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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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?"

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...

 

salthouse's picture

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

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.

junkyardjack's picture

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

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?

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 ).

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

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.

NotApplicable's picture

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

Rehypotheticatin' is hard!

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'.

Dr. Engali's picture

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

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.

4horse's picture

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

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!

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 

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?

NotApplicable's picture

Dear "Investor,"

 Fuck You.

 

Best Wishes and Happy Holidays!

CME

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?

FEDbuster's picture

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

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

Mr Lennon Hendrix's picture

is that what your blog is about?

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.

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!

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.

slewie the pi-rat's picture

now you can watch cartoons whenever you want, w0n0w0n!

look at us!

clinging to our fragile cartoon existence...

In Fed We Trust's picture

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

fuu's picture

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

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?

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.

williambanzai7's picture

The bums mix juice in the bottle.

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.

w a l k - a w a y's picture

Outlier Black Swan hat

 

Nice touch, is that original or photoshopped?

williambanzai7's picture

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

DB Cooper's picture

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

kralizec's picture

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

RichardENixon's picture

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

RichardENixon's picture

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

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.

 

MFL8240's picture

Why isnt Corizine in handcuffs?

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.

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.

Coldfire's picture

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

topcallingtroll's picture

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

Ruffcut's picture

Yes, jack rubys kid, ricky ruby.

When you lose your value, you are dispensable.

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.