Wednesday, December 12, 2012

Updated--Happy $%&£* Hanukkah Jon Corzine

And a Merry #¤£$€ Christmas too.

From Points and Figures:
Opalesque-Strips It Down And Tells It Like It Is
...I met Mark Melin a while ago after the MF Global dustup.  More than a dust up really, it’s outright fraud.  Jon Corzine defrauded his customers of money, and took down an entire industry, not to mention a company.  The bad news for everyone is that Corzine has a pretty good pal in the White House that will protect him.  So, he has been free from prosecution so far.

The wheels of justice spin slowly sometimes.  But they spin.  Melin has just published his latest Opalesque newsletter.  Here are some tidbits.
The U.S. financial system is in a bad relationship with a criminal element.
It is a minority, yet this minority has been allowed to operate with impunity.
This relationship is abusive in nature. The criminal element takes from society,
damages markets that are relied upon for price stability, and yet are
protected – a documented fact. And we’re not just talking about HSBC, which
was laundering money for Iran and Mexican drug cartel rulers.
MF Global executives Jon Corzine and his longtime legal consigliere,
Laurie Ferber, are bad relationships the ruling government needs to
assess in the light of day. Evidence suggests MF Global executives were
aware of the improper nature of illegal asset transfers that resulted in the
most significant damage to regulated derivative markets in history. As if
to insult the intelligence of all watching, Mr. Corzine initially testified in
Congress he “did not know,” and had “no recollection” where customer
funds went. Funds must have “vaporized.” He knew, it was later proven. But
that’s just the start. He knew – but more brazen, MF Global had received
warnings from JP Morgan and regulators but proceeded with the illegal
transfers nonetheless.
But wait, there is more.
MF Global used customer segregated funds to pay for Ongoing
business expenses. Evidence suggests certain executives in the
firm, including Jon Corzine, were aware the asset transfers were
improper. Mr. Corzine is the former Senator for and Governor of
New Jersey, a former trader and president at an investment bank until
he was removed from that position. He testified under oath he was
unaware of the funds transfer.
Prior to what is documented to be an illegal asset transfer, MF Global
executives were instructed by regulators not to transfer assets
from customer segregated accounts. The next day assets were
transferred out of segregated accounts in a documented violation of
the Commodity Exchange Act (Rule 1.20)....

To the emailer:
Good grief, I know Corzine isn't Jewish.
Hanukkah just happens to be the current Holy Day.
If it was summer I'd say Happy Eid. If it was the week before the (C.E.) New Year I'd say Happy Kwanzaa.
(although he might not get that, from what I understand, Corzine is a bit of a racist)

Update II:
Another reader weighs in "He was born in Christian County for Chrissakes".

I think.