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SEC Opens Investigation Into MF Global Insider Trading, Ignores Glaring Evidence Of Client Capital Commingling
After reading the following just released announcement from Bloomberg stating that "the U.S. SEC is reviewing trades in MF Global Holdings Ltd. convertible bonds to determine whether some investors sold the debt based on confidential information before the firm’s demise, two people with direct knowledge of the matter told Bloomberg’s Joshua Gallu and Shannon D.Harrington" we are quite stunned: how on earth will the SEC, which is the official depository of the dumbest and most corrupt people on earth, go about doing this? And what about what is an already confirmed act of gross fiduciary duty breach in the form of commingling client accounts: is that one too complicated for the SEC, so it has to proceed with this ridiculous diversion and pretend it is doing something when the biggest criminal is right there starting everyone, especially those from New Jersey, in the face?
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Eat your gruel bitches and learn to like it... here's a recipe for you:
http://www.youtube.com/watch?v=pCVaO263PNQ&list=LL79w6RRRDhwgNa25K2OweIQ...
The SEC is such an expensive fig leaf or Potemkin Village to maintain. Can't they just declare, "Regulation & law is bad," shut it down, and thus cut a little unneccessary public spending? Wisdom teeth, the ependix, hell, probably even mosquitos serve some sort of purpose on this planet. The SEC: not so much.
"SEC"? Who are they? Never heard of them.
SEC Investigative Summary: It was an accounting error!
Looks like the outcome has already been bought and paid for......Jon Corzine walks and gets a golden parachute to boot. Great f-n country Huh!!?? After all we can't have a former Goldman CEO, US Senator, Gov of NJ etc, etc rooming with Bubba.....
They should be looking at JEF also. Check out the spike in selling the 2nd week of April. Think somebody knew something?
S.urely
E.veryone
C.heats
I'm sure you've heard of them before although probably under one of their aliases -
JP Morgan, Goldman Sachs, MF Global....????
SEC: Stealing Encouragement Commission
End the regulators in their entirely, expand the Justice Department, fire every single person managing the Justice Department, starting with Holder, appoint headhunters in their place, and create a new division where funding and employee compensation is scaled based on successful criminal prosecutions of white collar offenders.
Headhunters? Like from Borneo? If so, it is a smashing idea whose time has come!!!
Bravo! (from one simian to another)
It is very difficult to awaken someone who is only pretending to be asleep.
http://finance.yahoo.com/news/Regulator-gave-10k-to-NJ-Dems-apf-39305997...
"The regulator overseeing the investigation of Jon Corzine's collapsed securities firm, MF Global, gave $10,000 to the New Jersey Democratic Party in 2005 as Corzine ran for governor of that state.
Gary Gensler, chairman of the Commodity Futures Trading Commission, and Corzine had worked together for 18 years at Goldman Sachs Group Inc. and later collaborated to pass a law to combat corporate fraud.
Election records show Gensler gave the money in August 2005. Corzine, a Democrat, was elected governor later that year.
MF Global filed for bankruptcy protection on Monday. Gensler and other regulators are trying to find out what happened to hundreds of millions in clients' money that went missing last week.
Gensler's long history with Corzine poses an apparent conflict of interest that could taint the probe's findings, experts say.
"The appearance of a conflict is there, there's no question," said Jay Lorsch, a professor at Harvard Business School. "It might be wise for Mr. Gensler to recuse himself from this particular investigation.""
un.fucking.real
Wonderland is not nearly as wonderful as I had hoped. C'mon, Alice, where'd you put that damn potion?
What are friends for?
Shut the SEC down? What about all the internet porn providers that depend on the SEC employees' patronage? Businesses would go under. Families would suffer. Save the SEC...it's for the children! /.
SERIOUSLY WTF IS HAPPENING?! No joke I feel like I stumbled across some unseen threshold into an alternate universe about two months back.
Sounds like you've just awaken to reality!?! Welcome but to be honest, it kinda sucks here.
+1 for the good company though.
It sucks now and will probably really suck soon enough.
But, there is life outside of this stupid banker paradigm. It won't look like the life we had before. But, many of us are so fucking done with the rat race and the lies that we will give about anything a whirl... and because we would be working with "real" purpose, it will actually mean something. Meanwhile, shit sandwiches for everyone.
He is a new reader of Zerohedge... But hey... at least he is awakening.
Welcome to reality, where $ocialism is right, spending more will get you out of your debts, etc etc
Fascism is winning, and the West is sold for peanuts.
New reader, huh? I've been here for 3+ years (registered for 2) and I feel exactly the same way.
The K-Hole just keeps getting deeper, and deeper, and ....
Yeah no--not a new reader. What I meant was in august the last vestiges of reality evaporated from the media and the market and even highly cynical friends of mine are starting to turn, telling me I should just give in and go with it, central bankers too powerful to resist. It's like the while country has become a cult. Absolutely everyone but zerohedge drinking the kool aid...
Most people I talk with, from many different walks of life, have absolutely no clue to current financial affairs. They seem more interested in texting, tweeting, and playing FaceBook (intended distractions?) than understanding what 15 trillion in debt and 1.5 trillion annual budget deficit, and 600 billion annual trade gap will do to the USA. This apathy makes it much easier for the powers that be to decide for all of us "what is best" without much input or resistance.
Fuck all that boring stuff. Did you hear about Kim Kardashian's divorce?
TPTB have to find a way to deflect the real shit from Barry O's buddy, Mr. Corzine. God forbid that he is guilty of anything!
From the Gothamist: "Obama may have raised as much as $75 million in the second quarter of 2011 thanks to Corzine, who in April hosted a reelection fundraiser in his Fifth Avenue apartment that sold out two weeks in advance and raised $2 million. Corzine also "aggressively worked the phone lines and the cocktail party circuit" because it could earn him a cherry job with Obama after the election. Treasury Secretary Geithner is said to be announcing his departure before the election, and Corzine would fill the role of Wall Street protector and "reformer" nicely."
Here's the link to the google image search for corzine+obama:
https://www.google.com/search?q=corzine+obama&hl=en&safe=off&prmd=imvnsu...
There will be a cover-up. Will they get away with it?
Who besides we three, here at ZH, will even notice?
Two months?! Glad to hear you recovered from your coma which clearly began in Setember 10th, 2001 or before.
Yesterday on CNN from 10 pm to 11pm I watched for 20 min case about sexsual harasment by Mr Cain, then for 15 min about some asshole judge from Texas beating his disabled daughter, then next 15 min about some rogue Amish guy shaving beards of other Amish guys, which is really great insult (I did not know about that). The rest was just commercials about Cialis and it's life rendering properties.
What the fuck you want? They investigate those beard shavings, some women got shaved too but I don't remember where they got shaved, and our justice dept or media don't have time for your stupid problems, which you may think are important, but they really are not so urgent.
You will need to find a soft spot on your wall. Knowing what is actually going on can be pretty frustrating. Best collection of ridiculously fast knowledge I have ever seen, and deep, deep insight.
Don't worry. I think this all end's well. I'm feeling it deep in my colon. You know, gut instinct.
What can I say?
Porn is a helluva distraction.
It would be nice if these guys were a little more proactive and a little less reactive. You know, turn off the tranny porn and prevent the wholesale theft of billions of dollars by enforcing the law, instead of fining the theives a few million dollars when after they've already stolen the billions.
Pornosec works for G-Pap
Street justice, bitchez.
dont worry they'll get to it when they finish the HFT investigations
So dark pools and front-running will have to wait also?
Hey you have to know your priorities.
1. NAACP
2. AIPAC
3. ........ ?
Well if they are guilty of insider trading, they sure sucked at it.
Best laugh of the day RP. +1,000
lol...its grounds for a bailout!!!
Either: -
(a) Corzine never know nuffink and will be the new Treasury Secretary in Obama's second term, or
(b) Corzine will be 'suicided'
There is no possible way Corzine will see the inside of a court room, let alone a state prison. He knows too much, He knows where the bodies are buried. He's up to his neck in the stench of political corruption.
He knows too much... indeed. The guy ran GS after all.
Yes - -
An unfortunate accident. Or heart attack. Or falling out an open window. Or...
brain hemorrhage
And that I do not forgive.
"Just like the DARPA Chief, Donald Anderson! And president of Armstech, Kenneth Baker! It looked like a heart attack..."
When the SEC saw 'commingling' they got hard and lost their train of thought.
OT : Max Keiser ripping a new one to Greece politician :
Max Keiser: 'Greece run by financial terrorists'
http://www.youtube.com/watch?v=Ko_v4YMni90
Max is a socialist, why is he yelling at another of his kind?
The Genz has it covered.
Until they need to define the word "swap" that is.
==================== FUCK THE SEC====================
The SEC;
USELESS AS TITS ON A BOARD!
BOAR as in mae hog...male have no use for tits...the saying is "useless as tits on a boar".
Perhaps they meant as useless as tits on the ZH board.
Nope.
On a board is it. At least with a boar you can shoot it and have bacon!
With the SEC all you get is copious amounts of boarshit!
Better what we said in Catholic School:
"useless as the testicles on Fr. O"Malley."
SECs Criminals
...it was Waddel and Reed
Is the SEC more corrupt than the CFTC?
http://finance.yahoo.com/news/Corzine-and-regulator-worked-apf-3930599725.html?x=0&sec=topStories&pos=3&asset=&ccode=&vm=r&vm=r
About the same... but the COMEX has them both beat in terms of corruption.
Fox. No, FOXES. Henhouse. Blood Everywhere. Feathers flying. Screeching and Squawking.
The Foxes are "self-regulating" and resist any effort to curb their "animal spirits." Chickens are counseled to fly away if necessary, and to exercise "due diligence."
SUpervision provided by highly-trained representatives of Sedentary Evidence Collection (SEC), Chickens Fly Through Chaos (CFTC), Federal Fowl Underwriting Commission (F-FUC), all of whom arrive three days late in cheap rented cars, put yellow tape around henhouse but don't go inside, take the weekend off for golf and "training" and then search the thin "rule book" fruitlessly seeking"governing authority" to intervene. (By now the yellow tape has blown away).
Blue Ribbon Commission rules three years later that "The Invisible Hand" was responsible.
Gotta love Magical Thinking.
turn off the Redtube !!!!
SHUT THE FUCKERS DOWN
It's too late DOOD. The FUCKERS shut themselves down, after the took the wallet out of everybody's pocket.
Can I have fries with that?
what a sad sad state of affairs
SEC= Saving Exposed Cons
A SEC is the crooks. All your investigations are belong to us, you filthy cunts.
Story developed: http://www.cnbc.com/id/45149496
He'll resign if the opposition (who want his resignation) first vote to support him so he doesn't have to resign.
Is it okay if I just allow my head to like totally explode now? k thx
Green Shootz on the 'news'.
well, they knew all about Madoff and did nothing about it so it's not surprising they do nothing about Corzine either. As soon as anyone talks about the market and banks needing more regulation I turn them off immediately. Rick Santelli said it best 'failure is the best kind of regulation there is...' We can get our capitalism back once we allow everyone to be able to fail again. That's the beauty of the American system, everyone gets the opportunity to fail. F**k debtors prison too, once we do away with the idea of debtors prison...people will be much more careful about who they loan their money to. So, countries like Greece, Argentina, Italy...and the USA, go! and sin no more! God Bless capitalism and failure!!!
It's total obfuscation, but it sadly fails to register on most people's radar because they're focused on the real issues of the day like the crash of team Humpdashian.
Speaks volumes regarding American mores and values (or clearly lack thereof). Speaking even louder, after a "story book wedding" which lasted all of 70 days, the media still parades the bitch around and not a single "journalist" has the courage to call her by her true name: Whore.
SEC = Shant Even Consider, CFTC = Can't Fucking Track Crime, CME = Can't Make Enemies, COMEX = Can't Open Mouth Except to Xhale, Federal Reserve = Not Federal and No Reserves.
Now THAT was the real Econ 101 class. Everything you ever wanted to know (but were afraid to ask for fear of vomiting in your mouth)
It's all OK now. MF isn't missing any money after all. It was just a big misunderstanding. OOOPs!
http://www.cnbc.com/id/45153690
Let's wait to hear from some of the account holders, no?
Their accounts have been frozen. They won't get answers until the media storm dies down.
This shit will continue until people take up arms.
http://mikenormaneconomics.blogspot.com/2011/11/its-getting-ugly-out-there.html
http://www.roadtoroota.com/public/742.cfm?awt_l=PBg_U&awt_m=3iDGxJZhFN4C85B
Aren't they all doing this? They won't prosecute MF Global if Goldman and JP Morgan are engaged in the same "business" will they?
It is as important to be seen looking as it is not to find.
What?!? Someone just ran over a cross-walk full of orphans in a stolen SUV packed full of cocaine and $10M worth counterfeit Reserve notes? Cite that guy for running a stop light! See, we care about the law.
ROFLMAO! You can see this one coming- the ONLY person that will go to jail on this one is the back office clerk that bought 4 puts on MF when she heard that Corzine had lost his mind......
She'll have to wear the orange jumpsuit and manacles, will be paraded around on courthouse grounds for 30 minutes before every hearing so the press can get lots and lots of closeups, and then they'll allow live coverage of proceedings. The "MF Global Fraud" trial will go on for 6 months before they quietly let her off with a $250 fine and 10 days of community service.
Who says there is no justice in Amerika?
She's the back office clerk. She'll get 7-10 years, disgorgement, and a fine equivalent to her net worth. Corzine may end up with the Congressional Medal of Honor.
cnbc now reporting MF involved an accounting "blip" glitch
This guy did some powerful investigating back in the 80's
Let's see if the SEC measures up.
http://mikenormaneconomics.blogspot.com/2011/10/bill-black-at-occupywallstreet-on.html
CNBC now reporting the missing funds as an accounting glitch that is being corrected....no ...seriously ...this is what i just witnessed before falling off my chair in laughter...
Simple thing really. Accounting corrections for hundred of millions of dollars occur all the time. LOLOLOLOLOLOLOL.
Ben slipped em a few billion to keep everyone quite and happy.
Just ask Bernie.
I want to see Jon Corzine starring in the remake of "Weekend at Bernie's."
The past several months' action out of the EU has been like watching a less violet, b-version (make that c) of "Boardwalk Empire".
Now wait a second here. Me thinks the CME can give the SEC a run for their money [literally and figuratively] when it comes to corruption and incompetence. Granted, the SEC has gotten the porn award 1rst place prize. But nobody is better at corruption than the trader hacks who pose at the CME. Nobody. They are in a league of there own.
http://vegasxau.blogspot.com
What if the SEC discovers (by accident) that Jon Corzine sold the debt based on confidential information? What then? MF Confidential sounds like a porn flick to me.
They probably choose the case based on what is more likely to lead to unseen porn on the suspects hard drives.
The decision to use customer money to meet margin calls HAD TO COME from the TOP. It is very serious and puts whole system at risk. I am sure Obama will protect COrzine. Anyone involved in using customer account money needs to go to jail. Corzine getting caught will hurt Obama and democrats Insider trading on bonds is just a distraction.
Shredding Evidence Commission
http://lawprofessors.typepad.com/banking/2011/08/shades-of-arthur-anders...
Does the USA have a Justice Department.???
Just Wondering.
Let's try this. Tomorrow, or over the next week at the least, I want every one who reads this to make three toll-free calls. One call each to your Congressional representative and each of your Senators. Tell whoever answers that you have two questions.
1) What is the required dollar amount of campaign donation, and
2) What is the appropriate dollar dividing line.
When they register their confusion, tell them the following:
Obviously if I rob a corner grocery store for $100, I will be handcuffed, booked, and tossed into jail, but if I steal $600 million, a la MF Global, I get a pass. I'm just wondering how much must I donate and what exactly is the dollar amount above which I must steal that will allow me to evade justice?
Fuck OWS###, imagine if only 1/2 of the people who will read this do this, perhaps TPTB will begin to get the message that the point at which enough is enough is fast approaching.
The SEC is great at two things: watching porn and persecuting hedge funds while letting banks slide
http://news.ino.com/headlines/?newsid=68981807395710
They are trying to find little fish in the firm to fry and frame for the issues at hand. This points directly to Corzine and everybody knows it. CNBC and others in the media aren't talking about the fact you pointed out that it doesn't matter about insider this or that, what matters and is at the front of everything is the fact that 1.5 billion of client money was co-mingled with company money which is illegal and not protected via the FDIC, the only way they can get the money back for clients is during the liquidation phase of the bankruptcy and that may take months at best years to be honest with you. And if they do get anything it will be penny (not pennies) on the dollar. What, this link (two days old) explain a little.
http://www.zerohedge.com/news/guest-post-are-clients-mf-global-insured-against-fraud
Do Jews ever prosecute other Jews?
It was not a crime, it was not a gross breach of fiduciary duty, it was " borrowing without permission."
Have you ever heard of such a thing?
And now after the bankster huddle they're saying that no money is missing. Gotta keep Corzine out of Rahway. If Corzine goes down all the banksters are afraid the public would get a taste for their blood and then who would be next? However, when the lynchings begin Corzine might be safer in a cell with Bubba. All I can say is it's too bad the cop driving the car that crashed when Corzine was in the back seat with no seat belt on wasn't driving faster.
The SEC is going to do some Pornensic science.