947) is the former CEO of Goldman Sachs and a onetime American politician, who served as the 54th Governor of New Jersey from 2006 to 2010. He turns New Jersey upside down and becomes the CEO of MF. 

Jon Corzine, MF Global Chairman and CEO

Fri 21 Jan 11 | 12:01 AM ET

New Jersey's former Governor and Democratic Senator on the economic and political news of the week. 

Another cock sucker caught up in lies on core issues. Mr. Corzine has been exposed on death of the dollar program. Jon Cozine sure has a legacy in developing growth, just look as his stock.  MF Global is a mismanaged company to sell a message on how capitalism is bad.

 

ArkansasAngie's picture


It is a preposterous idea that abrogating bankruptcy laws is somehow better for society.  The only thing it does is keep the current 1%’ers’ in their seats of power.  If you’d let capitalism do its work, a redistribution of the malinvestment to this class would stop.

 

Here’s a radical idea.  Instead of bailing out banksters et al. let’s bailout their collateral damage victims.

 

And no I don't mean underwater home owners.

Surly Bear's picture

Capitalism doesn't bail out anybody, ever.

bob_dabolina's picture

The name Corzine has one of those negative connotations. It almost sounds like an STD or something, ya know? Like... I got this outbreak of corzine all over my balls and now I have to see my doc.

That's really all I can add to this dialogue.

Freddie's picture

That POS Madoff who is probably one of the lowest humans in history - but he has more honor than Corzine. 

Many Madoff investors were/are scum.  I know one jerk off who does not know that I know he got screwed by Madoff.  This little MF'er deserved to get screwed.  Thank goodness I have almost nothing to do with this idiot.  I guess you could argue that much of NJ deserved to be screwed cause they voted for him.

Don't forget that it was Corzine at Goldman who was trading dot bomb IPOs on the IPO date.  They were tradng thin floats back and forth amongst each other to sucker main street into many worthless internet stocks.

JW n FL's picture

 

 

there goes another one! but how??with the government / our tax dollar bailouts can anyone be going broke? they must have been honest?? or maybe just more crooked than the rest??

Atomizer's picture

C'mon CNBC, get this fuckstick back on the air so we can see his body language. LOL

Coldfire's picture

This is good news. Shareholders get wiped out, bondholders get haircuts and capital moves from weak hands to stronger hands. Creative destruction in action. Corzine must have really pissed in someone's Cheerios for this much reality to be permitted to apply.

Atomizer's picture

Once again, this is all about displacing capitalism and replacing it with Government Control. As long as the government message is sold 24/7 on each propaganda channel, hope is an effective tool. Social media will cast the real truth.

steveo's picture

FEAR FACTOR Bubble in NON-FEAR

Your Briefing on

FEAR FACTOR (FF)

When FF goes downward, that is increasing fear.   FF often leads the
market.    When FF keeps going down, although equities markets are
floating like a helium PIIG, that is time to watch out below.
Right now we have a total bubble in "NON FEAR"  Bubbles never end well.   Just ask Silver.

http://oahutrading.blogspot.com/2011/10/fear-factor-bubble-in-non-fear.html

Caviar Emptor's picture

So all at once, in the span of one week: sovereign debt defaults are suddenly possible (haircuts) and crony connected banks can fail.....What the hell is going on here? Is this the perfect riskless world we've become accustomed to? No! 

And all at once it turns out that risk has become real. Investors will view this with caution

Zone1's picture

I had to laugh when I heard that MF was looking to sell.  Who would buy a Wall St firm with no cash that isn't in Ch. 11?

Hephasteus's picture

Someone who likes paying off other peoples debts with other people's money. IE the fed.