Forum Post: How Former Goldman CEO And NJ Governor Jon Corzine Ran MF Global Into The Ground (Cant they just rub some Corzine on it?)
Posted 11 years ago on Oct. 31, 2011, 5:24 p.m. EST by MonetizingDiscontent
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BOMBSHELL: Here's A Tape Of Newt Gingrich Endorsing Obamacare
Newt Gingrich has spent the leadup to the state's presidential primary casting Mitt Romney as Barack Obama's Republican twin, telling reporters this morning that Romney's Massachusetts healtcare reform law "is Obamacare."
But it turns out Newt has some serious Obamacare problems of his own.....
American Medical Association Journal Of Ethics
Should Participation in Vaccine Clinical Trials be Mandated?
Susanne Sheehy, BM BCh, MRCP, DTM&H, and Joel Meyer, BM BCh, MRCP
Few would argue with Bill Gates when he describes vaccination as “the most effective and cost effective health tool ever invented” . To date vaccination has saved many lives and has the potential to save millions more, especially if vaccines are developed against the “big three”: malaria, HIV, and TB [2-5]. Vaccine development, however, comes at a price that is not only financial but societal. The lack of animal models that can reliably predict vaccine efficacy means that development still unavoidably relies on testing of novel vaccines in healthy individuals. Given the often unquantifiable risks to the recipients of vaccines in early stages of development, clinical trials have traditionally relied on informed and consenting volunteers who appreciate the potential risks but still choose to participate for altruistic reasons [6, 7]. But relying on altruism alone to facilitate clinical trials is potentially unsustainable and ethically contentious.....
(((Yikes, Continue Reading this Paper Here))) http://virtualmentor.ama-assn.org/2012/01/pfor1-1201.html
How Former Goldman CEO And NJ Governor Jon Corzine Ran MF Global Into The Ground
You gotta love this story as it proves that despite being CEO of Goldman Sachs (before Hank Paulson... http://www.youtube.com/watch?v=Zq3-sHYGD-I&feature=player_embedded ...discharged him in a bloodless vacation coup) and a former Governor of New Jersey, Jon Corzine was at his core a herd following lemming, or simply an idiot, whichever you prefer.
Corzine has been running MF Global, a publicly traded investment firm since he lost the Governor's race to Chris Christie a few years ago. Now, as MF Global spins in its final death spiral... http://www.bloomberg.com/news/2011-10-27/mf-global-is-said-to-have-exhausted-all-of-its-bank-credit-lines-this-week.html ...awaiting bankruptcy, Bloomberg reveals the source of the trouble:
The Final Straw? Jefferies And Six Other Banks Sued For “Fraudulent” MF Global Bond Issuance
(TylerDurden) Pick the odd one out of the following 7 banks, while in the process pointing out what they have in common: Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Goldman Sachs Group Inc, Jefferies Group Inc, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc. As it so happens 6 of the 7 are Bank Holding Companies, and have access to the Fed's various emergency facilities.
The seventh, Jefferies, which a few years ago, boasted that it is now the largest remaining true investment bank after all its competitors had converted to BHC status, may soon regret it said that and did not join its peers. Why? For the same reason why on November 1, the day after MF Global filed for bankruptcy, we tweeted: "Here is why Jefferies is in deep doodoo: http://1.usa.gov/uNBhzq"
The reference of course is to the now legendary prospectus for the MF Global 6.25% notes of 2016 that had the infamous Corzine key man event: "interest rate applicable to the notes will be subject to an increase of 1.00% upon the departure of Mr. Corzine as our full time chief executive officer due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the United States Senate prior to July 1, 2013."
At this point the only appointment Obama may give Corzine is that of a presidential pardon for a criminal felony offense (assuming of course Corzine brings a sleeping bag to Zuccotti square: the only offense for which he may ever be arrested).
Alas, Jefferies, and the 6 other banks, do not have that luxury: as of late this afternoon, all six were sued by pension funds "who said the bonds' offering prospectuses concealed problems that led to the futures brokerage's collapse." Precisely as Zero Hedge expected.
And unfortunately for Jefferies, this may well be the final nail in the coffin - because while the market had punished the bank for its Exposure, the biggest unknown in the past 2 weeks was whether and when it would be sued precisely for its MF Global liability.
That time is now: next up - every single entity that was impaired in part or in whole as a result of the MF Global bankruptcy will follow suit and sue the same 7 banks... of which only Jefferies does not have the benefit of an infinite backstop.
CME Knew of MF Global Fund Shortfall Before CFTC Regulators?
Only days prior to the zombie financial broker that filed for bankruptcy, MF Global conducted “unexplained wire transfers” that brought on a $900 million shortfall in client funds. Customers like Gerald Celente learned that their accounts had been robbed. This is setting a precedent for -internal- bank runs as more big firms begin to go under.
This from BLOOMBERG: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/11/16/bloomberg_articlesLUQ7FP0YHQ0X.DTL ...“Examiners from CME Group Inc., the world’s largest futures exchange, found unexplained wire transfers at MF Global Inc. and a $900 million shortfall in client funds during the weekend the failing broker was talking with possible buyers, a person briefed on the matter said.”
On October 30th the CME had noticed these funds were missing, yet MF Global didn’t bother to inform the Commodity Futures Trading Commission until the following day after, which suggests that these transfers were made, “in a manner that may have been designed to avoid detection,” according to CME.