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In case you'd forgotten about the despicable sleaze of
Posted on: January 6, 2017 at 20:03:01 CT
GA Tiger MU
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obozo and his goons, here's part of it.
After more than five years, the book is closed on the case of Jon Corzine. There is no justice.
We’re going to dive into some skeevy financial history today by way of spotlighting a major investing opportunity of 2017 — about which more shortly.
Corzine is a poster child for the “financialized” U.S. economy. It was under Corzine’s tenure as CEO of Goldman Sachs that the company laid the groundwork to go public in 1999. That was the climax to Goldman’s decades-long transformation from a staid partnership in which the partners put their own money at risk… into a too-big-to-fail “vampire squid” that put taxpayers’ money at risk.
His work at Goldman done, Corzine then jumped into politics — becoming first a senator from and then governor of New Jersey.
In 2011, Corzine blazed new trails in financial shamelessness when in a matter of days his brokerage, MF Global, collapsed in a heap.
MF Global was a storied firm with a lineage going back to 18th-century England renowned for its conservative portfolio approach. Then Corzine became CEO in early 2010 and instantly transformed it into an exciting go-for-the-gusto outfit.
In the firm’s trading account, he made huge bets on European government bonds. The bets quickly went sour. To meet the margin calls… he raided customer accounts to the tune of $1.6 billion.
At the time, a Stanford business professor described such a move as “the third rail of the brokerage industry.”
It took more than two years before MF Global’s customers were made whole — including Gerald Celente, the pugnacious author of books like Trends 2000 and a regular on the TV interview circuit.
We told the story at the time: Mr. Celente was accumulating physical gold by buying gold futures through MF Global and then taking delivery.
On a Monday morning as the firm was melting down, Gerald’s phone rang: “They said I needed to have a margin call,” he told an interviewer on RT. “I said, ‘What are you talking about, I’ve got a ton of money in my account?’ ‘Oh, no, you don’t. That money’s with a trustee now.’”
For touching the brokerage industry’s third rail… Corzine experienced a shock no worse than a bit of static electricity petting the dog on a dry winter day.
The feds never brought criminal charges. (Gee, we wonder if Attorney General Eric Holder squashed the investigation the same way he did HSBC’s money laundering...)
Corzine and other MF Global executives settled a civil case with customers last year for $132 million.
This morning brings word of the final chapter: Corzine will fork over $5 million to settle a lawsuit brought by the Commodity Futures Trading Commission. The terms are more or less as we described them back in October. The only unresolved question was whether Corzine could tap MF Global’s insurers to pay the settlement. Now we know he cannot. The Wall Street Journal calls it “an unusual step that highlighted that the case was a high priority for the CFTC.”
But in a fundamental sense, Corzine still skates: Under the settlement, he neither admits nor denies the allegations. In other words, business as usual…
After more than five years, the book is closed on the case of Jon Corzine. There is no justice.
We’re going to dive into some skeevy financial history today by way of spotlighting a major investing opportunity of 2017 — about which more shortly.
Corzine is a poster child for the “financialized” U.S. economy. It was under Corzine’s tenure as CEO of Goldman Sachs that the company laid the groundwork to go public in 1999. That was the climax to Goldman’s decades-long transformation from a staid partnership in which the partners put their own money at risk… into a too-big-to-fail “vampire squid” that put taxpayers’ money at risk.
His work at Goldman done, Corzine then jumped into politics — becoming first a senator from and then governor of New Jersey.
In 2011, Corzine blazed new trails in financial shamelessness when in a matter of days his brokerage, MF Global, collapsed in a heap.
MF Global was a storied firm with a lineage going back to 18th-century England renowned for its conservative portfolio approach. Then Corzine became CEO in early 2010 and instantly transformed it into an exciting go-for-the-gusto outfit.
In the firm’s trading account, he made huge bets on European government bonds. The bets quickly went sour. To meet the margin calls… he raided customer accounts to the tune of $1.6 billion.
At the time, a Stanford business professor described such a move as “the third rail of the brokerage industry.”
It took more than two years before MF Global’s customers were made whole — including Gerald Celente, the pugnacious author of books like Trends 2000 and a regular on the TV interview circuit.
We told the story at the time: Mr. Celente was accumulating physical gold by buying gold futures through MF Global and then taking delivery.
On a Monday morning as the firm was melting down, Gerald’s phone rang: “They said I needed to have a margin call,” he told an interviewer on RT. “I said, ‘What are you talking about, I’ve got a ton of money in my account?’ ‘Oh, no, you don’t. That money’s with a trustee now.’”
For touching the brokerage industry’s third rail… Corzine experienced a shock no worse than a bit of static electricity petting the dog on a dry winter day.
The feds never brought criminal charges. (Gee, we wonder if Attorney General Eric Holder squashed the investigation the same way he did HSBC’s money laundering...)
Corzine and other MF Global executives settled a civil case with customers last year for $132 million.
This morning brings word of the final chapter: Corzine will fork over $5 million to settle a lawsuit brought by the Commodity Futures Trading Commission. The terms are more or less as we described them back in October. The only unresolved question was whether Corzine could tap MF Global’s insurers to pay the settlement. Now we know he cannot. The Wall Street Journal calls it “an unusual step that highlighted that the case was a high priority for the CFTC.”
But in a fundamental sense, Corzine still skates: Under the settlement, he neither admits nor denies the allegations. In other words, business as usual…
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In case you'd forgotten about the despicable sleaze of - GA Tiger MU - 1/6 20:03:01