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Panic Behind The MF Scenes As Company Refuses To Disclose Information To Regulators Even In Death

Tyler Durden's picture





 

As in life, so in death. Reuters reports that "U.S. regulators are unhappy with the failure of MF Global Holdings Ltd to provide them with the required data and records, a source close to one regulator told Reuters on Monday. "So far they've been very disappointed with the cooperation in the fulsomeness of records and data from MF," the source said, noting regulators have been working with the firm since late last week. "They were supposed to be able to show us their books and they're supposed to be able to tell us what's what and where their customer funds are and how they've been segregated and protected and to date we don't have the information that we should have," the individual told Reuters." Seriously, as Erin Burnett would say, you are already bankrupt. Just how much worse is it if you even in death you still are hiding secrets? And at this point it should be obvious to everyone: whatever MF is hiding is not something that will hurt it or much less its stakeholders for which the management team obviously never cared one iota. After all the company is already dead. Whatever is on its books has huge impacts to those either behind the corporate veil, read Mr. Corzine, who may or may not have regulatory issues arising from 10(b)-5 "concerns", or more probably, to other banks and Primary Dealers. And with even one simple affidavit still to be filed in Bankruptcy Court, the panic behind the scene is palpable.

From Reuters:

MF Global, which filed for bankruptcy protection on Monday, is the biggest U.S. casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.

 

Regulators had expressed "grave concerns" about the viability of MF Global, which filed for bankruptcy only after "no viable alternative was available in the limited time leading up to the regulators' deadline," the company's chief operating officer, Bradley Abelow, said in a court filing.

 

U.S. regulators held a series of calls on Monday related to MF Global.

 

The Financial Stability Oversight Council, which is headed by the Treasury Department, received "a series of oral reports" from the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Reserve, according to one Treasury Department official.

 

No other details of the calls were provided.

So: just what secrets is the corpse of MF about to reveal? We, for one, can't wait.

 


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Mon, 10/31/2011 - 18:40 | Link to Comment X.inf.capt
X.inf.capt's picture

game over

.....BITCHEZ!

must.....stay out.....of.....

BUTT POUNDING PRISON!

Mon, 10/31/2011 - 18:48 | Link to Comment SilverIsKing
SilverIsKing's picture

Does 'MF Global' stand for Worldwide Mother Fuckers?

Mon, 10/31/2011 - 19:39 | Link to Comment I did it by Occident
I did it by Occident's picture

I am shocked, shocked that any former politician from New Jersey could be involved in any corruption whatsoever!

\sarc  :)

Mon, 10/31/2011 - 20:05 | Link to Comment anynonmous
anynonmous's picture

this is all fcking BS man -- or whatever the symbol was for Bear Stearns

Mon, 10/31/2011 - 20:38 | Link to Comment trav7777
trav7777's picture

They will try to shred their way out of this.

Regulators and/or FBI need to swoop in and put the seal tape on stuff

Mon, 10/31/2011 - 20:51 | Link to Comment Cynical Sidney
Cynical Sidney's picture

banksters are destroying democracy and our way of life, i issue the following call to action: we need to immediately reinstate glass-stegall, implement volcker rule and torture any banksters who refuse to spill the beans. we need to use rico to go after criminal organizations such as goldman sachs, morgan stanley, ubs deutchbank fannie freddie etc.

financial crimes are the most under handed of all crimes and affect the public in far more ways than other types of crimes. time to take a stand

Mon, 10/31/2011 - 22:32 | Link to Comment Lord Blankcheck
Lord Blankcheck's picture

What about the three CORRUPT branches of Government?

 

 

Mon, 10/31/2011 - 22:55 | Link to Comment wearef_ckedwith...
wearef_ckedwithnohope's picture

All this stuff is giving me a boner.  Does that mean I'm easily excitable or just horny?

Mon, 10/31/2011 - 23:32 | Link to Comment jeff montanye
jeff montanye's picture

short?

Tue, 11/01/2011 - 00:58 | Link to Comment boiltherich
boiltherich's picture

Part of the problem with Glass-Stegall was that it was itself a compromise that eventually allowed it to be simply dropped.  We need to have it back sure, but on steroids.  But to go beyond that we need law that says the only contracts that are enforceble are those that exchange a service or good for legal tender in full.  Period.  And I hate it because it essentially is what the fascist rightwingers want, but it has become abundantly clear that where money and credit are concerned greed wins every single time.  The only to live without parasites and this horrifying unequal distribution of wealth is to end fiat and credit, one in the same by the way.  I will say that none of you will like the tax structure in that world, but we will all be happier in some ways.  I for one plan to grow a bit of pot ans stop worrying about everything so much. 

Tue, 11/01/2011 - 04:07 | Link to Comment Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

FIat and credit are one and the same, now there's a thought to ruminate on as I settle in for the night.  Good luck with your plan, though I think in the long run cognitive behavioral coping strategies tend to yield better results than substance based coping strategies.

Tue, 11/01/2011 - 02:47 | Link to Comment molecool
molecool's picture

What he said. Count me in.

Mon, 10/31/2011 - 23:56 | Link to Comment CompassionateFascist
CompassionateFascist's picture

Right. Like Holder swooped in on Solyndra. This is a top-to-bottom 2-Party Kleptocracy. Last night a severe dream-nightmare woke me bolt upright. I was driving down a road in one of the states where the TSA Gestapo is now randomly pulling over motorists for pat-downs and etc. Up ahead I saw a bunch of these ZOG thugs doing up a woman and peeling panels off of her car. A quick twitch of the steering wheel and sharp acceleration, and I got 4 or 5 of them before their Highway Patrol cover got me. This is how it will begin, like that guy in Tunisia who set off the Arab Spring....not those clowns in Zucker-whatever Park waving signs around. 

Mon, 10/31/2011 - 20:07 | Link to Comment CClarity
CClarity's picture

Seeking Alpha just posted "Regulators are investigatingwhether MF Global (MF) diverted as much as $700M from segregated customer accounts to support its trades as the company teetered, according to sources. A major no-no, it's possible this is what nixed a desperate effort by MF to sell itself to Interactive Brokers"

A definite major no-no that should be leading to some jail time.

Mon, 10/31/2011 - 20:31 | Link to Comment Bananamerican
Bananamerican's picture

"...should be leading to some jail time"

What part of fascist oligarchy don't you understand?

The Fa or this Shist?

beside's, amerika's still on the hunt fer al kidey in granma's underpants savvy? an' we don't have TIME to look "Backward" into some rich man's komplicated bidnizz! We need to look Downward....into all those geriatric hidey holes an' all the hippy holes an' all them food-stampers faraway eyes...

Mon, 10/31/2011 - 20:41 | Link to Comment bobert
bobert's picture

What???

Re-post when you're sober.

Mon, 10/31/2011 - 20:52 | Link to Comment Miss Expectations
Miss Expectations's picture

Psssst, I think it's Jon.

Mon, 10/31/2011 - 23:35 | Link to Comment jeff montanye
jeff montanye's picture

s/he's sober.  so are the food-stampers with the 10,000 yard stare.  well, some of them.

Mon, 10/31/2011 - 20:49 | Link to Comment 4horse
4horse's picture

+good stuff+

Mon, 10/31/2011 - 20:28 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

You know why they are keeping their mouths shut, a good portion of it is laundered money. Dirty to the core. Mafia, drug lords take your best shot! The Grim Reaper is here for Halloween.

Mon, 10/31/2011 - 23:18 | Link to Comment LongSoupLine
LongSoupLine's picture

"...a good portion of it is laundered money."

 

Well, of course it was, right along with the other 21 Primary Stealers of the Fed.

Tue, 11/01/2011 - 02:34 | Link to Comment Oh regional Indian
Oh regional Indian's picture

SPOT ON Vampy.

People really need to get a real lesson in what is UP!

Ejumakation

ORI

Tue, 11/01/2011 - 03:49 | Link to Comment AnAnonymous
AnAnonymous's picture

You know why they are keeping their mouths shut, a good portion of it is laundered money. Dirty to the core. Mafia, drug lords take your best shot! The Grim Reaper is here for Halloween.
//////////////////////////////////////////////////////////////////////////

Maybe, maybe. But one should not forget that US citizens are duplicitous at heart.

They might as well be reproached with very little and are using that stage to appear as victims. Victimology is high among US citizens. Bankers might use that platform to appear as victims of the odious monster state that prevents everyone including banks from doing honest and sane US style business.

Or they might have stuff to be reproached with but not that big and by pushing for high expectation,( US citizens love propaganda, marketing, hype), they might get away with what they have done because well, US citizens expected so much more, and petty sins have to be forgiven. They are caring Christians.

Never underestimate US citizen duplicity.

Mon, 10/31/2011 - 20:34 | Link to Comment Zone1
Zone1's picture

WSJ is saying the same thing:

"But as the due-diligence process intensified, Interactive Brokers executives became concerned about MF Global's capital levels, according to people familiar with the matter. The worries centered on the amount of customer funds held on deposit by MF Global, with Interactive Brokers identifying what it felt were substantial discrepancies, people familiar with the matter said.

The difference was roughly $900 million, these people said, though one person added that the figure was a "moving target."

"They still don't have it figured out" this person said."

http://online.wsj.com/article/SB10001424052970204528204577009473406903312.html?mod=WSJ_hp_mostpop_read

Looks like tax payers will be on the hook to bail out Corzine's mess through SIPC.

Mon, 10/31/2011 - 20:36 | Link to Comment Darth..Putter
Darth..Putter's picture

But CNBC says the bear might be all done.  Buy stocks!!

Mon, 10/31/2011 - 20:48 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

http://www.businessweek.com/news/2011-10-31/mf-global-exposes-prop-tradi...

MF Global Exposes Prop-Trading Risk That Volcker Wants to Curb

Mon, 10/31/2011 - 20:37 | Link to Comment Darth..Putter
Darth..Putter's picture

But CNBC says the bear might be all done.  Buy stocks!!

http://www.cnbc.com/id/45109344

Mon, 10/31/2011 - 20:44 | Link to Comment Everybodys All ...
Everybodys All American's picture

The Dodd-Frank lame bill the democrats pushed on us all and the one that left derivatives unchecked promised this kind of tax payer bailout would never ever happen again. Key up the I told you Obama and co were full of themselves.

Mon, 10/31/2011 - 23:39 | Link to Comment jeff montanye
jeff montanye's picture

full of themselves?  you razor dipped in acid tongued insulter you.  

when obama is called a monster, john wayne gacy is insulted. 

Mon, 10/31/2011 - 20:25 | Link to Comment knukles
knukles's picture

Woulda thought that all them years on Wall Street woulda made an honest man outa him.
Jon.  There's a difference between honest and just plain dumb, fella....

Mon, 10/31/2011 - 20:36 | Link to Comment Dingleberry
Dingleberry's picture

"Nucky" Thompson would be so disgusted of Corzine!

Tue, 11/01/2011 - 07:37 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Corzine robbed the citizens of NJ with the Sweetheart deals he made with the various state workers unions, including the CWA, where his girlfriend,  Carla Katz, was the head.

Mon, 10/31/2011 - 19:39 | Link to Comment Troll Magnet
Troll Magnet's picture

Mother Fuckers Globa.  Fixed.

Mon, 10/31/2011 - 18:50 | Link to Comment Rainman
Rainman's picture

Bet the Pigmen are hitting the blue sapphire hard tonight. BOOO !

Mon, 10/31/2011 - 19:27 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

Yes because a pound of flesh above the heart will be required of them tomorrow and these Shylocks must prepare with blue sapphire of Bombay, as long as it is koscher though. lol

 

What's not fucking koscher is how they lost client money!

Mon, 10/31/2011 - 19:36 | Link to Comment peekcrackers
peekcrackers's picture

I see 3 monkeys with eyes , ears and mouth coverd waring yamakas when i read this post

 

Mon, 10/31/2011 - 19:39 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

I don't like Yamahas, i prefer Harley Davidsons lol

Mon, 10/31/2011 - 19:59 | Link to Comment SilverIsKing
SilverIsKing's picture

What's a yamaka? Is that like a Henway?

Mon, 10/31/2011 - 18:53 | Link to Comment DeadFred
DeadFred's picture

Figure out how much time it takes to load a charter plane with gold and fly to the nearest non-extradition country. That's how long it will be before the records are handed over. I predict there will be a lot of interesting ZH posts in the next few days. Keep the servers in shape.

Mon, 10/31/2011 - 20:20 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

Servers bitchez!

Mon, 10/31/2011 - 19:00 | Link to Comment sunnydays
sunnydays's picture

Probably another Madoff and the govt. regulators have looked the other way all these years.  I have not doubt that serious crimes were committed.  I also have no doubt that no one will go to jail for them either.  It will be... "oh, well", just like Enron and so on.  They protect the stop and screw the people who they have lied to for years.

Mon, 10/31/2011 - 19:17 | Link to Comment topcallingtroll
topcallingtroll's picture

I hope angry german and daneskold are right.

Keep your mouth shut in bankruptcy court. Dont certify nothing.

And also consolidated books are not actually as common as they should be.

Mon, 10/31/2011 - 20:00 | Link to Comment Arius
Arius's picture

can always hope - nothing wrong with hopping except when you bet money on hope ...

:-)

Mon, 10/31/2011 - 20:28 | Link to Comment knukles
knukles's picture

...or change.  And don't forget, Corzine is a died in the wool serious o'blahama funder, bundler, supporter and all around jock strap.  Hows comes it always happens to thems whose are the connected ones?

Hmmmmmmmmmmmmm...

Mon, 10/31/2011 - 20:36 | Link to Comment nmewn
nmewn's picture

Hey!!!...its not just the big guys...Mickey Mouse donated too!!!

FEC should taken out back just like the SEC.

Mon, 10/31/2011 - 20:06 | Link to Comment disabledvet
disabledvet's picture

are you representing us or MF Global?

Mon, 10/31/2011 - 19:18 | Link to Comment Hearst
Hearst's picture

Naked Silver short positions?  They wouldn't be the first.

 

It's Getting Plain Silly: MF Global Hikes Silver Margin To 175% Of CME, Or Over 10% Of Contract

http://www.zerohedge.com/article/its-getting-plain-silly-mf-global-hikes-silver-margin-175-cme-or-over-10-contract

Mon, 10/31/2011 - 20:40 | Link to Comment Gene8696
Gene8696's picture

Some how they are link. We need a good autopsy... I'm tired of hearing about the Madofs bullshit.

Need something new to chew on.

Mon, 10/31/2011 - 21:14 | Link to Comment 4horse
4horse's picture

s AS. it's what they count on-- faster. faster --for without a past, sabotaging cause&effect, what the fuck's justice

 

always Looking Forward. onward. and upyours

no past behind their presenttense-- panem et circenses. though they keep the bread, substituting they kk, prostitutes and naked anything instead. except truth --time's awastin such an onslaught of crime committed quicker'n you can keep count

 

piling-up. so of course don't look behind you, gene. they're Gaining. Everything

Tue, 11/01/2011 - 08:02 | Link to Comment Gene8696
Gene8696's picture

Damn, lots of reds... I guess I'm the only one loving all the bad news and hopes of another Oct. 3rd meltdown? Or maybe others are still interested in old news? I just want to get back into oil at 75, and profit from my S&P shorts....

Mon, 10/31/2011 - 20:25 | Link to Comment Abitdodgie
Abitdodgie's picture

I think all this is funny because the only people to get upset are the people who pay taxes and are part of the system , as by now every ZH member must have opted out of the system , so do as I do sit back and laugh at the poor suckers who are still in the system and paying taxes as they  will be the bag holders on this one , happy days.

Mon, 10/31/2011 - 21:08 | Link to Comment Fred Hayek
Fred Hayek's picture

I must've missed the box that you check off to "opt out" of paying taxes while having a legit job.

Tue, 11/01/2011 - 06:26 | Link to Comment blueridgeviews
blueridgeviews's picture

Weren't there 11 indictments from Enron.  Didn't the head guy go and die in jail (Ken Lay)?  I hope that MF Global ends the same way.

Mon, 10/31/2011 - 19:24 | Link to Comment Rynak
Rynak's picture

I'm a bit confused about this. Doesn't this usually work in the order of "First disappear evidence, then blow up"? Bit like the "First pillage, then burn"-rule? They're doing it all wrong.

 

Mon, 10/31/2011 - 19:57 | Link to Comment Arius
Arius's picture

i would agree in normal times, but these are not normal times .... too many balls in the air .... the chief cant be in all places at once ... lets hope this doesnt stop the music - we are not tired yet ....

Mon, 10/31/2011 - 20:01 | Link to Comment RafterManFMJ
RafterManFMJ's picture

 

 

Oh, so NOW the regulators are concerned about records and violations? FUCK OFF MOTHERFUCKERS!!  Hey, after we've let the motherfucking barn burn down, the horses burned alive, shot the farmer and raped his daughter, sown salt over the property, now let's try to find the farm records and farmer's will...

Man, I CANNOT wait to get called for jury duty for any fucking crime. The perp will walk, no matter what. 

Mon, 10/31/2011 - 20:19 | Link to Comment blunderdog
blunderdog's picture

I CANNOT wait to get called for jury duty for any fucking crime. The perp will walk, no matter what.

If I paid any attention to jury summons, I'd try the same trick, but these days, if you don't come to the right decision as a juror, the judge'll probably lock you up for contempt.

Mon, 10/31/2011 - 20:55 | Link to Comment nmewn
nmewn's picture

Or release the jurors names to the public.

Yes, it happened in Fla. The judge needs some judgement.

Mon, 10/31/2011 - 23:09 | Link to Comment Solid
Solid's picture

"judge'll"..WTF? That is not a contraction.

Tue, 11/01/2011 - 02:52 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Judge? Jury? You've got to be kidding me. It' ssuch a huge, rigged game. Sickening too.

Huge, rigged adn SICK.

Watch this;

http://aadivaahan.wordpress.com/2011/10/28/what-does-one-say/

I was left speechless.

ORI

Mon, 10/31/2011 - 20:02 | Link to Comment RafterManFMJ
RafterManFMJ's picture

Double Post

Mon, 10/31/2011 - 20:43 | Link to Comment eatthebanksters
eatthebanksters's picture

I can see the news story now..."former Goldman Sachs head and billionaire governor of New Jersey started his prison sentence today.  His cellmate, Bubba, told the governor he was looking forward to getting to know his new bitch and that he heard that GS alums had a thing for cigars..."

Mon, 10/31/2011 - 22:57 | Link to Comment Mitch Comestein
Mitch Comestein's picture

Insight from the movie Officespace.

http://www.youtube.com/watch?v=xPcql4FuCK0

 

 

Mon, 10/31/2011 - 18:39 | Link to Comment Chuck Bone
Chuck Bone's picture

And yet no one will go to jail...

Mon, 10/31/2011 - 18:58 | Link to Comment CPL
CPL's picture

Isn't that the truth of it all.

Mon, 10/31/2011 - 20:20 | Link to Comment Bananamerican
Bananamerican's picture

no, the bastards, in the end, will go straight to RAIL...as in tar & feathers, rode out of town on or tied to...

THAT's how much damage they've done.

In 5 years time you will not be able to find anyone willing to cop to being worth more than $10,000

Mon, 10/31/2011 - 18:40 | Link to Comment Hmm...
Hmm...'s picture

They were supposed to [snip] and they're supposed to be able

as my deceased mother used to say:

"sounds like somebody has a terrible case of the "supposed to's"

I personally think that MF global should do whatever they want.  Isn't that capitalism American style?  Their illegal...cough... I mean trade secrets have to be protected.

and Corzine needs a bonus too.

Mon, 10/31/2011 - 18:42 | Link to Comment nmewn
nmewn's picture

Corzine.

Mon, 10/31/2011 - 18:46 | Link to Comment mynhair
mynhair's picture

Porcine....

Mon, 10/31/2011 - 18:51 | Link to Comment nmewn
nmewn's picture

He needs his personal assets seized before he hauls ass.

Mon, 10/31/2011 - 18:55 | Link to Comment X.inf.capt
X.inf.capt's picture

thats what usually happens in....LOCK DOWN!

Mon, 10/31/2011 - 19:05 | Link to Comment CPL
CPL's picture

<chorus>
Corzine.
Porcine.
He needs his personal assets seized before he hauls ass.
thats what usually happens in....LOCK DOWN!
<chorus>

 

For some reason I read that as lyrics.

Mon, 10/31/2011 - 20:57 | Link to Comment Jeff Lebowski
Jeff Lebowski's picture

You posted some time ago about a possible "event". It was unsettling to consider the possibilities of what I believed was implied.

I'm curious - did not come to pass, yet to come, or...?

Mon, 10/31/2011 - 22:13 | Link to Comment Vic Vinegar
Vic Vinegar's picture

Seconding Lebowski's remarks.  CPL  had some bone-chilling comments.  Give us an update buddy!

Mon, 10/31/2011 - 18:57 | Link to Comment DeadFred
DeadFred's picture

It's 7PM, do you know where your Corzine is right now?

Mon, 10/31/2011 - 20:55 | Link to Comment espirit
espirit's picture

Probably suicided.

Mon, 10/31/2011 - 21:17 | Link to Comment nedwardkelly
nedwardkelly's picture

 

Don't worry, if his assets get siezed they'll probably treat him as harshly as Madoffs mrs. She was 'only' allowed to keep $2.5m.

Mon, 10/31/2011 - 19:31 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

Sorry but Porcine meat (pork) isn't koscher and jews don't eat swine but they sure act like swine when it comes to fucking people over of their life savings.

Mon, 10/31/2011 - 20:30 | Link to Comment trav7777
trav7777's picture

it's all right there in the Torah.

God commanded them to rape, pillage, loot, and commit genocide.  He sayeth'd to them go down into Caanan and slaughter the fuck out of the people there and taketh their land and lendeth to the gentiles at interest

Mon, 10/31/2011 - 20:55 | Link to Comment bobert
bobert's picture

Angry at God Trav?

Mon, 10/31/2011 - 21:58 | Link to Comment Spastica Rex
Spastica Rex's picture

What God wants, God gets; God help us all.

Mon, 10/31/2011 - 22:08 | Link to Comment mynhair
mynhair's picture

If 10% is good for  God, 9% is great!

No Cain, no gain.

Mon, 10/31/2011 - 20:43 | Link to Comment IQ 101
IQ 101's picture

Pork is out, Usury is a different matter. Pick a law?

Well it's more of a guideline really as Jack Sparrow would say.

Tue, 11/01/2011 - 00:48 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture
Dr. William Luther Pierce explains the agenda of the Tribe (Protocols of the Learned Elders of Zion) that the likes of Henry Ford, Walt Disney, Charles Lindbergh and many others were privy to far before the knowlegde of much of the rest of us. R.I.P. Dr. Pierce!

 http://www.youtube.com/watch?v=-w3A7FABb3o

Mon, 10/31/2011 - 18:43 | Link to Comment Mike2756
Mike2756's picture

Wow, how much of that spills over to other firms?

Mon, 10/31/2011 - 19:14 | Link to Comment nyse
nyse's picture

All of it, homie.

Mon, 10/31/2011 - 19:31 | Link to Comment Mike2756
Mike2756's picture

I would hope the rest keep better books than these guys, might be enough to create doubt for a quick run.

Mon, 10/31/2011 - 20:39 | Link to Comment knukles
knukles's picture

Ah... it's all hedged...

Mon, 10/31/2011 - 19:33 | Link to Comment Real Money Wins
Real Money Wins's picture

Chances are they are stalling for time to give their lenders a chance to do damage control before the Bankruptcy reveals that their Lenders are Citigroup, JP Morgan Chase and Bank of America who are already in enough shit (Can You say Shakey Ground) as it is!

Mon, 10/31/2011 - 20:00 | Link to Comment CClarity
CClarity's picture

This is such a scary Halloween story!

Mon, 10/31/2011 - 18:45 | Link to Comment 0cz
0cz's picture

Since when are executives not allowed to carry bags of money out of the building as it burns to the ground?  I thought this was the year 2011..... 

What has America become?

Mon, 10/31/2011 - 20:06 | Link to Comment Arius
Arius's picture

that's right! and what happened to the privacy rights? should the regulators know everything ?

... if MF doesnt feel like telling them why should they? its getting really bad...

Tue, 11/01/2011 - 00:01 | Link to Comment solecsun
solecsun's picture

is it privacy rights or piracy rights, we are plundering a sunken vessel right?

Mon, 10/31/2011 - 18:45 | Link to Comment mynhair
mynhair's picture

Check ODummer's bank records.....the campaign ones.

Mon, 10/31/2011 - 18:45 | Link to Comment bob_dabolina
bob_dabolina's picture

Democrats are notoriously poor record keepers

Mon, 10/31/2011 - 19:14 | Link to Comment ambrose
ambrose's picture

Individual Contributions:

ABELOW, BRADLEY IRA MF GLOBAL/FINANCE MONTCLAIR NJ 07042 05/27/2011 $2,500 Barack Obama

CORZINE, JON MF GLOBAL/CHAIRMAN AND CEO HOBOKEN NJ 07030 05/19/2011 $2,500 Barack Obama

DOWNEY, TEDDY MF GLOBAL/RESEARCH ANALYST WASHINGTON DC 20005 05/06/2011 $250 Barack Obama

MECONIATES, ANTHONY MR. MF GLOBAL/PORTFOLIO MANAGER STAMFORD CT 06902 06/21/2011 $2,500 Mitt Romney

PATT, JOSEPH MF GLOBAL/TRADER NEW YORK NY 10024 06/03/2011 $2,500 Barack Obama

Plus the $500,000+ as a bundler/lobbyist

http://www.nypost.com/p/news/local/bam_recruits_corzine_to_woo_back_rhuD...

Mon, 10/31/2011 - 20:10 | Link to Comment Dapper Dan
Dapper Dan's picture

This MF Global thingy is so predictable, just look at the bold text below.

 

NEW YORK | Mon Oct 31, 2011 7:11pm EDT

NEW YORK (Reuters) - Jon Corzine's bid to revive his Wall Street career crashed and burned on Monday when his futures brokerage MF Global Holdings Ltd filed for bankruptcy protection following bad bets on euro zone debt.

Corzine, 64, who once ran Goldman Sachs before becoming a U.S. senator and then governor of New Jersey, had been trying to turn the more than 200-year-old MF Global into a mini Goldman by taking on more risky trades.

?Governor of New Jersey (17-Jan-2006 to 19-Jan-2010)
US Senator, New Jersey (2001-06)
Goldman Sachs CEO (1994-99)
Goldman Sachs Partner (1980-99)
Goldman Sachs (1975-80)
Member of the Board of Goldman Sachs (as Chairman, 1994-99)
Bilderberg Group Portugal, Jun-1999
Close Up Foundation Board of Advisors
EMILY's List
Friends of Hillary
Gore 2000
Hillary Clinton for President
Hillary Rodham Clinton for US Senate Committee
New Leadership for America PAC
Obama for America
Obama for Illinois
Progressive Majority
Women's Campaign Forum
Phi Beta Kappa Society
Hillraiser 2008
Funeral: Ted Kennedy (2009)

  Bilderberg Group, Ex Goldman, senator from Jersey,  need I say more?

Mon, 10/31/2011 - 20:36 | Link to Comment Carlyle Groupie
Mon, 10/31/2011 - 20:41 | Link to Comment knukles
knukles's picture

Fucking sexist.  Goes to Ted Kennedy's funeral but didn't show at Mary Jo Kopekne's.

Mon, 10/31/2011 - 20:57 | Link to Comment bobert
bobert's picture

Good at shredding though......

Mon, 10/31/2011 - 21:59 | Link to Comment Spastica Rex
Spastica Rex's picture

What?

I hate Democrats. But then I hate Republicans, too.

Mon, 10/31/2011 - 18:48 | Link to Comment navy62802
navy62802's picture

They just need more time to destroy incriminating information.

This event keeps looking more and more like a black swan.

Mon, 10/31/2011 - 19:09 | Link to Comment topcallingtroll
topcallingtroll's picture

I had an old college friend working as an attorney for author anderson right before it went under. The shredding went on for days and at the very end people were carrying out huge boxes of "personal papers" as they left the building for the last time.

MF wasnt as organized. They are still trying to figure out what to shred.

Mon, 10/31/2011 - 20:10 | Link to Comment disabledvet
disabledvet's picture

more like "what do you mean it's illegal? we do this all the time."

Mon, 10/31/2011 - 19:19 | Link to Comment traditionalfunds
traditionalfunds's picture

Not sure if it qualifies as a Black Swan since financial institution failures have been a predictable outcome from the sovereign debt crisis. I.E. Dexia, Goldman Quant closing, etc. 

Still if this blows up like LTCM or Lehman, everybody who needs an excuse for the excess risk they took will call it a Black Swan. And after that gets repeated enough most people will accept that it is was a 'Black Swan'

 

 

Mon, 10/31/2011 - 19:48 | Link to Comment olo - that's th...
olo - that&#039;s the bird's picture

Lookin like a baboon's ass to me

Mon, 10/31/2011 - 19:55 | Link to Comment SIOP
SIOP's picture

navy62802 wrote "This event keeps looking more and more like a black swan"

That's exactly what I've been thinking. This could get real ugly real quick.

 

Mon, 10/31/2011 - 18:46 | Link to Comment SilverIsKing
SilverIsKing's picture

Who are the 'regulators' and what do they 'regulate'?

Mon, 10/31/2011 - 18:49 | Link to Comment cossack55
cossack55's picture

You should ask either Stephen King or Zane Grey.

Mon, 10/31/2011 - 18:59 | Link to Comment ramblinon
ramblinon's picture

I believe that Warren G would be a much more appropriate source of information.

Mon, 10/31/2011 - 19:25 | Link to Comment Robot Traders M...
Robot Traders Mom Mom's picture

+1

Regulators
We regulate any stealing of his property
And we damn good too
But you can't beat any geek off the street,
Gotta be handy with the steel
If you know what I mean, earn your keep
Regulators! Mount up!

Mon, 10/31/2011 - 19:21 | Link to Comment candyman
candyman's picture

With all the new regs in place, tightning up of the cooperation between agencies and strict oversight of the street, I thought our regulators would have caught this well in advance. Did I miss something?

Mon, 10/31/2011 - 19:30 | Link to Comment Rainman
Rainman's picture

Here come the Volcker disciples....as the PDs start a string of losing bets their win/loss ratio goes negative. Such is life in the casino.

 

http://www.bloomberg.com/news/2011-10-31/mf-global-exposes-prop-trading-risk-that-volcker-wants-to-curb.html

Mon, 10/31/2011 - 19:40 | Link to Comment Freddie
Freddie's picture

You missed that there are no laws for the elites especially Democrat elites.

Mon, 10/31/2011 - 20:24 | Link to Comment Bananamerican
Bananamerican's picture

pull your head out of your wig wearing ass Freddie

Mon, 10/31/2011 - 21:37 | Link to Comment Fred Hayek
Fred Hayek's picture

One of the minor revelations, at least to me, of the New York magazine story early this year, IIRC, was that Dimon, Blankfein and the article said almost all of their fellow biggest of big shots are democrats.

At first, this surprised me. But when you think about it, do any of the filthy ilk of Dimon, Blankfein and Mack want anything to do with a free market? Of course not. They want a stool put under the leg at one corner of the pool table and then credit for shooting balls into the pocket at the opposite corner. An even playing field?! Bear the responsibility for their screwups?! Hahahaha.

Which isn't to say that if they were repubs they would be libertarians or anything but there'd be some small chance.

Big government in service to big business and occasionally vice versa. And the individual can go fvck himself.

Mon, 10/31/2011 - 23:58 | Link to Comment trav7777
trav7777's picture

nah he's right...Democraps are among the most eggregiously hypocritical in regard to breaking the law, such as how Teddy Gun Control Kennedy had private security guards attempt to bring automatic submachine guns into the Senate building.

Repugnicons are total filth, but the democraps occupy a whole nother plane of hell

Mon, 10/31/2011 - 20:25 | Link to Comment Dapper Dan
Dapper Dan's picture

Quis custodiet ipsos custodes?

Mon, 10/31/2011 - 18:47 | Link to Comment azzhatter
azzhatter's picture

Corzine's bonus should involve Bubba and the Alabama black snake

Mon, 10/31/2011 - 18:47 | Link to Comment LeBalance
LeBalance's picture

We, for one, can't wait.

the tylers are one?

Neo!

Mon, 10/31/2011 - 19:00 | Link to Comment DeadFred
DeadFred's picture

By writing styles at least a trinity, unless MPD is involved.

Mon, 10/31/2011 - 21:12 | Link to Comment Mike in GA
Mike in GA's picture

Good catch, Lebalance!  I read right over that one. It's so grammatically perfect yet mind-twisting at the same time. 

Mon, 10/31/2011 - 18:47 | Link to Comment mynhair
mynhair's picture

FFB have a green energy loan out to MF?

Mon, 10/31/2011 - 18:48 | Link to Comment cossack55
cossack55's picture

I always thought Los Zetas was a Primary Dealer.  Or is that Wachovia?

Mon, 10/31/2011 - 18:49 | Link to Comment Poor Grogman
Poor Grogman's picture

Did someone just pull a card out from the derivative tower?
Everyone please don't move for a second....

Mon, 10/31/2011 - 18:55 | Link to Comment Mark123
Mark123's picture

Jenga baby!!!!!!!!!!!!!!!

 

http://www.youtube.com/watch?v=RdNeaSgqcFg

Mon, 10/31/2011 - 20:09 | Link to Comment blunderdog
blunderdog's picture

Everything's just fine.  The tower's still upright, see?

http://www.gojoccoaryan.com/gamedepot/images/jenga.jpg

Mon, 10/31/2011 - 18:49 | Link to Comment ArkansasAngie
ArkansasAngie's picture

This needs to be made a model of transparency. 

Especially in light of this being one of potentially many more to come.  Insolvency is a bitch.

Stuff this in your pipe Benny boy the next time you feel the erge to say something about liquidity.

Maybe OWS should start a colection to buy the corpse for better display opportunities

 

Mon, 10/31/2011 - 20:16 | Link to Comment disabledvet
disabledvet's picture

it doesn't get anymore transparent. They said right on CNBC from the Chicago trading pits, "listen...we're talking families here. people have to eat." who knew? they really do take these people right off the street!
http://www.youtube.com/watch?v=TSZKDkLgzhk&feature=player_detailpage

Mon, 10/31/2011 - 18:50 | Link to Comment Mark123
Mark123's picture

They will need video of Corzine buggering Bernanke to generate any interest amongst the great unwashed.

Mon, 10/31/2011 - 19:00 | Link to Comment unum mountaineer
unum mountaineer's picture

they will need  video of corzine fisting bernanke,geithner and mary shapiro in order to generate any interest amongst the great unwashed. there fixed it for ya. 

Mon, 10/31/2011 - 20:21 | Link to Comment 4horse
4horse's picture

just too often used and alluded to at zh, am finally suspicious- if not just sickened-enough with what youse highly invested toughguy types keep doing with this sodomy-sense-of-humor so many seem otherwise compelled to chime in about. thinkerbelles*

 

 

 

yeh. tinkerbells: fyi/and btw; *rape ain't no soap joke. anywhere. nevermind high-minded here amongst the fearful

Mon, 10/31/2011 - 20:46 | Link to Comment knukles
knukles's picture

Lighten the butt fuck up.  Quit with the anal retentive shit.

Mon, 10/31/2011 - 21:31 | Link to Comment 4horse
4horse's picture

Quitanal retentiveshit

.

this pathetically freudian, no wonder the apologia over the b_fuck. after_the_fact -fucked all-seven-ways-from-sunday, but defending feces of what's their and your feared sundae surprise

Mon, 10/31/2011 - 21:11 | Link to Comment bobert
bobert's picture

Agree with you 4horse.

Would help the readability and enjoyment if some here would clean it up a bit.

 

Mon, 10/31/2011 - 18:52 | Link to Comment defn8Dog
defn8Dog's picture

"with even one simple affidavit still to be filed in Bankruptcy Court"... what affidavit is in question please, ZH.  Doesn't an affidavit need to accompany the bankrupcty petition? 

Mon, 10/31/2011 - 18:55 | Link to Comment Tyler Durden
Mon, 10/31/2011 - 19:52 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

Gee, I sure hope "Director Fees" are able to get their money back as an unsecured creditor.

Mon, 10/31/2011 - 19:57 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Only $100K owing on the form.

Plenty more paid out previous to the filing, to be sure.

Mon, 10/31/2011 - 20:20 | Link to Comment disabledvet
disabledvet's picture

what's the deal with "5 million in assets" and "15 million in liabilities"? or did i hear that one wrong?

Mon, 10/31/2011 - 20:48 | Link to Comment knukles
knukles's picture

If we're only talkin' about a $10 million deficiency, then this is all hat and no cows.  Make that Billion and then we got some Zeros to play with.

Mon, 10/31/2011 - 21:14 | Link to Comment bobert
bobert's picture

Wasn't that $41B in assets and $39B in liabilities (prior to the Greek haircut).

Mon, 10/31/2011 - 19:15 | Link to Comment ReallySparky
ReallySparky's picture

Sometimes those PACER uploads take days.  They will drag out those filings, or tell the clerks to upload it after the cutoff.

Mon, 10/31/2011 - 19:21 | Link to Comment kaiserhoff
kaiserhoff's picture

Such is life.

Mon, 10/31/2011 - 19:41 | Link to Comment defn8Dog
defn8Dog's picture

It appears attorney Kanneth Ziman signed on behalf of MF, under bankruptcy code provision 707(b)(4)(D), which basically allows an attorney to sign the attestation with the exculpatory statement that the "attorney has no knowledge after inquiry that the information in the schedules filed with the petition is incorrect." 

It's likely

 common practice, but the observation is an interesting one.   

Mon, 10/31/2011 - 18:52 | Link to Comment DutchR
DutchR's picture

Books, what books?

It's all in good faith, you now, like god's work......BITCHEZ!

Mon, 10/31/2011 - 18:55 | Link to Comment Lone Deranger
Lone Deranger's picture

One question would be if they were somehow tapping into the segregated customer funds - especially to make their untimely bets on the European situaltion. 

Mon, 10/31/2011 - 19:20 | Link to Comment unununium
unununium's picture

Haha!

Funny to see it written down in black and white.

Mon, 10/31/2011 - 19:22 | Link to Comment Stagflationary
Stagflationary's picture

       *DJ SEC: Early This Morning MF Global Reported Possible Deficiencies In Customer Futures Segregated Accounts     

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