Watch Jon Corzine's Follow Up Testimony On The MF Global Bankruptcy, Accompanied By MF's CFO And COO
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
(1 vote)
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He's confident the money will be recovered. Confident I tells you...
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.
Damn right! Corzine, Steenkamp & Abelow should be testifying in chains!!!
I wouldn't believe these guys to tell the truth about their own mother if her life depended on it.
"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?
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.
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.
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.
Sometimes you are advised to take the choice that gives you the least jail time...
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
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...
Taking bets now on when he fakes his own death...
And off to Vesco Island for cocktails with Ken Lay.
Screw that. Jon Corzine should "Budd Dwyer" himself during today's hearing.
"nice shot man, yeah, good shot man......"
Nah, he is going to flee to the middle east.
I think Dubai is the elites escape pod.
http://www.rense.com/general84/dee.htm
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 $$ transfers are kept triply backed up and impossible to refute in court? Also where the FUCK is even the threat of a RICO indictment?
If banks can clawback employee bonuses, block my debit card access based on 'suspicious activity' and reverse bank wires at will (CC disputes come to mind), WHY has this money NOT been reversed or recovered????
NO company moves a BILLION dollars without the CEO being involved in the transfer of that $$$
+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!
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.
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.
Listen to this radio report with Gerald Celente:
http://djia.tv/gerald-celente/gerald-celente-the-mike-broomhead-show-08-...
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....
Can you say "Marion Barry"? I knew you could!
-- Mr. Robber's Neighbourhood
I must have a serial junker on my ass. I guess I should be honored.
++
when did stabinow become ceaser romero as the joker???
I was thinking the same thing with ledgers joker starting the testimony "Here We go".
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
Treasonist cowards Corzine, Steenkamp & Abelow.
Erect the gallows, lads. Once a century or so, it becomes obvious its time to use them again
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).
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
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.
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.
She's right about the Muslims, are you talking about the Jews?
You know about the whole world? the universe, everything? (sarc off)
Getting the rest out Jan 1st. Don't want to take the tax hit all at once.
They all knew what they were doing.
But best not to say anything specific.
I dont see a difference between rehypothecation and comingling.
Rehypothetically* speaking, that is.
(*right-click, "Add to Dictionary")
You got 'CORZINED', coming to a dictionary near you!
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//
+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.
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?
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!
They're just trying to while away the hours until IMPORTANT things like getting Roger Clemens behind bars come to the docket...
Not to mention Barry Bonds. Because the Sanctity of the Game must be preserved. Congress is absolutely useless.
They have a good Minnesota Farmer up there today. Too bad he is a bit nervous.
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.
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.
they dn't want confidence, they want chaos
Be careful what you wish for.
Enough is Enough!
http://www.youtube.com/watch?v=PZ2QFmJ7h0A
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?]
Excellent interview. She´s very eloquent, tells it exacly like it is.
Governor Corzine??? My fucking ass
And watch her on the split screen - http://hedge.ly/gFWVSm
"Aaand... it's gone." Part 2.
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...
The sequel is rarely as good as the original.
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.
All Democrats just like Bernie Madoff who was protected by Dem Senators in NY, CT and NJ.
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.
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.
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...
obama isn't even in charge of anything, he's just a puppet
Puppets can be cute, he is a suck puppet. Not even good enuff for porn.
It's called influence peddling, Freddie.
" well mr chairman. This morning I woke up, took a big shit, then got out of bed. After that, it has all been downhill."
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.
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.
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....
Cut the crap! This is what happened at MF Global just before filing for bankruptcy: http://bit.ly/tk1vLa
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?
Sorry to divert but what the f just happened in Belgium?
Jihad
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.
You left out the part that it is a Pakistani honor killing case.
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.
it's 12-13-11 and the Belgians were given a lesson to comply more to EU rules
Maybe they'll use the "I thought it was Halloween Candy" defense...
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.
The committee will now deliberate which committee member gets to blow jon corzine first.
"It was not my intention to get caught"
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.
December 31st , would make a perfect time
Dick Clark might even show back up for that.
better is half time at the Super Bowl maybe get some cheer leader action to boot.
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.
I wish some would walk up and Kick Corzine right in the Bag!
fuckstick