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Watch Corzine's MF Global Testimony Live

Tyler Durden's picture


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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Thu, 12/08/2011 - 15:52 | 1960104 electricgorilla
electricgorilla's picture

The biggest joke of all:


Stress the honorable


Thu, 12/08/2011 - 15:54 | 1960107 soopy
soopy's picture

The longer it takes someone to answer a simple yes/no question, the more likely it is a lie.

Thu, 12/08/2011 - 15:55 | 1960113 My Days Are Get...
My Days Are Getting Fewer's picture

I am still waiting for the question to be posed ( would someone please hand the guy questioning JC the following cue card):


Mr. Corzine, did MF Global pledge assests from customer accounts to secure loans for MF Global from third party lenders?

Thu, 12/08/2011 - 16:00 | 1960131 Canaduh
Canaduh's picture

That's an easy one. Ahem-

I don't have access to those files, these are complicated things handled by a whole team of experts, I wouldn't want to insult the intelligence of this fine comittee by speculating.

Thu, 12/08/2011 - 16:09 | 1960166 PulauHantu29
PulauHantu29's picture

"Since when is it illegal for CEOs to steal?"

We live in a new culture of vultures.

Thu, 12/08/2011 - 16:10 | 1960171 Canaduh
Canaduh's picture

Remember folks- as long as you don't 'intend' for your daughter to get raped by your pedophile cousin Ralph when you leave them alone in a locked basement for 3 hours,  you can walk away with a clear conscience.

Thu, 12/08/2011 - 15:59 | 1960130 VyseLegendaire
VyseLegendaire's picture

The Diet of Worms, quit literally.

Thu, 12/08/2011 - 16:00 | 1960135 Alien Invader
Alien Invader's picture

This guy is being treated with kid gloves as one of their own. Remember when they had that "foreign" CEO from an evil oil company, on? He ate shit sandwiches courtesy of the "elected" officials for days. They will never convict one of their own!!! Just like they will always be able to do insider trading: two laws one for  THEM and one for EVERYONE ELSE.

Thu, 12/08/2011 - 16:03 | 1960143 PulauHantu29
PulauHantu29's picture
Corzine says he doesn't think thew missing Billions are in his $50 Million Bermuda McMansion. He will have to ask his noieghbor down the road, Mozillo.
Thu, 12/08/2011 - 16:03 | 1960144 fourchan
fourchan's picture

fmnhytbg softball with this evil mjuyhr fijuyr.

Thu, 12/08/2011 - 16:03 | 1960146 surf0766
surf0766's picture

I am waiting for them to start repeating his answers like OWS.

I never knew.. I never knew.. What I was doing. What I was doing....  Picture it.

Thu, 12/08/2011 - 16:06 | 1960157 tkinfo
tkinfo's picture

For being from "One of the Smartest Guys in the Room" he sure doesn't seem to know much. :)

Thu, 12/08/2011 - 16:09 | 1960167 RAR
RAR's picture

Jon - has anyone seen my car keys - Corzine 'lost' 1.2 billion as CEO of MF Global? Nope.

Thu, 12/08/2011 - 16:09 | 1960169 azusgm
azusgm's picture

Woohoo.  Big C was just asked if he would make up the difference for the losses to the customers.

Thu, 12/08/2011 - 16:12 | 1960172 ebworthen
ebworthen's picture

"Mr. Corzine, do you have a mouth and an anus and did you eat breakfast this morning or take a crap in the past 24 hours?"

"Senator, I would have to check on that, I'm not an expert, and I would have to consult my staff.  I've only been in this body for 768 months, so I can't say for sure."

Thu, 12/08/2011 - 16:12 | 1960176 paint it red ca...
paint it red call it hell's picture

its pretty apparent squid are very slippery, it will be tough to for handcuffs to stay on this one.......... at least without a major change in the political environment he is accustomed to operating in.

as i type this, the honorable congressman king just outed goldman's incestuous and pervasive global infiltration on prime time...LOL

Thu, 12/08/2011 - 16:14 | 1960193 Alien Invader
Alien Invader's picture

Yeah, just saw that - props to Mr. King. Hopefully he doesn't have an "accident" in the near future, after all some squid are poisonous

Thu, 12/08/2011 - 16:13 | 1960184 august west
august west's picture

so, who do you talk to to get an in with the congressional toupe and combover shop?


Thu, 12/08/2011 - 16:15 | 1960196 ebworthen
ebworthen's picture

I don't know but Johnson should have checked a mirror at the break.

Thu, 12/08/2011 - 16:13 | 1960185 azusgm
azusgm's picture

"I share your sentiments."

Is that the same as "I feel your pain?"

Thu, 12/08/2011 - 16:14 | 1960188 I am a Man I am...
I am a Man I am Forty's picture

I want to bitch slap anyone who asks the questions "what lessons have we learned?"


Thu, 12/08/2011 - 16:16 | 1960202 rubearish10
rubearish10's picture

Corzine: "Congressman, the money will be found",,,,,,OJ Simpson: "I will search for the killer of my wife"!

Thu, 12/08/2011 - 16:18 | 1960207 Cone of Uncertainty
Cone of Uncertainty's picture

John just apologized.

We cool John, we cool.

Thu, 12/08/2011 - 16:18 | 1960210 Below Zero
Below Zero's picture

When panel members continue to kiss Corzine's ass one can only conclude that Corzine will never do a perp walk over this while the bankers control the panel and other investigations.

Thu, 12/08/2011 - 16:19 | 1960215 Better_late_tha...
Better_late_than_never's picture

TL;DR all the comments. Is anyone counting the "ums"?

Thu, 12/08/2011 - 16:19 | 1960216 Threeggg
Threeggg's picture

WTF has this guy Corzine said that we don't already don't know.

Can anyone name 1 (one) thing ?

Anyone !

Thu, 12/08/2011 - 16:21 | 1960218 SillySalesmanQu...
SillySalesmanQuestion's picture

"Just yes or no Mr Corzine, are YOU and your fellow officers of the company going to reimburse and make whole the investors out of your considerable fortunes" ...? We are still waiting for an answer you blithering, blathering, stammering fool...WABOBS! ESADMF

Thu, 12/08/2011 - 16:20 | 1960220 non_anon
non_anon's picture

that's not fair, every word from this scums mouth is a lie, but AG Holder stated a lie depends on what a persons state of mind is at the time.

Also, these clowns are still asking for his advice

Thu, 12/08/2011 - 16:21 | 1960225 Cone of Uncertainty
Cone of Uncertainty's picture

What the fuck is this fool talking about.

Thu, 12/08/2011 - 16:22 | 1960228 Dr. Engali
Dr. Engali's picture

Mr. Scott is an idiot. My grandmother told me..........

Thu, 12/08/2011 - 16:24 | 1960239 Dr. Engali
Dr. Engali's picture

Good Lord no wonder why we are fucked. We have a bunch of retards in charge.

Thu, 12/08/2011 - 16:24 | 1960243 Threeggg
Threeggg's picture

This is the era of electronic transfer of funds. There is no way they could not know where that money went unless they were hacked.

Electronic internet data trasfers "always" leaves a trial.

Always !

This is a dog and pony !

Thu, 12/08/2011 - 16:32 | 1960286 Papasmurf
Papasmurf's picture

We was hacked, we was hacked..

Thu, 12/08/2011 - 16:25 | 1960247 Cone of Uncertainty
Cone of Uncertainty's picture

This guy asking questions is an absolute tool.

Thu, 12/08/2011 - 16:29 | 1960264 ebworthen
ebworthen's picture

Need a name, lots of tools asking questions ;-)

Thu, 12/08/2011 - 16:27 | 1960259 Threeggg
Threeggg's picture

Who cares..............the fresh EU rumor (today's) is out and here goes the meltup !

Thu, 12/08/2011 - 16:27 | 1960261 Seasmoke
Seasmoke's picture

it was just a misunderstanding

Thu, 12/08/2011 - 16:29 | 1960266 Cone of Uncertainty
Cone of Uncertainty's picture

I had no "intention" of authorizing the looting of client accounts.


Thu, 12/08/2011 - 16:29 | 1960268 Drater
Drater's picture

Corzine resembles helicopter Ben and also has similar mannerisms

Thu, 12/08/2011 - 16:29 | 1960270 Dr. Engali
Dr. Engali's picture

Wow finally a tough question.

Thu, 12/08/2011 - 16:31 | 1960272 Curtis LeMay
Curtis LeMay's picture

Corzine actually had the nerve to state to the congressional committee that "he din't know that funds were being used to buy European sovereign bonds"...


LMAO Goldman Sachs...what a fucking sick joke...

Thu, 12/08/2011 - 16:33 | 1960297 ebworthen
ebworthen's picture

Corzine's hubris will lead to jail; or a Presidential pardon.

Thu, 12/08/2011 - 16:33 | 1960290 jwl2020
jwl2020's picture

He keeps hammering the, "I did not intend..." line.  Guess what you have to prove for fraud in a civil case...Intent.  He walks.

Thu, 12/08/2011 - 16:33 | 1960296 jwl2020
jwl2020's picture

He keeps hammering the, "I did not intend..." line.  Guess what you have to prove for fraud in a civil case...Intent.  He walks.

Thu, 12/08/2011 - 16:37 | 1960342 Papasmurf
Papasmurf's picture

Emails will prove intent.  He will walk regardless.

Thu, 12/08/2011 - 16:42 | 1960380 jwl2020
jwl2020's picture

He's to slippery to have put it in email when a phone call would do.

Thu, 12/08/2011 - 16:34 | 1960302 Cone of Uncertainty
Cone of Uncertainty's picture

Here it comes.

"The height of disbelief."

I like this guy.

Mr. Scott.




Thu, 12/08/2011 - 16:34 | 1960304 azusgm
azusgm's picture

Woops. Randy Neugebauer just used the word "extorted" instead of "extolled" in regard to MF Global's position as a primary dealer.

Neugebauer is known as the congressman from Cape Cod since he and his wife spend more time there than in his Texas district. He also likes to say that the mortgage crisis is the fault of the borrowers.

Thu, 12/08/2011 - 16:34 | 1960306 mrdenis
mrdenis's picture

Corzine did the same thing to the state of new jersey ...he said he inherited debt what does he do he gives the unions every thing they want and then some more ...Plus he borrowed billions ...& billion somehow go lost in the school construction fund ...he always seems to be around lost money 

Thu, 12/08/2011 - 16:35 | 1960318 Papasmurf
Papasmurf's picture

Or money seems to go lost around him.

Thu, 12/08/2011 - 16:37 | 1960323 Pancho Villa
Pancho Villa's picture

Corzine: "I am shocked, shocked to find that gambling was going on in there!"

A strong contender for Time's "Kleptocrat of the Year" award. Oops, I forgot that Time (along with all of the other news outlets) is controlled by the bankers and doesn't have a "Kleptocrat of the Year" award.

Thu, 12/08/2011 - 16:36 | 1960329 Negro Primero
Negro Primero's picture

oops...on the other side of the atlantic......'fiscal union' now, hahaha

Thu, 12/08/2011 - 16:36 | 1960338 Seasmoke
Seasmoke's picture

its starting to sound like Corzine should have listen to Dave Chapelle

Thu, 12/08/2011 - 16:37 | 1960350 Cone of Uncertainty
Cone of Uncertainty's picture

"Mr. Corzine, we gotta find that money!"

"Did you use client funds to payoff MF Global's debt.

No recollection.

No recollection.

No recollection.

No recollection.

No recollection.

No recollection.

No recollection.

No recollection.

No recollection.

No recollection.

Thu, 12/08/2011 - 16:52 | 1960464 azusgm
azusgm's picture

That's right. He used the seg funds and did not re-collect those funds and restore them to the seg accounts.

Thank you so much, Honest Jon.

Thu, 12/08/2011 - 16:39 | 1960358 Saro
Saro's picture

Haha, now calling Corzine out on his "never intended" bullshit.

Thu, 12/08/2011 - 16:42 | 1960381 MrBoompi
MrBoompi's picture

I have nothing much good to say about the people, including Corzine, who are apprearing today, but the pomposity of the asshole Congressmen asking the questions )and making their personal statements) is beyond belief.

Like we've said here at ZH many times, when you write laws (or infer the laws won't be enforced) which allow people to steal, why is anyone surprised when stealing ensues?

Congress has allowed these people to do what they have done.  The executive branch has allowed it.  Making a spectacle out of a disaster like this is a good fucking show, but that's all it is, a show.

Why isn't JP Morgan London being asked where the money is?  They know for God's sake.  They're sitting around drinking 18 year old scotch having a big old laugh while they watch today.

Third world banana republic.  That's what this bullshit reminds me of.

Thu, 12/08/2011 - 16:49 | 1960442 karzai_luver
karzai_luver's picture

to steal a line from someone...........


crashing kabuki theaters.




3rd wrld without even the nannas as they have been stolen.


Thu, 12/08/2011 - 16:42 | 1960386 yogibear
yogibear's picture

As CEO and signer of financials Corzine has he STILL must go to jail under Saboz AS THE LAW REQUIRES HIM TO KNOW!!, not trust. 

Thu, 12/08/2011 - 16:45 | 1960409 Dr. Engali
Dr. Engali's picture

We performed stress tests.....sounds familiar. Europe anybody?

Thu, 12/08/2011 - 17:24 | 1960679 azusgm
Thu, 12/08/2011 - 16:46 | 1960414 Dr. Engali
Dr. Engali's picture

Looks like we are getting a couple tough questions. Bread and circuses or did somebody put the word out to take him down?

Thu, 12/08/2011 - 16:49 | 1960444 I am a Man I am...
I am a Man I am Forty's picture

He just said that he was not quite as versed as he would be if he was still in the business

Thu, 12/08/2011 - 16:54 | 1960455 karzai_luver
karzai_luver's picture

so NOW the structure was/is flawed in "times of stress" --- the system WHICH I helped write made me do it!

Ya know  , if you design something that only holds up in easy times you would not trust your life and fortune to that type of system?

nice try whorzine.


Thu, 12/08/2011 - 16:55 | 1960490 Atomizer
Atomizer's picture

I remember watching this interview. Pay attention to his body language.


“Jon Corzine talks about his plans to make the "underutilized" and "not recognized" firm attractive to "folks out there looking for competitive players in their derivative activities."

CNBC's Squawk Box on March 24, 2010

Thu, 12/08/2011 - 16:55 | 1960493 azusgm
azusgm's picture

Finally, Chris Flowers' name comes up.


Thu, 12/08/2011 - 16:56 | 1960507 karzai_luver
karzai_luver's picture

There are places these bitches better not go and they know it.

Thu, 12/08/2011 - 16:59 | 1960528 Oro
Oro's picture

Who is the Babe behind Corzine, wife?

Thu, 12/08/2011 - 17:00 | 1960534 AldoHux_IV
AldoHux_IV's picture

The oligopoly has perfected its public relations during these shit/circus shows we call congressional hearings-- in the end they're very sorry for participating in the social class genocide.

Thu, 12/08/2011 - 17:02 | 1960552 Oro
Oro's picture

Ms. Sewell, why, have you every been to the Hamptons?

Thu, 12/08/2011 - 17:04 | 1960564 overmedicatedun...
overmedicatedundersexed's picture

"I did not intend for client funds to be comingled , even if someone did it, that was not my intent.."


Thu, 12/08/2011 - 17:05 | 1960570 Oro
Oro's picture

Ms. Sewell, drop on a bomb on Washington DC.

Thu, 12/08/2011 - 17:05 | 1960573 Oro
Oro's picture

Ms. Sewell, drop on a bomb on Washington DC.

Thu, 12/08/2011 - 17:05 | 1960574 Oro
Oro's picture

Ms. Sewell, drop on a bomb on Washington DC.

Thu, 12/08/2011 - 17:06 | 1960575 malky
malky's picture

jabba's head just above the lamp

Thu, 12/08/2011 - 17:08 | 1960588 CitizenPete
CitizenPete's picture


Ann Barnhardt: The Entire Futures/Options Market Has Been Destroyed by the MF Global Collapse | James J Puplava CFP | FINANCIAL SENSE

Thu, 12/08/2011 - 17:17 | 1960628 Sheikh Djibouti
Sheikh Djibouti's picture

Just amazing that when the questions got tough, the thread cut out earlier.

Now he's just treading water. This is just kibuki theater.

Waterboard this MF and then send him to the guillotine. That would be a start.

Thu, 12/08/2011 - 17:22 | 1960668 wisefool
wisefool's picture

Awe yeah, he just just did the Paul "enron" Krugman defense to the PR campaign about being a "Strong Counter Party Risk"

There is reason you are paid 150 times the salary of a pharmacist, an engineer, a nurse, a farmer you screwed over.

Thu, 12/08/2011 - 17:36 | 1960741 Sunshine n Lollipops
Sunshine n Lollipops's picture

Sometimes I co-mingle my rent money to cover my Forex losses. Often from betting on the Euro.

                 Could happen to anybody.

Thu, 12/08/2011 - 17:38 | 1960753 azusgm
azusgm's picture




Thu, 12/08/2011 - 17:44 | 1960784 BlackSunshine
BlackSunshine's picture

Mrs. Ellmers, good lookin' lady. Let's have her tour with the Palin, Bachmann cabaret.

Thu, 12/08/2011 - 17:45 | 1960791 BlackSunshine
BlackSunshine's picture

Mud Wrestling works too

Thu, 12/08/2011 - 17:46 | 1960797 Sunshine n Lollipops
Sunshine n Lollipops's picture

What would be nice to hear:

"As the CEO, I take full responsibility. Period. I was greedy and reckless. I will surrender my personal fortune to help fund a restitution account. I will name every co-conspirator in this crime. I ask for no mercy."

Thu, 12/08/2011 - 17:48 | 1960807 BlackSunshine
BlackSunshine's picture

It's all over....Jon walks out of a window after the comittee hearings.

Thu, 12/08/2011 - 17:55 | 1960840 eblair
eblair's picture

Watched the whole thing. Can somebody tell me why I did it?

Thu, 12/08/2011 - 17:58 | 1960854 wisefool
wisefool's picture

So we can give Bill Clintons consulting firm a reccomendation for that 5 months of work they did? It is amazing how he just gets better and better. I need Intrade like exchange to start a trade for Hillary as the next supreme court justice so I can make some real money. Are you listening Jon? you still have much to give!

Thu, 12/08/2011 - 18:06 | 1960880 BlackSunshine
BlackSunshine's picture

The MF Global money molestors transferred money from segregated accounts to their brokers, while MF was being audited !

Someone's going to prison for a long time over that one. What's taking the feds so long to figure out who dunnit?

Here's a thought, the next time the SEC/CFTC/FDIC/FCM etc....shows up for an audit, bring an FBI unit with a packet sniffer at the wan/lan point logging every transaction that happens during the official act. You'll find all sorts of illegal crap going on from insider trading to flat out stealing and hiding money, and emails being sent frantically providing more evidence, and more leads. It's like flipping on the lights of a roach infested hotel. 

Thu, 12/08/2011 - 18:16 | 1960920 ComeAndTakeIt
ComeAndTakeIt's picture

Where's the fucking money, Lebowski?

Thu, 12/08/2011 - 18:41 | 1960987 dexter_morgan
dexter_morgan's picture

STFU, Donnie

Thu, 12/08/2011 - 19:58 | 1961187 kragsquest
kragsquest's picture

What Corzine wants: To be liked, to keep his ill-gotten gains, to not go down criminally like all the other rogue CEOs, to be held in esteem by his former colleges, publicly, even if deep down and privately they regard him as low life scum.

So his lawyer put it to him straight with this risky legal strategy; be nice, smile a lot, fake it til you make it, admit some blame while not accepting wholesale culpability.  The other senators will publicly treat you as former colleges generally are--as an esteemed former senator, while probably regarding you privately as low life scum.

Odds he beats the rap instead of joing Madoff and Dennis Kozlowski in club fed.  If he avoids criminal charges he wins.

Thu, 12/08/2011 - 20:40 | 1961319 cranky-old-geezer
cranky-old-geezer's picture



After this MFG thing, ANYONE with ANYTHING in a brokerage account DESERVES to lose it. 


Sun, 02/19/2012 - 16:47 | 2175744 Nate Dog
Nate Dog's picture

Rule of law replaced with rule of man... 

Do NOT follow this link or you will be banned from the site!