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Six billion in derivatives down the tubes it goes. I guess he didn't have any more friends in high places to bail him out. Crook. No takers according to the article.
Oh BTW there OWS loons guess who raised 500K for Obama since April? Yep that same Corzine. But I thought Obama hated all the rich bankers? How can this be? ?????
"So it makes sense that when Corzine, after almost a decade as a U.S. senator and governor, was named chairman and chief executive officer of MF Global Holdings Ltd. (MF) in March, 2010, his plan for expanding the futures and commodities trader involved taking more risk, Bloomberg Businessweek reports in its Nov. 7 issue. Less than 20 months later, the company is bankrupt, days after posting a $192 million quarterly loss and disclosing $6.3 billion in bets on European government bonds. "
700 million dollar shortfall in customer accounts. Now I wonder what this crook was doing with all that money?
Jon Corzine stepped down Friday from running the securities firm that collapsed after his disastrous bets on European debt.
The firm, MF Global, said Corzine has resigned as chairman and CEO and will decline a severance package worth $12.1 million, including cash and benefits.
Six billion in derivatives down the tubes it goes. I guess he didn't have any more friends in high places to bail him out. Crook. No takers according to the article.
Oh BTW there OWS loons guess who raised 500K for Obama since April? Yep that same Corzine. But I thought Obama hated all the rich bankers? How can this be? ?????
"So it makes sense that when Corzine, after almost a decade as a U.S. senator and governor, was named chairman and chief executive officer of MF Global Holdings Ltd. (MF) in March, 2010, his plan for expanding the futures and commodities trader involved taking more risk, Bloomberg Businessweek reports in its Nov. 7 issue. Less than 20 months later, the company is bankrupt, days after posting a $192 million quarterly loss and disclosing $6.3 billion in bets on European government bonds. "
700 million dollar shortfall in customer accounts. Now I wonder what this crook was doing with all that money?
Months before MF Global teetered on the brink, federal regulators were seeking to rein in the types of risky trades that contributed to the firm’s collapse. But they faced opposition from an influential opponent: Jon S. Corzine, the head of the then little-known brokerage firm.
What was the regulation in question?
Quote:
The proposed rule would have restricted a complicated transaction that allowed MF Global in essence to borrow money from its own customers. Brokerage firms are allowed to use customers’ money to earn interest, not unlike banks, but this rule would have outlawed using customer funds for a loan to the firm itself.
How did that benefit MFGlobal?
Quote:
The trades at the center of MF Global’s downfall — big bets on the debt of five European countries — may yet prove profitable. But they raise questions about why the firm escalated its risk-taking under Mr. Corzine, leading to a crisis of confidence among rating agencies, creditors and regulators.
As a former sovereign debt trader at Goldman Sachs, Mr. Corzine wagered that the European regulators would backstop any default. So even as dark clouds circled over Europe, he sensed an opportunity. Starting in late 2010, MF Global began to accumulate short-term sovereign debt of countries like Italy, Spain and Portugal.
So Corzine bet on European bailouts using customer funds.
Corzine used his weight (background in politics and finance) to influence the regulators not to make the regulation active.
But he was from Goldman Sachs and everyone knows they own the Whitehouse. Them and GE. Surely some kind soul in DC will step in and give him a bail out?
I hope he doesn't crash his limo( again) speeding away from angry shareholders.
Hey, Bernie, you're getting a new cellmate!
Six billion in derivatives down the tubes it goes. I guess he didn't have any more friends in high places to bail him out. Crook. No takers according to the article.
Oh BTW there OWS loons guess who raised 500K for Obama since April? Yep that same Corzine. But I thought Obama hated all the rich bankers? How can this be? ?????
Spoiler
"So it makes sense that when Corzine, after almost a decade as a U.S. senator and governor, was named chairman and chief executive officer of MF Global Holdings Ltd. (MF) in March, 2010, his plan for expanding the futures and commodities trader involved taking more risk, Bloomberg Businessweek reports in its Nov. 7 issue. Less than 20 months later, the company is bankrupt, days after posting a $192 million quarterly loss and disclosing $6.3 billion in bets on European government bonds. "
700 million dollar shortfall in customer accounts. Now I wonder what this crook was doing with all that money?
Cue up the 2012 political ads. The idiot vice president regales us with what a wonderful job Corzine did as New Jersey governor, not to mention his being the go-to guy when they needed advice on the economy.
He was set up to get a $12M parachute, this is the problem with wall street, even when you screw up a company you win. This was slightly different becuase Corzine created the company but this was exactly the has case with AIG, Bank America, Fannie Mae, no accountability.
If your company profits you win, if your company goes under you win.
Corzine was a big proponent of oversight, before he started his own compnay and got in trouble, then he lobbied against oversight. He was leveraged 40 to 1 and he invested in european bonds, he lost.
Them that fly the highest crash the hardest. Too bad he took his stockholders money with him. I wonder if they knew what he was doing?
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Corzine resigns
