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Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom
Today, in advance of their sworn testimony, each witness to the Senate Agricultural Committee's MF Global hearing was requested to disclose what their prepared remarks would be. Sure enough, CME executive chairman Terry Duffy did that, and his prepared testimony can be found here. In and of itself there was nothing unexpected about said speech, the relevant section of which has been transcribed below. Where things got very ugly for Corzine, is when Duffy literally veered from the script, and added three unexpected sentences, catching everyone in the committee off guard (including those who had given up on the testimony which came just after Corzine's) and which according to most news wires could have buried Corzine's defense strategy, exposing him for a liar under oath, and potentially costing him his freedom. The video of the relevant 2 minutes is attached below.
First: here is what the Duffy prepared remarks should have been:
Our auditors returned on Sunday, October 30th because we learned from the CFTC that the draft segregation report for Friday, October 28th, which had been provided to the CFTC that day, showed a $900 million dollar shortfall in segregation caused by an “accounting error.” Our auditors, working with the CFTC, devoted the rest of the day and night Sunday to find the so-called accounting error. No such error was ever found. Instead, at about 2 am Monday morning, MFG informed the CFTC and CME that customer money had been transferred out of segregation to firm accounts. Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act. MFG was taken over by a SIPC Trustee on Monday. However, before the SIPC Trustee stepped in Monday, the segregation report for Thursday, October 27th, which had shown not only full segregation compliance but also $200 million in excess segregated funds, was corrected by MFG to show a deficiency of $200 million in segregated funds. Apparently based on MFG’s segregation reports, additional transfers out of segregation occurred on Friday.
And here is what they ended up being: revised text in bold.
Our auditors returned on Sunday, October 30th because we learned from the CFTC that the draft segregation report for Friday, October 28th, which had been provided to the CFTC that day, showed a $900 million dollar shortfall in segregation caused by an “accounting error.” Our auditors, working with the CFTC, devoted the rest of the day and night Sunday to find the so-called accounting error. No such error was ever found. Instead, at about 2 am Monday morning, MFG informed the CFTC and CME that customer money had been transferred out of segregation to firm accounts. After receiving this information CME remained at MF Global while MF Global attempted to identify funds that could be transferred into segregation to reduce or eliminate the discrepancy. A CME auditor also participated in a phone call with senior MF Global employees wherein one employee indicated that Mr. Corzine knew about the loans that had been made from the customer segregated accounts. CME Group has provided this information, the names of these individuals to the DOJ and CFTC who are investigating these matters. Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act.... etc.
The only question we have is: why?
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I have a feeling that as soon as he left that hearing, one of the first calls he made was to a private security firm.
I think he just doubled up on his body guards...or at least he should.
But Corzine is rich. Can he use the "Job Producer" defense???
Squeeky Fromm, Girl Reporter
Do newly elected govenors and senators avoid the capital gains rule like cabinet post appointees?
Twinkie defense.
Until there are perp walks en masse, the crony system will continue. Period.
Not holding my breath on any hope and change mate. Fool me once...
its election season, and the Repubs are going to have to put on a show if they want Corzine (the man is a player, unlike Cramer). i seriously doubt the GOP cares. the man walks the taxpayers bail out their account losses end of story.
A scalp is needed. It will distract the people expecting to get their money back from the TBTF banks.
What I don't understand is why the Fed doesn't secretly "loan" those banks some extra cash and have them return the money from whence it was stolen? 1.2B is a lot of coin, but not in the context of the larger graft.
No Scalp
Corexit Corsine is bald as The Bernank's brother...
Quick Corzine... find a Fabulous Fab Fall guy like your other bald brother Lloyd Blank-dick-fein...
If the theory about destroying the standing-for-pm-delivery in December positions is correct, the actual
damage averted is way bigger than 1.2B's no?
Absent that, your point is quite valid.
Way fucking bigger.
"why the Fed doesn't secretly "loan" those banks some extra cash and have them return the money"
A bail out would not solve the issue that the COMEX did not the silver MF Global customers were standing for delivery for. JP Morgan was on the board of the organization that decided not to pay out on the bond insurance MFG paid JPM for. Also JPM was the creditor for the loan which used hypothecated customer property as collateral. JPM forced the margin call on the devalued bonds MFG purchased with the loaned money. Then JPM seized the collateral (customer property) which included accounts with silver receivables. So not only did JPM not have to deliver to MFG customers Silver which JPM did not have to deliver, JPM also got to put those same stolen customers silver into its very own recently acquired silver depository.
For details see: Jim Willie's article: JP Morgan Crashed MF Global to Avert COMEX Failure, European Derivatives Implosion at the Silver Doctors site.
I hope they all rat each other out. Corzit needs to get popped.
Just remember its not about Justice it's about winning!
Corzine 1 -- Investors 0
Game Over
Maybe it was only the "ultimate f-u" wherein those on the top let all of the rest of us know that; yes indeed, there are two levels of law/justice.
It's kind of the counterpoint to all of the "C" level folks who get in front of a court or congress and say: "What me? I didn't know anything about that. I just go to meetings and inspire the troops. I set goals and then stand back." Of course it is entirely different when they need to justify their multi-million dollar pay packages...
Isn't Terry Duffy just throwing hearsay evidence over the transom?
He heard someone say that someone heard something about Corzine from someone else.
And that someone may have just heard that from someone else.
This isn't even direct hearsay. It's hearsay of hearsay, or maybe even 3rd hand hearsay.
Corzine's lawyers would have shredded the Duffer if they had been there.
Please do not get your hopes up. This does not in anyway dent Corzine's firsthand, under oath, story.
It's certainly an avenue to investigate. But, put down the hanging rope and pitch forks until all the evidence is in.
Remember, Corzine still deserves the presumption of innocence, in this Banana Republice, doesn't he?
Corzine the Democrat and friend of the muslim looted NJ. MF Worldwide was the same MO and Clinton's company was swiping $50,000 a month from MF Worldwide. Just like Raham and Gorelnick in Fanny and Freddie looting them pro-2008. Typical Democrats.
dude - seriously, LET GO of the partisan bullshit.
it's not lending you any credibility whatsoever.
Freddie gets called out on this all the time. I have called him out on it. He never comes back to respond to the point. He is either a paid shill who does this and leaves or... wait for it....
HE IS A FUCKING COWARD.
I believe almost everyone has a reason for the point of view they have, even if I don't agree, I can generally "see it."
There is something not real about this one, he will not stay to defend it because he knows he can't and needs to (for some reason) keep posting this shit any way.
Bush = Fucktard Whore for TPTB
Obama = Fucktard Whore for TPTB
Ron Paul = Don't break my fucking heart if I actually, actually, dare to believe.
You go, grrl!
Freddie is an interloper at fight club taking up valuable O2 and pixels.
What a fucking waste.
You're just making yourself look stupid. You're going to have to look beyond a D & an R. They are all the same. Do a gut check. You know I'm right.
I know you're right, if that helps.
He is presumed innocent. However, his apparent amnesia about the events or where the money went is repulsive. You've had your chance to tell the truth and just say well...I don't remember? I call BS. I bet he WISHES he could forget.
"It's hearsay of hearsay"
If DOJ has affidavits from the employees that discussed the matter directly with Corzine, then it is evidence.
Remember, Corzine still deserves the presumption of innocence, in this Banana Republice, doesn't he?...
Actually, if we're a banana republic, then no. If we're actually a Republic, then yes.
It was interesting to note the actual statement:"in a phone call with senior MF Global employees wherein one employee indicated that Mr. Corzine knew about the loans that had been made from the customer segregated accounts" specifically states one employee, but that others evidently participating in the conversation did not refute the allegation.
Typically the participation of two witnesses is enough to convince, and Teneo will likely prevent a second one from substantiating this information and thus allow the faulty memory written testimony to be considered with greater weight due to Governor Corzine's star power.
It's worked in their previous cases, that's why they're in the business. (That frn 50K a month is chump change, a mere retainer.)
I'd love to see what this dog and pony show is Really costing the honorable architect of the administration's economic recovery who's unable to locate or recall where a mere frn 1.2B was misplaced.
Hearsay Rule does have exceptions:
The best flow chart ever:
http://tinyurl.com/c2x3fd3
+1... You owe me half a Newcastle Brown I just shot out my nose...
You just gave me a new desktop pic for work...
Old man beer.
Boddingtons.
Yes, because old men should know what real beer should taste like.
I few years ago in an unnamed college town all the kiddies were drinking Pabst because it was retro-cool.
Even at .75 on special, I couldn't buy one and told the bartender he'd have to pay me $1 to drink it. He nodded his head and gave me a local microbrew.
Try Fat Tire
Roman times circus is back. Feed Corzine to the OWS crowd!
A lot of them are Vegan.
....but I don't really know which food group Dickcheese falls under.
But ... OWS kept saying eat the rich.
Modern science has made veggies look like meat. What makes you thing the converse isn't also possible?
oooops....he still had the un-edited version of the script. damn, hate when that happens.
Machiavelli possibly...make an example of a bad bankster...and win the next election ? Maybe MF will be the "example"...an example created by Corzine and company...to promote the incumbents or whoever "takes care" of the MF Global debacle.
The CME will never come clean. Corzine is the scalp to protect the exchange from the sunlight it doesn't want. Everybody was supposed to make out like bandits, only nobody told Johnny boy he was the one to get hung out to dry. This is a double-cross that Corzine can't escape from. Sorry John it's business.
The extent of corruption and stench emanating from Chicago in every way, shape and form is palpable. Everybody in power in Chicago has their fingers in the CME in some way. If the truth were ever to be known the extent of graft and payoffs it would boggle the mind.
Of course, while nobody is looking, Barry Soetero quietly says nothing. My Christmas wish: every trader in the world stops doing business at the CME. See what happens then.
http://vegasxau.blogspot.com
Anyone who plays on the crimex deserves the screwing imo. Same goes for squid clients.
"This is the DOJ, how may I help you?"
"Yes, I had a futures account that had the funds stolen and I would like to report the crime."
"Was there anything involved with guns? Is there anyway this so called theft could help us repeal the second amendment?"
"What? No. what???"
"I'm sorry, I cannot help you, then..."..."wait....were any of the accused perps angry white males..you know those tea party types?
No.
Since you can't help me could you at least tell your boss that the 70's called and they would like their porn star mustache back.
This is the DOJ, my name Peggy.
Bonzai background?
+2 - one for Peggy and one for midgettrannyporn
We can only hope...
The senior MFG member that said that will turn out to only be a janitor that has been deported back to Mexico and can not return to testify. Who knows who you're talking to on the phone, right?
Please.
There have to be *multiple* people who know and who were witnesses to Corzine ordering the taking of customer funds. You pressure them all, threaten them all. "First one to give us the truth gets himself off! Any takers?" Then, with that information, you flip your way up the corporate hierarchy to Corzine.
The real question from a tactical point of view is what did Duffy accomplish by delaying? He could have included these remarks in his prepared statement, but instead, he chose to wait until his testimony to make the remarks. It wasn't impromptu. It was intentional. What did the extra time accomplish? Since Corzine testified immediately before him, he prevented Corzine from addressing the accusation.
...and Duffy and Corzine did not have to pass each other in the hallway with that written testimony out there. Also Corzine's attorney's didn't have a chance to see if they could get Lugar to torpedo Duffy.
The element o surprise can be rather useful.
Then again, Duffy alluded to this in his written testimony on Thursday and didn't get much traction. It was time to turn up the volume.
perjury set up
From now on, Corzine will take the 5th. DOJ will neither confirm or deny an investigation. Eric Holder will burn documents similar to Cheney's "safe" fire. If the heat really comes down and they press charges, they'll wrap the case up quick so Obama can pardon the asshole after the elections.
Meanwhile, CME covers up the COMEX default with JPMs help and 6 months down the road magically JPM will no longer object to position limits. The real problem being faced right now is that they cannot do QE3 until after they kill any holders of silver or gold contracts. They're going to drain the fiat from those accounts with the big market drop...
Take physical delivery over these next 6 months outside of the banking system / major exchanges ... and stop measuring according to market spot/futures price. Its cheap now and will always be cheap prior to QE3
was that the 'safe fire' at the Pentagon where the tommahawk hit? or WTC7?
If he puts it in the prepared statement, which is given out to news organizations as well as senate members and councel than Corzine and his lawyers would have been able to mention it in his previous statement and discredited it in some way, this way he had NO IDEA it was coming...very wise actually
nice
Hearsay Rule exception
So shouldn't corzine be in jail....... never mind i'm stoned.
Ouch! That's gotta hurt. (At least I hope it does... eventually.)
So a billion dollars slips out of the company in the middle of the night. Where did it go? What bank was on the receiving end of that largesse? Why doesn't said bank return these ill-gotten gains? This part of the story seems to be continually overlooked.
Why?
The reason is obvious. Duffy wants the world to know that Corzine has lied underoath. He apparently thought if nothing was said no one would ever find these specific details in the report from the CME to the DOJ or that the DOJ would do nothing about it. Now it will be out there smeared accross headlines. Brilliant. I applaud him. Now it appears the DOJ will be forced to act. Great job. Way to force the hand against unbridled corruption.
great way to wake up one day - suicided.
Don't be silly. He'll be officially put into witness protection and never seen or heard from again.
Death is the only 100% effective witness protection. Never had one witness live to spill more secrets.
Well, yes. The story is being carried by Reuters & front page NYTs....but forcing a hand against corruption...not in this lifetime & hard time - never.
Thank you!!!!!!!!!! for posting this video - I missed that part of the hearing and couldn't find it anywhere. Why didn't anyone ask the little CFO prick about how customer $ may or may not have been moved to other "units" operating in other countries under different regs? He kept responding in language that sounded to me like he'd been prepared for that type of questioning but the question was never asked.
Get a grip ! For a Dem...........this is a resume enhancer ! He get's to show 'em how cool he is under pressure........so he can get bigger gigs ! Monedas 2011 Comedien Jihad Parle Vous Mon Bitchez du Argent.....Bitchez !
I'm sure Corzine is having a meeting right now that's going like this
http://www.youtube.com/watch?v=yzjWXduLPjs
Those three sentances were: Jamie Diamond pinkie swore and promised me that... he would hold the missing money in his safe...until I left for Panama or got out of jail... Scouts Honor!!!
Holy crap a "pinkie swear", now that's gonna get him in Dutch with the mob.
This is very interesting! I have been reading that swarms of government auditors have been scrutinizing MFG's books and so far haven't been able to discover where the missing money went.
But this testimony seems to indicate that as far back as October 30th, people had a very good idea about where a lot of the money had gone.
It sounds as if both Corzine and government investigators are stonewalling.
Somehowthey are not investigating the right company? More likely its all being kept under the hat because the political climate for banks can't take revealing the crooks they apparently are - supported by the laws that may well let whoever get away with it.
"auditors have been scrutinizing MFG's books and so far haven't been able to discover where the missing
money went"
Investigtators know exactly what happened to the money. But TPTB do not want the public to know. Why?
If the public were informed that regulations permitted
customer property to be taken as collateral on defaulted loans, then no customer would keep any assets anywhere in our corrupt financial system. The system would instantly implode. Now do you understand why they lie to you? National Security.
Auditors who say they cannot discover where the customer fund account money went?
If they have not been kept in earmarked accounts then all concerned at MF Global and CME need to be put behind bars.
If banks can release these funds which they know are in earmarked funds for other purposes- then they have committed a crime too.
These auditors who say they cannot discover the money route from customer accounts- need to be sacked and their licenses revoked immediately
What about the links between Gary Gensler, the CFTC Chairman and Joe Biden the VP with Don Corzine!!
Won't someone come forth and testify the truth.
NIEDERMEYER....DEAD!!!!!
WHEN THE GERMANS BOMBED PEARL HARBOR......
I want my other 40% back, Douchebag Jon.
If you want to find a part of these funds look for a large, anonymous donation to the 0bama campaign fund.
Prison - I will believe it when I see it.
Like that old and antequated saying goes: Honesty is the best Policy. There is no reason why Duffy would want to conceal the truth. Corzine took a baseball bat to his business. As for segfunds, it was only a matter of time before Corzine was directly linked to the crime. Nobody at a junior level would authorize that kind of internal transfer. The authorization had to come from the top.
Very clever. Duffy (or Duffy's lawyer) is saying that CME employees:
a) witnessed MFG employees' attempt to rectify the non-segregated
funds problem and thus acknowledged its existence, and b) that Corzine
knew about loans that had been made from those previously segregated
accounts.
If this sounds like inside baseball, it's not. Lawyers have
segregated accounts for firm money and client money. Same principle
with brokerage accounts. Look at the lawyer discipline pages at the
back of every state bar publication in America. Easily half of them
deal with a lawyer's having misused or stolen client money. Most of
the time, it ain't coming back.
POpatriot and buchesky have it absolutely right. Effective maneuver by Duffy and CME.
Jon has nothing to worry about. Before Obama leaves office, he'll receive a Presidential pardon. That's what rich folk do. Receive a get out of jail card.
Doubling Down
An even better hypothetical scenario off the back of http://www.zerohedge.com/news/presenting-three-unscripted-sentences-may-... .
Keep in mind its not clear who is transferring the money around from MF Global client accts to "the firm account" it seems like MF Global is but quoting the quotes,
"No such error was ever found. Instead, at about 2 am Monday morning, MFG informed the CFTC and CME that customer money had been transferred out of segregation to firm accounts"
If it was the agent of MF GLobal like J.P. Morgan handling both the segregated client funds and coincidentally their own credit line to MF Global as well, then at first they are holding the funds/collateral whatever of the clients then realize their rank in the bankruptcy is improved if they decide to take the role of credit line lender (vs custodian of the clients funds) so the agent lifts the clients funds and deposits them back to the firm (MF Global) account so there is something for them to collect in the bankruptcy as the credit line lender.
Voila a prime suspect would be J.P. Morgan shuffling the billion about to their own benefit...and the reason Corzine had no clue was MF Global had no control over the funds throughout except they started the ball rolling. And Corzine only knew after the fact.
Almost comical but has a criminal stench about it. So why is everyone covering it up? Apparently J.P.M. has some clout? J.C. knew but was helpless since the intender was outside M.F. Global and was J.P.M. To admit it would make J.C. the fool wouldn't it.
You should repost this 100 times. FOR REALZ.
I didn't intend the repeats really. May have been a network error as i was having problems posting edits. Thanks NewThor.
No worries, I think you probably nailed it after umpteen miss hits of the hammer/save button.
Maybe getting a better bike would help ... like mine (just joking), but Velocette Venom Thruxton anyway.
holy fuck, dude
@nostromo17 Well you had trouble posting it, but I think you've figured out the JPM-COMEX-MFG dynamics of this.
please delete the string of accidental empties here and that repeat at the end of them.
sorry. thanks.
That captch is a bitch after the fourth martini.
Doubling Down
An even better hypothetical scenario off the back of http://www.zerohedge.com/news/presenting-three-unscripted-sentences-may-... .
Keep in mind its not clear who is transferring the money around from MF Global client accts to "the firm account" it seems like MF Global is but quoting the quotes,
"No such error was ever found. Instead, at about 2 am Monday morning, MFG informed the CFTC and CME that customer money had been transferred out of segregation to firm accounts"
If it was the agent of MF GLobal like J.P. Morgan handling both the segregated client funds and coincidentally their own credit line to MF Global as well, then at first they are holding the funds/collateral whatever of the clients then realize their rank in the bankruptcy is improved if they decide to take the role of credit line lender (vs custodian of the clients funds) so the agent lifts the clients funds and deposits them back to the firm (MF Global) account so there is something for them to collect in the bankruptcy as the credit line lender.
Voila a prime suspect would be J.P. Morgan shuffling the billion about to their own benefit...and the reason Corzine had no clue was MF Global had no control over the funds throughout except they started the ball rolling. And Corzine only knew after the fact.
Almost comical but has a criminal stench about it. So why is everyone covering it up? Apparently J.P.M. has some clout? J.C. knew but was helpless since the intender was outside M.F. Global and was J.P.M. To admit it would make J.C. the fool wouldn't it.
the string of repeats here is on the ZH tech end did not post but one here and one after another related article....anyway this is a bit more Occam's Razor than my first scenario over here http://www.zerohedge.com/news/was-collapse-mf-global-premeditated-conspiracy-theory
anyway a billion bucks is a billion bucks you do what yah gotta do eh?
geez did the slot machine just kick me a comments jackpot or what?
please fix when someone notices!
Well lookie here http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/12/13/bloomberg_articlesLW5T6T07SXKX.DTL
finally started looking around after all my writing and speculating....
Wonder if all the money will now miraculously be found? - You're welcome Farmers of America.
-anybody got a job out there I need one?
I love how they buried this part in the story with absolutely no context t what they are talking about. This is literally how it was written up.
The broker-dealer paid JPMorgan and the other secured lenders back for the $300 million loan, Giddens said. He didn't know yet if the bank was still a creditor of the brokerage.
Not a Client
JPMorgan isn't a "current client" of the law firm, Giddens told the Manhattan federal judge. Giddens's firm ended "minor" patent and other work for JPMorgan and collected less than $2,000 in fees from the bank in 2011 and less than $35,000 in 2009 and 2010, Giddens said.
The brokerage's parent, MF Global Holdings Ltd., is in a separate court proceeding.
Joseph Evangelisti, a JPMorgan spokesman, declined to comment on Gidden's statement about lawsuits.
Go Giddens!
Well done, dude.
When Duffy disappears, start checking wood chippers in Northern Virginia.
the Republicans are going to whitewash the Democrats at next election
for the WS banking gangsters saving Democrats is politically expendable and expedient to keep 'in' with the hogs-for-hire Republican Party
Corzine is being hung out to dry, a sacrificial lamb to make the wolves look like their act is beaing cleaned up ...throw the peasents a peanut in a show trial then back to the normal fraud, theft and pillaging
Nothing will change until CONgress dismantles all the legislation, bins all the regulators and New York Judiciary that is the protection racket of the NY Gangster Banking Cartel and returns finance and banking to the free market ...and there's fuk all chance of that
May the rot be with you
Is it starting to change. Maybe ever so slowly, but starting?
INTRADE should make a market:
What is the likelihood of jon corzine being indicted of a felony before 6/2012?
My market is 16/18.
I will bet $1000 he does not get prison time.
If he doesn't, I get $1K's worth of satisfaction. Maybe a weekend at the Breakers
If he does, I get satisfaction that he is behind bars a convincted fellon.
OK....so you sold 16 for 1k. If he does get prison time, you win 667 usds and if you lose, we all lose and it is an undeniable Lord of The Flies situation in which contract killings against banksters and government officials' wives, families and children are not only morally justified but a moral imperative under Just War Theory.
Hi, Bernie. Oh, hi John. Bernie, I'm your new cell mate, can I have the bottom bunk?
Dam, where'd I put that thrown under the bus emote...
Gary gensler is a nobrainer?
So Duffy says that someone told him that someone told them that Corzine knew about loans that had been made from customer segregated accounts. I'm no fan of Corzine, but he won't go down because of that testimony. Come on. Dog and pony shows are supposed to get you riled up and you fell for it.
"CME Group has provided this information, the names of these individuals to the DOJ and CFTC who are investigating these matters. "
This goes beyong hearsay....
Thanks Ty! Priceless.
@"why?" . survival, the rational but un-
civil demand and tyrant. "survival comes first,
we all know it's true." b and is true for non-
living entities and organizations as well, hearts
be damned! structure dictating function, ongoing.
fungal mat logic it was coined.
the cme is the party, the playmate if you will?
testifying to the crime on behalf of the jon, john.
possession is the better part of this law.....so
taking possession in times of uncertainty becomes the
work of gods, possessed, by arbitrary (cultural) structure!
it is sinatra's world, we just live
in it, like sammy or joey bishop.
no?
smell the contrition and lack of ill intent, this for the sake
of the continued party with playmates for future johns,
all possessed by the structure of the "inevitable", functioning
good times....
My question is , who wrote the bullshit script? Which testimony is going to be part of the Congressional Record? There is some underhanded shit going on here.
The truth probably is that we can't handle the truth.
What if Corzine really does not know where anything is? What if he does not understand how the company runs and what it does? What if he thinks that he was hired for his connections and was allowed to make a few of those (Clinton) on behalf of the company? He figures he has been hired as a "symbolic head" but not as a real operator. His cache is worth all that, oh don't cha know. And what if they hired this clown so that they could set him up? He is arrogant enough to be that ignorant.
And even if I am wrong about this one, I'll bet other companies are doing things a lot like this to CYA. Get the goodies, share with some friends, set up a fall guy without a clue, get out of Dodge.
Another version of this: Corzine is half guilty, covering up a smaller crime he participated in, with no clue about the bigger crime he was being set up to take the fall for.
he said....
it was not an accounting error.
it was not a system flaw.
it was something else.
aka a fucking crime ! now pin it down on those
who committed the crime of stealing the funds !
period. who had access? start there.
call all the potentials in for enhanced interrogation,
like the terrorists they are.
Thanks to those who stopped by and klik's this month, got half a year of Stockcharts paid for, that is cool.
All of these shenanighan are ultimately currency games. Everyone wants to pretend they want a strong currency, but they want the opposite.
Got 3 nice chart for ol' Bucky, Euro, Cable.
http://oahutrading.blogspot.com/2011/12/turn-point-turn-on-silver-dollar...
money does not disappear, nor does it move without an audit trail, it is simple to discover what happened; maybe time consuming, but simple. roll back to where the books balance, examine every cash flow and who signed/authorized it by MF's systems log on and those at the custodian and "Voila!" there you will find the culprit and the next plea bargainer...look in the settlement department of all involved and the trail will be as plain as one led by big foot, except this one will be real.
Hope the hard drives and memory don't disappear... things do go bump in the night. Can you say hard drive forensic wipe.
That was a shitnami of posts by nostrhomo.
I think we seriously have to start asking the politicians to start executing people who destroy thousands of lives. Maybe they'll get the hint that they may be fucking next.
You would ask the Polititians to execute people who destroy lives? Isn't that like asking the chief mouser to punish his little minion mousers with death?
Obama will pardon him, after he spends a total of three minutes of incarceration.
In fact, I bet Corzine will allow himself to get a conviction, just hassling the court long enough so he ends up in prison at about the same time Obama sends his pardon on the way out of the White House. If the case goes past Obama's one term and he gets convicted, he's screwed.
It's unclear to me, did he pay taxes on the missing 1.2b? If he didn't, is that tax evasion? If he did, does he get the penalty for overpaying? I know I would.
I hope Duffy's statement qualifies under one of the 19 exceptions to the hearsay rule.
Corzine will go down. Not because he stole the money, but because he broke the toy, which means nobody will play anymore so ythere will be no more money to steal. Listen to Anne Barnhardt interviewed by Jim Puplava. She makes the point over and over that the participants in the market can not feel safe anymore, which is why she closed her firm. Also, it is quirte refreshing to hear proper words, for instance "stolen " rather than "improperly commingled"
I hate to say it but I think the "Setup" people are probably more right than wrong. Jon Corzine is an extremely wealthy man many times over with a net worth in the hundreds of millions of dollars. Corzine is just likely to throw away everything stealing nearly two billion dollars of customer money as he is to walk into local 7-11 with a .38 special and attempt to rob the store at gunpoint.
If MF Global melted down or if even this crazy scheme had succeeded it would have little or no effect on Corzine's personal wealth. For a player in Corzine's position he has everything to lose and almost nothing to gain by perpetuating massive financial fraud at MF Global.
Looking at what a rationale player would do I think it's quite likely that Corzine was simply brought on board to be the fall guy. Where I disagree with others is the motivation. I think it could have just as easily been a group of executives persuading the Board Directors to bring Corzine in and unbeknowst to either party have him "take the fall" for their machinations or could it have been a Comex default. Regardless why Corzine was brought down what matters is that he was the only one left without a seat when the music stopped.
The only rational actors operating in "the market" are the HFT algorithms!
For people like Corzine it is about "The Game", "Winning", "You are only as good as your last trade", beating the competition - a.k.a. your peers. I used to work closely with two senior people from Ericsson who both got jail for tax fraud and bribery: Their thinking is *never* about what they have to lose, or what they already have achieved: The only concern is what they stand to win and that, if they do not win, someone else does and then they are losers!
Then we add more some layers to the crap cake, Negative Selection Pressure: We have exstremely lax enforcement of the law, virtually no supervision, no transparency, the ready availablity of extreme leverage at Zero interest. In a world where *all* legal problems can be fixed with a no-fault settlement costing at most a few percent of the loot, then only managers looking to loose to their peers (and get sacked to boot for it) will be honest. It has become the *rational* behaviour to steal, cheat and blow up "your" business just to set off the bonus and the exit to a better job.
Corzine and thousands other just like him must have seen that not even money-laundering on an industrial scale will land anyone in jail so whats a little securites fraud gonna do!? Those bets may even pan out, who knows?
If Corzine gets busted it will be because of the same mistake as Maddoff: Stealing from the 1%.
Liar Liar...trading desks on fire..........
Why?!
Simple. The CME must believe there may be grounds for the members of the exchange to make the segregated funds whole [beyond the, what, 250m already pledged that is] if they cannot place the onus back of MFG and its management.
1.2T, or more, who really knows, [besides MFG's bankers] is lots more potential missing bonus money than 250m. A fuck up of that magnitude might actually derail some promising careers and legacy's, not to mention piss of some preferred shareholders that are left holding this sack of shit. Who got the other side of the MFG trade and who didn't will make this holiday seasons lists of the well and not so well connected.
Meanwhile it looks like chefs Ben, Janet and Bill will be serving up more shit soup sandwiches at the company party this year. How many firemen wanna bitch about loss of meals and parties now?
Pigs get fat, hogs get slaughtered. MF Global was taken down. Corzine is taken down (maybe). Who is benefiting from this? Know that, and then you'll know something useful.
Perception management is a term originated by the US military. The US Department of Defense (DOD) gives this definition:
Actions to convey and/or deny selected information and indicators to foreign audiences to influence their emotions, motives, and objective reasoning as well as to intelligence systems and leaders at all to influence official estimates, ultimately resulting in foreign behaviors and official actions favorable to the originator's objectives. In various ways, perception management combines truth projection, operations security, cover and deception, and psychological operations.
1.Preparation — Having clear goals and knowing the ideal position you want people to hold.
2.Credibility — Make sure all of your information is consistent, often using prejudices or expectations to increase credibility.
3.Multichannel support — Have multiple arguments and fabricated facts to reinforce your information.
4.Centralized control — Employing entities such as propaganda ministries or bureaus.
5.Security — The nature of the deception campaign is known by few.
6.Flexibility — The deception campaign adapts and changes over time as needs change.
7.Coordination — The organization or propaganda ministry is organized in a hierarchical pattern in order to maintain consistent and synchronized distribution of information.
8.Concealment — Contradicting information is destroyed.
9.Untruthful statements — Fabricate the truth.
It's not Duffy who needs to worry, it's the mentioned MF Global employee that needs to worry. After all, Duffy is only a witness to hearsay. Corzine's lawyers could say that the employee/witness is lying. However, this certainly makes it much more difficult for the government not to investigate and indict Corzine, but even in a normal case not involving a politically connected insider, this would take longer than one year to make it to court.
As people here have already mentioned, Corzine knows too much, he could bring a lot of other people down with him. If he was really facing a long prison sentence, survival would trump all loyalty. I would be very concerned if I was Mr.Corzine that his depression over the lost customer funds would worsen with time. Suicide has been such a common tragedy in this financial crisis.
Consider how perfectly those extra sentences fit into the text, and how the original text follows on from the inserted text.
Anyone who thinks that extra was 'unscripted', is naive.
The only thing 'extra' about the addition, was how much EXTRA carefully it was scripted.
It was left out of the pre-submission, so as to prevent frantic phone calls, and possible lead cranial implants on the way to the hearing. But it was always intended to be spoken at the hearing.
Is there still a chance that a farmer will stand up and start screaming at Jon...like this woman..."I hate you Jeffrey"
It would be a real media attention getter.
http://www.youtube.com/watch?v=teZvazZIfqU
“I never authorized the misuse of customer funds, I never intended to misuse customer funds,” said Corzine, a former senator himself who left Congress to run for governor. “As far as I’m concerned, (I) never gave instructions that anybody could misconstrue.” J. Corizine
Can someone ask Corizine what he means by "misuse". Seems to me that a lot hinges on what he would consider misuse. If backing MF Global's trades with customer cash is legal, he's dancing around a technicality.
You can legally use customer funds for some things (I forgot the rule which governs that, they mentioned it in the hearing a few times though), so uses outside of that, would be considered "misuse" ... that's my reading on it anyway
Mysterious Missing $ Accounts : New Orleans Relief - Haiti Relief - Pentagon - Libyan Gold - Madoff - MFGlobal
PONZILLA LIST CONTINUES TO GROW
Here is Duffy on the 11th of November saying he doesn't know when the monies where moved from customer accounts nor under what circumstances (at the three minute mark):
http://video.cnbc.com/gallery/?video=3000056957
Isn't that somewhat different from what he said yesterday?
I gotta think Corzine is in the back of his mind seriously pondering if his 'usefullness' to the scum running this takeover of our republic has expired.
None of this should be a surprise. Corslime has been a crook ever since he was at GS. He paid off politicians to get bond underwriting business for GS. As governor he gave out no bid contracts to contributors. He never worked an honest day in his life.
SP500 daily chart resumes choppy downtrend. Opposite for USDX.
My long term indicators have continued to warn of USD strength and EURO weakness and these signals have increased since 2009. The overdue dollar rally should be substantial.
http://stockmarket618.wordpress.com
i love watching shit floating in a punch bowl - especially when the ladle has fallen into the punch