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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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how is she going to see red flags? Her head was in Gensler's lap. This schister doesn't know jack shit. Just slap this guy already.
Let's confirm that you need your schister lying ass kicked
What a lawyer, the 175 are "systems guys and things like that". I'm a Chief Things Like That Officer.
No everything looked fine to us.
These are the lamest bunch of questions yet.
the ineptitude is AMAZING!!!
No one is allowed in the room with an IQ over 70
Representative- "Hey, I resemble that remark!"
Well the technique she uses is back and forth movement with her head on Gensler's little wee wee
Fraudulent conveyance. Pay -up JPM !
The only thing this bitch knows is how to give good head.
Will we have this hearing when humanity is wiped out? "I think at the end when we know what happend then we can go back and police it more effectively."
Reporting; "spot checking"? Shit!
Current idiot- Can we takeover this institution and then nationalize all of these type of institutions? Can we also just let all of those that committed fraud go and say they REALLY did not commit theft and then use that to become a communist country?
Response- YES
Thanks for agreeing with me to continue the complete takeover of everything. You are a patriot comrade.
And the schister says, huh? I don't know nuttin'
the committee has found the crooks do not obey the laws so we will write more laws that they avoid with a larger gov body to run it so we will raise taxes and borrow more money.
we sheep now must give blood along with wool.
Gain ! From 2/3 to 70 % !
More !
Bring Ron Paul in and let him ask a few questions. Now we have a dumb Mexican asking questions? This guy needs to get back in the kitchen and make the tacos for liunch
By the way, if you have not invested in the most valuable PM at this time, you should.
Pb is trading WAY UP.
Followed by Tar and Feathers.
Check out Kitcos gold lease rate charts,if you want to see how the gold manipulation is aided. The charts show (deceptively) the rates went down to NEGATIVE 8% FOR A VERY SHORT PERIOD,just befor the price got hammered. The bullion banks were given gold that they were paid to take,and dump on the market.
Then they just roll a negative lease over and over
Thes gold lease rates at negative are woth watching,they tell a story.
FUCK YOU's PPT
There are no lessons learned you asshole... it's always been wash, rinse and repeat... and it always will be.
" Whole" is the new "un-whole"
The customers' monies were stolen to pay off MFGlobal's bad European bets.
Aiiiiiy carumba!! Andeleeeee andeleeeeeeeee, arrrriiibaaa arrriiiibaaaaa
Jon Corzine: Gentlemen, I know absolutely nothing about finance.
Robert Rubin: Gentlemen, I know absolutely nothing about finance.
Ben Bernanke: Derivatives? Securitizations? Gentlemen, I'll have to get back to you on that!
Maurice "Hank" Greenberg: Gentlemen, ignore all my remarks to those GAO auditors back in the late '90s, I know absolutely nothing about all these exotic financial instruments.
Oh she's really rolling now. OK that fixes everything.
"lessons learned." "moving forward." etc.
and other such nonsense.
i am so sick of wonk speak.
a b s o l u t e l y sick of it.
David Cardona: FCIC report? What FCIC report? We know nothing about crimes committed by the banks!
this guy is a dic smoker
A disgusting waste of time.
Hey, I bought a set of Pirellis... I never was offered a calendar of naked supermodels!
For some strange reason I feel the urge to buy more tires...
reg 1.25? Well that solves everything. Here's a new reg.. reg "FUCK YOU AND DIE" hang them all
Keep asking questions about 1.25 which has been said 4 times now had nothing to do with anything. So, next guy, ask it again. It's a great time waster...
Thank God the people are represented by all these honest politicians. Whatever they determine as justice is good enuf for all the slave they represent
How many times are these clowns going to use the phrase "lessons learned"?
This whole thing can be explained to another current debate.
Criminals do NOT follow the law. You can pass a thousand laws, regulations and controls on guns. But criminals do not care about gun laws. Criminals will get guns!
Fraud and criminal activity in this case is SIMPLE and straight forward. MF stole money from others to cover their INSANE bet on soverign debt. Corzine personally bet that the US would bail out the EU. He had inside information and then the game changed. He was stuck, the company did not have the margin call to cover the bet, therefore he STOLE the necessary funds from customers. Then the metaphorical crap hit the fan. The whole thing went down.
This is the scenario I see coming out in the future. Time will tell.
Also, Corzine WILL NOT be held accountable, no one will be held accountable for it.
If you steal an oarnge to hold off starvation, you will go to jail. If you steal $1.2 Billion you will be suggested to be the sec treas.
The MF Global / John Corzine fiasco should scare the begeezus out of investors. Now, not only are investors taking risks on their own bets, but the are also taking on the risks of their brokerage.
Cockzine is taking a shit right now.
capable professional staff? Excuse me but...ahahahahahahahahahahahahahahahahahahahahaha NOW THAT'S FUNNY!!!!!!!!
That douche was an expert at asking question he knew could not be answerd.
This hearing is absolutely ridiculous. I'm done wasting my time with this bullshit.
Good stall! She will say no
ooooohhhhhhhh!!!!!!!!!!!!!
A late hit!
Tell us if there is any other problematic houses? Hmmmmm?
Meanwhile, Glenn Beck babbles about how holy he is and please buy another copy of "Christmas Sweater". Limbaugh complains about Obama campaign funding and Dumbocrats picking on poor Newt Gingrinch.
Hey Ralph, have you seen any of the lefties telling ANYONE about the problems? No, so quit your bashing of Beck and Limbaugh. Unless of course you are just here to sock obama and his criminal cabal?
Hey Andy, sorry to tarnish your golden idols, but all the right wing talking heads are playing a broken record. I don't expect the lefties to do anything but promote communism.
Idols, I would expect a sockie to use ad homs to debate, but could you at least get your arguments properly cleared from your local supervisor. You may end up looking a little ignorant.
By the way, can you show me the democrats in this here investigation actually calling for criminal charges?
Thanks.
How does anyone chose to deflect this to be some political/entertainment issue? Please.
Hey, been listening to beck since he started calling for PMs 6 months after I pulled my retirement funds and put it all in. That was in 2007.
Hmmmm, and the dems told me that everything was fine. So you can continue to think that this is not political. RP has been saying for decades, are you now going to say that RP was wrong.
Andy, you may have gotten good "advice" but in that advice you were not getting it politically. You don't go around asking everyone their political affiliation prior to your talking to them do you? Guy at Home Depot helping you buy some wood may help you build a sweet deck but his political affiliation is irrelevant. As is any on-air entertainer who gives you PM investing advice. Least we forget this is one system, not two.
I did not get the advice from Beck. I saw the problem before he did. I actually saw it before my trader in the company I worked for. I worked for a land development company, had a very good guy controlling our fund. He had actually moved 10% of our fund to PMs. But he did not see the market correction. I did. Therefore I took a 25% hit because of the government knowing about the problem they instituted that increased rate. They hit me for 25% pulling out my retirement. Yes, I could of lowered the hit, but knowing that the system was going to take a hit, I let the higher rate hit knowing that I could use that hit on an extended layoff. I hit gold running at $600. I to this date have not realized any profit therefore have not taken ANY realization of income.
Beck saw it 6 months after I did. He informed everyone about the market correction. That is when I realized he attempted to inform as many as he could.
THAT, does not mean I agree everything that he states, it just means he is given a little bit of respect for realizing the problems.
As for on air entertainers, I got on air once with my representative, made him look the fool. It was on a local radio station, the first time that I have ever had to discuss economic and political components with someone in the federal government. Ron Kind was "kind" of taken back when he got someone knowledgeable in the problems in our Republic. A later caller actually called up my earlier comments.
Hell, I think I would hold my own with anyone from the fed gov. I have been studying for three years now because my industry has taken the largest hit, when not working, I study. I am a construction specialist. I am an aircraft mechanic with additional training in engineering and business. Have worked for myself about 50% of my lifetime. Just to give you an idea where I am coming from.
This guy looks like a cartoon
can you perform the duties of a regulator? Absolutely. Excuse me but, ahahahahahahahahahahahahahahahahahah That's even funnier.
Well, we look at firms, but we are not going to tell anyone about the problems!
ha ha, I love the way these fuckers and fuckettes plead ingnorance and their innocence
sickening
Where were you?
w/ rosy palmer
Cabinet level position needed for Dept. of Problems.
How is this one schister the guy that we need to talk to? Somebody just knock this moron out.
Celente should be interrogator.
Celente and Ann Barnhardt should interrogate Corzine himself.
"Da Fif! Da Fif!"
Here's some insight for you......PULL YOUR CARTOON HEAD OUT OF YOUR FAT ASS
@ .70 and steady
Admit nothing, deny everything, make counter accusations.
Saw that on a tee shirt once.
Bet that's Mr. C's game plan today.
I would like to start trying that in my life and think I'll practice with my neighbor and my dog.
Issue. Dog shit is on neighbor's grass.
Response: I know nothing about dog shit, my dog in no fucking way shit on your lawn! Your son was pissing on your roses last night when he came home wasted!
That feels good....
"4) you can't prove that's my dog's shit, 5) I don't have a dog, 6) what shit?"
So if the CFTC has the personnel and tools needed to do their job, whence MFG?
Explain this:
Alan steals money from Bill, Alan gives money to Carl, Alan is jailed, Carl must disgorge funds to Bill. This is established legal precedent, used in Madoff case etc.
Alan steals money from Bill, Alan buys OTC swap from Carl that goes bad and has to put up Bill's funds for margin call, Alan is jailed, Carl is richer. This is how "global finance" works?
Somebody has the MFG clients money. It didn't evaporate. Don't you guys employ accountants?
Could be in petty cash. Ask the guy that went to jail for five years for stealing twenty bucks from that petty cash, he may know somthing.
"And now the money is *POOF* gone."
LOL
It's gone. It's all gone.
looking at this investigation hearings one gets the impression this regulatory body representated by the lady has NO HANDLE on how to regulate, no red warning list, no due diligence methodology about the actors and their possible shenanigans. This is a about as serious as the woman who says...'I don't know where my vagina is, I haven't been given a specification from my bosses on how to identify it, nor a checklist of actions allowing me to know how to locate it on my body. I have never met my boss, Mr Gensler, so the fact that he is a specialist in this area means that it is irrelevant to my ability to find my way. So if a man raped me or another woman like me I wouldn't be competent to know if rape occured. But I am very competent in my job as rape regulator.'
oh right, lets spend more money on the CFTC so they can do a better job next time. So this time it's really not their fault they didn't have enuf corrupt regulators.
Agreed, what a joke.
"Can we create a Ministry of Problem solving?"
"Thanks for your participation in this coverup, thanks again."
Sommers is a career politico, worked for Dole. College BA.
MF issued cheques, to the tune of $57,000,000, which were accounted for [deducted from client's accounts] which bounced. A week before the bankruptcy. Obviously something's a little odd there... Can we say "hemorrhaging cash"? These were not included in the reported losses so far.
So there's an extra $57 to add to the total.
Sommers seems to be worse than Murdoch Junior: grimacing to people behind, deer in head-lights look.
BEST OF LUCK????? Bitch slap this fat fuck
This idiot wishes the CTFC luck in finding the money? Luck? WTF.
Look under da couch bitch.
How does a dumb bitch like her get so much power? BLOWJOBS
her skin really has a gleeming glow that can only come from sperm consumption
If anybody here thinks we can simply get rid of all the crooked and incompetent indiots running our country, think again. They knew what was coming and have changed laws and taken away liberties so that any action against said incompetent idiots could be contrued as 'terrorist' activities aimed at the US government. In which case you can kiss your sorry ass goodbye as you will not get due process. Taking out that US taliban in Yemen without any legal basis should have been a warning. The ONLY guy who said the action was worrisome was Ron Paul. All others beieve the 'terrorists are everywhere' sham that has been concocted which is turning the US into a banker dictatorship. And guess who the bankers really are...
AGAIN! They bring in the whole complexity issue! What is so damn complex about a company stealing customer money!?
Hey LOOOOOKKEYYYY, pretty buttons!
Paraphrasing that idiot a few mins ago. I had to turn it off.
...Well the money in client accounts went to overseas institutions which are themselves in various forms of bankruptsy or insolvency. We're talking to them and trying to get the money back......
yeah right..Goood fuckin luck to the clients getting any money back any time soon.
What do we need farmers for?
They only create food. What do we need food for?
The most important thing in the world is bureaucrats. We have to get more money for bureaucrats!
I call for a Constitutional Amendment to make sure that bureaurcrats are the most powerful entity in the world.
Maybe add into the Amendment that if a bureaucrat is implicated in theft, they completely get off for the criminal activity.
I just solved the entire problem!
White haired senator had ZH open on his laptop when he opened it back up...
Penalties: $140k / breach (/account? or /transmission of money out?) or x3 net gain from actions. So that's $3bil or so + litigation + restitution.
Because you're a LIAR...ooooh.. A LIAR.. ooooh..http://www.youtube.com/watch?v=_vgQalXaIxs
how is it that all the etfs are going down wether they are long or short
how is it that all the etfs are going down wether they are long or short
because the ETF are a scam into themselves!
Well holy mackeral!! How dedicated these people are working on the weekend!!! Corruption knows no bounds. Any THOUGHT? He';s asking HER if she has any thoughts? Look at her. The only thought she has is who's cock she's gonna suck next.
After you LEARB what happened? Let me clue you in BITCH. YOU ROBBED EVERYONE. Are you LEARNING yet bitch??
Thank you thank you thank you. I love your shoes. I'm a lesbian so can I get some head too?
Bring on Jon Cockzine
Maybe the problem is ther red flag. Maybe they would see a blue flag. Next time there's a red flag if someone stuffed it down their throat would that help them see it?
What is on that assholes head?
they could have talked to a Wal Mart greeter and gotten more info.
THERE'S COCKZINE!!!!
The devil looks nervous.
the scumbag takes the hot seat
"Now the circus begins" - male voice comment caught by mic left on as she was leaving, one presumes in anticipation of the big C taking the stand.
Corzine is on now, if you need reference: been sworn in now.
AND HEEEEEEEEERRE'SS JONNY!!
Did I just hear a off-mike comment saying "Now the Circus begins!"
Yep, I caught that too.
Oath? Ahahahahahahahahahahahaha WHAT A BUNCH OF BULLSHIT!!!!!!!!!!!!!!!!
The MAIN EVENT!
What is with the use of "Honarable"?
Corzine(D)
I thought I would include the Democrat symbol since it is never included in the media.
Poor, sad Jon Corzine.
Just SHOOT THIS ASSHOLE!!!!!!!!!!!
Corzine at the table now
HONORABLE!!!!!??? He's a stinking CROOK!!!! SHOOT HIM!!!!
Not suprisingly this doesn't seem to be being televised on CSPAN . Maybe its on CSPAN2 or something. And no mainstream media seems to be covering this live. What a farce this so called democracy has turned into.
Here it comes!
So he is preconditioning that he knows NOTHING!
He is going to use the ol Seargent Schultz defense.
I know NOTHING!
OK well shit he apologized. Isn't that enuf. he looks really really sorry and he's sad. Enuf punishment.
I've never seen a name card hat said "honorable" on a non current government official. I've also never seen a name card so large.
Who the hell does he think he's fooling???? That subliminal shit don't work on us no more.
In China they execute people like Jon Corzine.
in amerika, they give people like don corzini money
in amerika, thats how you make powerful friends, through bribery, theft, and other forms of curruption
birds of a feather flock together
He apologized. All better now. And he doesn't haz any documents because he doesn't work there anymore.
We got our apology, let us forgive him.
Or not.
He just peed in his pants. Let him go he's really sorry and he loves everyone.
Hmmmmm, so his entire statement was created by his attorneys. Pretty smart. Let the lawyers lie for him.
if a piece of shit could talk it would look very much like this...
Look! it's the talking turd!
i wish the street gangs of america would unite and rid the earth of all this scum........(with extreme prejudice)
....and it is all Europe's fault.
The top of his head is so shiny I can see the painting / ceiling reflected in it.
Did he just say "traitors?!"
Will he take the fith? I say he will.
Wow, Jon Cockzine actually saved everyone and did a great job!! OK let him go it's not his fault. I bet it's that bitch Sommers that did it. Now he's gonna throw the board members under the bus with him, as they should be. But hey they're all really nice and we shud feel sorry for them.
He says he didn't do it, that's good enuf for me. I think the congress should apologize to Mr. Cockzine
it's the rating agency's fault
Jon says it's not fair the rating agencies are the ones who did it.
he's a liar about no special treatment Gensler WAIVED HIM TAKING THE EXAM FOR CFTC futures trading, he was out 11 yrs, limit is 2.
dup
Corzine is shorthand for Lying Fucking Asshole.
"I was stunned when MFG couldn't account for the missing funds.."
Get the taser, show him what stunned means..
"I simply don't know where the money is."
That's why they pay this guy the big bucks. He didn't even laugh.
It's just money.
"I simply do not know where the money is". [followed by "the minions did it"]
And there's your headline.
"I do not know if banks & counter parties have held onto funds" [hello JP!]
"the honorable"......'i was stunned' oops...
He does not know. Why? A know nothing CEO. What bullshit! Now a governor, no longer honarable. I was wrong!
Where oh where is that mob of wild-ass Libyan thugs when you need 'em?
The KISS-ASS calls him GOVERNOR and DOCTOR!
Anyone else find it alarmingly ironic that the sign in front of him says "The Honorable Jon Corzine"? (Underlining mine)
Vapor lock you cocksucker.
YES OR NO! Jesus, when do these politicians realize that there is not a word in between Yes or No?
He quite on purpose so that he could take this stance. bastard.
"last chaotic days" = we were looting so fast we don't even know who we stole from
the HONORABLE Jon Corzine?
I know farmers and ranchers. I know some who don't farm or ranch at all.
A farmer joke:
Q: What do all succesful farmers farm?
A: The government.
Upvote if you think this guy is a lying sack of dog shit.