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Old 03-24-2012, 07:12 PM   #26
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Originally Posted by Ross View Post
Evidence emerges that Corzine authorized transfer of customer funds
to JPM . Perjury or a $200 million dollar lapse of memory ? Strange how
we so easily forget petty cash transactions .

http://www.zerohedge.com/news/corzin...-fund-transfer





.
Sorry, but the situation is simply not the way you have portrayed it here. The account in question contained both corporate and customer funds. There is no hard evidence that Corazine knew that there were customer funds in that account, or that if he did know, that he knew that the specific funds transfer in question contained some customer funds. These facts are going to make it very tough for prosecutors to nail Corazine, even if he is guilty.
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Old 03-24-2012, 07:30 PM   #27
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Ought6 .... what is the source of your information because the
the lead paragraph from the ZH/bloomberg link ( that I quoted ) states .....

Quote:
"Jon S. Corzine, MF Global Holding Ltd.'s chief executive office , gave "direct instructions" to transfer $200 million from a customer fund ........
Since customer funds must be segregated how could he have not known it
was customer funds ?

I am not necessarily saying you are wrong , just seeking confirmation .
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Old 03-25-2012, 02:31 PM   #28
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Ought6 .... what is the source of your information because the
the lead paragraph from the ZH/bloomberg link ( that I quoted ) states .....



Since customer funds must be segregated how could he have not known it
was customer funds ?

I am not necessarily saying you are wrong , just seeking confirmation .
I was watching an extensive discussion of this on Bloomberg TV last week. I do not remember who the person explaining this was, but he was an expert in banking and financial law, and seemed to know what he was talking about.

I personally suspect that Corazine is a goddamn thief just from my own impression of the guy, but I do not know that.
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Old 03-28-2012, 08:28 AM   #29
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At MF GLobal ....
Quote:
The first was a $200 million transfer from a segregated account at the firm’s brokerage to a “house” account, followed by a move of $175 million from the house account to a London subsidiary’s account at JPMorgan,
I read "segregated account" to mean "customers segregated account" .


http://dealbreaker.com/
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Old 03-28-2012, 03:30 PM   #30
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At MF GLobal ....
Quote:
The first was a $200 million transfer from a segregated account at the firm’s brokerage to a “house” account, followed by a move of $175 million from the house account to a London subsidiary’s account at JPMorgan,
I read "segregated account" to mean "customers segregated account" .

http://dealbreaker.com/
$200 million$ was moved from a customer account to a 'house account', where it was comingled with company or 'house' funds. Then the $175 million$ transfer occurred from the 'house account' to J.P. Morgan. It is that second $175 million$ transfer where is is unclear whether the funds were 'house' funds or customer funds. This is exactly what I was talking about.
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Old 03-28-2012, 04:42 PM   #31
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Irregardless of whether customer funds wound up covering the margin calls (I think they did), co-mingling of customer and house funds is strictly forbidden. That alone is enough to get someone a guest suite at the greybar motel (assuming of course, the govt actually prosecutes someone).

What's worse, is the belief by common investors that Wall Street is a bastion of crooks and swindlers... no one is going to invest in this market as long as everybody thinks it's rigged... as proof, look at how much money is "on the sidelines" (bank accounts, CDs and other "cash" instruments)... $8 TRILLION, the most on record... MF Global has made it even worse for Wall Street (not that they don't deserve it), because nobody believes their siren song anymore...

The fish swam out, and they ain't swimmin back!!!

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Old 04-07-2012, 10:19 AM   #32
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A scapegoat has been selected .

Meet Edith Obrien a 46 year old mid-level operations assistant at MFGlobal .



The hearing’s star witness, meanwhile, invoked her
Fifth Amendment right against self-incrimination.

Read more: http://business.time.com/2012/03/29/...#ixzz1rMWVds3X

Quote:
After this lead up, he ( Corzine ) then named Edith O’Brien as responsible for all transactions
from the FCM in those last days and hours of “chaos” and the one who “gave assurances”
that all transfers were properly done. His fix was in.

Quote:
Prior to this, Congress leaked to the press that Edith O’Brien, thrown into the center of the
MF Global disgrace, wrote an e-mail that the transfer was “Per JC’s direct instructions.”
This email, as reported by Bloomberg news, was dated Oct. 28 — three days before the
bankruptcy filing.

Quote:
For now, though, Edith O’Brien, who is still a “person of interest” to the FBI remains silent.
She apparently knows more than anyone, and may be willing to talk if she is assured immunity.
O’Brien may need it.

Quote:
To this date neither John Corzine nor any of the former C-level Executives have been named
a person of interest nor even questioned by federal investigators. Only O’Brien and other
back office employees remain at the center of the investigation in what is characterized by
federal investigators as a sloppy back office.
Source ...
http://www.zerohedge.com/contributed...sistant-under-


Up until now I just wanted to see Corzine jailed , now I want him castrated
and crucified . After weeks of cash crisis at MFGLobal it is inconcievable to me that he
was not well aware of the money source ( Customer funds ) .


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Old 04-07-2012, 03:31 PM   #33
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Yeah and hiding being 'a sloppy backoffice' is lame. It reminds me of the robosigning scandal. The people who worked there also did a 'sloppy job' but somebody arranged it that way on purpose and probably got away with that.
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Old 04-22-2012, 04:08 PM   #34
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Quote:
Jon Corzine -- under federal and congressional investigation following
accusations that the securities firm he headed illegally took clients' funds
before collapsing -- is among President Obama's top re-election campaign
bundlers, raising at least $500,000, according to the campaign’s filing Friday
with the Federal Election Commission.
Source .... K.Denningers http://market-ticker.org/

# Errrr "Friday" I assume that would have to be this most recent Friday but
exactly when was the contribution made ?

# "Raising" presumably means it was not money formerly owned by Corzine
but the fact that he is or was in control of raising and passing it to the
Obama crew obviously has the look , smell and taste of crap on toast .

But what really strikes me is the stupidity of accepting it because they
must know the information would be published. To maintain an image
of sanctity surely it would be wise to return the money asap .





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Old 04-22-2012, 04:40 PM   #35
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Quote:
# Errrr "Friday" I assume that would have to be this most recent Friday but
exactly when was the contribution made ?
That should be public information. Campaigns have to file all sorts of reports on a regular basis (not sure about current laws, but it used to be every 30 days) listing all contributions and the names and addresses of the contributors. So these would be very recent contributions, not from 2008.

Quote:
# "Raising" presumably means it was not money formerly owned by Corzine
but the fact that he is or was in control of raising and passing it to the
Obama crew obviously has the look , smell and taste of crap on toast .
Corzine acted as a fundraiser for the Campaign. He could certainly include his own personal contributions in the bundle but most likely the money came from fundraising events or tapping friends and family for checks.
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Old 09-17-2012, 06:56 AM   #36
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"We Plan To Pursue Criminal Charges Against
Jon Corzine In All 50 States"



Lawyer James Koutoulas with Rick Santelli on CNBC yesterday.

Quote:
Best quotes from Koutoulas:

"Crimes were unequivocally committed and I will do whatever I can to continue to do the government’s job for it and help see justice done."

"MF Global had a choice. Do we cheat or go out of business. And they cheated. They broke the law. And these took these customer funds to cover margin calls."

"Attorney General Eric Holder's Department of Justice is the biggest enabler of financial crime in U.S. history."

And the kill shot:

"I will take this to all 50 states. And we will win. We will get a conviction of Jon Corzine. And the next time a sociopath CEO says 'Do I go out of business or do I cheat,' he's gonna think about President Obama's biggest fundraiser in an orange jumpsuit in state prison."
Full video here ....
http://dailybail.com/home/must-see-l...i-we-plan.html
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Old 04-23-2013, 09:43 AM   #37
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Quote:

MF Global Trustee Sues Jon Corzine For Firm's Collapse


The premise of the suit:

During the period when Defendants were running MF Global, they dramatically changed the Company’s business plan without addressing existing systemic weaknesses that ultimately caused the plan to fail. As part of the new business plan, and in violation of his fiduciary duties to MF Global as the Chief Executive Officer (“CEO”) of Holdings Ltd. and MF Global Inc. (“MFGI”), Defendant Corzine engaged in risky trading strategies that strained the Company’s liquidity and could not be properly monitored by the Company’s inadequate controls and procedures. Defendants Abelow and Steenkamp, Corzine’s hand-picked deputies and the Company’s most senior officers, breached their fiduciary duties by failing to ensure that the Company’s procedures and controls were adequate and could accommodate the Company’s new business plan.


http://www.zerohedge.com/news/2013-0...firms-collapse



A Cynical but probably realistic comment from a ZH reader .

Quote:
Not a law expert, but have to wonder if this is another attempt to trump/block/stall other potential lawsuits from non-government sanctioned entities, drag it out, and then do a horrible job in the courtroom so that Corzine walks, and others are "dissuaded" from bringing suit. The SEC comes to mind.
I will believe it when I see Corzine part with serious money
and not before .

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Old 04-23-2013, 12:05 PM   #38
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Quote:
A Cynical but probably realistic comment from a ZH reader .

Quote:
Not a law expert, but have to wonder if this is another attempt to trump/block/stall other potential lawsuits from non-government sanctioned entities, drag it out, and then do a horrible job in the courtroom so that Corzine walks, and others are "dissuaded" from bringing suit. The SEC comes to mind.

I will believe it when I see Corzine part with serious money and not before .
I doubt he ever will, but I also doubt this suit is a show. Just the trustee doing his job. The fact that it involves a breach of fiduciary duty means Corzine will never pay a dime because his D&O policy will kick in long before that.
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Old 07-08-2013, 09:27 PM   #39
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Corzine walks .

Quote:
It’s official.

Jon Corzine will not be cuffed over MF Global’s improper handling of customers’ funds leading up to the commodity brokerage firm’s spectacular collapse in late 2011, The Post has learned.

Federal investigators have found no evidence that the disgraced Wall Street titan broke the law.

However ...

Quote:
Last week, Corzine was hit with civil charges by the Commodities Futures Trading Commission in connection with the illegal tapping of the funds, which were improperly co-mingled with the MFG’s house money in the firm’s final days.
Quote:
The CFTC lawsuit relied on recorded telephone conversations to support their allegation that Corzine was fully aware of the transfers.

In one call, an employee told Corzine that some of the funds O’Brien transferred had not been returned, the lawsuit said. Corzine asked if O’Brien had received back “enough to be in compliance.” The employee replied, “No.”


More here
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