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Watch Jon Corzine's Follow Up Testimony On The MF Global Bankruptcy, Accompanied By MF's CFO And COO

Tyler Durden's picture





 

Update: the three MF Global stoog... pardon, former executives, are now testifying

Even though he has had several days in which to "review his notes", the follow up testimony by former MF Global CEO Jon Corzine to the Senate Agriculture Committee starting momentarily will be replete with "I don't recalls" and "to the best of my knowledge" and will be largely devoid of all content, suffice to say it was not his intention to break the main law of broker dealers- no commingling. It will be even worse because today he will be joined by MF global's CFO and COO as well, all of whom will be completely clueless once again, and needless to say, shocked, SHOCKED, that they stole billions from their clients. Watch the full webcast below.

From the Senate Agri Committee

On October 31, 2011, MF Global Holdings Ltd. declared bankruptcy – the eighth largest bankruptcy in U.S. history. Since then, federal officials have been unable to find a significant amount of the firm’s customer’s money. It is currently estimated that up to $1.2 billion in customer funds is missing. The Senate Committee on Agriculture, Nutrition and Forestry has jurisdiction over the sort of commodity trading that MF Global was engaged in, and the hearing on December 13 will be a continuation of the Committee’s investigation into the firm’s bankruptcy.

Witnesses

Panel I

Mr. Roger Hupfer
    Grain Elevator Operator
    Freeland Bean & Grain, Inc.
    Freeland , Michigan
   
Mr. Jeffrey Hainline
    President
    Advanced Trading, Inc.
    Bloomington , IL

Mr. Dean Tofteland
    Farmer
    Luverne , MN

Mr. C.J. Blew
    Farm/Rancher, Chairman of the Board, Board Director
    Mid Kansas Cooperative Association, Board of CHS, Inc.
    Hutchison , KS

Panel II

Hon. Jon S. Corzine
    Former Chairman and Chief Executive Officer
    MF Global Holdings Ltd.
    New York , NY

Mr. Henri Steenkamp
    Chief Financial Officer
    MF Global Holdings Ltd.
    New York , NY

Mr. Bradley Abelow
    President and Chief Operating Officer
    MF Global Holdings Ltd.
    New York , NY

Panel III

Mr. Terrence Duffy
    Executive Chairman
    CME Group
    Chicago , IL

Mr. James W. Giddens
    Trustee
    Securities Investment Protection Act liquidation of MF Global, Inc.
    New York , NY

Hon. Jill Sommrs
    Commissioner
    Commodity Futures Trading Commission
    Washington , DC

 


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Tue, 12/13/2011 - 11:17 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

He's confident the money will be recovered. Confident I tells you...

Tue, 12/13/2011 - 11:33 | Link to Comment FEDbuster
FEDbuster's picture

Ann Barnhardt interviewed by Jim Paplova on 11/30/2011, take the time to listen to the woman who shut down her firm over this theft.  I wish Ann would have been invited to speak today!

http://www.netcastdaily.com/broadcast/fsn2011-1201-1.asx

 

Plus, please change the Hon. to Don Jon Corzine, since he ruled a criminal organization.

Tue, 12/13/2011 - 11:34 | Link to Comment kralizec
kralizec's picture

Damn right!  Corzine, Steenkamp & Abelow should be testifying in chains!!!

Tue, 12/13/2011 - 11:54 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

I wouldn't believe these guys to tell the truth about their own mother if her life depended on it.

Tue, 12/13/2011 - 11:54 | Link to Comment Manthong
Manthong's picture

"replete with "I don't recalls" and "to the best of my knowledge" and will be largely devoid of all content"

Has he secured the re-use permissions from Hillary?

Tue, 12/13/2011 - 12:02 | Link to Comment flacon
flacon's picture

Let's hope Corzine bathed himself and combed his facial hair before coming on TV, unlike last time. I swear I could smell his sweat coming through my monitor. 

Tue, 12/13/2011 - 12:17 | Link to Comment nope-1004
nope-1004's picture

JON CORZINE IS A CRIMINAL.

MF GLOBAL WAS A SCAM.

These egomaniacs think they're above all rule of law.  And society keeps feeding them the bullshit by putting "honorable" on his placard.

Fucking farce.  He belongs in jail - period.  If he doesn't "recall" how things were done, then he's admitting incompetence.

So now he's a fraud AND a failure.  Nice life, mullet boy.

Tue, 12/13/2011 - 12:22 | Link to Comment EscapeKey
EscapeKey's picture

If he doesn't recall, according to Sarbanes-Oxley, then he's criminally negligent. "Not knowing" is a felony.

Obviously, his lawyers have advised him on going this route regardless, so no doubt we'll have new wording added that NEXT TIME IS FOR REAL.

Tue, 12/13/2011 - 13:11 | Link to Comment MachoMan
MachoMan's picture

Sometimes you are advised to take the choice that gives you the least jail time...

Tue, 12/13/2011 - 16:27 | Link to Comment Comay Mierda
Comay Mierda's picture

these fucking pieces of shit just said they dont know what REHYPOTHECATION means

look at their fucking 10-k with all their signatures

" In addition, we have customer collateral that is not included on our balance sheet but can be re-hypothecatedby us, and non-segregated customer payables, both of which may be considered (depending, among other things, on where the collateral is located and the regulatory rules applicable to the collateral) an additional layer of liquidity. Non-segregated customer cash in some jurisdictions is also available for other client liquidity demands which helps mitigate the use of our own cash. We also rely on uncommitted lines of credit from multiple sources to fund our day-to-day execution and clearing operations. "

put these fucking assholes in the prison shower with Sandusky

Tue, 12/13/2011 - 21:42 | Link to Comment MachoMan
MachoMan's picture

He'll get time...  but he'll get less time than all his other alternatives...  My only question is what did he have to do to get kicked out of the club...  because sharks don't take one for the team...

Tue, 12/13/2011 - 13:14 | Link to Comment YBNguy
YBNguy's picture

Taking bets now on when he fakes his own death...

Tue, 12/13/2011 - 13:55 | Link to Comment yabyum
yabyum's picture

And off to Vesco Island for cocktails with Ken Lay.

Tue, 12/13/2011 - 14:00 | Link to Comment FEDbuster
FEDbuster's picture

Screw that.  Jon Corzine should "Budd Dwyer" himself during today's hearing.

Tue, 12/13/2011 - 14:04 | Link to Comment Vergeltung
Vergeltung's picture

"nice shot man, yeah, good shot man......"

Tue, 12/13/2011 - 14:37 | Link to Comment pelican
pelican's picture

Nah, he is going to flee to the middle east.

Tue, 12/13/2011 - 16:27 | Link to Comment Hugh G Rection
Hugh G Rection's picture

I think Dubai is the elites escape pod.

http://www.rense.com/general84/dee.htm

Tue, 12/13/2011 - 13:28 | Link to Comment SilverRhino
SilverRhino's picture

Since then, federal officials have been unable to find a significant amount of the firm’s customer’s money. It is currently estimated that up to $1.2 billion in customer funds is missing.

Someone tell me just how the hell is this possible when all bank records of $$ transfers are kept triply backed up and impossible to refute in court?   Also where the FUCK is even the threat of a RICO indictment? 

If banks can clawback employee bonuses, block my debit card access based on 'suspicious activity'  and reverse bank wires at will (CC disputes come to mind), WHY has this money NOT been reversed or recovered???? 

NO company moves a BILLION dollars without the CEO being involved in the transfer of that $$$  

Tue, 12/13/2011 - 16:04 | Link to Comment willien1derland
willien1derland's picture

+1000 Silver Rhino...I am praying for a Freudian Slip or some damn CONGRESSPERSON to ask Corzine about another financial debacle he was closely involved in - does the acronym LTCM mean anything..LONG TERM CAPITAL MARKETS...ohh yes, Mr. Corzine isn't it true that you were involved with LTCM....wasn't there a SMALL issue there AS WELL - Corzine is a CRIMINAL - Criminal recidivism is highly correlated with psychopathy & although I know there are quite a few competing to be the poster child for this condition - I submit that Corzine should be 'ELECTED' as the posterchild of Criminal recidivism!

Tue, 12/13/2011 - 16:24 | Link to Comment scatterbrains
scatterbrains's picture

 Corzine said, "last thing we should be doing is trying to play the blame game"   I'm starting to realize these banksters are getting ready to blame hackers or Iranians and everyone is about tol walk. Jon may even get his treasurer title yet.

It's going to turn out that rogue OWS hackers screwed with the books and stole the money.

Tue, 12/13/2011 - 16:22 | Link to Comment Hugh G Rection
Hugh G Rection's picture

It's funny how often they "dont recall", or don't want to "speculate" when they're questioned for wrong doing.

Heard lots of that in the Pat Tillman murder coverup.

Tue, 12/13/2011 - 12:18 | Link to Comment Jonbutterfly
Jonbutterfly's picture

Listen to this radio report with Gerald Celente:                                        

http://djia.tv/gerald-celente/gerald-celente-the-mike-broomhead-show-08-...

Tue, 12/13/2011 - 16:49 | Link to Comment smlbizman
smlbizman's picture

how the fuck am i suppose to believe that this is the first time thieves have ripped off people in such a unique way that the fuckin shit bag congress of the good ole u s fucking a has to be involved...shouldn't by this point we have a policy in place, like a judicial system, that could handle this...what a bunch of fuckin bullshit for the stupid fuckin sheep in this country....it wouldnt fuckin surprise me one day if they dont elect a guy that has video of himself and a crack whore in a flea bag hotel room....  

Wed, 12/14/2011 - 00:52 | Link to Comment FrankDrakman
FrankDrakman's picture

Can you say "Marion Barry"? I knew you could!

-- Mr. Robber's Neighbourhood

Tue, 12/13/2011 - 11:56 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

I must have a serial junker on my ass.    I guess I should be honored.

Tue, 12/13/2011 - 17:34 | Link to Comment FEDbuster
FEDbuster's picture

++

Tue, 12/13/2011 - 12:50 | Link to Comment smlbizman
smlbizman's picture

when did stabinow become ceaser romero as the joker???

Tue, 12/13/2011 - 12:59 | Link to Comment wisefool
wisefool's picture

I was thinking the same thing with ledgers joker starting the testimony "Here We go". 

Tue, 12/13/2011 - 13:31 | Link to Comment Hugh G Rection
Hugh G Rection's picture

Abelow looks like a German propaganda poster from the 30's. 

Can't blame the zionists for stealing money from us lowly goyim.... it's their right as "God's chosen people."

 

-sarc, off

Tue, 12/13/2011 - 13:52 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

Treasonist cowards Corzine, Steenkamp & Abelow.

Erect the gallows, lads.  Once a century or so, it becomes obvious its time to use them again

Tue, 12/13/2011 - 13:56 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

market crashes after election;
everyone's retirement account tanks;
hysteria whipped up by msm prevails;
lame-duck congress passes qe.....1.....100;
lame-duck implements massive overhaul (aka confiscates retirement accounts);
banksters buy sell-off on the cheap;
hyperinflation kicks in;
i snack on my dried/canned food as i sit on my sofa with my gun and count my gold and watch riots on satellite tv (since msm will not be covering them).

Tue, 12/13/2011 - 11:41 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

the transcript also = time well spent

http://silverbearcafe.com/ private/12.11/barnhardt.html

somebody should read this interview into the congressionalRecord, since they may not wish to call someone who would raise questions about the record of lies the agCommittee appears to be pursuing

according to annBarnhardt, corzine must have known what has doing, every step of the way, and the crimex changed its procedures over the mess, not to mention the SEC and the CFTC

she laments the loss of the rule of law in the US and calls out both corzine and prez0 for v.hi-level cronyism---almost tyleresque in her damnation of the crooks and their lawyers and political enablers who just make it up as they go along

 

Tue, 12/13/2011 - 11:52 | Link to Comment FEDbuster
FEDbuster's picture

She said "from now on one should invest in real assets that you can stand in front of and defend with an AR-15".  Get out of ANY paper assets while you still can.

Tue, 12/13/2011 - 12:52 | Link to Comment john39
john39's picture

yeah but, she also thinks mulsims are taking over the world...  kinda at odds with the reality of who runs the wall street theft machine and U.S. government.

Tue, 12/13/2011 - 13:37 | Link to Comment FEDbuster
FEDbuster's picture

She's right about the Muslims, are you talking about the Jews?

Tue, 12/13/2011 - 13:47 | Link to Comment Piranhanoia
Piranhanoia's picture

You know about the whole world?  the universe, everything? (sarc off)

Tue, 12/13/2011 - 14:39 | Link to Comment pelican
pelican's picture

Getting the rest out Jan 1st.  Don't want to take the tax hit all at once.

Tue, 12/13/2011 - 11:56 | Link to Comment topcallingtroll
topcallingtroll's picture

They all knew what they were doing.
But best not to say anything specific.

I dont see a difference between rehypothecation and comingling.

Tue, 12/13/2011 - 12:25 | Link to Comment NotApplicable
NotApplicable's picture

Rehypothetically* speaking, that is.

(*right-click, "Add to Dictionary")

Tue, 12/13/2011 - 13:16 | Link to Comment IQ 101
IQ 101's picture

You got 'CORZINED', coming to a dictionary near you!

Tue, 12/13/2011 - 12:49 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

yes, they knew, but re-hypothecating is not commingling, so they have a "legal" out, legal cover.  what they were doing is, apparently, technically legal;  the IMF published a paper on it a few years ago, quantifying its effects around/thru lehman's blow-up vie same-same re-hypoth thru lehman's europeon branch in The City

this is the same unregulated, shadow-banking leverage source and mechanism which blew lehman upskie, it seems

they moved the funds from reg.T in the US (140% re-hypoth) to unlimited re-hypoth @ their coroprate arm in London

they didn't "co-mingle";  the losses of client funds are due to the unintended consequences of re-hypoth "investing" schemes, that's all!

how could corzine, former head of g/Sachs, have understood any of this? //s//

Tue, 12/13/2011 - 14:19 | Link to Comment Captain Willard
Captain Willard's picture

+1000!!!

You nailed it. Bruce Krasting also nailed it the other day in his column.

These cynical fuckers are using this "re-hypothecation" loophole to try to escape.

I'm not sure it will work. They can also be accused of deepening an insolvency if they deliberately borrowed more money after they had reason to believe MF was insolvent. This would be fraud.

 

Tue, 12/13/2011 - 14:22 | Link to Comment chubbar
chubbar's picture

Slewie, perhaps you can shed some light on my understanding here. They can only re-hypothecate up to 140% of outstanding obligations. The example given was that if someone had a $500 account which consisted of $300 owned (fully paid for) and $200 borrowed, the institution could re-hypothecate $280 worth ($200 x 140%). I also understand that they can transfer this amount ($200) to a sister institution in London and re-hypothecate it into an unlimited amount. However, that still doesn't give the institution the right to steal the $300 worth of securities that were paid for by the client, or does it?

My brokerage agreement states that the SEC does not allow for hypothecation of securities fully paid for. That doesn't mean they didn't do it illegally, but I'm just questioning whether this is truly legal to hypothecate the whole account, including those securities fully paid for?

 

Tue, 12/13/2011 - 21:29 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

i've seen the example but i'm not used to thinking in those terms;  maybe mistakenly, i am under the opinion that MF (and lehman) moved entire trainloads of accounts to offices in other jurisdictions

as long as your brokerage doesn't hold your account at an affiliate's in london, you've got a fightin chance!

 

Tue, 12/13/2011 - 11:56 | Link to Comment Potemkin Villag...
Potemkin Village Idiot's picture

They're just trying to while away the hours until IMPORTANT things like getting Roger Clemens behind bars come to the docket...

Tue, 12/13/2011 - 12:27 | Link to Comment Sunshine n Lollipops
Sunshine n Lollipops's picture

Not to mention Barry Bonds. Because the Sanctity of the Game must be preserved. Congress is absolutely useless.

Tue, 12/13/2011 - 11:58 | Link to Comment fuu
fuu's picture

They have a good Minnesota Farmer up there today. Too bad he is a bit nervous.

Tue, 12/13/2011 - 12:03 | Link to Comment FEDbuster
FEDbuster's picture

He should keep it simple, "MFG stole my money, forced me to liquidate my hedges and cost me $100,000+ in losses to my farm.  Jon Corzine is a crook, thief, criminal and should be jailed today."  Answer every question the same way, as many times as you can.

Tue, 12/13/2011 - 12:07 | Link to Comment fuu
fuu's picture

That is how I would have answered Lugar's softball system fluffing comments. These guys are not broke due to risk taking or market maneuvers. They are broke because their money was stolen. Arresting and convicting thieves would go a long way to adding confidence back to markets.

Tue, 12/13/2011 - 12:19 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

they dn't want confidence, they want chaos

Tue, 12/13/2011 - 18:16 | Link to Comment FEDbuster
FEDbuster's picture

Be careful what you wish for.

Tue, 12/13/2011 - 12:27 | Link to Comment NotApplicable
NotApplicable's picture

"I'm tired of all of these MF'G banksters on this MF'G planet!"

Tue, 12/13/2011 - 12:40 | Link to Comment Potemkin Villag...
Tue, 12/13/2011 - 14:41 | Link to Comment anonnn
anonnn's picture

Why do financial matters seem to get treated differently under the law?

Ans. Because the law is separated into Common Law Courts and Courts of Equity.

Equity*: law, a) resort to general principles of fairness and justice whenever existing law is inadequate b) a system of rules and doctrines, as in the US, supplementing common and statute law and superceding such law when it proves inadequate for just settlement c) a right or claim recognized in a court of equity.

Note c), above. It is the arbitrary justification by financial elites, who write the law, to enable handling outside the Common and Statute law, so that their influence prevails. That's how elites can usually maneouver to escape prison-time.

Thus, Courts Of Equity can rule based of "fairness" limited to just the direct ["obvious"] parties in the dispute, neglecting the indirect and real impacts/harm on the general public whose input into the matter is walled-off.

Courts Of Equity can be used to block/protect ThePowersThatBe from strong legal penalties. They act as a form of backstop*.

*backstop: a fence, screen etc, especially one behind the catcher in baseball, serving to stop balls leaving the playing area. [Curious, aint it?]

 

Tue, 12/13/2011 - 13:59 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture

Excellent interview. She´s very eloquent, tells it exacly like it is.

Tue, 12/13/2011 - 14:10 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

Governor Corzine??? My fucking ass

Tue, 12/13/2011 - 11:26 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

And watch her on the split screen - http://hedge.ly/gFWVSm

Tue, 12/13/2011 - 11:28 | Link to Comment Nascent_Variable
Nascent_Variable's picture

"Aaand... it's gone."  Part 2.

Tue, 12/13/2011 - 12:29 | Link to Comment NotApplicable
NotApplicable's picture

Anybody willing to lay odds? Or will this be the "must see TV" event of the MSM year in a scripted cover-up?

Tune in and find out, today on...

Tue, 12/13/2011 - 11:39 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

The sequel is rarely as good as the original.  

Tue, 12/13/2011 - 12:34 | Link to Comment Freddie
Freddie's picture

Where is Democrat Bill Clinton?  He was skimming $50,000 a month off MF Worldwide since Corzine arrived at MF to loot it.    Democrat Corzine is protected by the head Democrat and muslim.

Tue, 12/13/2011 - 12:57 | Link to Comment Freddie
Freddie's picture

All Democrats just like Bernie Madoff who was protected by Dem Senators in NY, CT and NJ. 

Tue, 12/13/2011 - 13:37 | Link to Comment Hugh G Rection
Hugh G Rection's picture

Enough with the party nonsense. It makes little difference to me whether my money is stolen by the Gambinos or the Genoveses, they both need to be broken up and sent to federal pound my ass prison.

Tue, 12/13/2011 - 13:54 | Link to Comment Piranhanoia
Piranhanoia's picture

No,  everybody isn't after you, and everybody isn't muslim, or jewish, or anything.  Take your meds and the blurs will fade.  It will help you determine what is real or not. Everybody is lots of people and they aren't in your room with you.

Tue, 12/13/2011 - 14:28 | Link to Comment Potemkin Villag...
Potemkin Village Idiot's picture

The biggest conundrum in my mind is this...

I'm trying to determine how 'Freddie' could be using a HIGH SCHOOL YEARBOOK foto, when it's unlikely at all that he ever attended HIGH SCHOOL...

 

Tue, 12/13/2011 - 12:58 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

obama isn't even in charge of anything, he's just a puppet

Tue, 12/13/2011 - 14:35 | Link to Comment Ruffcut
Ruffcut's picture

Puppets can be cute, he is a suck puppet. Not even good enuff for porn.

Tue, 12/13/2011 - 13:01 | Link to Comment azusgm
azusgm's picture

It's called influence peddling, Freddie.

Tue, 12/13/2011 - 12:52 | Link to Comment Ruffcut
Ruffcut's picture

" well mr chairman. This morning I woke up, took a big shit, then got out of bed. After that, it has all been downhill."

Tue, 12/13/2011 - 13:47 | Link to Comment bankonzhongguo
bankonzhongguo's picture

It should not be lost an anyone that a big part of this impacts food - meaning food producers. 

Not just some traders in obscure offices.

The fact that mid-west farmers are testifying should tell you something about spring plantings being impacted.

If you are in the commodities business, what better way to game the system than pull the financial rug out from under farmers.

Food IS a weapon.

 

Tue, 12/13/2011 - 14:00 | Link to Comment LeonardoFibonacci
LeonardoFibonacci's picture

Why does the committee keep calling him Govenor Corzine, it should be "prisoner 000666 Corzine" in an orange jumpsuit and handcuffed + leg irons to the ankles.

Tue, 12/13/2011 - 14:13 | Link to Comment vast-dom
vast-dom's picture

At least in true sociopathic BPD style they won't have the oppurtunity, given senate and teevee witnesses, to BLAME the very investors that they robbed. So to joy, it could be much worse! Or could it? Let us never underestimate potential for kangaroo court crocidile tear theatre of the adsurd....

Tue, 12/13/2011 - 16:07 | Link to Comment mattu13048
mattu13048's picture

Cut the crap! This is what happened at MF Global just before filing for bankruptcy: http://bit.ly/tk1vLa

Tue, 12/13/2011 - 17:15 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Joe Corzine ob Commingling:

Your Honor,
Wit all do respect,

Rip-Off, Reverse Rep Off,

WHAts the Dif?????

Wit free money from the FED?

Wit would you do?

Tue, 12/13/2011 - 11:17 | Link to Comment fonzanoon
fonzanoon's picture

Sorry to divert but what the f just happened in Belgium?

Tue, 12/13/2011 - 11:21 | Link to Comment Melin
Melin's picture

Jihad

Tue, 12/13/2011 - 11:23 | Link to Comment AngryGerman
AngryGerman's picture

1 to 3 idiots started throwing granades and fired with a kalaschnikow in the centre of Lüttich. So far 2 dead and 50, partially heavily, wounded. Whole thing happened next to a court where there was a trail going on against four badasses. No confirmed relations.

Tue, 12/13/2011 - 12:45 | Link to Comment Freddie
Freddie's picture

You left out the part that it is a Pakistani honor killing case.

Tue, 12/13/2011 - 15:14 | Link to Comment LFMayor
LFMayor's picture

We don't mention religion or ethnicity, unless it's some of those white christianists militias that pose a massive, silent and lurking threat to our national security.

Tue, 12/13/2011 - 11:40 | Link to Comment Ratscam
Ratscam's picture

it's 12-13-11 and the Belgians were given a lesson to comply more to EU rules

Tue, 12/13/2011 - 11:18 | Link to Comment Potemkin Villag...
Potemkin Village Idiot's picture

Maybe they'll use the "I thought it was Halloween Candy" defense...

Tue, 12/13/2011 - 11:20 | Link to Comment Joe Davola
Joe Davola's picture

Used to wonder why this wasn't being done in front of the banking committee, but with all the BS that will be spread the agriculture committee is much more appropriate.

Tue, 12/13/2011 - 11:20 | Link to Comment midgetrannyporn
midgetrannyporn's picture

The committee will now deliberate which committee member gets to blow jon corzine first.

Tue, 12/13/2011 - 11:22 | Link to Comment azzhatter
azzhatter's picture

"It was not my intention to get caught"

Tue, 12/13/2011 - 11:22 | Link to Comment Comay Mierda
Comay Mierda's picture

im not really a fan of the death penalty, but in this case i can make an exception.  this fucker should hang in times square.

Tue, 12/13/2011 - 11:25 | Link to Comment Seasmoke
Seasmoke's picture

December 31st , would make a perfect time

Tue, 12/13/2011 - 12:32 | Link to Comment NotApplicable
NotApplicable's picture

Dick Clark might even show back up for that.

Tue, 12/13/2011 - 13:21 | Link to Comment g speed
g speed's picture

better is half time at the Super Bowl   maybe get some cheer leader action to boot.

Tue, 12/13/2011 - 13:06 | Link to Comment azusgm
azusgm's picture

Use the guillotine. As a corporation, MF Global is a person. Jon Corzine is the head of that body. Chop the head off the body and offer the bagholders have the honor of being the basket holders.

Tue, 12/13/2011 - 11:23 | Link to Comment peekcrackers
peekcrackers's picture

I wish some would walk up and Kick Corzine right in the Bag!

 fuckstick

Tue, 12/13/2011 - 11:27 | Link to Comment tekhneek
tekhneek's picture

I'm pretty sure there's a good amount of people on the other end of that 1.2 billion $ loss that feel the same way, only with a little more force than a foot.

"fuckstick"? That's so nice it's not even funny.

Tue, 12/13/2011 - 13:26 | Link to Comment Abitdodgie
Abitdodgie's picture

Sorry to say there is no rule of law ,so if that had been my money , he would of run into the law of the jungle.

Tue, 12/13/2011 - 13:27 | Link to Comment SWRichmond
SWRichmond's picture

Did one of them just tell the "white knight" story?  OMFG.

Tue, 12/13/2011 - 16:37 | Link to Comment peekcrackers
peekcrackers's picture

Tekneek

I am not here to be nice or funny .. So if you dont like the word " fuckstick" then do not read it .. or go write Ann Landers and talk about your childhood issues. Try hugging a tree or go watch butter flys .. But a scum bag like Crozine should be tattoo with way worse names then FUCKSTICK..

 

 

 

Tue, 12/13/2011 - 12:59 | Link to Comment NotApplicable
NotApplicable's picture

Nah, I'd rather give Celente the opportunity to do a "Grab and Snatch." You take my gold, I take your Family Jewels.

Tue, 12/13/2011 - 11:26 | Link to Comment tekhneek
tekhneek's picture

No thank you. I will not watch this bullshit. I have better shit to do with my time than listen to a fucking liar.

Tue, 12/13/2011 - 11:33 | Link to Comment centerline
centerline's picture

These guys should be in orange jumpsuits and shackles as they testify.  Anything less makes watching this painful.  The only silver lining here is that ANYONE with two brain cells or more should be able to clearly indentify now that we have become a banana republic.  The rule of law as it applies to the masses is entirely different than as it applies to the financial and political elite.

Tue, 12/13/2011 - 11:41 | Link to Comment tarsubil
tarsubil's picture

Yeah, the last episode of this farce was too boring, too forced, and too over the top. Enough with the pretense already. We know you're robbing us. Just be up front about it.

Tue, 12/13/2011 - 12:57 | Link to Comment The Fonz...befo...
The Fonz...before shark jump's picture

agreed plenty of time for bullshit and liars next year...it is an election year afterall

Tue, 12/13/2011 - 15:21 | Link to Comment squib
squib's picture

A fcking liar that will 'get away' with it. I wonder if their time will ever come.

Tue, 12/13/2011 - 11:26 | Link to Comment spanish inquisition
spanish inquisition's picture

I will help with some of the answers you can expect:

"None of us knows where the money is... We checked the under desks and in the cushions of the executive office furniture.."

"Sometimes I misplace things but I always remember after a day or two.. So I am pretty sure I didn't misplace it cause its been gone a while..."

"Our intention was not to get caught misplacing money... I mean. we didn't intend to do things in a manner where we wind up here..."

"I don't know what that means.. re - hy -poth... can you say that again?"

Tue, 12/13/2011 - 12:41 | Link to Comment NotApplicable
NotApplicable's picture

I expect it to devolve into a Three Stooges type event, where they all blame each other.

Corzine(pointing at COO): "Well, I thought he had the money!"

COO(pointing at CFO): "But, I was told he had the money!"

CFO(pointing at Corzine): "No way, his mom told me that he had the money!"

Followed by a round of slaps and eye poking.

Nyuk, nyuk, nuyk...

 

Tue, 12/13/2011 - 13:13 | Link to Comment salthouse
salthouse's picture

i'm thinking maybe three guys doing their best john banner impersonation

Tue, 12/13/2011 - 11:27 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

CEO, COO, and CFO are going to say they don't know where the fucking money went.  And they will perjure themselves.

I got an idea, try tracking one customers account that lost money, start there assholes.  These lying MFers need to go to jail.

Tue, 12/13/2011 - 11:28 | Link to Comment junkyardjack
junkyardjack's picture

They didn't plan to lose the money so how can you fault them right?

Tue, 12/13/2011 - 12:45 | Link to Comment NotApplicable
NotApplicable's picture

Well, obviously they were undermined by some underling at a trading desk of an Indian persuasion.

Or is that storyline passe now?

Tue, 12/13/2011 - 14:15 | Link to Comment Whoa Dammit
Whoa Dammit's picture

Passe.

This time they will say that an employee named Milton, who was disgruntled due to the loss of his Swingline stapler, took the money off of Lumbergh's desk, and absconded with it to a non-extraditable tropical island resort. (Office Space ).

Tue, 12/13/2011 - 15:19 | Link to Comment 4horse
4horse's picture

corzine was assigned to move the money . . . losing it to jpm------>city of london

 

.

 

 

United States - this is the Ukraine  =  PNAC < 20th

Tue, 12/13/2011 - 11:33 | Link to Comment EscapeKey
EscapeKey's picture

Funny, how the government are experts at tracking down £100 when my tax return is done incorrectly (though, when they owed me £1k, there weren't as forthcoming).

But when $1bn is at stake, suddenly there's just NO trace.

Tue, 12/13/2011 - 13:01 | Link to Comment NotApplicable
NotApplicable's picture

Well, how could anyone honestly be expected to keep track of that much money?

Rehypotheticatin' is hard!

Tue, 12/13/2011 - 11:29 | Link to Comment SheepDog-One
SheepDog-One's picture

And as I watch markets recover all their losses from yesterday upon this mornings retail sales numbers faceplant confirmation, I strap my hockey helmet on tighter and prepare to watch the biggest bank robber in history get called 'Honourable'.

Tue, 12/13/2011 - 11:32 | Link to Comment Dr. Engali
Dr. Engali's picture

Biggest bank robber in history? He's a piker compared to Hank Paulson.

Tue, 12/13/2011 - 13:46 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Joe Corzine explains how the cartel funnels money bacj to the epicenter of cartel.

1) buy a company
2) replace COO, chief risk officer and all internal controls people with freshmen from Goldman.
3) install Goldman for CEO
4) take out insurance policy for new company.
5) have Private capital people show up with truck loads of boxes marked "euro soverign TOXIC" and load into the building.
These are the trades the cartel wants to disappear.
6). Set fire to the building,
7). Call rating agency and explain building is on fire.
8). Make a million tranactions, for one last round of churning.
Forward these commissions to some offshore account.

9)get on private jet and jet to Caynan Islands to await JC Flowers
And Private capital to show up with a yatch full of cash, halve of which
Is yours.

10) from laptop change the MF Global prospectus to read

"i use MatchBook Accounting"

" in case of Liquidty Trap , or trades dont match,
Then whats yours is Now Ours! Or the boards.

I imagine Joe Corzine is friends with the counter parties of MF Global.
And will be taken care of handsomely for running the besr "chop shop" since AIG.

Tue, 12/13/2011 - 15:23 | Link to Comment 4horse
4horse's picture

corzine.paulson.bernanke.dimon.blankfein  .  .  .  mere hirelings

Tue, 12/13/2011 - 13:04 | Link to Comment Ruffcut
Ruffcut's picture

I never gave a name to my cock. I think if I did, I would call it "honorable". At least is more deserving.

Did all the criminals figure out that politics were that profitable? Capitalism ROCKS!

Tue, 12/13/2011 - 11:28 | Link to Comment Mark Carney
Mark Carney's picture

On the first day of Christmas, 
my global bankers gave to me 
One global RECESSION!!!!!!. 

On the second day of Christmas, 
my global bankers gave to me 
Two ousted euro-crats, 
And one global RECESSION. 

On the third day of Christmas, 
my global bankers gave to me 
Three French A’s (oops I mean AA+, or A falalalala), 
Two ousted euro-crats, 
And one global RECESSION. 

On the fourth day of Christmas, 
my global bankers gave to me 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the fifth day of Christmas, 
my global bankers gave to me 
Five golden ounces, BITCHEZ
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the sixth day of Christmas, 
my global bankers gave to me 
Six bernak-a-bucks, 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the seventh day of Christmas, 
my global bankers gave to me 
Seven-hundred $T in derivatives, 
Six bernak-a-bucks, 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the eighth day of Christmas, 
my global bankers gave to me 
Eight Reuters Rumors, 
Seven-hundred $T in derivatives, 
Six bernak-a-bucks, 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the ninth day of Christmas, 
my global bankers gave to me 
Nine bankrupt sovereigns, 
Eight Reuters Rumors, 
Seven-hundred $T in derivatives, 
Six bernak-a-bucks, 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the tenth day of Christmas, 
my global bankers gave to me 
Ten years of no returns, 
Nine bankrupt sovereigns, 
Eight Reuters Rumors, 
Seven-hundred $T in derivatives, 
Six bernak-a-bucks 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSION. 

On the eleventh day of Christmas, 
my global bankers gave to me 
Eleven pipers piping, 
Ten years of no returns, 
Nine bankrupt sovereigns, 
Eight Reuters Rumors, 
Seven-hundred $T in derivatives
Six bernak-a-bucks, 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSSION 

On the twelfth day of Christmas, 
my global bankers gave to me 
Twelve Euro Summits, 
Eleven pipers piping, 
Ten years of no returns, 
Nine bankrupt sovereigns, 
Eight Reuters Rumors, 
Seven-hundred $T in derivatives
Six bernak-a-bucks, 
Five golden ounces, 
Four years of Obama, 
Three French A’s, 
Two ousted euro-crats, 
And one global RECESSSION 

Tue, 12/13/2011 - 11:28 | Link to Comment americanspirit
americanspirit's picture

This just in - Chicago Tribune

"CME Group Chief Operating Officer Bryan Durkin said on Monday the exchange will not guarantee the funds that remain missing from customer accounts at bankrupt brokerage MF Global after they are reimbursed by the bankruptcy trustee.

Such a move would be "unwise" and the CME has a "fiduciary responsibility" to its shareholders, he said at a National Grain and Feed Association conference Monday."

The panel might want to have a little discussion about the CME, dontcha think?

Tue, 12/13/2011 - 12:35 | Link to Comment NotApplicable
NotApplicable's picture

Dear "Investor,"

 Fuck You.

 

Best Wishes and Happy Holidays!

CME

Tue, 12/13/2011 - 13:45 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Funny I got a letter like that from Merrill Lynch regarding my 401K, something to the effect that "funds are not FDIC insured."  Really?

Tue, 12/13/2011 - 13:40 | Link to Comment FEDbuster
FEDbuster's picture

Fuck me once shame on you, fuck me twice shame on me.  Anyone still trading on the CME is a fool.

Tue, 12/13/2011 - 11:29 | Link to Comment vegas
vegas's picture

I can't watch because my flatscreen PC will suffer fatal harm and it wasn't responsible for looting a bil 2.

 

http://vegasxau.blogspot.com

Tue, 12/13/2011 - 12:15 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

is that what your blog is about?

Tue, 12/13/2011 - 11:33 | Link to Comment Bruce Krasting
Bruce Krasting's picture

I wrote about MFG yesterday. I raised the point that the Fed's Reg. T is behind the cusomer losses at MF.

http://www.zerohedge.com/contributed/fed-mfg-and-reg-t

I know for a fact that some on the committee read the article. I did my best to get one of the members to ask questions specifically on the issue of re-hypothication and Reg T. at today's hearing.

We shall see if they follow up. If this does come up, it might create a stir. If there are questions regarding the soundness of Reg.T, then it will be a very big deal.

Without re-hypothication (permitted under Reg. T) the shadow banking system loses its liquidity. Shadow banking market = $10 Trillion!!!!

I'll be watching.

Tue, 12/13/2011 - 12:14 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

you're the man, Bruce

Tue, 12/13/2011 - 12:28 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

ok, bruce, i just read your piece which is great

getting_old leads off the string with: Did Corzine lie to Congress when he said he didn't know what happened?

and you respond: I say no. He has no clue what happened....

imo, he lied lied, lied and is just wrapping his sorry ass in "plausible deniability" and here's why i'm not with you, here:

i say he knowingly lied

i already posted this transcript link responding to the post w/ the video link

http://silverbearcafe.com/ private/12.11/barnhardt.html

ms.B is the cattle marketing expert who closed her business due not so much to MFGlobal, but the way the crimex handled the BK

these crooks didn't just "fall thru the loophole" like alice;  banksters have known of this for years;  they designed their play to use their clients' assets to lever up 100X on EU sovereign bonds, and due to corzine's level of afiliation w/ the FED and washington insiders, i would not be surpriZed if the FED enabled & encouraged them.  after all, MF was buying EU sov.bonds as part of a global bankster support scheme.  or would people prefer to believe nobody knew what was going down, but some rogue traderz or some such bullshit designed for public consumption?

a PD became a "bad bank" by co-mingling and re-hypothecating clients' funds thru The City, [off-balance sheet ala enron, most likely] and the international bankster cabal then used MF to supply billions in clients' assets to take debt off the hands of EU banks [branches of the cabal] and shore up the fuking banks and their tottering sovereigns in the process

this did NOT happen by accident, imo

but, once people are inculcated with a blind faith in "evolution" and "chaos", design's reputation suffers, it seems. 

this was by design

corzine, who thinks he has political cover, is gonna have his "cover" blown by the internets and a small sortie of fringe bloggerz

this isn't some just some broker hanky-panky by some figurehead clowns who don't know the ropes

this is organized, weaponized, top-level, bankster crime, BiCheZ!

Tue, 12/13/2011 - 13:29 | Link to Comment g speed
g speed's picture

+ 10,000

Tue, 12/13/2011 - 13:48 | Link to Comment IQ 101
IQ 101's picture

corzine, who thinks he has political cover, is gonna have his "cover" blown by the internets and a small sortie of fringe bloggerz

Mr Pi-Rat,

I remember watching Watergate proceedings as a kid, (screwed up my cartoon schedule),

How the internet has changed things! undoubtedly numerous

journalists,politicos,victims and attorneys are watching Zero Hedge diligently as truly informed observers fill in the blanks

for us who are not of this severely complex realm of finance

(and politics),ZH is truly a game changer it will tip the balance and change history, I believe.

An historical influence of profound potential,it is.

Tue, 12/13/2011 - 22:05 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

now you can watch cartoons whenever you want, w0n0w0n!

look at us!

clinging to our fragile cartoon existence...

Tue, 12/13/2011 - 13:54 | Link to Comment In Fed We Trust
In Fed We Trust's picture

It seems as though there is a conspiracy out to destroy the farmer.

Tue, 12/13/2011 - 14:13 | Link to Comment fuu
fuu's picture

Only in the sense that the farmers are more like the rest of us and less like the masters.

Tue, 12/13/2011 - 16:22 | Link to Comment fuu
fuu's picture

Any hint you would be willing to give us so we can be watching for the particular Senator to speak? So far I have only heard re-hypothication mentioned twice by the same Senator.

Stabenow?

Tue, 12/13/2011 - 11:34 | Link to Comment williambanzai7
williambanzai7's picture

MF BUM

Tue, 12/13/2011 - 11:42 | Link to Comment Dr. Engali
Dr. Engali's picture

I'm curious about the contents of the Smirnoff bottle. Isn't Smirnoff clear? Somebody in advertising needs to correct this.

Tue, 12/13/2011 - 11:57 | Link to Comment williambanzai7
williambanzai7's picture

The bums mix juice in the bottle.

Tue, 12/13/2011 - 12:29 | Link to Comment ebworthen
ebworthen's picture

The "buckfast" is a tonic wine, 15% alcohol, could be he mixed some of that with the vodka to "stretch" it.

Besides, the liquor makes the cigarettes taste better, blended or not.

Tue, 12/13/2011 - 13:03 | Link to Comment w a l k - a w a y
w a l k - a w a y's picture

Outlier Black Swan hat

 

Nice touch, is that original or photoshopped?

Tue, 12/13/2011 - 13:35 | Link to Comment williambanzai7
williambanzai7's picture

That is an official Banzai7 Outlier hat available in the shop.

Tue, 12/13/2011 - 13:11 | Link to Comment DB Cooper
DB Cooper's picture

WB7 awesome as usual - put some $100 bills leakin out of the coat pocket!

Tue, 12/13/2011 - 14:18 | Link to Comment kralizec
kralizec's picture

Would be more realistic if he was on his knees earning booze money...

Tue, 12/13/2011 - 11:42 | Link to Comment RichardENixon
RichardENixon's picture

I thought it was clear that JP Morgan has the money. Did I miss something?

Tue, 12/13/2011 - 11:43 | Link to Comment RichardENixon
RichardENixon's picture

Did she really just ask this guy if he thought it was OK for MF Global to steal his money?

Tue, 12/13/2011 - 11:44 | Link to Comment jkings1
jkings1's picture

My Blog: Fed Tuesday; Talking Bears on MF; HR 1540; Cooking Up Stuff at Wal Mart http://stks.co/1W87 $SPY $GLD $BBY $NFLX $MF.

Worth a read. Not selling anyting, in fact no advertisements on the blog. last thing I want is BofA as an auto advertiser from Google, or Chase showing up on my blog.

 

Tue, 12/13/2011 - 11:45 | Link to Comment MFL8240
MFL8240's picture

Why isnt Corizine in handcuffs?

Tue, 12/13/2011 - 11:51 | Link to Comment Dr. Engali
Dr. Engali's picture

Because he is an honorable former senator. A differnent set of rules apply when you have honorable in front of your name.

Tue, 12/13/2011 - 11:49 | Link to Comment mrdenis
mrdenis's picture

Corzinespeak ....That missing $1.2 billion?


He “simply has no idea where it is.” But he hopes it will still be found.

Did his bets on European debt cause the firm’s bankruptcy?

No, the marketplace lost faith in the firm; his trades were “prudent.” Besides, the firm had bad management before he got there.

Were the missing customer funds used to shore up the firm?

It was “never his intention” to break any laws.

But could it have happened?

Well, it’s possible that his orders were misunderstood.

Tue, 12/13/2011 - 11:50 | Link to Comment Coldfire
Coldfire's picture

No justice, no peace. Comminglerzine's days are numbered.

Tue, 12/13/2011 - 12:03 | Link to Comment topcallingtroll
topcallingtroll's picture

Yeah some guy with organized crime connections is going to have him killed eventually.

Tue, 12/13/2011 - 13:44 | Link to Comment Ruffcut
Ruffcut's picture

Yes, jack rubys kid, ricky ruby.

When you lose your value, you are dispensable.

Tue, 12/13/2011 - 11:53 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Like I said earlier, anyone keeping assets and / or cash in a brokerage account is a fool, asking for it to be stolen.

I believe MFG is the beginning of massive looting of brokerage accounts ...including 401ks by the way.

Tue, 12/13/2011 - 11:59 | Link to Comment Potemkin Villag...
Potemkin Village Idiot's picture

never just one cockroach

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