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Will a couple of "i'm sorry" and "I'm not an expert on bankruptcy law" make this all go away? Because I know just the CEO to slick back his hair and arrogantly blow hot air up your ass
The corruption runs deep, they have infiltrated almost every element of governement, the day will come although where they are held accountable for what they have done. Sadly I believe it is still a few years away.
There's a word for misappropriating funds from a company (or estate) you work for: EMBEZZLEMENT.
That's what this is. Plain and simple EMBEZZLEMENT.
The co-mingling funds argument absolutely does not stand up post-bankruptcy. This was theft.
Please, please. Don't mix up laws written for serfs and laws written for those who have ascended.Simple "I am sorry" is maximum sentence that those holy beings should be punished with.
// who gave permission ..... ? //
This is Wall Street. They are doing God's work and they are above petty things like government and rule of law. They can plead the "FIF" and get away with murder. All they need to make sure is the current president's coffers is flush with election dollahs.
I've listened to a good amount of these hearings, and I'm surprised none of the Senators ask them how many people in the company would even have the ability to transfer that much money in client funds. It can't be that big of a list.
i know for a FACT that the night janitor transfered $5bil from an account.....corzine is innocent!
The way this is being whitwashed and delayed, and the fact that real crimes aren't being seriously investigated, I don't even think it's going to get to the point where we get the "few bad apples" excuse. It won't even be necessary.
As Captain Jack Sparrow would say "I'm having a thought Here!"
"What if they did a clawback on the purchase of the Italian bonds from JPM at a fair market value of say 96 cents!
Sounds Fair to me."
And Barbossa says "Ah But Jack thats what lost ye yer money in the first place.
Companies are easier to steal from when their dead!"
Fraudulent Conveyance: a transfer of property that is made to swindle, hinder, or delay a creditor, or to put such property beyond his or her reach.
Claw it back, baby. Claw the muther fucker back.
Our financial system is so corrupt and dysfunctional that the only way to fix it is to let it all implode and rebuild it again.
Ask Corzine - why? It'll just be more of the Clinton defense - don't remember, can't recall. Hillary and Billary taught all these radical left wing Democrats how it's done.
If he knows jack shit, you must acquit!
permission? we don't need no stinkin permission.
Tyler et. al allow me to obvious in the face of general tonal naïveté of this article: the entire bond market operates under these preferential discounts -- this is how bond dealers function to date and the only difference here is there was a "seeming" dump in the face of insolvency. The keyword "dump" because if you tracked any bond dealer you'd see these kinds of "discounts" all day every day akin to congress legally insider trading. The profits come as insider multi-tiered discounts between "insider" traders and then end-purchaser ultimately scavenges and hopefully justifies the price differentials and junk bond insolvent product. But WTF do i know?
If I hear that the money went to pay off folks who had funds on account with them that were co-mingled, I could at least understand it, they are trying to pay back what they should, first. Other wise NO, NO, NO, NO, NO, NO!
Money for nothing! And at that is some serious money!
if it was after BK filing and w/o court permission it is subject to being set aside and or the subject of contempt
Hell hath no fury like a scorned Federal judge . . . especially if it's a she.
im so fking numb to the corruption. The corrupt politicians are going to tell the corrupt banksters what to do. WTF is going on
Was he asked about this?
300 million bitchez
Small haircut. Nothing to see here. Move along.
Exactly - the salesforce covering MFG realized there would be only limited business going forward and, well, they need to hit their revenue targets.
I remember an incident with one of the client coverage guys on a very similar entity which collapsed owing to insolvency issues. He laughed as he told me how he'd taken a huge margin for the unwinds and the client had been angry but "there was nothing he could do" - this is the ugly truth about the way it works and the unethical nature of investment banks...
AND ITS GONE BITCH! SUCK IT!
Hello ma'am how may i help you today?
No rule of law what-so-ever.
Banana Republic of America.
I will call it Costaguana. Man, a banana republic is normal. A free republic, equal protection under the law, upholding of contracts, that is abnormal. It was fun while it lasted.
Might I presume that this goes to the highest levels of government. Not much of a stretch is it? Would not this be called quid pro quo until you get called on it and then it's called RICO.
The TRIBE led by the Scumbag Soros and JP Morgan insider Dimon do whatever the fuck they want and if you dont like it than tough shit.
So... I generated a Scumbag Soros meme template, but cannot get it captioned due to an error message.
Here's the pic
BUYS BONDS FROM MF GLOBAL (top)
5% BELOW RETAIL (bottom)
But alas, my memegenerator fu is weak. :( (as are my MS Paint skillz)
Corzine knows nothing! NADA. Just add Corzine and Soros' name to the mix and the "GOP" finally gets it's panties in a bunch over the greatest financial scandal in the history of the world... the CFTC under Wendy Graham, a NEOCON btw. and Rubin and Summers and Gensler- all part of this crime spree! Where was the GOP then? What did they think was gonna happen when you condone a crime? It keeps happening! This is partisan politics stalling necessary justice to return any integrity to the U.S. markets and a HUGE obstacle to economic recovery. Bush and his clique condoned this scandal along with the S&L Crisis. I'm NOT condoning Obama and Corzine, but the GOP and the Clinton crew needs to own up here as well. Playing politics is for dummies.
The courts have been doing nothing since 2003 (and before) about these crimes. Why would Soros miss out?
http://www.dandodiary.com/2008/06/articles/subprime-litigation/the-list-subprime-lawsuit-dismissals-and-denials/index.htmlhttp://www.skadden.com/content/Publications/Publications1962_0.pdf***On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor.***A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case"***http://www.washingtonpost.com/wp-dyn/content/article/2010/10/19/AR2010101907216.html
now THAT has style: to buy bonds of bankrupt state from a bankrupt company with crony discount...
ACtiually - If true, they buyer may not "own" the bonds. Unless of cousre it is Soros then breaking the rules will not matter.
That's good since Soros could use the discount savings to further his pro-America agenda no doubt.
US suspending production $1 coins
Tyler put up a thread on this.
Congress fails to understand the market. Go figure.
It is called "flipping" in the Street. A quick profit for your friends and family at Christmas
MF Clients better stock up on KY...lots of it.
if story is true than trade did not happen. Bankruptcy judge will rip itup
And that's where the so-called good collateral winds up, like in 3 card monte, you think you know where the money is but it isn't until laws are broken, and shady back door deals are made that you find out that the money was literally stolen via liquidating sales.
This should implicate many people who should go to jail for outright theft, fraud, etc. How far it goes and how much justice will be served will be a function of how much ignorance there is amongst the general public.
The fed, banks, prime brokers, central banks, and broker dealers have engaged in some serious fraud that if genocidal policies like further stimulus (which will do nothing to stem the reversion to the mean in asset prices) won't do them in, this certainly will.
no QE, no QE, no QE.
"- this is flaunting bankruptcy law front and center."
These are bankers, the law doesn't apply to them.
Really, what strikes me awfully hard, is that just before giving testimony, Corzine is asked to raise his hand and swear an oath to tell the "whole truth". Farce, and the I never meant to hurt anyone or do anything illegal is completely lame. Why doesn't he just tell the most truth and say, "I thought I could get away with it."
and, please... when will some young Congressional aide walk through the scene and knock over that idiotic "honorable" sign???
In today's day and age, Honorable = Despicable
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