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Watch Corzine's MF Global Testimony Live
Update: Corzine speaking now - drink a shot for every lie Corzine utters
And now the one we've all been waiting for...
As a reminder, his prepared remarks can be found here, and below is the witness sequence. The beginning will likely be boring. The main act is in the middle:
Witness Testimonies
Panel 1
The Honorable Jill Sommers, Commissioner, Commodity Futures Trading Commission, Washington, D.C.
Mr. James Kobak, Lead Counsel for the Trustee for the Liquidation of MF Global Inc., New York, New York
Panel 2
The Honorable Jon Corzine, Former CEO, MF Global Inc., New York, New York
Panel 3
Mr. John Fletcher, General Manager, Central Missouri AGRIService LLC, on behalf of the National Grain and Feed Association, Marshall, Missouri
Mr. Terrence Duffy, Executive Chairman, CME Group, Inc., Chicago, Illinois
Mr. William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange, Chicago, Illinois
Mr. Dan Roth, President and CEO, National Futures Association, Chicago, Illinois
Mr. Stephen Luparello, Vice Chairman, Financial Industry Regulatory Authority, Washington, D.C.
Mr. Gerry Corcoran, Chairman and CEO, R.J. O’Brien & Associates, on behalf of the Commodity Markets Council, Chicago, Illinois
Live CSPAN webcast after the jump:
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Other than political corruption, there is no way he cannot go to jail.
If he admits to it it's theft and jail time.
If he denies it as he is now, then he did not fulfill his fiduciary role to shareholders. There is no chance in hell he can claim that he didn't know what was going on. If a CEO of any company doesn't know when a billion in cash moves he is being grossly incompetant. Did he not monitor the leverage and risk levels or the exposure to euro debt? Or the funding and liquidity needs? If he did he would have seen the liquidity shortfall approach, if he didn't he was negligent and a class action lawsuit should follow.
"Political corruption" is redundant.
Nope we don't know nuttin' we ain't seen nuttin'
"O" J Corzine
if you don't know shit, you gots to acquit.
If Jon can shine, there'll be no fine.
The corrupt protect the corrupt. Simple.
Politicians are owned by the bankster class. Regulators and officials are appointed by bankster's proxies, politicians.
Its all very neat and tidy. This is why the CFTC has no fear in being as criminally negligent as it wants. Who is going to investigate them? More bankster employees?
One can only hope they all meet madam guillotine after the next civil war.
Criminally negligent? Why in government entities, there is simply no such thing. There is only a "lack of manpower."
Just ask any of them.
Oooh, it is tooooo complex.
HEY LOOK, pretty buttons, ooooh.
The cluelessness of some of these people is mind boggling.
Breaktime. Yahoooooooooooo BJ's for everyone!!! Party!!!
it is a little disconcerting that during the break things resemble an uppity class reunion...
Agree, I was thinking the same thing.
It's too complex to know that a trasaction went from point A to B. Unless MF Global is doing 1 billion trades a day, they should have figured it out by now. How stupid do these people think we are? They act like the crap isn't computerized and the are looking at reciepts by hand.
Another BS whitewash....
BTW how's your vacation Grassley you coward.
Tracking funds is a problem for them?
100% BS. When I am off 1 cent in my credit union or credit card they find it...even if it is months ago....and these "regulators" have a hard time finding where Billions of dollars went?
Corzine claiming,"I have no idea?"
Well, to be honest, he made sure Dimon didn't tell him.
re-hypothecation aanndd re-hypothecation aanndd re-hypothecation...................
http://en.wikipedia.org/wiki/Hypothecation
How about de-re-hypothication ?
The rules are simple: Drink whenever anyone replies. "I do not (or don't) know (or "have any idea" or "recall" or "remember")." You should be drunk in about 5 minutes.
I did that during Olie North's Iran-Contra testimony and I'm still drunk. hic...
Burn this mother fucker now!!!!!!!!!
corzine bears a striking resemblance to bernankula...we may be looking at the next chairsatan of federal reserve.
I'd like to see Gerald Celente given time to ask these witnesses a few questions, or maybe Ann Barnhardt. That would be worth watching.
Barnhardt for sure. She could have her pink AR laying across her lap and a pair of needle nose pliars in one hand calmly and methodically tapping them into the other hand.
Sinistah!
come on he knows where the money went, it's stashed right along side that 2 trillion the Pentagram doesn't have receipts for and can't remember spending back in sept 2001, after which the accounting and finical records wing was conveniently hit by an air plane...
the guy needs to change his testimony "I don't know" is just stupid and going to get him lynched. "I can't tell you because they will kill me if I do" now that's got some weight to it.
"losing" vast sums of money, in the public and private sector, seems to be all the rage nowadays doesn't it?
things that make you go hmmm...
Andy Cohen of Bravo will be chatting with Corzine on see what happen's after the show! -- Also joining him will be Real Housewife's of New Jersey.
Who's next for a BJ????????
Hypothecation allow them to legally use customers funds to gamble. They all do it. Even more scary is they are allowed to use the same collateral over and over again. The whole system is brittle because of this. When given the opportunity of declaring bankruptcy or doubling down with your money, what do you think these vermin will do?
Interactive Brokers uses this vehicle, as do many of the largest banks
ThompsonReuters article:
http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/
All your capital are belong to us.
If I may suggest, using you keyboard to bash the monitor will only make you feel better for a second, just keep drinking.
Since it is still AM here I am having some fun with Mayan Coffee.
Captain straight up myself. I should be a blogging nightmare by about 3 pm. Will go over to Ace of Spades HQ and read the comments and bust a gut laughing my arse off. They do have the best jokes on the blogroll, IMO.
Corzine is "shocked!"
Yeah you fucking piece of shit, you're going to be "shocked' all right when Bubba gives you your first taste of prison shower life.
Keep dreaming. That's not how the system works.
Cockzine is getting ready to act. Thank you Mr.l Cockzine for showing up. Thank you sir. yes thank everyone and thank you again Mr. Cockzine. Thank you sir and thank all you other sirs. Thank you and thank you again and thank you. Did I thank you? Thank you. Yes thank you too. Thank you for robbing everyone Mr Cockzine. Thank you no thank you ok thank you for thanking me so thank you.
Ms. Sommers is almost done blowing the last Senatraitor.
Who's the fat bitch standing there?
The guy with the green coat is trying to get her to blow him. Come on bitch u wanna get promoted or not??
Dog and pony show. Scripted and practiced for the public.
It looks like a few new senatraitors are waiting for their BJ so Sommers may need more time.
The guy just walked by with sommers rinse cup
Oh now the fat bitch wants this other guy to take pictures of her blowing the guy in the green coat
Geez how many senatraitors is sommers gonna do? She's taking forever.
Does this woman know her fat ass is being broadcast nationwide?
Who's the milf in the black skirt?
Where's Cockzine??
Is gold still a good idea? The way they manipulate the markets they could say it is worth 100.00 an oz...It's tanking right now
does a bear shit in the woods?
(pun intended)
Do the trumpets sound when Cockzine arrives? They'll be 20 minutes of thank you's.
All hail Jon Cockzine, the thief from Jersey.
no that motherfucker is from illinois
Fer crissake bring on the head cocksucker already!!!
Breach, mistake, this, that.
SAY IT! CRIMINAL!
Go get um tiger. Rule 1.25
Cockzine is the banksters hero
let's play a new game
WHERE IN THE WORLD IS GARY GENSLER ??
My guess is special assignment.
Go for it. I like this guy!
I did not realize Gensler left the country. These raindrop walkers obviously make their own rules.
Who's the spook?
Asking some good questions ain't he?
Say it, SAY IT, SAY IT!!!!!!!!!
Hmmmm, Goldman Sachs mentioned, are they beginning to see the light?
Hey, it would will all blow over and Corzine can become Treasurey Sec.
Life is good. Life is fair.
Drink!
As a perk Corzine is paying for lunch with MF proceeds. Drinks for everyone. Going over questions and answers for this dog and pony show during lunch!
The only thing this idiot has his hands around is his dic
Regulatory capture ?
More with this bitch? Geez is that jiz on her bottom lip??
The "delay"; watch this!
gensler is a puke and a longstanding criminal.
Out of the country! That's rich!
Maybe she didn't have time to blow this guy ir she doesn't blow blacks.
Always a circus. "I have 5 minutes to ask you a question, it will take me 4 and you'll have a minute in return to clarify.
why are wasting time and money on these 2 people........get the main criminal in the room
Who GIVES A SHIT WHAT THIS BITCH THINKS!!! GET GENNSLER AND HANG HIM!!! These dipshit senatraitors are talking to some lackey.
the fact that this guy is not in jail tells me a lot.
His own firm was appointed by the judge, who's part of his firm, to be counsel. How fortunate.
When you look at the clowns that rep these regulators is it any wonder that the money be GONE.!?
Find it funny that Reps take up most of their question time making self-serving position statements.
For cripes sakes listen to this Cellar guy bend over backwards trying to protect Corzine and set the groundwork for yet another inept government agency.
Important hearing? You mean a JOKE of a hearing.
The most important thing is that enough people are watching this clown show. Probably not.
Yes, the people that were formally working for MF are investigating the MF Global corruption and criminal activity.
NO, NO, absolutely NO conflict of interest whatsover!?
175 MF criminals hired to help ....sure they are going to help .........LOL
If Corzine doesn't do the Perp Walk, who in te hell will? When trust completely evaporates, then there is no system to fail, the goose is already cooked.
Some Indian guy that just made Jr. Partner.
LOL- Bankruptcy folks are former MF global people. This whole hearing is a circus. Corzine wrote the script.
Seems to be opening the doors for other Wall Street firms to steal more from their clients. Green light to steal from clients!!
re-hypothecation !
Schmidt you're a clown. You have no idea what a CDO is.
He Said ReHyPothication! Yeah!
Good luck
Fucking Re-hypothication, how does that work?
Oh, it's too complicated, we don't understand it. /sarc off
ooooohhhh, look..........pretty buttons!
http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-a...
Re-hypotecation has same effects as caused by fractional reserve system but it's only increased leverage, the money is never created.
sarcasm:
Sarcasm is “a sharp, bitter, or cutting expression or remark; a bitter jibe or taunt.” [1] Though irony and understatement is usually the immediate context,[2] most authorities distinguish sarcasm from irony;[3] however, others argue that sarcasm may or often does involve irony[4] or employs ambivalence.[5]
Source: Wikipedia
And we have a winner. The term "rehypothecation" is now in play.
Good luck with that question: She and he have no idea! This is sick
The "outcome" should be someone breaking your skull open.
Hey this guy from Nebraska is actually asking some good questions. Better cut him off quick.
When the bald dick says he has no idea how it works or who owns it, cut him off, say fuck you and get the lacky out of the room.
Kobak: "175 Former employees from MF Global are now helping look at accounts for individual commodity claims!"
http://silverdoctors.blogspot.com/2011/12/honorable-jon-s-corzine-testimony-to.html
WHO OWNS the DAMN COMPANY asshat!?
Why r they even talking to thius guy? Who's next Donald Duck? Sufferin suckatash senetraitor, is this bitch gonna blow da duck?
A room full of slimebag lawyers swapping spit. What a spectacle. Need more cowbell.
the douchebag doesnt even know who OWNED MF global !!!!!!!!!!!!!!!!!!!!!!!!
GIve me 40 seconds to answer that question and I too can slosh marbles in my jaw.
“The worldwide conspiracy for the overthrow of civilization and for the reconstruction of society,” as Winston Churchill put it, continues. In short, it’s universal revolution. Here’s Nate from today’s Nathan’s Economic Edge:
“Yet another late day rumor spiked the markets yesterday afternoon – I think the game here is very clear, the criminals who create money from nothing own the exchanges, and fuel the HFT machines are the ones who float these rumors. One hand on the HFT switch, the other pressing the ‘send’ button to initiate the BS du jour. The markets are completely not real; they are 100% fake…
“Of course Jon Corzine is a crook, he is a former head of Goldman Sachs, the former Governor of New Jersey, he is said to have ‘hired’ Bill Clinton’s lobbying firm to the tune of $50,000 per month, and is one of the largest contributors to Obama. Thus, despite being a criminal of historic proportions he still walks a free man. That is lawlessness that highlights the different set of laws that apply to the 1%."
http://economicedge.blogspot.com/
Spam? Really?
Spam? No. Really? Yes. It’s time to take the blinders off.
Thank you thank you thank you STFU!!!
WHo DOES own MF Global (the holding company)????
Her reaction? She would swallow immediately.
This is such BS. Where the fuck is Corzine?
"no red flags for us" Sommers....CFTC only sees the black and white checkered flags
OOOOOHHHHHHH! I have an excellent follow up question to that. Since they are sending segragation reports to the CFTC and they are found to be fraudulent, could that be considered to be mail fraud?!
Of course we have monkeys up there that are only good at eating there own feces.
What an IDIOT that guy was
Yup. Mr. Kissell Ass-ell.
Release date: 08/12/2011
http://www.fao.org/worldfoodsituation/wfs-home/foodpricesindex/en/
The questions are getting better.
Slightly better. Geez, I would like to have about 10 zero hedgies up there.
These folks don't even realize that stealing from customers is illegal! Frelling INSANE!!!!!
Just throw all of them in jail and execute them. This is just a bad friggin joke
Oh noes! It turns out nobody regulates anybody because of loopholes.
Let me attempt to frame what is going on, brothers and sisters are having sex and we are not going to call that incest?
Correct?
Organize the lynchmobs already. We need answers not MORE BULLSHIT!!!
Sommers seems completely clueless. Does she know anything? It's hard to imagine any of these people being effective against the interests of a powerful person like Corzine.
I've worked with people who appear as she does in public. Behind the scenes, these people vigorously advanced the interests of their patrons and ruthlessly quelled dissent among their inferiors.
None of these interrogators are viscious enough to handle these crooks. Where's Judge Judy when you need her?
Pfft, I say we have to draft people like Ann Barnhardt and Mark Levin. Time for the Rethugs to appoint a special prosecutor and go after all of these frelling crooks before we have nothing left.
Regulated by the SEC... LOL, their busy watching porn. Ah, Goldman sachs is in the background. Corzine says backoff. Goldman Sachs is pulling the strings.
Top three subjects at SEC:
Alexis Texas
Nautica Thorn
Jada Fire
"regulation 1.25 does not apply"
Wash. Rinse.Repeat
Well THAT solves the problem then!!! Ok everyone can go home now
Who is the is guy? What skin does he have in this?
Sounds like he has pitchfork and torch wielding farmers back home as constituents.
Mr. Peters explaining how you can avoid regulation by changing your business model, proving that we've got seperate regulators for the soul purpose of avoiding regulations.
Right on, very good summary!
Gee is this highschool now? Please raise your hand for questions and does anyone have to go wee wee?
I swear this is really getting close to the liberty tree.
Oh boy everyone is having such a good time!! Hahahahahahahahahahahaha it's a fun time for all, except the poor slobs wholost their money. Fuck them.
Courtney... Yeah, he recused because a congressman forced him to. Or... He asked a congressman to ask him to. COURTNEY testimony is staged perfectly to blame everyone else! It's not them, it's us! Blame it on congress, budget cuts, resoruces.... GAWD!
You're all guilty Courtney.
This guy is trying to pick sommers up.
This Courtney schmuck looks like he goes through a lotta kneepads.
Typical big government - he sees the problem is a lack of money for agencies, rather than the corrupt nexus between regulators and regulated..
I'd like to refer to bil, "FUCK ALL OF YOU" and proceed straight to the hangings now. Everybody line up, motherfuckers.
someone in CT better knock Courtney the fuck out......this asshole is a joke
"I have suggested that customer money be put in the hands of a third party, but i've been told if that happened then no one could make any money"
LMAO.
way to admit the whole system is a ponzi scheme.
WTF?? Courtney is sympathizing with Sommer's agency.
Courtney is apologizing for her?... WTF??? This dude is a gaping asshole licker.
Don't you ever say edge-u-ka-bull again....
SOMEONE tell me this..............
They keep saying Gensler should recuse NOw since he had worked with Corzine, WELP why did he not RECUSE himself and not talk to Corzine before now since he worked for/with the guy and was in a gvt position.
If Gensler was honest he would demand to tell his story NOW!
An honest high level veteran of Goldman?
U don't have to identify yourself Sommers recognizes your dic.
and and and and Dodd Frank bill do it's job.
HEY ASSHAT!!!!!!!!!!!!!!
You have laws on the fucking books to throw every fucking one of these people in jail.
They stole customer funds to cover their bets on an INSANE bet on EU debt.
WHAT THE FUCK DON'T YOU UNDERSTAND ABOUT THEFT!?
YOU FUCKING MORON!
Sorry about screaming, but what fucking morons elected these idiots. Sorry, they are idiots but whoever elected them are just plain earthworms!