It's About Liberty: A Conservative Forum
Topics => General Board => Topic started by: BigAlSouth on December 09, 2011, 06:39:26 AM
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Former Democrat Senator Jon Corzine testified under oath before a house hearing and uttered a simple sentence that tells me that he knows that he will be charged with multiple felonies:
I never intended to break any rules, whether it dealt with the segregation rules or any of the other rules that are applicable."
Most crimes require what is called mens rea, or an actually intent to knowingly commit a crime. There are other crimes that do not require intent, such as a traffic offense. These are strict liability crimes. ("Sorry officer, I did not intend to speed.") Corzine had been coached by the top legal talent in Jersey to appear contrite and plead ignorance. "I don't know" and "I don't remember" were the tactics used by Hillary Clinton to avoid criminal responsibility in the Whitewater billing records fiasco. (Funny how the records turned up in the White House bedroom.) "When pressed by lawmakers about whether he authorized a transfer of customer funds to firm accounts - a major violation of industry rules - Corzine said: "If I did, it was a misunderstanding" according to Reuters. Not so fast, Jon. Courts have ruled that "willfull blindness" is not an excuse. Corzine was the MF Global CEO. Just as the Enron CEO, Kenneth Lay may not have known everything that was being done in the name of the company, he was convicted of financial crimes.
In its strongest accusation yet against the firm, CME Group Inc, MF Global's on-the-ground regulator, said the firm misused hundreds of millions of dollars of customer funds by moving the money to its own accounts.
The sad but delicious irony here is that Corzine voted for a bill referred to as Sorbonne-Oxley.
The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. The act is administered by the Securities and Exchange Commission (SEC), which sets deadlines for compliance and publishes rules on requirements. Sarbanes-Oxley is not a set of business practices and does not specify how a business should store records; rather, it defines which records are to be stored and for how long.
The legislation not only affects the financial side of corporations, it also affects the IT departments whose job it is to store a corporation's electronic records. The Sarbanes-Oxley Act states that all business records, including electronic records and electronic messages, must be saved for "not less than five years." The consequences for non-compliance are fines, imprisonment, or both. IT departments are increasingly faced with the challenge of creating and maintaining a corporate records archive in a cost-effective. http://searchcio.techtarget.com/definition/Sarbanes-Oxley-Act (http://searchcio.techtarget.com/definition/Sarbanes-Oxley-Act)
A forensic accounting of MF Global accounts will surely lead to the person or persons who authorized the transfer of individuals cash to the company. Corzine is done. Finished. Although the firm is in bankruptcy and the creditors are stayed from pursuing collection, that strategy will fall apart once the bankruptcy court is satisfied that crimes have been committed. The civil suits alone will wipe him out.
http://www.reuters.com/article/2011/12/09/us-mfglobal-corzine-idUSTRE7B70ET20111209?feedType=RSS&feedName=businessNews&rpc=23&sp=true (http://www.reuters.com/article/2011/12/09/us-mfglobal-corzine-idUSTRE7B70ET20111209?feedType=RSS&feedName=businessNews&rpc=23&sp=true)
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Oh, he's a dead-man-walking, that's for sure...how much kabuki theater we have to go throuogh between now and prison is the only question...
Oh, and can you spell "flight risk"?
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Serbanes oxley act of 2002.......if I am not mistaken, no one has ever been convicted by this act, because it is written in such a way it must prove intent........ That is why Corzine keeps using the term " I never intended".....
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Intent can be established by following the money and the decisions made to do what he/they did. He's gonna have an uphill climb, well, that is unless the evidence has been fully expunged. I have not heard any reports of missing data, so he may be relying on a he said/they said defense...but in the end that doesn't always work out too well either...
ETA - And now his testimony to congress is legal "fair game".
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Regardless of the federal charges , the civil suits are going to be hell . In that venue his "intent" doesn't mean crap . His careless failure to protect customer assets is enough to finish him .
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Ann Barnhardt has several good postings on this subject. She says that, despite all the theater intended to make it sound like a big ambiguity, it is actually well known that the only legitimate financial vehicle for segregated customer funds is the 90-day T-bill.
She also makes a good point that if Corzine's wildly unethical investment of segregated funds had somehow proven successful, none of the earnings would have gone to the customers who had unwittingly supplied the investment money. This in itself shows that Corzine and MF Global knew that they were playing with segregated money, because they would have for damn sure "segregated" the earnings.
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Ann Barnhardt has several good postings on this subject. She says that, despite all the theater intended to make it sound like a big ambiguity, it is actually well known that the only legitimate financial vehicle for segregated customer funds is the 90-day T-bill.
She also makes a good point that if Corzine's wildly unethical investment of segregated funds had somehow proven successful, none of the earnings would have gone to the customers who had unwittingly supplied the investment money. This in itself shows that Corzine and MF Global knew that they were playing with segregated money, because they would have for damn sure "segregated" the earnings.
Correct. And if history taught Corzine anything, bad investments by Wall Street are paid for by taxpayer bailouts. So, apparently Corzine rolled the dice without skin in the game. If he won, as Glock accurately pointed out, Corzine would have kept the profits. If he lost, hell, just go to Obama for a "Too Big To Fail" bailout.
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Ann Barnhardt has several good postings on this subject. She says that, despite all the theater intended to make it sound like a big ambiguity, it is actually well known that the only legitimate financial vehicle for segregated customer funds is the 90-day T-bill.
She also makes a good point that if Corzine's wildly unethical investment of segregated funds had somehow proven successful, none of the earnings would have gone to the customers who had unwittingly supplied the investment money. This in itself shows that Corzine and MF Global knew that they were playing with segregated money, because they would have for damn sure "segregated" the earnings.
Correct. And if history taught Corzine anything, bad investments by Wall Street are paid for by taxpayer bailouts. So, apparently Corzine rolled the dice without skin in the game. If he won, as Glock accurately pointed out, Corzine would have kept the profits. If he lost, hell, just go to Obama for a "Too Big To Fail" bailout.
We need a permanent solution to this revolving door insanity, and I think it will only come when enough blood is shed...
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A very damning summation of what Jon Corzine did resulting in the bankruptcy of MF Global:
Soon after taking the reins of MF Global in 2010, Jon S. Corzine visited the Wall Street firm’s Chicago offices for the first time, greeting the brokers, analysts and sales staff there.
One broker, Cy Monley, caught Mr. Corzine’s eye. Unknown to MF Global’s top management in New York, the employee, whose job was to match buyers and sellers in energy derivatives, was also trading a small account on the side, using the firm’s capital.
“How are you making money on side bets? What else are you guys doing to make money here?” Mr. Corzine asked enthusiastically, his eyes widening, the broker recalled. The new chief executive grabbed a seat and spent an hour questioning Mr. Monley as other top executives from New York hovered impatiently nearby.
http://dealbook.nytimes.com/2011/12/11/a-romance-with-risk-that-brought-on-a-panic/ (http://dealbook.nytimes.com/2011/12/11/a-romance-with-risk-that-brought-on-a-panic/)
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Carefully read the following statement made by Corzine in today's testimony before Congress:
In his second appearance on Capitol Hill since the demise of MF Global, Mr Corzine said: “I never gave an instruction to misuse customer funds. I never intended anyone at MF Global to misuse customer funds.”
See: http://www.ft.com/intl/cms/s/0/a41e2254-25b4-11e1-9c76-00144feabdc0.html#axzz1gPuytaJj (http://www.ft.com/intl/cms/s/0/a41e2254-25b4-11e1-9c76-00144feabdc0.html#axzz1gPuytaJj)
Of course not. You didn't have to. They knew you were doing it.
Corzine was intrigued with Cy Monley, another MF trader out of the Chicago Office who had an account that used segregated funds. According to the NY Times, Corzine had Monley explain to him how he was able to trade using the funds of customers.
The nail in Corzine's coffin, if it can be proven:
Terry Duffy, chief executive of CME Group, the futures exchange operator that supervised MF Global’s handling of customer money, said a CME auditor heard an MF Global employee say during a conference call involving senior MF Global employees that “Mr Corzine was aware of the loans being made from segregated accounts”.
Ruh roe, Shaggy . . .
http://www.ft.com/intl/cms/s/0/a41e2254-25b4-11e1-9c76-00144feabdc0.html#axzz1gPuytaJj (http://www.ft.com/intl/cms/s/0/a41e2254-25b4-11e1-9c76-00144feabdc0.html#axzz1gPuytaJj)
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With all this Horse St*t coming out there might still be hope for the Republic.
Dig deeper way DEEPER.
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Anyone seeing this on the nightly news? Anyone seeing any attempts to tie this huge Obama donor to Obama?
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Nossir; cricketzez.
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All of the Domestic Enemies of Constitutional Republicanism are too busy tantalizing us with the latest Kardashian exploits or how bad (Fill in name of any republican) sucks for America...God forbid they give a flying fornication about people destroying the nation and the laws upon which it was founded.
Hell can have all the fun it wants with all these traitors, once we're done with 'em...
::outrage::
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http://www.barnhardt.biz/ (http://www.barnhardt.biz/)
3. Just so you all know that I'm not alone in my sentiment and actually am speaking on behalf of other folks and brokers in the industry who simply don't have the soapbox that I have, here is an email from a second-generation floor trader in Chicago:
Ann Barnhardt,
Thank you for speaking up and calling it like it is. My father joined the Chicago Board of Trade in 1979. I joined the CBOT in 2009. We are customers of MF Global. The day they told me my money had been frozen I declared the futures industry completely dead. I grew up in the industry. I knew there were always thieves, mobsters even, in the business and I saw it from day 1 on the trading floor. But the depth of deceit has reached new lows.
MF Global and the CME violated the only principle that mattered in futures and anyone watching the farmers and ranchers testify yesterday should've seen that something has been broken beyond repair for them: TRUST! If the hedgers like you and your customers won't use the market then what are the speculators like me supposed to do? Well, I believe we're seeing it. The big specs have completely captured the trading venue through High Frequency Trading and are using it to fleece as many people as foolishly remain in the game where no bona fide hedgers operate anymore. The inmates not only run the asylum, they've set fire to it.
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http://www.barnhardt.biz/ (http://www.barnhardt.biz/)
3. Just so you all know that I'm not alone in my sentiment and actually am speaking on behalf of other folks and brokers in the industry who simply don't have the soapbox that I have, here is an email from a second-generation floor trader in Chicago:
Ann Barnhardt,
Thank you for speaking up and calling it like it is. My father joined the Chicago Board of Trade in 1979. I joined the CBOT in 2009. We are customers of MF Global. The day they told me my money had been frozen I declared the futures industry completely dead. I grew up in the industry. I knew there were always thieves, mobsters even, in the business and I saw it from day 1 on the trading floor. But the depth of deceit has reached new lows.
MF Global and the CME violated the only principle that mattered in futures and anyone watching the farmers and ranchers testify yesterday should've seen that something has been broken beyond repair for them: TRUST! If the hedgers like you and your customers won't use the market then what are the speculators like me supposed to do? Well, I believe we're seeing it. The big specs have completely captured the trading venue through High Frequency Trading and are using it to fleece as many people as foolishly remain in the game where no bona fide hedgers operate anymore. The inmates not only run the asylum, they've set fire to it.
Great summation. When do we break out the pitchforks?
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American's seem to have lost the capacity to experience outrage and act accordingly...they are completely metro-sexualized...utterly useless...
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One of the first of many lawsuits against Corzine personally have been served.
Corzine Served with Papers in Hallway of Congress
http://finance.fortune.cnn.com/2011/12/15/jon-corzine-gets-served/?section=magazines_fortune (http://finance.fortune.cnn.com/2011/12/15/jon-corzine-gets-served/?section=magazines_fortune)
This is an important step, as the bankruptcy filing of MF Global immediately stops all collection efforts against the corporation, not the individual. Unfortunately for Corzine, his personal assets pretty much exceed his exemptions under bankruptcy law.
Look for more collection efforts against Corzine personally.
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He's such an exceptional slimeball, even by democrat standards!
I want he and his cohorts to punished in every way imaginable! Elitist trash like this think they can eff over anybody anytime for any reason and get away with it.
The street lights should be littered with many decorations!
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Think about this, Corzine, Maddow, and all the rest of the white collar crooks couldn't get away with these kinds of tricks if it weren't for the lawyers in Congress who thought up the crazy laws, rules, regulations, stipulations, and if-thens that they learn in law school. Here again my favorite bunch, the career politicians at work. These are the same bunch, (from both parties), who have no compunction about what they do and what they get away with.
The question remains, what are we going to do about it?
We the people must DEMAND that America return to the model the founders left us, citizen government. We don't need more Harvard propagandized lawyers sitting around pondering their next election success, which it seems is all they're interested in.
No, we need to elect plumbers, and librarians, and traffic cops, and carpenters, and electricians, and Pastors, and Rabies, and on and on. Congress critters are supposed to speak in our stead. That's why we elect them.
Now, unless I'm in court, before a judge, how can a lawyer understand my concerns as an American? He's never walked in my shoes. He's never busted his ass working construction projects, so his family could prosper. He passes the bar, and gets a job paying more to start, than I'll make after 35 years.
My point is that how can we expect our representatives to work for us, when they don't know squat about us?
We the people must rid this country of career politicians, federal, state, and local. Then, and only then will America once again become what she was always meant to be. THE shining light in the world.
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Think about this, Corzine, Maddow, and all the rest of the white collar crooks couldn't get away with these kinds of tricks if it weren't for the lawyers in Congress who thought up the crazy laws, rules, regulations, stipulations, and if-thens that they learn in law school. Here again my favorite bunch, the career politicians at work. These are the same bunch, (from both parties), who have no compunction about what they do and what they get away with.
The question remains, what are we going to do about it?
We the people must DEMAND that America return to the model the founders left us, citizen government. We don't need more Harvard propagandized lawyers sitting around pondering their next election success, which it seems is all they're interested in.
No, we need to elect plumbers, and librarians, and traffic cops, and carpenters, and electricians, and Pastors, and Rabies, and on and on. Congress critters are supposed to speak in our stead. That's why we elect them.
Now, unless I'm in court, before a judge, how can a lawyer understand my concerns as an American? He's never walked in my shoes. He's never busted his ass working construction projects, so his family could prosper. He passes the bar, and gets a job paying more to start, than I'll make after 35 years.
My point is that how can we expect our representatives to work for us, when they don't know squat about us?
We the people must rid this country of career politicians, federal, state, and local. Then, and only then will America once again become what she was always meant to be. THE shining light in the world.
Yep, for too long Americans have bought the shiny
package and not considered the contents.
It's the presentation not the product that counts.
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Here we go:
ABC news (http://abcnews.go.com/Blotter/farmers-sue-jon-corzine-missing-millions/story?id=15321298#.Tw1VyEfQdvI)
Montana farmers have filed a class action suit against former New Jersey governor Jon Corzine, charging that the failed financial firm run by Corzine stole millions from their accounts to pay off its spiraling debts,
MF Global's clients included 38,000 wheat farmers, cattle ranchers and others who "hedged" their crop prices by placing millions in MF Global accounts. Those accounts were supposed to be "segregated and secure," ...
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Here we go:
ABC news (http://abcnews.go.com/Blotter/farmers-sue-jon-corzine-missing-millions/story?id=15321298#.Tw1VyEfQdvI)
Montana farmers have filed a class action suit against former New Jersey governor Jon Corzine, charging that the failed financial firm run by Corzine stole millions from their accounts to pay off its spiraling debts,
MF Global's clients included 38,000 wheat farmers, cattle ranchers and others who "hedged" their crop prices by placing millions in MF Global accounts. Those accounts were supposed to be "segregated and secure," ...
Look for MF to tell them check's in the mail.
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Look for torches, pitchforks, knives, guns...all in the hands of righteously pissed off victims!
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Given Obama and the Leftists proclivity for screwing their political enemies any way they can, and given Corzine's close association with Obama, it stands to reason that Corzine's assignment was to destroy capital in a region and industry dominated by enemies of the Left.
They've done everything they can to destroy economies and prosperity in regions and industries dominated by Republican donors and voters. The Great Plains are an area that has been resilient against this recession.
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Look for torches, pitchforks, knives, guns...all in the hands of righteously pissed off victims!
Seriously, nothing is going to change until that starts happening.
Right now I think there is so much pent up rage that the rivets are going to start popping all across the political spectrum, often directed at the wrong targets but also at some of the right ones. The Ruling Class has built themselves quite a little powder keg and I look forward to it blowing up in their faces.
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Look for torches, pitchforks, knives, guns...all in the hands of righteously pissed off victims!
Seriously, nothing is going to change until that starts happening.
Right now I think there is so much pent up rage that the rivets are going to start popping all across the political spectrum, often directed at the wrong targets but also at some of the right ones. The Ruling Class has built themselves quite a little powder keg and I look forward to it blowing up in their faces.
The Ruling Class thinks it can manage and exploit any crisis, but a real crisis is a lot more dynamic than a fake one...like you say "reality is not an option", they let it all "pop" control is the last thing they will have. No doubt they will attempt to "direct" the rage, but good luck with that once the genie is fully out of the bottle!
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UPDATE: Bloomberg TV news of the 'smoking gun' added...And so we can now add perjury to felony embezzlement. (http://www.zerohedge.com/news/corzine-corzined-congressional-panel-finds-former-mf-global-ceo-ordered-jpm-fund-transfer)
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Look, $200 million of segregated customer funds didn't wire itself to cover that margin call. Somebody had to give the order, somebody with the access and the authority to risk customer funds to try to save MF Global.
Illegal. Illegal. Illegal. And this "memo" indicates that JC ordered the transfer from the customer account to cover a margin call.
Toast.
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In a just world (providing he is found guilty...or even charged) Mr. Corzine will be put away for the rest of his life and fined for every dime he has.
But in our world? Sadly, his fate is in doubt.
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It will require a Justice Department willing to prosecute. This Justice Department is blatantly politicized, and Corzine is a friend of the regime.
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Thus the need for torches, pitchforks, knives, guns...
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Ruh Roe, Shaggy: Looks like justice is finally catching up with thief Corzine:
Federal regulators are poised to sue Jon S. Corzine over the collapse of MF Global and the brokerage firm’s misuse of customer money during its final days, a blowup that rattled Wall Street and cast a spotlight on Mr. Corzine, the former New Jersey governor who ran the firm until its bankruptcy in 2011.
The Commodity Futures Trading Commission, the federal agency that regulated MF Global, plans to approve the lawsuit as soon as this week, according to law enforcement officials with knowledge of the case. In a rare move against a Wall Street executive, the agency has informed Mr. Corzine’s lawyers that it aims to file the civil case without offering him the opportunity to settle, setting up a legal battle that could drag on for years.
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Citation omitted:
http://dealbook.nytimes.com/2013/06/24/u-s-civil-charges-against-corzine-are-seen-as-near/?partner=MYWAY&ei=5065&_r=0 (http://dealbook.nytimes.com/2013/06/24/u-s-civil-charges-against-corzine-are-seen-as-near/?partner=MYWAY&ei=5065&_r=0)
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Obama's gotten all the public mileage and money out of him so now, as they always do, they are going to play the other side of the face street and bleed him out.
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This is still nothing. "Misuse" customer funds? How about stole customer funds? Anything civil is a slap on the wrist. There should be criminal charges followed by a very long prison sentence.
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Oh, well. Looks like a slap on the wrist and then down the memory hole. ::gaah::
Personally, I'm thinking
(http://cdn.mos.totalfilm.com/images/b/burn-baby-burn-01-650-75.jpg)
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(http://cdn.mos.totalfilm.com/images/b/burn-baby-burn-01-650-75.jpg)
I hate waking up in bed and I'm Christopher Walken. Oh, and on fire. That sucks.
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::hysterical::
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All the SEC is interested in is cold, hard cash, outta Corzine's ass. I anticipate a "settlement" being made in the very near future, with Corzine and the SEC agreeing that "no criminal wrongdoing was discovered" and the payment of millions of bucks Corzine stole from MF Global being paid to the US Treasury.
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All the SEC is interested in is cold, hard cash, outta Corzine's ass. I anticipate a "settlement" being made in the very near future, with Corzine and the SEC agreeing that "no criminal wrongdoing was discovered" and the payment of millions of bucks Corzine stole from MF Global being paid to the US Treasury.
Yep, while the folks who actually owned and deposited the cash get spit.
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All the SEC is interested in is cold, hard cash, outta Corzine's ass. I anticipate a "settlement" being made in the very near future, with Corzine and the SEC agreeing that "no criminal wrongdoing was discovered" and the payment of millions of bucks Corzine stole from MF Global being paid to the US Treasury.
Yep, while the folks who actually owned and deposited the cash get spit.
Sodomized like GM bondholders...color me shocked.
/
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John Edwards was sorta right. There are definitely two Americas. At least two legal systems: One for the average guy and one for the politically connected:
Headline: Corzine not to be charged. "Off the Crook"
http://www.nypost.com/p/news/business/corzine_off_the_crook_t3VpDFmfEsx9Qd7VdtCLvM?utm_medium=rss&utm_content=Business (http://www.nypost.com/p/news/business/corzine_off_the_crook_t3VpDFmfEsx9Qd7VdtCLvM?utm_medium=rss&utm_content=Business)
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John Edwards was sorta right. There are definitely two Americas. At least two legal systems: One for the average guy and one for the politically connected:
Headline: Corzine not to be charged. "Off the Crook"
http://www.nypost.com/p/news/business/corzine_off_the_crook_t3VpDFmfEsx9Qd7VdtCLvM?utm_medium=rss&utm_content=Business (http://www.nypost.com/p/news/business/corzine_off_the_crook_t3VpDFmfEsx9Qd7VdtCLvM?utm_medium=rss&utm_content=Business)
Yup, complete load of crap. Why we don't start storming power centers public and private and exact real justice baffles me...