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Forum Post: Corzine: I don't know where missing money is. WTF???

Posted 10 years ago on Dec. 8, 2011, 11:14 a.m. EST by JoeTheFarmer (2654)
This content is user submitted and not an official statement

Former New Jersey Governor and Senator Jon Corzine said Thursday he does not know what happened to the "many hundreds of millions of dollars" missing from clients' accounts at MF Global Holdings, the now-bankrupt brokerage Corzine once led.

"I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others," Corzine said.

"I simply do not know where the money is"

"Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act,'' CME Group Executive Chairman Terrence Duffy said in prepared testimony.

12 Comments

12 Comments


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[-] 1 points by MonetizingDiscontent (1257) 10 years ago

Watch Corzine's MF Global Testimony Live (In Session Now)

http://www.zerohedge.com/news/watch-corzines-mf-global-testimony-live -12/08/2011-

And now the one we've all been waiting for...

As a reminder, his prepared remarks can be found here... http://www.zerohedge.com/news/corzine-simply-does-not-know-where-money-presenting-jon-corzines-complete-testimony-congress ...and below is the witness sequence. The beginning will likely be boring. The main act is in the middle:

(((Continue Reading Here))) http://www.zerohedge.com/news/watch-corzines-mf-global-testimony-live

(((WATCH))) http://www.c-span.org/Events/Fmr-Senator-Corzine-to-Testify-in-MF-Global-Investigation/10737426111-1/

[-] 1 points by gregb325 (133) from Scranton, PA 10 years ago

Just shows that both parties have their hands in the cookie jar over at wall street.

[-] 1 points by JoeTheFarmer (2654) 10 years ago

This is not a politcal party "hand in the cookie jar" issue.

This is hundreds of millions of dollars stolen from clients by a private company.

[-] 1 points by demcapitalist (977) 10 years ago

It is a criminal case for sure. That said it is also a case of disastrous use of leverage being allowed by firms who's job it is to keep safe other peoples money

[-] 1 points by gregb325 (133) from Scranton, PA 10 years ago

You miss the point.....read all the articles written on this subject. 90 percent never mention he is the former DEMOCRATIC Govener of New Jersey. If he were a greedy Republician politician that would be part of the headline.

[-] 2 points by demcapitalist (977) 10 years ago

Hank Paulson, Alan Greenspan, Bill Clinton, John Corzine, Phil Graham, all to blame for the legislation that has turned or banking system into an unregulated casino. The only thing is ,I only see democrats trying to fix it. I see republicans trying to kill any attempt at re-regulating these markets. The only right wing attempt to do anything at all comes from the very far right fringe with R-Paul asking for the fed books to be transparent.

[-] 1 points by gregb325 (133) from Scranton, PA 10 years ago

By far the GOP is the biggest most blantently corrupt party, but the Dems are no angels. I believe the time is now for a third party.

[-] 2 points by demcapitalist (977) 10 years ago

Watching Corzine squirm now ---------- another big over leveraged mess. The only problem with third parties is that they tend to favor the party they are most opposite.

[-] 1 points by gregb325 (133) from Scranton, PA 10 years ago

Typically....if this movement can organize a little better, it has hugh potential. It would be a true third party by the people. Start now, its not going to happen overnight. The people that really want change will stick with it over the next year as it gets organized.

[-] 1 points by JoeTheFarmer (2654) 10 years ago

I would say the opposite or perhaps both parties are equally corrupt.

Just this week Rod Blagojevich (D) IL got 14 years. Earlier this year it was Charles Rangel (D) NY up on charges for not paying taxes for years. Remember he walked out of his hearing.

You could create a list on either side but this is bigger than them all. We are talking about hundreds of millions of dollars that disappeared. We are talking about people's retirement funds gone....

[-] 1 points by gregb325 (133) from Scranton, PA 10 years ago

Hence a third party....a real third party....a third party run by us!

[-] 2 points by PandoraK (1678) 10 years ago

We got the point a long time ago, it's both parties. This time it just happened to be a former Democratic Governor, last time it was a Republican Governor, Senator, Representative...etc...