Forum Post: Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JPM At A 5% Discount To Market Value? /// JP Morgan Stock Breaks Down On News Company's Role As MF Global Lender To Be Probed
Posted 12 years ago on Nov. 27, 2011, 7:19 p.m. EST by MonetizingDiscontent
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Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JPM At A 5% Discount To Market Value?
-12/13/2011-
We already knew previously that shortly after it filed for bankruptcy, George Soros bought $2 billion in Italian bonds from the bankrupt MF Global. One thing we did not know was the terms of the purchase.
Today, the WSJ has disclosed... http://online.wsj.com/article/SB10001424052970204336104577094702485491024.html ...another facet of the bankruptcy which like Lehman will expose gigabytes of dirt on the corrupt US financial system. Namely, that after liquidating, MF sold Italian bonds - the culprit that ultimately led to the bank's bankruptcy - to none other than JP Morgan and "one large hedge fund."So far so good. Where it gets disturbing is that as the WSJ discloses,
"buyers paid about 89 cents on the dollar for the Italian bonds, compared with a market price of about 94 cents at the time, according to the trader who bought them...Today, those bonds trade at more than 96 cents, according to Tradeweb."
Our question is first, why did the bankrupt MF Global estate proceed to unload post-filing assets and under whose discretion: after all the company had entered bankruptcy, and it is up to the estate, which includes bondholders and other stakeholders to determine what assets and under what conditions, can be liquidated.
Did MF Global believe that the same exemption from the law that it apparently thought was applicable to its pre-petition, was also valid under bankruptcy? Because if the firm did not get prior-permission form a bankruptcy judge to liquidate these assets, this is an act far worse than commingling and even the firesale of Lehman's US Brokerage to Barclays for pennies on the dollar - this is flaunting bankruptcy law front and center.
Secondly, and perhaps just as important, who on the estate agreed to give JPM a 5% explicit discount to what the article notes was a fair price that is 5% higher and which by definition would have had bidders at that price.
We hope someone in the Senate will take a quick look at this note, and the related WSJ article, and ask Messrs Corzine et al to provide some much needed clarity on this topic.
(((View this article Here))) http://www.zerohedge.com/news/who-gave-permission-bankrupt-mf-global-sell-italian-bonds-jpm-5-discount-market-value
JP Morgan Stock Breaks Down On News Company's Role As MF Global Lender To Be Probed
http://www.zerohedge.com/news/jp-morgan-stock-breaks-down-news-companys-role-lender-be-probed
-12/13/2011-
The Gold "Rehypothecation" Unwind Begins: HSBC Sues MF Global Over Disputed Ownership Of Physical Gold
-12/09/2011-
MF Global and the Great Wall St Re-Hypothecation Scandal
-12/7/2011-
(Business Law Currents) A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears that MF Global and some of its Wall Street counterparts have been actively and aggressively circumventing U.S. securities rules at the expense (quite literally) of their clients.
MF Global's bankruptcy revelations concerning missing client money suggest that funds were not inadvertently misplaced or gobbled up in MF’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules that allowed for the wholesale acquisition and sale of client funds through re-hypothecation. A loophole appears to have allowed MF Global, and many others, to use its own clients’ funds to finance an enormous $6.2 billion Eurozone repo bet.
If anyone thought that you couldn’t have your cake and eat it too in the world of finance, MF Global shows how you can have your cake, eat it, eat someone else’s cake and then let your clients pick up the bill. Hard cheese for many as their dough goes missing....
(((Continue Reading this article Here))) http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/
By Christopher Elias (UK)
MF Global clients to get $2.2 billion
http://www.reuters.com/article/2011/12/09/us-mfglobal-trustee-idUSTRE7B725W20111209
-Dec 9, 2011-
Bank Funds Won’t Cover MF Global Shortfall, Trustee Says
-December 06, 2011-
Anger mounts as MF Global clients see $3 billion still stuck
http://www.reuters.com/article/2011/11/21/us-mfglobal-customers-funds-idUSTRE7AJ0PW20111121
-Nov 20, 2011-
Money Found in Britain May Belong to MF Global at JPMorgan Chase
By BEN PROTESS and AZAM AHMED | New York Times
http://finance.yahoo.com/news/money-found-britain-may-belong-115508178.html
-November 28, 2011-
About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase... http://dealbook.on.nytimes.com/public/overview?symbol=JPM&inline=nyt-org ...in Britain, according to people briefed on the matter. The discovery could be the most significant breakthrough in a monthlong hunt for the missing funds.
During MF Global's last chaotic days, the brokerage firm overdrew an account at JPMorgan, according to another person who is close to the matter. Some investigators now believe the firm used customer funds to patch at least some of the hole, which would have been a significant breach of federal law.
MF Global transferred the roughly $200 million in the days before the firm filed for bankruptcy, said the people, who requested anonymity because the investigation was incomplete.
Some investigators suspect that the transfer to JPMorgan was the first major misuse of customer money at MF Global, the commodity brokerage powerhouse once run by Jon S. Corzine, the former Democratic governor of New Jersey. Authorities are also looking into whether JPMorgan initially questioned the source of the cash and sought proof from MF Global that it was complying with regulations, one of the people said.
The authorities believe MF Global failed to give JPMorgan full documentation for the cash, the people briefed on the matter said. But the bank's concerns hardly mattered because the money had already been transferred to the account in Britain. It is unclear whether investigators can recover the $200 million.
Representatives for both MF Global and JPMorgan declined to comment. A spokesman for the MF Global trustee, James W. Giddens, declined to comment.
JPMorgan has long been thought to hold some of the money that disappeared from MF Global. As one of MF Global's primary banks, JPMorgan has been a persistent presence in the firm's demise and the messy aftermath. The bank loaned to MF Global until its waning days and has been a vocal and tenacious presence as a creditor during the firm's bankruptcy hearings....
A billion here, a billion there, pretty soon you're talking about real money.
and then everything starts to crack...!
LOL I was try to think of a response ---------I think you pegged it !
::::::::::::[KR223] Keiser Report: Möbius Strip of Fraud::::::::::::
(((Video))) http://maxkeiser.com/2011/12/15/kr223-keiser-report-mobius-strip-of-fraud/
-December 15, 2011-
Max Keiser & co-host Stacy Herbert discuss re-hypothecating, Alec Baldwin’s cake and eating it too. And, as Al Capone before him, JP Morgan’s Jamie Dimon complains of the thankless task of being a “public benefactor”.
In the second half of the show, Max talks to Reggie Middleton... http://boombustblog.com/ ...about German debt and MF Global.
The Halfrican and the bankster Jew Corzine are best pals.
:::::Corzine Grilled Over MF Global Collapse After Witness Suggests Knowledge of Misused Funds:::::
'Democracy Now!' - A daily independent global news hour with Amy Goodman & Juan Gonzalez
(((Video))) http://www.democracynow.org/2011/12/14/corzine_grilled_over_mf_global_collapse
Former New Jersey governor and U.S. Senator Jon Corzine testified Tuesday on Capitol Hill about his brief stint at the helm of the failed commodities and derivatives brokerage house MF Global, which in October became the largest failure on Wall Street since the collapse of Lehman Brothers in 2008. After MF Global went bankrupt, regulators discovered that up to $1.2 billion in customer funds that should have been kept segregated were missing. Corzine says he never directed anyone at MF Global to misuse the funds, but a witness testified that Corzine was aware of loans that may have used customer money. We speak with Nomi Prins, a former investment banker turned journalist. "We’re listening to someone try to dodge his way out of responsibility and accountability, which is very much what all the CEOs have done through the subprime crisis and through past crises," Prins says.
"When you see 5,500 arrests across this country for the Occupy movement and you see zero on the part of CEOs and senior executives from Wall Street who took trillions of dollars out of our economy, out of the European economy, [and] are going around the world doing the same thing to Asia now, it is absolutely heinous."
::::::::Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom::::::::
http://www.zerohedge.com/news/presenting-three-unscripted-sentences-may-have-cost-jon-corzine-his-freedom
-12/13/2011-
Today, in advance of their sworn testimony, each witness to the Senate Agricultural Committee's MF Global hearing was requested to disclose what their prepared remarks would be. Sure enough, CME executive chairman Terry Duffy did that, and his prepared testimony can be found here. (see the article for link to pdf)
In and of itself there was nothing unexpected about said speech, the relevant section of which has been transcribed below. Where things got very ugly for Corzine, is when Duffy literally veered from the script, and added three unexpected sentences, catching everyone in the committee off guard (including those who had given up on the testimony which came just after Corzine's) and which according to most news wires could have buried Corzine's defense strategy, exposing him for a liar under oath, and potentially costing him his freedom.....
::::::::::::The video of the relevant 2 minutes is attached below::::::::::::
(((Video))) http://www.youtube.com/watch?v=JUro9-0aowE&feature=player_embedded
--Read the rest of this article Here--
http://www.zerohedge.com/news/presenting-three-unscripted-sentences-may-have-cost-jon-corzine-his-freedom
::::::::Was The "Collapse" Of MF Global Premeditated? A Conspiracy Theory Thought Experiment::::::::
http://www.zerohedge.com/news/was-collapse-mf-global-premeditated-conspiracy-theory
-12/13/2011-
Derivatives, unlike stocks where the equation has always been murky, are for the most part zero-sum products: one's gain is someone else's loss (net of commissions) unless of course the entire system collapses in a daisylinked chain reaction (think AIG). And MF Global's bankruptcy, by dint of being a derivatives broker, and the resulting massive losses to both shareholders and clients, means that some entity, on the other side of all these failed bets, made off like a bandit.
Which bring us to a rather disturbing theory proposed by Walter Burien of CAFR1.com who has floated the rather the chilling idea, and what some may call an outright conspiracy theory, that by scuttling MF, Corzine effectively helped some shell company (or companies) which were controlled by a "cabal" of his closest confidants (we will let readers come up with their own theories who the former CEO of Goldman Sachs may have been close with) to make the offsetting profit that resulted from the accelerated and massive losses borne by MF's stakeholders in the vicious liquidation.
As Burien says: "A government and media cover up would just focus on MFG's loss. A true and open investigation would be focused on "who" took the other side of the coin; the profit."
(((Continue reading this article Here)))
http://www.zerohedge.com/news/was-collapse-mf-global-premeditated-conspiracy-theory
End our rapacious financial capitalism, get a financial system controlled by working citizens.
CME Executive Chairman Terry Duffy Throws Jon Corzine Under The Bus, Implies The "Honorable" Governor Lied Under Oath
http://www.zerohedge.com/news/cme-chairman-terry-duffy-throws-jon-corzine-under-bus
-12/13/2011-
:::::::::::::::The Denials Begin: Interactive Brokers Is First To::::::::::::::::
::::::::Claim It Has Not Engaged In Commingling Rehypothecation::::::::
http://www.zerohedge.com/news/denials-begin-interactive-brokers-first-claim-it-has-not-engaged-commingling-rehypothecation
-12/11/2011-
(Tyler Durden) Now that the rehypothecation bogeyman... http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe ...has been let loose, and the question of just how many paper (and apparently physical http://www.zerohedge.com/news/gold-rehypotecation-unwind-begins-hsbc-sues-mf-global-over-disputed-ownership-physical-gold ) ...assets have been double, triple, and n-counted http://www.zerohedge.com/news/shadow-rehypothecation-infinte-leverage-and-why-breaking-tyrrany-ignorance-only-solution (where n can be a number up to "infinity") by the infinitely daisy-chained modern global financial system in which one's liability is someone else's asset....apparently up to infinity times, the next logical step was for the firms named in the original Reuters article... http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/ ...to step up and begin denials they had anything to do with anything.
Sure enough, below is the first (of many) such response, by Interactive Brokers, claiming it has been greatly misunderstood and unlike MF Global, it has done nothing wrong at all. Of note is that IB was simply one of many brokers mentioned in the Reuters piece, where we read that:
"Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion)."
(((Continue Reading Here))) http://www.zerohedge.com/news/denials-begin-interactive-brokers-first-claim-it-has-not-engaged-commingling-rehypothecation
::::::::::::::Corzine "Simply Does Not Know Where The Money Is"::::::::::::::
::::::::::Presenting Jon Corzine's Complete Testimony To Congress::::::::::
http://www.zerohedge.com/news/corzine-simply-does-not-know-where-money-presenting-jon-corzines-complete-testimony-congress
-12/08/2011-
::::::::::::Gerald Celente - Jeff Rense Radio Show::::::::::::
(((AudioVideo))) http://www.youtube.com/watch?v=vGmFCBXmsSs&feature=player_embedded
-08 December 2011-
::::::::A Damning Audit of the SIPC: No Controls on payment to trustees::::::::
http://mfgfacts.com/2011/12/05/a-damning-audit-of-the-sipc-no-controls-on-payment-to-trustees/
::::::::::::Lawyer ups estimate on MF Global Customer Accounts::::::::::::
http://www.baltimoresun.com/business/sns-rt-us-mfglobal-trusteetre7b725w-20111208,0,6618032.story
-December 8, 2011-
(Reuters) - An attorney for the trustee winding down MF Global's brokerage said there may have been more money in the company's customer accounts than initial estimates suggested.
Attorney James Kobak, who leads the legal team for trustee James Giddens, estimated during testimony before the House Agricultural Committee on Thursday that total customer accounts were "between $5.5 billion and $6 billion".
It was the first public estimate from the trustee's camp on the total value of customer accounts, and is an increase from an earlier $5.45 billion estimate from MF's primary clearinghouse, the Chicago Mercantile Exchange.
The statement indicated the fluidity and uncertainty surrounding MF Global's finances and the various amounts the company had, or should have had, on file for its customers.
That is significant in the context of Giddens' separate estimate that about $1.2 billion in customer funds is missing. Giddens has roughly $5 billion of assets under his control, so a $1.2 billion shortfall on top of that would appear to take the total customer funds pool well north of $5.45 billion, a conundrum that had customers scratching their heads.
Thursday's estimate reaffirms the trustee's ongoing mantra that numbers remain foggy and should not be taken as gospel.
::::::::::::Continue Reading this article Here::::::::::::
http://www.baltimoresun.com/business/sns-rt-us-mfglobal-trusteetre7b725w-20111208,0,6618032.story
::::::::::::::::House Panel Calls ex-MF Global Chairman Corzine to Testify::::::::::::::::
The subcommittee said it will focus on decisions and events leading to the collapse of MF Global, the effectiveness of regulators in overseeing MF Global's activities, and the impact MF Global's bankruptcy will have on its customers.
The hearing is scheduled for Dec. 15.
::::::::::::Read more Here::::::::::::
http://www.nypost.com/p/news/business/house_panel_calls_ex_mf_global_chairman_h7wVHuX0kw9dRheCLYQHbM#ixzz1exKQNwo5
::::::::::::Corzine’s Return to Congress as Disgraced Banker::::::::::::
http://www.nypost.com/p/news/business/corzine_return_to_congress_as_disgraced_JRYCu6PUlZsiYfRKC2oVwJ
-November 26, 2011-
One month after the spectacular collapse of Jon Corzine’s MF Global, thousands of investors and millions more decent Americans found something to be thankful for last week when the House Financial Services Committee... http://www.nypost.com/t/House_Financial_Services_Committee ...announced that it has asked the exNew Jersey governor and former MF President Bradley Abelow to testify about the firm’s risky bets and the as much as $1.2 billion that has vanished from company coffers.
Given the fact that Abelow followed Corzine’s career path from Goldman Sachs... http://www.nypost.com/t/Goldman_Sachs ...partner to New Jersey state public official (he was state treasurer) and eventually to MF Global, the hearing should put crony capitalism on full display for the entire nation to witness.
Indeed, four of the five key players in the saga who have been called to testify (including Commodities Futures Trading Commission Chairman Gary Gensler and New York Fed chief Bill Dudley) worked at Goldman, so it will be mathematically impossible for at least two former Goldmanites not to be photographed side-by-side. That alone should serve as a reminder that nothing has changed since the financial crisis exploded more than three years ago...
::::::::::::View this article Here::::::::::::
http://www.nypost.com/p/news/business/corzine_return_to_congress_as_disgraced_JRYCu6PUlZsiYfRKC2oVwJ#ixzz1exJ8xPJm
::::::::::::Kiss the MF Global Money Goodbye, Sources Say::::::::::::
http://www.foxbusiness.com/industries/2011/12/06/exclusive-kiss-mf-global-money-goodbye-sources-say/#ixzz1fo130mXu
-December 06, 2011-
::::::::::::MF Global’s Missing Money Likely Gone for Good::::::::::::
http://wallstreetpit.com/87223-mf-globals-missing-money-likely-gone-for-good
-Dec 6, 2011-
(By Charlie Gasparino) Investigators looking into the disappearance of customer funds during the implosion of MF Global last month are coming to the conclusion that the money is likely gone for good, sources with direct knowledge of the matter tell the FOX Business Network.
What they don’t know is just how much money is missing.
::::::::::::::::MF Global Customer: My ENTIRE Account Is Missing::::::::::::::::
By Jonathan Stempel
http://www.reuters.com/article/2011/12/02/us-mfglobal-missing-account-idUSTRE7B12AD20111202?feedType=RSS&feedName=businessNews&utm_source=dlvr.it&utm_medium=twitter&dlvrit=56943
-Dec 2, 2011-
(Reuters) - As investigators search for an estimated $1.2 billion missing from MF Global customer accounts, one customer says his entire account has vanished and blames the trustee liquidating the firm.
An Illinois-based futures fund on Friday said its more than $50 million account with the broker-dealer unit of MF Global Holdings Ltd (MFGLQ.PK) http://www.reuters.com/finance/stocks/overview?symbol=MFGLQ.PK ....is missing, and asked a federal bankruptcy judge to order the trustee to find it.
Highridge Futures Fund LLP said the trustee James Giddens has refused to help locate its account with MF Global Inc, even after transferring some 38,000 other accounts and giving customers access to some of their collateral.
::::::::::::::::Jon Corzine is Above the Law::::::::::::::::
http://communities.washingtontimes.com/neighborhood/tygrrrr-express/2011/nov/30/jon-corzineis-above-law/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_politics-government
-December 1, 2011-
LOS ANGELES - Jon Corzine is the Jerry Sandusky of Wall Street.
Yet unlike Jerry Sandusky, Jon Corzine will never be held accountable for his misdeeds. Jon Corzine is above the law.
For those horrified at the comparison between these two vile men, it is not offered lightly.
Most people of all political stripes agree that Jerry Sandusky should burn in a fiery pit of hell. Even people who are against torture would consider making him an exception. The former Penn State football coach sexually violated underage boys. The word "evil" is tossed around cavalierly, but Sandusky's actions fit the bill.
He deserves and will be entitled to a fair trial, but if convicted people will lose little sleep if this monster suffers in prison.
Yet somehow, Jon Corzine escapes being categorized in the same manner.
What Jon Corzine did was less shocking to our souls, but his actions were significantly more destructive to society at large....
(((Continue Reading this article Here)))
http://communities.washingtontimes.com/neighborhood/tygrrrr-express/2011/nov/30/jon-corzineis-above-law/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_politics-government
::::::::::::Money Found in Britain May Belong to MF Global::::::::::::
http://dealbook.nytimes.com/2011/11/28/money-found-in-britain-may-belong-to-mf-global/
-November 28, 2011-
::::::::Are MF Global Customer Funds Being Looted to This Day::::::::
:::::::::::Through the Same Risky Trading That Sunk the Firm?:::::::::::
http://english.economicpolicyjournal.com/2011/11/are-mf-global-customer-funds-being.html
-November 25, 2011-
As MF Global customers approach the one month anniversary of the cluster-circus that has become the liquidation proceedings, replete with unnecessary delays, half-measures, and outright deceptive statements by Trustee James W. Giddens (that will only ensure the proliferation of hours billable at $890 each), we wish to highlight an order entered just days after the bankruptcy that gave MF Global Holdings and its affiliates carte blanche to continue the very risky and suspicious trading that led to its demise.
A hearing is set for Wednesday, November 30, 2011 at 3:00 pm on this and other germane matters, including the super priority status of JP Morgan Chase (the conflicted first-lien holder) afforded to it ahead of the customers whose segregated accounts were putatively to have been held sacrosanct...
::::::::Continue Reading Here::::::::
http://english.economicpolicyjournal.com/2011/11/are-mf-global-customer-funds-being.html
::::::::Looting Can Continue, Missing Funds & Fees Likely to go Higher(?)::::::::
http://mfgfacts.com/2011/11/28/court-approves-it-looting-can-continue-missing-funds-and-fees-likely-to-go-even-higher/
In this motion, MF Global Holdings, Ltd (Parent Company) and MF Global Finance (Subsidiary) MF are the named debtors. MF Global, Inc. (the FCM) while not named is a 'Non-Debtor' affiliate.
This is an important distinction and explains much of the ongoing confusion of what is now the “cluster circus.” As Bob English points out, and as we read in the filing, only MF Global Finance and MF Global Holdings, Ltd. declared bankruptcy on this day. MF Global, Inc (the FCM holding segregated funds) did not declare bankruptcy and was not a debtor.
Additionally, the language of this pivotal motion, filed in a flurry, adds even more confusion. “Debtor” and “Company” appears to be used interchangeably throughout....
::::::::::::Continue Reading this article Here::::::::::::
http://mfgfacts.com/2011/11/28/court-approves-it-looting-can-continue-missing-funds-and-fees-likely-to-go-even-higher/
::::::::::::The Motion in Question::::::::::::
http://mfgfacts.com/wp-content/uploads/2011/11/motion-to-authorize-continued-use-of-bank-accounts.pdf
$1.7 Billion Customers' Money Missing From MF Global
http://www.forbes.com/sites/robertlenzner/2011/11/22/1-7-billion-customers-money-missing-from-mf-global/
-11/22/2011-
The amounts of customer funds missing from MF Global... http://www.forbes.com/companies/mf-global/ ...have multiplied from $633 million to $1.2 billion yesterday– and now $1.7 billion today, according to Vincent (Trace) Schmeltz III , the attorney for the 80 member Commodity Customers Coalition. Schmeltz is a member of the Barnes & Thornburg law firm in Chicago
This new figure is the result of the inability by the Trustee and the CME (the Chicago Mercantile Exchange) to find more than $3.7 billion in customers funds rather than the $5.4 billion projected just after MF Global filed for bankruptcy on October 31.
Apparently, on October 31, the CME reported segregated funds totalled $5.4 billion. The next day– on November 1st, the CME suggested that $633 million was lost and unaccounted for. But, by yesterday, November 21, the Trustee reported that he could find only $3.7 billion in assets. Neither Schmeltz nor Koutoulas can understand why the CME declared only $1.2 billion missing yesterday– because if only $3.7 billion has been found of the original $5.4 billion segregated accounts– this suggests that the missing amount of segregated funds now totals $1.7 billion....
(((Continue Reading this article Here))) http://www.forbes.com/sites/robertlenzner/2011/11/22/1-7-billion-customers-money-missing-from-mf-global/
http://www.zerohedge.com/news/gold-rehypotecation-unwind-begins-hsbc-sues-mf-global-over-disputed-ownership-physical-gold
-12/09/2011-
::::::::MF Global’s Bankruptcy Trustee Set to Be Ex-FBI Director Freeh::::::::
http://www.businessweek.com/news/2011-11-27/mf-global-s-bankruptcy-trustee-set-to-be-ex-fbi-director-freeh.html
-November 27, 2011-
Nov. 26 (Bloomberg) -- Louis J. Freeh, the former Federal Bureau of Investigation director, was appointed Chapter 11 trustee in the MF Global Holdings Ltd. bankruptcy after the company and creditors said one person should take charge of recovering assets.
Such a trustee would coordinate globally with regulators and advocate for a prompt return of creditor funds, according to court filings. A trustee to guide the search for assets would be more cost-effective than the company or its lenders, MF Global and its creditors have said. The appointment was filed yesterday.
::::::::::::Continue Reading this article Here::::::::::::
http://www.businessweek.com/news/2011-11-27/mf-global-s-bankruptcy-trustee-set-to-be-ex-fbi-director-freeh.html
LoL!
::::::::::::::::Is Jon Corzine “Too Big to Be Indicted”? Part III::::::::::::::::
http://www.businessinsider.com/is-jon-corzine-too-big-to-be-indicted-part-iii-2011-11
::::::::::::::::::::MF Global Clients Burned -2- Times::::::::::::::::::::
http://www.nypost.com/p/news/business/mf_claims_go_missing_JjJOyx2yBXc25XTeKN9sJI
-By Kaja Whitehouse / November 24, 2011-
Folks who got stuck with bum checks from Jon Corzine’s defunct brokerage firm MF Global... http://www.nypost.com/t/MF_Global ...are getting bounced a second time.
This time, it’s by the MF Global trustee’s claims process — set in motion yesterday to help burned customers get their money back.
The claims process allows those with accounts to recover 60 percent of the $5.5 billion in MF’s accounts frozen after it emerged that $1.2 billion was missing from accounts that should have been segregated, and therefore safe.
But folks who cashed out of their MF brokerage accounts leading up to the Wall Street firm’s Halloween collapse — and received checks from MF for their account balance, only to see them bounce — are not addressed by the claims process, The Post has learned....
::::::::::::Continue Reading Here::::::::::::
http://www.nypost.com/p/news/business/mf_claims_go_missing_JjJOyx2yBXc25XTeKN9sJI#ixzz1exjbo3pr
::::::::::::Other People’s Money:::::::::::::
::::::Corzine & ‘Wall St.’ Financing::::::
http://www.nypost.com/p/news/opinion/opedcolumnists/other_people_money_bnv7Yjd8IAli3dAJfSbK7M
-November 23, 2011-
The meltdown of MF Global is a striking lesson in the degree to which our finance firms and our elected officials often do business in the same way — regardless of claimed ideology. It’s particularly telling because of the way MFG head Jon Corzine... http://www.nypost.com/t/Jon_Corzine ...moved from Wall Street to government and back.
Back when Corzine ran for governor of New Jersey, he promised to bring fiscal stability to state finances and reduce the crushing property-tax burden on homeowners. Banking on a reputation for financial wizardry from his Wall Street days, he also boasted that he could expand access to health care, fund universal pre-kindergarten in public schools and pump billions into subsidized housing.
That platform made Corzine a darling among big-government types, who found it astonishing that a former Goldman Sachs... http://www.nypost.com/t/Goldman_Sachs ...chief could preach such “unabashed, old-fashioned liberalism,” as The New York Times put it. Once he became governor, however, the only way that Corzine could live up to his promises was through sharply higher taxes on some residents and accounting gimmicks of the sort that 21st century Wall Street and government often share in common.
After all, Corzine now has to explain not just the collapse of MF Global, thanks to his series of risky bets on European bonds, but also how some $1.2 billion in MF Global’s customer accounts, which are supposed to be kept separate from the firm’s own capital, seem to have disappeared. If the firm misused the money, someone is likely to go to jail....
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http://www.nypost.com/p/news/opinion/opedcolumnists/other_people_money_bnv7Yjd8IAli3dAJfSbK7M#ixzz1exlwGGiH
Also u will find 9 trillion dollars missing from the federal reserve no accountability
http://youtu.be/GYNVNhB-m0o
I miss Alan Grayson ...and I cant believe he wasn't re-elected. Thanks for that link, he was always a treat to watch in action!
I miss him too and he is actually running for office again I know Alan worked on one of his campaigns very intelligent man I hope he wins if u are in his district please vote for him this is the kind of politician we need
And obama was considering corzine to replace Timmy Geithner as secretary of the treasury. corzine is a friend of and fund raiser for obama.
great point jaimes! http://www.cnbc.com/id/44018956/Jon_Corzine_s_Treasury_Secretary_Appeal
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