December 19, 2011

Corzine - Where's The Money?

NRCC: Where's the MF money Jon Corzine? Missing: 1.2 billion dollars.

Jon Corzine Teflon CEO & the 1.2 billion dollars missing
HQT Studio:Former MF Global chief executive Jon Corzine apologized "to all those affected" by the brokerage's collapse Thursday as he told a congressional committee he doesn't know what happened to $1.2 billion in missing customer funds.

Testifying under subpoena at a House Agriculture Committee hearing, Corzine, a former Democratic U.S. senator and ex-Goldman Sachs chief, portrayed himself as stunned about the massive shortfall that emerged as regulators and federal investigators began probing MF Global's Oct. 31 bankruptcy.

"I simply do not know where the money is, or why the accounts have not been reconciled to date," said Corzine, 64, in his first public comments since his resignation was announced four days after the bankruptcy filing.

[H/T/ ARRA News Service]

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1 comment:

Curious said...

In Clinton's era, Glass-Stegall was repealed, allowing investment and commercial banking to mingle and add risk to our volatile markets. In 2005, after insistence from conservative lobby groups, one of the longest standing regulatory law which stopped debt leveraging at a ratio of 12:1 was removed. That means, for every 1 dollar of capital you own, you may borrow 12 dollars, which is reasonable. After this law was repealed corporations were allowed to leverage their respective debts as much as they wanted. MF global's debts were leveraged 40:1 thanks to conservative ideals! To put this into perspective, at the height of Lehman Brother's collapse, its debts were leveraged 30:1!
To solely link President Obama to Corzine is like saying that the Wars, Bush era tax-cuts, and the prescription and drug acts are not responsible for adding to the huge debts!
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