Post by unlawflcombatnt on Mar 23, 2012 22:44:01 GMT -6
Surprise, surprise.
After the stock market closed for the day, information was released that Jon Corzine had authorized at least a $200 million transfer of customers money to cover the MF Global's own propietary bets.
It's amazing that there hasn't been an immediate arrest of Corzine--who basically stole $200 million of customers money, and then perjured himself in front of Congress about the deal.
But apparently he's one of Obama's sacred cow campaign donors. So the Justice Dept. was likely ordered to go easy on the investigation and any pre-trial action.
But if Corzine had been a doctor, and had stolen even 1/2 this amount, he would have already been waterboarded, drawn-and-quartered, and then beheaded by this time.
But as we all now know, it's the same with Obama as it was with Bush (and Clinton).
Some pigs are definitely more equal than others.
from Marketwatch
Corzine approved MF Global fund transfer
Fri, March 23, 2012
By Steve Goldstein
"A congressional committee investigating how $1.6 billion in customer funds went missing from bankrupt brokerage MF Global said Friday that it’s found evidence that then-CEO Jon Corzine directed a senior executive to use $200 million of clients’ money.
According to a memo from a House Financial Services subcommittee, the probe found that Corzine authorized the transfer of customer funds, citing an email from Edith O’Brien, the firm’s assistant treasurer.
Reuters
Former MF Global CEO Jon Corzine apologized last year to customers, employees and investors who had suffered because of the firm's collapse, but said he does not know where any missing money is.
On Friday, Oct. 28, 2011, MF Global transferred $200 million from a segregated customer account at J.P. Morgan Chase JPM +1.14% in London, the committee said. O’Brien wrote in an email that the transfer was “per JC’s direct instructions.” O’Brien is due to testify Wednesday before the subcommittee, and The Wall Street Journal reported she will invoke her constitutional right against self-incrimination.
Corzine spokesman Steven Goldberg said late Friday that, as Corzine, a former U.S. senator and New Jersey governor as well as a former Goldman Sachs chairman, testified before Congress, he asked that the overdrafts with J.P. Morgan be corrected and never gave any instruction to misuse customer funds nor made any statement that could be viewed as telling anyone at MF Global to misuse customer funds.
Corzine recalls receiving written confirmation that the funds used to remedy the overdrafts were appropriate to that purpose, Goldberg added.
Nevertheless, the House committee has stated that MF Global executives including Corzine and Chief Financial Officer Henri Steenkamp grew frustrated with the pace at which J.P. Morgan had been transmitting sales proceeds.
J.P. Morgan sought to validate the appropriateness of the transfer, the House committee said. Chief Risk Officer Barry Zubrow called Corzine directly to seek assurances that the funds transferred were not customer funds, and the bank sent Corzine a draft letter seeking assurances that all transfers — past, present and future — complied with Commodity Futures Trading Commission segregation rules.
The general counsel for MF Global, Laurie Ferber, reviewed the letter but thought it was too broad and sought to restrict it to the Oct. 28 transfer.
On Saturday, Oct. 29, several revised versions were sent between MF Global and J.P. Morgan, but emails sent by O’Brien and Ferber and other lawyers showed Corzine was reluctant to sign them.
Later that day, Corzine said Interactive Brokers and J.P. Morgan were the parties most interested in buying MF Global.
CFTC Chairman Gary Gensler, who has since recused himself from the investigation, advised CFTC staff on Oct. 30 to set specific deadlines for MF Global to provide information on customer-segregated funds. Though some MF Global staff worked to secure more information, emails sent by regulators revealed the firm was not forthcoming with the information.
O’Brien showed MF Global North America’s finance chief, Christine Serwinski, a document indicating there had been transactions that resulted in the client-fund shortfall: intraday loans between the MF Global futures-commission merchant and its broker-dealer; the funding of outgoing broker-dealer client funds; and an Oct. 28 transfer of $175 million to MF Global’s London office. Those transactions totaled $909 million.
By Monday morning at 1 a.m., O’Brien and Serwinski told the CME Group Inc. CME +0.09% there was a customer-fund deficiency. By 2 a.m., regulators knew a pending deal for MF Global to be bought by Interactive Brokers had been called off.
Although the Securities and Exchange Commission expressed concern to MF Global about the firm’s calculation of excess funds, MF Global transferred $220 million.
MF Global also tried to transfer funds from its U.K. subsidiary but was blocked by a U.K. regulator, the memo added.
After the stock market closed for the day, information was released that Jon Corzine had authorized at least a $200 million transfer of customers money to cover the MF Global's own propietary bets.
It's amazing that there hasn't been an immediate arrest of Corzine--who basically stole $200 million of customers money, and then perjured himself in front of Congress about the deal.
But apparently he's one of Obama's sacred cow campaign donors. So the Justice Dept. was likely ordered to go easy on the investigation and any pre-trial action.
But if Corzine had been a doctor, and had stolen even 1/2 this amount, he would have already been waterboarded, drawn-and-quartered, and then beheaded by this time.
But as we all now know, it's the same with Obama as it was with Bush (and Clinton).
Some pigs are definitely more equal than others.
from Marketwatch
Corzine approved MF Global fund transfer
Fri, March 23, 2012
By Steve Goldstein
"A congressional committee investigating how $1.6 billion in customer funds went missing from bankrupt brokerage MF Global said Friday that it’s found evidence that then-CEO Jon Corzine directed a senior executive to use $200 million of clients’ money.
According to a memo from a House Financial Services subcommittee, the probe found that Corzine authorized the transfer of customer funds, citing an email from Edith O’Brien, the firm’s assistant treasurer.
Reuters
Former MF Global CEO Jon Corzine apologized last year to customers, employees and investors who had suffered because of the firm's collapse, but said he does not know where any missing money is.
On Friday, Oct. 28, 2011, MF Global transferred $200 million from a segregated customer account at J.P. Morgan Chase JPM +1.14% in London, the committee said. O’Brien wrote in an email that the transfer was “per JC’s direct instructions.” O’Brien is due to testify Wednesday before the subcommittee, and The Wall Street Journal reported she will invoke her constitutional right against self-incrimination.
Corzine spokesman Steven Goldberg said late Friday that, as Corzine, a former U.S. senator and New Jersey governor as well as a former Goldman Sachs chairman, testified before Congress, he asked that the overdrafts with J.P. Morgan be corrected and never gave any instruction to misuse customer funds nor made any statement that could be viewed as telling anyone at MF Global to misuse customer funds.
Corzine recalls receiving written confirmation that the funds used to remedy the overdrafts were appropriate to that purpose, Goldberg added.
Nevertheless, the House committee has stated that MF Global executives including Corzine and Chief Financial Officer Henri Steenkamp grew frustrated with the pace at which J.P. Morgan had been transmitting sales proceeds.
J.P. Morgan sought to validate the appropriateness of the transfer, the House committee said. Chief Risk Officer Barry Zubrow called Corzine directly to seek assurances that the funds transferred were not customer funds, and the bank sent Corzine a draft letter seeking assurances that all transfers — past, present and future — complied with Commodity Futures Trading Commission segregation rules.
The general counsel for MF Global, Laurie Ferber, reviewed the letter but thought it was too broad and sought to restrict it to the Oct. 28 transfer.
On Saturday, Oct. 29, several revised versions were sent between MF Global and J.P. Morgan, but emails sent by O’Brien and Ferber and other lawyers showed Corzine was reluctant to sign them.
Later that day, Corzine said Interactive Brokers and J.P. Morgan were the parties most interested in buying MF Global.
CFTC Chairman Gary Gensler, who has since recused himself from the investigation, advised CFTC staff on Oct. 30 to set specific deadlines for MF Global to provide information on customer-segregated funds. Though some MF Global staff worked to secure more information, emails sent by regulators revealed the firm was not forthcoming with the information.
O’Brien showed MF Global North America’s finance chief, Christine Serwinski, a document indicating there had been transactions that resulted in the client-fund shortfall: intraday loans between the MF Global futures-commission merchant and its broker-dealer; the funding of outgoing broker-dealer client funds; and an Oct. 28 transfer of $175 million to MF Global’s London office. Those transactions totaled $909 million.
By Monday morning at 1 a.m., O’Brien and Serwinski told the CME Group Inc. CME +0.09% there was a customer-fund deficiency. By 2 a.m., regulators knew a pending deal for MF Global to be bought by Interactive Brokers had been called off.
Although the Securities and Exchange Commission expressed concern to MF Global about the firm’s calculation of excess funds, MF Global transferred $220 million.
MF Global also tried to transfer funds from its U.K. subsidiary but was blocked by a U.K. regulator, the memo added.