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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
»
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By the time this is "rectified," likely all of them will have done it, for a loan from JPM, FS, or maybe even the NYFed.
Those fuckers are likely going to own absolutely everything (if they don't already).
Fascism, coming to a neighborhood near you.
Agreed....but if you absolutely must own a certain equity and you are in for long term then by all means call the transfer agent and get it out of street form (dtc and the fed own it then) and put it in your own name and have them send it to you...
I believe MFG is the beginning of . . . wot?
rr--->30yrs ago
9/11---------->10yrs ago
2012-------------------->even a completely little woody squeegee, oozing movies and flopsweat anxiety, might realize missing the credits thus far into a blockbusting rothschildt production may very well project their entr'acte into . . . a 100yr movie
.
wot. waiting too on his marshall mcluhan to clue you in: the medium is the missing . . .
as is history
I don't understand what all the fuss is about, I mean all these farmers do is feed the world, it's not like they're doing anything important like running a bucket shop disguised as a hedge fund.
I'm half certain ASSHATS like Corzine are under the belief that it it were NOT for their 'bucket shops', then all the farmers & cattle ranchers in the world would go out of business because they would have nobody to sell their $200 steaks & $50 sides of asparagus to...
Michael Wollfolk, Managing director of BNY MELLON, says that global equities can go down about 10% in 15 days
see here: http://pracompraroupravender.blogspot.com/2011/12/michael-woolfolk-do-mellon-mercados.html
wow. Watch lugar blame the victim. So out of touch. Embarassing. Send him off to the nursing home.
lugar's a fucking idiot
The problem isn't in 'de-regulation' by allowing MF Global to invest customer money in a myriad of markets. The problem is in the lack of any risk to people doing the investing (Jon Corzine). The upside simply outweighs the downside risk. If Corzine's personal money and freedom were at stake, he wouldn't leverage 60x on Greek Bonds. duh.
By the time the money is 'not recovered', the elections will be over, and TPTB are hoping that Corzine won't be a such a political liability anymore, so most likely, in this scenario, will go free without any kind of criminal investigation, lest he take a bunch of others down with him. After all, we know the trustee gave JP Morgan preferred status over the clients whose money was illegally commingled and used to pay JP Morgan, an unsecured creditor. We know the regulators were asleep or complicit. We also know the likes of Corzine helped to lobby for the Federal Reserve Board's Regulation T and SEC-rule-15c3-3.
There are a lot of angry brokers that aren't your run of the mill sheeple involved in this and they are making a lot of noise and getting headlines on the corporate media. This isn't like the NPAA bill that hardly got any coverage, so politically, this could be a big problem.
We all know that if Corzine was facing Enron type time in the slammer, only fear for his very own life, would keep him from making a deal and 'cooperating' with the Feds about other 'co-conspirators'. This would be hot potato that no one in Washington wants to touch. Lawmakers and the WH could make a good case that this "could bring down the fragile banking system at such a difficult time in the economy" and that it's a matter of 'national security' to keep this situation from getting out of hand.
However, if Corzine remains a political liability, and one that starts a large mobilisation of the electorate to purge the system of corruption, we may hear that Mr.Corzine gets criminally indicted. They may need to sacrifice on of their own to maintain the status quo.
All the middlemen should be axed from the system. Let the farmers sell to the end users and it will lower product pricing and eliminate risk. Risks in farming and animal husbandry, due to weather and catastrophe, are always going to be present. Hedging doesn't eliminate those risks they just transfer them to someone else. In this time we see the risk from Goldman Sachs-type entities causing losses. Middlemen in all of our markets are now inefficient and are raising new risks. Look for ways to eliminate middlemen.
I agree, and there is insurance for catastrophe/weather, etc
Middlemen are hypothecating and re-hypothecating the farmers' products. The farmers are really bearing all risks by allowing the middlemen to use their product to make profits. This situation is not just relative to farming, its all middlemen; from the health insurers, bankers, even power generators- remember Enron? Middlemen efficiently use whatever they can get their hands on to strip profits from beneficial work.
To think of all the times I've referred to capital consumption as "eating the seed corn." These bastards have now made it literal.
This is going to get really, really ugly.
In other news, go long agri-business, as they will reap the benefits of failing farms.
Soros intends to reap those benefits. He now owns interests in grain elevators, etc. through his funds large holding in Gavilon.
insurance is a license to steal -- is the ultimate middle man--pennies on the dollar payout --govt/banker inforced must have.
i did not have sex with that money
I did not intend to have sex with that money
This Corzine guy is not our perp. Put out an APB for one Reginald T, last seen working for the Fed.
Like watching a dinner conversation at Vito Corleone's.
tom harkin wants to go back to just cash and usts haha and says he has no idea about finance
paul/schiff '12
all of your money has been rehypohecated
Did Sherrod Brown just accidentally admit that there was fraud here by Corzine? He said farmers were victims of wall street fraud. Who perpetrated the fraud Mr. Brown. It has to be the guys coming up in the next panel right?
He was surely just using "Wall St." as an abstraction for the greater market.
I'm sure if you ask him, he'll state, "It's really not possible to refine culpability when it is an obvious lack federal oversight which resulted in systemic risk to the entire edifice. To blame a single person would be to engage in a witch-hunt. We will not stoop that low."
[a line of prisoners files past a jailer]
Coordinator: Crucifixion?
Prisoner: Yes.
Coordinator: Good. Out of the door, line on the left, one cross each.
[Next prisoner]
Coordinator: Crucifixion?
Mr. Cheeky: Er, no, freedom actually.
Coordinator: What?
Mr. Cheeky: Yeah, they said I hadn't done anything and I could go and live on an island somewhere.
Coordinator: Oh I say, that's very nice. Well, off you go then.
Put this asshole in a deep dark dungeon (with Blankfein and Gensler and Geithner and Holder and a few others) and if any of them ask, tell them you do not recall where you left the key.
Now that we have all been forced to accept the concept Too Big To Fail, the financial industry and its lobbyists can start working on TITKA, Too Important To Know Anything.
CEO: Chief Evasive-answer Officer
COO: Chief Obfuscation Officer
CFO: Chief Fuck-if-I-know Officer
Hear no evil, See no evil, Do no evil. Performance courtesy of professional monkey trainer Andrew Levander.
Hope they call him Senator rather than Governor.
I prefer "defendant," but I'm not holding out any hope of such a label.
The system is broken and there is no rule of law. The question is, how do we fix it?
Enforce a fair and impartial rule of law and the system fixes itself.
Duplicate post
Govern yourself, and associate with others that do likewise, while abandoning the desire to govern others, as that's where the danger lies. Civil law creates itself as a result.
There will always be outlaws, but if they have no positions of power to extort from, their ability to pillage and plunder is greatly reduced. Also, they are easily identified as the criminals they are, rather than the masquerade of a "public servant."
what a waste of time...I dont recall, I dont remember, I dont know......
when the real answers are
Im a lesser human being that was seduced by greed and fast money and all the perks that come with it. I spent the money on TIME as I was trying to buy some before the whole thing implded on me. I did then what the FED and central bankers are doing now and that is using other peoples money/lives to finance one commodity...
and that is to BUY MORE TIME
Why isn't Shifty Corzine wearing an orange jumpsuit with chrome bracelets?
The average person gives a line like this in these circumstances would be tossed into jail,"to help their memory."
Celente does have a really big mouth... so his getting creamed is sort of ... ironic? Fun? Karma? Would have liked to see James Dines, the original A-hole, get toasted too...
Since everyone will be there for the trial... maybe reverse the order and put Gensler and the CME toads on trial next... just change the seating!
Call me when the hangin starts.
The bank robbery was chaos. I never intended to shoot anybody.
This guy makes me sick. How can transactions take place with out being recorded in this day and age? I can't wipe my ass without documenting it.
Someone needs to ask him if it is common practice for primary dealers to record their transactions on a fucking chalk board, as this is what they seem to have done.
There is no way in hell that missing money cannot be quickly and easily located via computer records. They just don't want to locate it.
Someone with more endurance than me please tell me if rehypothecation and regulation T have been brought up. I believe both sides are avoiding the issue.
I think they are avoiding it for fear of starting a shadow bank run.
No.. No. rehypo and shadow banking.. along with dark pools were described in detail with full transperancy. LULZ!!
but the sub-penny front running discussed was the cherry on top!
It's the rating agency's fault! /sarc
these idiot fucking farmers.. (the two republican supporters)
Question from..
Tom Harkin
Sherrod Brown
do you idiot republican supporters think it is ok when the House (MF Global or like) should be able to invest your monies (in segregated accounts) to the sole benefit of the house? do you think the rules back in 2000 worked? do you think regulation kept your monies safe 12 years ago before the rule change?
idiots answer..
Regulation is Bad! Freedom is good!
SO!
America is a big place!
Let the people vote with thier dollars.
Offer a transparent, regulated office..
and offer the non-regulated, as is business model.
and let the peoples dollars do the voting!
let freedom ring!
America is big enough for both!
a fool and his money are soon parted.
but only offering a rigged, non-regulated system is no choice and no freedom and no safety can be had, anywhere!
I LOVE the idea of having a non-regulated offering office right next to a regulated office.
ask me who I would be fucking over? the stupid people, becuase they deserve it! in a Democracy People Get What They Deserve!! and those fucking farmers got what they deserved!
A better group of idiots voting for tax breaks and no regulation could not have been fucked over by their own stupidity!
I hope they get more of the same! they earned it! they worked for it!
Dont let the FACTS get in the way!
Dont let the numerical facts get in the way of your feelings!
Follow Your Gut!
You Know Yoru Feelings are right! You dont have to Understand anything! LOLLOLOOLLOOLOOLOLLOLOOLLOLOOLOLLOLOOLLOLOLOLOOLLOLOOL!
How does that 18 inches of big house dick feel? dont worry they are just getting warmed up!
NOTHING! HAS CHANGED!!
Leverage is only bigger and better than before!! LOOLLOLOOLLOLOLOOLOLOLLOLOOLLOLOLOLOOLLOLOLOL
this is the good guy! Tom Harkin!! LOL Look who owns this Hooker!!
1 TPG Capital $39,900 $39,900$0
2 Herbalife International $38,214 $31,800$6,414
3 Interpublic Group $31,100 $31,100$0
4 Goldman Sachs $28,780 $28,780$0
5 Connell Co $24,000 $24,000$0
5 Natural Products Assn $24,000 $5,000$19,000
7 Blue Cross/Blue Shield $22,200 $11,700$10,500
8 Van Scoyoc Assoc $21,531 $17,649$3,882
9 DLA Piper $21,000 $9,000$12,000
10 Cobham PLC $20,000 $16,100$3,900
10 Maximus Inc $20,000 $5,400$14,600
10 Sheet Metal Workers Union $20,000 $0$20,000
13 Citigroup Inc $19,500 $10,000$9,500
14 Roll International $19,200 $19,200$0
14 Zee TV USA $19,200 $19,200$0
16 Holland & Knight $18,125 $9,000$9,125
17 Cavarocchi Ruscio Dennis Assoc $17,500 $17,500$0
17 Girardi & Keese $17,500 $17,500$0
19 Flo-Sun Inc $16,900 $16,900$0
20 Alliant Energy $16,486 $12,986$3,500
http://www.opensecrets.org/politicians/contrib.php?cycle=2012&cid=N00004207&type=I&newmem=N
FLO Sun? is the Sugar Lobby! http://topics.nytimes.com/topics/reference/timestopics/people/f/jose_fanjul/index.html
Fanjuls cash in while U.S. taxpayers foot $1.8 billion bill for destruction of the Everglades
http://dominicanwatchdog.org/page-Fanjuls_cash_in_while_U.S._taxpayers_foot_$1.8_billion_bill_for_destruction_of_the_Everglades
Verses JW Corbett AREA! https://www.google.com/#hl=en&sa=X&ei=dojnTpPcFc_LtgeKs7WzCg&ved=0CBcQBSgA&q=JW+Corbett&fp=b7fb3fc7d8b669d
Keep Following Your feelings! Vote Your feelings! you people are the Problem, You people empower the Evil with the following of your feelings!
Goldman Sachs.. I am not linking anything for the JP Moragn Sheild Group.
Citi.. Same this as above.
TGP Capital..
Blue Cross..
Jw
You hit all the nails on the head.
Most of the replies run to focus on the crooks at the table as if the whole system was not setup to allow the criminals to pillage.
Karma karma karma, maybe gvt on their back was better than in their .............?
bwhaaahahahaa.
not to interrupt your foaming, but Iowa, Nebraska and Kansas are chock fucking full of these goddamn rethuglican farmers of yours.
Truth of the matter is that they mostly vote fucking democrat.
The bigger truth is that those votes make all the difference that a squirt of piss does in the middle of a house fire.
you didnt read it all.. I bash the dumbocrats and rethuglicans (GREAT WORD!, by the way) equally.
the lobby dollars (sited above) bought and paid for a Dumbocrat.. not a rethuglican.
catchup tomato.
They vote democrat - have you lost your mind!
There is stupid and then you set a new level right there.
Mrs. Abelow, your son is a crook and an embarassment.
Do they really expect people to believe their"deeply sincere apologies"?
They are deeply delusional, since at least high school.
MF Global COO: I know nothing...
...But I can calculate my big salary and my bonus structure down to the exact penny.
Let me guess: "I dunno", "I dunno", and "I dunno". I'm not watching, but am I close?
http://vegasxau.blogspot.com
Sprinkle in some "it was not my responsibility" or "it wasn't my job to" and you're dead on.
I watched for about 30 seconds before it became unbearable, but it looked to be an encore from his first show. He stays in character wonderfully. A method actor in the tradition of Pacino and DeNiro. 5 stars and 2 thumbs up. I see an Oscar nod for this. Or possibly a Lifetime Achievement award.
MF Global existed in one form or another since 1783. These guys came in and bankrupted it in less than 2 years. Plus, either stole or "misplaced" segregated customer funds. They should have been required to testify in an outfit consisting of shackles and dunce caps.
SarBox - anyone know if they gave Corzine immunity for SarBox violations? It would seem his testimony that he didn't know what was happening is a direct violation...and felony
Oh it's a felony alright. I think it might even need to be prosecuted under RICO. Because this smells of organized criminality.
Liars. They know where the money is, it was taken by the winners of the bets that MFG placed.
Which is why they call it gambling. Otherwise, they'd just call it winning.
Exactly!
The winners were on the other side of MFG's transactions.
So, are we going to eventually hear who they were? I doubt it. But it would be ineresting to know who they were. That in itself might, or might not, speak volumes...
"Show Me The Money God Dammitt"! "I will search for that money as long as I live!
wait a minute I thought the U.S. could torture terrorist prisoners now to get information. The Senate should be water boarding these financial terrorsists and asking "where is the fucking money Lebowski?"
i never realized it would be much easier for Corzine and Abelow to loot the New Jersey money.......now i know why he took the job for $1.....that must have been a really bad day for them when they lost
Sweet! Just like in the US govt. the blind lead the blind...or more aptly, the corrupt lead the corrupt.
Corzine is still artfully dodging the question.
Lets see if this works
Sen Roberts just said "rehypothecation" but admitted he doesn't know what it means.
a suggestion- dictionary of financial terms
Seriously these "investigators" come equipped for a marshmallow roast when it's a freaking gang war!
I haven't been watching ---- Did he ask Jon for a definition? That would have been an interesesting answer.
"Uh, yes senator --- that is where I go to pick up my girl friend's birth control pills, as well as my viagra"
lol
no, he said "there are so many big words...like rehypothecation, which i don't understand"
rehypothecation - a house of cards where the same card is used multiple times.
Smoking gun!
Come on Corzine we're waiting for you to drop Dimon in it you lying fuck.
Show some backbone.
Squids are cephalopods...no backbone.
drop a dime on dimon
the salvation army could use something like that...
Lets see if this works
They are parsing everything. Obviously they know what went down. Lock em up, throw away the key.
Lock em up, throw away the key.
Sorry 'Honorable John'... the key to your cell was 'Rehypothecated'...
Now the cat is out of the bag that no one's money is safe in brokerage accounts because there is a loophole that allows brokerages to use people's money in their own risk taking businesses, and opens the way for unsecured creditors like JP Morgan to get preferred status and all monies from any bankruptcy.
What's that going to do for investor confidence and liquidity when this fact sinks in to the masses?
Just like the Congressional hearings on Enron, the MF Global mf'ers of the universe will profess ignorance just like Ken Lay and Jeff Skilling. Congress would get more information with subpoenas of MF Global mailroom clerks or janitors.
The first Senator who brings up Sarbanes-Oxley gets a gold star!
so cani just ask 1 salient question
what the fuck do you actually do there to earn your fucking insanery huge wage?
do you consider accepting some resposibility for what the fuck goes on in thew business might be part of why you get so much money?
or do you think investors pay this wage to you because your just such a great guy?
Doesn't JP Morgan have the missing funds?
CNBC is sure not breaking their Hopium shows to broadcast today's Testimony like they did last week....
Corzine is still dodging!!!! Ask him directly!
.... More live covergage in HQ stereo
Jon will talk right after Stevie talks
http://www.youtube.com/watch?v=CNOYwEsjKG0&feature=related
You say that like you think they actually want real answers instead of just a dog an pony show.
.
Let me guess what they're going to say: none of them know how it happened and they are all innocent.
1,200,000,000 $1 dollar bills just stood up, put themselves into a big bag, and walked itself out of their office on its own.
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?]
These fucking criminals make me sick to my stomach.
I'm not aware...
I don't recall...
I would not want to speculate...
I do not know...
I'm unaware...
It was never the intent to break the glass...
I had no reason to believe...
I was shocked...
I do not know what happened...
I was never made aware...
To the best of my recollection...
I was stunned...
I didn't intend...
FUCK YOU CORZINE
FUCK YOU ABLEOW
FUCK YOU STEENKAMP
WHERE IS THE FUCKING MONEY ASSHOLES???
Grayson? Is that you?
No, Celente.
Even better!
Gerald....you stole my "Three Card" Monti line and I'm slightly annoyed...honored, but annoyed. I think you should give me a free subscription to Trends Journal!!!
Last week he was "Honorable John Corzine"
This week he is "Hon. Corzine"
Next week he should be "Inmate 213334JC"
Corzine said he never authorized the misuse of customer funds. He should be asked if he ever authorized the use of customer funds, not the misuse.
Chambliss almost nailed him on the "misuse" BS. But he escaped with some rule 125 slippery stuff.
Somewhere in the hierarchy of MFG there is an Oliver North, who somehow managed, on his own, to hatch this plan, gather the neccessary resources and then put it into operation, without authorization from anyone. What an incredible soldier.
You can't find the money? Really? Let's see if the people who have lost money can find it in your homes, eh boys?
How about this question? Do you, Mr. Corzine ,expect us to believe that in this day and age of computer transactions that you can't trace the missing funds? Have you checked the Seychelles islands?
maybe the MF Global janitors know something?
"The Help" always knows...
Corruptzine: I didn't intend ta rob doze accounts, but ya see, JPM was sendin da boyz afta me, I had ta come up wit da dough.
Put them on a wobbly stool with a noose around their neck and see if they can come up with some better answers.
Oh no, we're too "civilized".
So civilized that we allow assholes like this to rob the old, the sick, the unborn.
I can't explain it but somehow whenever I see "CFTC" or "SEC" I am reminded of this song:
http://vimeo.com/10171355
warning: virginal eardrums may have their hymens blown out, even though the language is fine.
And JC, well...
http://www.youtube.com/watch?v=fxrd_jZJxkg
duplicate
hey I figured it out... the money is stuffed inside that drone that got brought down by the Iranians last week. see that's why Obama took a personal interest and called or whatever to ask for it back. makes sense considering him and Corzine are so tight and when MF global blew up they needed some place quick and stealthy to stash and move the loot. unfortunately, that drone got rerouted to a secret CIA spy mission over Iran and given the fact that the pilot was not expecting to have to compensate for the weight of a billion or so dollars, well, down it went.
now all the Iranians have to do is crack that bitch open like a pinata and...merry Christmas Mullahs!
it's all so obvious...
Maybe Obozo's birth certificate was in the drone too. He definately doesn't want that back...
someone please help me out here - if, 'mf global' can't come up with a measly ~$1.2bn in a $600tn market[?],... somehow, this implicitly tells me the entire [re]-hypothecation ponzi scheme is/was leveraged 600:1
jmo
help me with the numbers?
Cuntz questioning kuntz. Whatya expect. A laser guided GBU-28 could quickly solve many monetary problems at once.
The Guided Bomb Unit 28 (GBU-28) is a 5,000-pound (2,268 kg) laser-guided "bunker busting" bomb nicknamed "Deep Throat" produced originally by the Watervliet Arsenal, Watervliet, New York. It was designed, manufactured, and deployed in less than three weeks due to an urgent need during Operation Desert Storm to penetrate hardened Iraqi command centers located deep underground. Only two of the weapons were dropped in Desert Storm, both by F-111Fs
Yep. They used a Howitzer barrel for the body of the bomb.
Since this isn't really government in action without law enforcement, would someone just update the post if the sargeant at arms arrests someone?
"I don't recall commingling. Cunnolingus with Obama yes, but not comminglus."
The CFO kept on answering questions by trying to justify his ignorance through repeatedly bringing up the fact that (paraphrase) "MF global is global and big, there are many jurisdiction with their own codes, directors, etc etc"
With that in mind, why would he sign off on Sarbanes-Oxley sec 404 (the internal controls thing) if the size and distributed nature of the company was such a huge hinderance to knowing what was really happening?
Someone should bring this up and catch this fucker in a little paradaox.
I'm not getting any audio. So, since his lips are moving, I will assume he is lieing.
i think that certan people at the FED, CIA,, JPM and GS know exactly where the $ went
yo no conprendo compadre. SO SUCK IT BITCH! BAAAAAAAAAM! (HANDS TO CROTCH)
I learned it by watching you Bernie! I learned it by watching you. (sob)
"Where did the money go?"
"I ate it, it was delicious,now, can I go drink with my chums from GS?".
These guys are just going through the motions. They blatantly stole the money, and they will just go to these proceedings and lie through their teeth.
That's what their kind do.
Read:
http://www.amazon.com/Simple-Wealth-Mr-Andrew-Costello/dp/1463523017/ref
I know the treasurer of a west-coast based broker/dealer. I spoke to him yesterday and the topic turned to MF Global. He was amazed that client funds could go missing. This firm is regulated by FINRA, while MF Global was regulated by the CFTC, but FINRA requires a weekly calculation of funds that are required to be segregated into a separate account. That account is titled to be for the benefit of clients and is protected against lien or offset by the bank that holds the funds, generally through a letter of no-offset (or something to that effect). Apparently this firm cannot remove any funds from the segregated accounts until they update the calculation for what is required to be in this account.
That said, this Treasurer says there is only two ways to his knowledge that client funds could go "missing". First is either through mistake or purposely diverting funds, the firm might transfer funds into the wrong account instead of the client segregation account. However, this is easy to track (ie wire transfers with Fed No's to track flow of funds). And if a mistake, this would be caught "within two seconds" per this Treasurer, so it wouldn't be in the wrong account very long. If on purpose, again, should be very easy to find the trail. They didn't go to a branch to withdrawl $1-2B in funds... there would be a trail.
The second way funds could go "missing" and the likely reason per this Treasurer is that the funds are NOT missing. They were invested. In European Soveriegn Debt. The value of which decreased significantly. So money isn't missing, they were invested in an asset that is declining in value. And the value of the securities is now $1-2B lower than when purchased. FINRA only allows this broker/dealer to invest in US Gov't securities, etc with these funds. That's it, nothing else, they are even limited from most Money Market Accounts. The CFTC was apparently allowing MF Global to invest in European Soveriegn Debt, which they did with their client segregated funds.
I don't claim to know for certain, but it sounded pretty logical to me. Thought it was worth sharing.
We also spoke about re-hypothecation for a while, that was pretty interesting, coming from a broker/dealer perspective.
//They were invested. In European Soveriegn Debt.//
Corzine has repeatedly said during this hearing that this was not the case.
Note: I am not saying that he was not lying when he said this, just repeating what he said.
No one knows where the money went and not one Congressman blows a gasket? They just accept this as the truth. Wow.
Looks like they are setting the CFO as the fall guy.
blame the foreigner!
remember fab?
corzine doesn't have his 7
bwahahaha!
BEyonce: The singer bought a small cabana in 2002 for $465,000 but sold it in Nov. for $110,000.?
tax write off
her and jay z are good at those
They were rehypothecated, you dumbass
is anyone still wondering why cameron didn't sign the EU treaty
This is an instance where the GREEN ARROW should allow for increments of 1,000 - Cameron's dilemma - agree with a bunch of spineless liars who would sell their children without concern OR side with the Bankers of London where I live & OWN said spineless liars....Hmmm, I need to make a phone call, "Hello Lennon?, David here...Have a bit of a dilemma & I would like your advice regarding the EU Treaty...And the rest is HISTORY!
cameron knew what a tobin tax on rehypothecated loans would look like
If I were on the panel, I would have asked 'Gov. Corzine, at any point in time, did the cleaning staff have unsupervised access to your office.'
Corzine best be careful because farmers in Montana are armed & dangerous...Could NOT happen to a more deserving PRICK - Hold on, back to the Congressional hearing where Congresswoman Lindsay Lohan asks the Honorable Jon Corzine "Mr. Corzine, what is it like being so misunderstood?'
Real video from MF Global office just before they filed for bankruptcy: http://bit.ly/tk1vLa
"Sen Corzine, who stole that money?"
Treasury.
"Who abused rule 125?"
Treasury
"Who would have moved client funds out of the segrated accounts?"
Treasury
"Who bankrupted the company?"
Treasury
Who killed JFK?"
Treasury
THE ONLY APPROPRIATE INVESTMENT VEHICLE FOR CUSTOMER SEGREGATED FUNDS IN A FCM IS US TREASURY PAPER: 90 DAY T-BILLS. NOTHING MORE OR LESS. DEAL WITH IT!
I may sound paranoid but I think this whole legal charade is being put on for a purpose. Once it becomes accepted that firms like MFG can just take customer money to pay for bad trades they are all going to do it with government's passive consent. Perhaps that is why BofA moved their trillions in derivative exposure over to the banking side, to grab all those depositors' money. In my opinion the government has been looking to tap our money and can not do it through higher taxes or mandatory IRA/401k reinvestment, as that would be politically damaging. So why not use all that revenue sitting in checking, savings and brokerage accounts to help pay down these institutions debts. That way the government does not have to officially do it and can "cut" bail out expenses, can wrist slap the offenders and have more multitudes of people dependent on them after they are all wiped out. They could then slap some high taxes on the people who were lucky enough not to get wiped out and demonize them as evil speculators and part of the 1%.
That way you get two goals achieved for the price of one!
Why can't they call in a few underlings, give them immunity, and ask every question? Or are they not going to do that because the fix is in?
None of them claims to know what rehypothecation is?
I hope Gensler ends up indicted with Jon.
What a fucking lame excuse to recluse himself.
So fucking what they both worked at GS.
I got news, if these sleazeballs are gonna recluse at the drop of a hat for some BS reason, I say FIRE THEIR ASSES.
The "revolving door" between GS and the government guarantees that at some point people from the same criminal enterprise are gonna be on opposite sides of the table.
It should have been Genslers "moment" to man up and show why he deserved the position he is in, instead of being an accomplice.
http://vidrebel.wordpress.com/2011/12/13/silver-wars-attack-on-the-comex-slv-and-mf-global/
mf global takedown was done to keep comex from blowing up over lack of silver bullion ....
sell gold. buy silver. silver was always the baby doll. from day one. i knew it all along..........
Watching the MF Global investigation hearings is really sick. Like watching three (3) stupid monkeys that know nothing about anything. These jack-offs have brought double-talk to a new level! The Blago-jerk finally got his 14 years. I hope these get it eventually too!