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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 - 15:49 | Link to Comment Negro Primero
Thu, 12/08/2011 - 15:52 | Link to Comment electricgorilla
electricgorilla's picture

The biggest joke of all:

THE NAME TAG: THE HONORABLE JON CORZINE

Stress the honorable

LOL!!!!!

Thu, 12/08/2011 - 15:54 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment VyseLegendaire
VyseLegendaire's picture

The Diet of Worms, quit literally.

Thu, 12/08/2011 - 16:00 | Link to Comment 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 | Link to Comment 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 | Link to Comment fourchan
fourchan's picture

fmnhytbg softball with this evil mjuyhr fijuyr.

Thu, 12/08/2011 - 16:03 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment ebworthen
ebworthen's picture

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

Thu, 12/08/2011 - 16:13 | Link to Comment azusgm
azusgm's picture

"I share your sentiments."

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

Thu, 12/08/2011 - 16:14 | Link to Comment 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 | Link to Comment 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 | Link to Comment Cone of Uncertainty
Cone of Uncertainty's picture

John just apologized.

We cool John, we cool.

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

What the fuck is this fool talking about.

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

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

Thu, 12/08/2011 - 16:24 | Link to Comment 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 | Link to Comment 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 | Link to Comment Papasmurf
Papasmurf's picture

We was hacked, we was hacked..

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

This guy asking questions is an absolute tool.

Thu, 12/08/2011 - 16:29 | Link to Comment ebworthen
ebworthen's picture

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

Thu, 12/08/2011 - 16:27 | Link to Comment 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 | Link to Comment Seasmoke
Seasmoke's picture

it was just a misunderstanding

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

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

LMFAO!!!!!!!!!

Thu, 12/08/2011 - 16:29 | Link to Comment Drater
Drater's picture

Corzine resembles helicopter Ben and also has similar mannerisms

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

Wow finally a tough question.

Thu, 12/08/2011 - 16:31 | Link to Comment 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"...

For what other FUCKING REASON IS HE AT THIS VERY MINUTE SWEATING HIS ASS OFF TAKING QUESTIONS FROM CONGRESS?!?!

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

Thu, 12/08/2011 - 16:33 | Link to Comment ebworthen
ebworthen's picture

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

Thu, 12/08/2011 - 16:33 | Link to Comment 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 | Link to Comment 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 | Link to Comment Papasmurf
Papasmurf's picture

Emails will prove intent.  He will walk regardless.

Thu, 12/08/2011 - 16:42 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment mrdenis
mrdenis's picture

Corzine did the same thing to the state of new jersey ...he said he inherited debt ...so 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 | Link to Comment Papasmurf
Papasmurf's picture

Or money seems to go lost around him.

Thu, 12/08/2011 - 16:37 | Link to Comment 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 | Link to Comment Negro Primero
Negro Primero's picture

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

Thu, 12/08/2011 - 16:36 | Link to Comment Seasmoke
Seasmoke's picture

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

Thu, 12/08/2011 - 16:37 | Link to Comment 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 | Link to Comment 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 | Link to Comment Saro
Saro's picture

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

Thu, 12/08/2011 - 16:42 | Link to Comment 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 | Link to Comment karzai_luver
karzai_luver's picture

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

 

crashing kabuki theaters.

 

bwhaaaaa

 

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

 

Thu, 12/08/2011 - 16:42 | Link to Comment 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 | Link to Comment Dr. Engali
Dr. Engali's picture

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

Thu, 12/08/2011 - 17:24 | Link to Comment azusgm
Thu, 12/08/2011 - 16:46 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment azusgm
azusgm's picture

Finally, Chris Flowers' name comes up.

Finally.

Thu, 12/08/2011 - 16:56 | Link to Comment karzai_luver
karzai_luver's picture

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

Thu, 12/08/2011 - 16:59 | Link to Comment Oro
Oro's picture

Who is the Babe behind Corzine, wife?

Thu, 12/08/2011 - 17:00 | Link to Comment 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.

http://www.youtube.com/watch?v=BeP6CpUnfc0

Thu, 12/08/2011 - 17:02 | Link to Comment Oro
Oro's picture

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

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

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

JUST MF WOW.

Thu, 12/08/2011 - 17:05 | Link to Comment Oro
Oro's picture

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

Thu, 12/08/2011 - 17:05 | Link to Comment Oro
Oro's picture

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

Thu, 12/08/2011 - 17:05 | Link to Comment Oro
Oro's picture

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

Thu, 12/08/2011 - 17:06 | Link to Comment malky
malky's picture

jabba's head just above the lamp

Thu, 12/08/2011 - 17:08 | Link to Comment CitizenPete
CitizenPete's picture

http://www.financialsense.com/financial-sense-newshour/guest-expert/2011...

 

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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment azusgm
azusgm's picture

Greed

Incompetence

Fraud

Thu, 12/08/2011 - 17:44 | Link to Comment 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 | Link to Comment BlackSunshine
BlackSunshine's picture

Mud Wrestling works too

Thu, 12/08/2011 - 17:46 | Link to Comment 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 | Link to Comment BlackSunshine
BlackSunshine's picture

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

Thu, 12/08/2011 - 17:55 | Link to Comment eblair
eblair's picture

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

Thu, 12/08/2011 - 17:58 | Link to Comment 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 | Link to Comment 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 | Link to Comment ComeAndTakeIt
ComeAndTakeIt's picture

Where's the fucking money, Lebowski?

Thu, 12/08/2011 - 18:41 | Link to Comment dexter_morgan
dexter_morgan's picture

STFU, Donnie

Thu, 12/08/2011 - 19:58 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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!