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Jon Corzine (MFGLQ.PK) ordered $200M in customer funds moved to JPMorgan to cover an overdraft,...
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Friday, March 23, 2012, 4:26 PM ETJon Corzine (MFGLQ.PK) ordered $200M in customer funds moved to JPMorgan to cover an overdraft, an email from MF Global's treasurer suggests - a seeming contradiction of Corzine's congressional testimony "I did not instruct anyone to lend customer funds to anyone."
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This news story has 37 comments:
Subcommittee has got the email and rep controlled. Blood ! Who is lying Edith O'brian or Corsine
He was...... GS.... CEO... Say more ????
OK , Gov of NJ too...And, ever watch where gangsters live ?
Ping Pong.
Under federal regulations, segregated customer funds aren’t meant to be touched. JPMorgan’s chief risk officer Barry Zubrow called Corzine that day to seek assurances that the funds belonged to MF Global not clients and followed it up with a letter for O’Brien to sign. The letter was never returned.
CI here. It's reasonably clear to me customer funds were embezzled to fraudulently meet MF Global funding needs.
How interesting that this news "breaks" late on a Friday afternoon.
The wheels of justice fell off the wagon on this one! There was plenty of evidence of wrongdoing long before this e-mail.
Why was he brought in before the Agriculture Committee when clearly he had knowledge of where the $1.2B of investor money went?
Where is Jon Corzine?
I would hope you're right but as you can see, the consensus on this board is that he is too connected to fail or jail.
"...as we continue the conversation this afternoon, I want everyone to consider the fact that there's a greater framework at hand here, one that has actually worked extremely well.
"One of the comments that I've heard over the last couple of weeks is how do we prevent a Lehman from happening here? We did. Lehman happened in the U.K.; it did not happen in America."
Based on O'Brien's logic, if it didn't happen on our shores then it's their (British Financial Authorities) fault the customer protections didn't work.
Well now, what a revolting development this is.
Yes, there are checks and balances in the system. Unfortunately, when the courts levy fines that are 1/1,000th to 5/10,000th of the crime committed, it gives justifications for future occurences as we've noted here on SA in the past.
"PCAOB: Our Protectors, Encouraging Malfeasance" found here: http://seekingalpha.co...
Just to restate, you are absolutely right, there are checks and balances in the framework of the current system. However, as the checks are metted out it becomes clear that there are severe imbalances which actually encourage the very behaviour that is supposed to be discouraged.
Sar-Box and Frank-Dodd came before MF Global. Yet, violations of both are reflected in the failure of MF Global. This explains some of the reasons why there is outrage, by some, that Corzine and O'Brien haven't been charged with a crime.
Best regards.
Here is the proof:
http://bit.ly/GYdX9U
Remember Boris an Natasha... They were the honorable head of
"The Villians Thieves an Scondrals Union !"
On the stock talk now there is a tout that Ceasar was killed by a banker because of the Rome real estate crash !
Senator Brutus Corsine.... ancestor ?
http://bit.ly/GMJgS4