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« GROSS: "I'm Not The Great Investor Everyone Thinks I Am" | Main | The #1 Reason That Jon Corzine Is Not In Prison »
Monday
Apr082013

MF UNTOUCHABLE: Corzine Blasted In MF Global Autopsy

This makes it 3 for 3 in official autopsies that blame Jon Corzine for the collapse of MF Global.  However, former FBI Director Louis Freeh's 176 page report released Friday does not use the word "criminal" even once.

[Note: The 2 MFs in the headline are not the same.]

 

Scroll down for photos.

---

Corzine Slammed in Freeh Report on MF Global collapse

Reuters

The report by former FBI director Louis Freeh said the failure of MF Global's officers contributed to losses of as much as $2.1 billion and adds to the growing number of reports and investigations pointing to their liability.  While the report was sharply critical of Corzine's conduct, it did not focus on one of the biggest mysteries of the MF Global collapse: the misappropriation of funds from customer trading accounts.

Freehe singled out the "failures" of Corzine, former chief operating officer Bradley Abelow and former chief financial officer Henri Steenkamp.  The three "contributed to the losses" which the trustee estimates to be between $1.5 billion and $2.1 billion."

"Negligence isn't strong enough to describe the conduct of Corzine and the other officers," said Merrill G. Davidoff, an attorney with Berger & Montague. "I think he is understating the scope of the problem."

Freeh's report does not use the word "criminal."

 

MF Untouchable lounging on the beach...

 

Corzine Blamed In MF Global Autopsy

Wall Street Journal

The report mentioned Mr. Corzine's name a total of 284 times—an average of more than once per page—and concluded that he and his management team engaged in "negligent conduct."

The 174-page document, filed shortly after midnight Thursday in a federal bankruptcy court by former Federal Bureau of Investigation chief Louis J. Freeh, represents the most thorough look into management's role in MF Global's failure—and the toughest yet on Mr. Corzine.

The findings in the report could help decide how much money Mr. Corzine and others potentially have to pay to settle private cases from MF Global customers and creditors in coming months.  Those settlement talks are heating up, with a meeting scheduled with a court-approved mediator next week, according to people familiar with the plans.

Mr. Giddens said Thursday that distributions now under way will restore 89 cents on the dollar to former MF Global customers who did business on U.S. exchanges.  Further distributions are expected in coming months that will boost the total to at least 93 cents on the dollar.  Customers on foreign exchanges are expected to get back at least 75 cents on the dollar, up from the current 18 cents, the spokesman said. The increases need court approval.

Creditors have been hit much harder, with recent court documents suggesting that unsecured bondholders could recover just 12 to 42 cents on the dollar, though the rate may rise later.  MF Global bonds have recently traded at 70 cents on the dollar, a sign that investors are betting more assets will be recovered for creditors, too.

"This makes it 3-for-3 for official reports that blame Mr. Corzine for the collapse," said James Koutoulas, a lawyer representing the firm's customers.

Mr. Freeh in particular went after Mr. Corzine's healthy appetite for trading.  A few months after starting at the firm, Mr. Corzine "started trading on his own" in company accounts that bore his initials, JSC, and became a topic of discussion among employees.

 

MF Untouchable chilling with Obama...

 

Statement from Jon Corzine's Lawyer

Corzine says report is a clear case of 'Monday Morning Quarterbacking'

The Trustee’s report, with its allegations of negligent conduct, is a clear case of Monday Morning Quarterbacking.  It intentionally ignores the failure of counterparties to fulfill their commercially contracted obligations to MF Global and the profound impact this failure had on MF Global’s customers and other stakeholders.

As we have said before, there simply is no basis for the suggestion that Mr. Corzine breached his fiduciary duties or was negligent.  When Mr. Corzine joined MF Global, the firm had lost money in each of the previous three years and in five consecutive quarters.  During his entire tenure as CEO, Mr. Corzine worked tirelessly and in good faith to turn the business around.  He and the rest of the Board engaged in a rigorous and careful evaluation of the appropriate strategy for the firm.  After extensive discussions with the Board, the senior management team and a highly respected management consulting firm, Mr. Corzine set a new, publicly disclosed strategy to replace the existing unsustainable model. The strategic plan, which was approved by the Board, also included review of internal processes and controls by respected consultants and outside auditors.  As a result of the new strategy, there was a marked improvement of MF Global’s financial performance.

While Mr. Corzine is disappointed by the Trustee’s report, he is encouraged by the recent settlements with banks and creditors whose conduct contributed to the failure of the firm and delayed the ability of customers to be repaid.  Mr. Corzine respects the efforts of both Trustees in this regard and is pleased that the settlements and the proposed plan of reorganization make it probable that customers will receive full recovery of their funds.

 

MF Untouchable bundling for Obama...

 

Freeh Report on MF Global

Read this:

More evidence that Jon Corzine is guilty...

 

 

Some images by William Banzai...

 

 

 

The #1 Reason That Jon Corzine Is Not In Prison

 

 

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Reader Comments (11)

Apr 8, 2013 at 4:39 AM | Registered CommenterDailyBail
GOP Confirms Total Lack Of Balls With Corzine Report

http://dailybail.com/home/gop-confirms-total-lack-of-balls-with-corzine-report.html

Good read.
Apr 8, 2013 at 4:40 AM | Registered CommenterDailyBail
Crime And Punishment On Wall Street

http://dailybail.com/home/crime-and-punishment-on-wall-street.html

From John Titus
Apr 8, 2013 at 4:50 AM | Registered CommenterDailyBail
PRISON WATCH: Gasparino Reports MF Global CFO Told Investigators 'Corzine Should Go To Jail'

http://dailybail.com/home/prison-watch-2012-gasparino-reports-mf-global-cfo-told-inves.html
Apr 8, 2013 at 5:15 AM | Registered CommenterDailyBail
Apr 8, 2013 at 5:16 AM | Registered CommenterDailyBail
Often, after a serial arsonist torches yet another structure, he will return to the scene while it burns and hide in the shadows and masturbate. The same thing happens when a serial killer commits a crime. The crimes are motivated by their very essence of who they are as humans. Afterwards, though not always, they will discontinue this behavior as they struggle with their demons, but always, always return to this sick behavior. The only way to MAKE them stop is to put them in jail where their every move will be watched. Until this happens we will continue to be extracted while these perverse kleptocrats masturbate at the mere thought of another potential ritual stealing. Platinum citizenry does have its merits.
Apr 8, 2013 at 7:06 AM | Unregistered CommenterSKINFLINT
Had lunch Friday with one of the top scholars in my field -- very successful, very sober, early to mid 70s and (as far as I know) a middle-of-the-road Democrat. In other words, this guy epitomizes the establishment. Wanna guess what he was talking about? Jon Corzine's not being in jail. It wasn't even a question of why. It was just accepted as fact by everyone present (all academics) that Holder et al. are corrupt and people like Corzine get a pass. This was Obama's base, in the flesh, acknowledging the corruption. When guys like the eminent professor start talking openly about how corrupt the system is, you know something's rotten. DB readers have known for years, but things must really stink at this point.
Apr 8, 2013 at 9:34 AM | Unregistered CommenterDr. Pitchfork
Pitch

Interesting story. It reminds me of that WeAreChange video with the Obama drone voters.
Apr 8, 2013 at 12:28 PM | Registered CommenterDailyBail
Filthy Criminals Video, FYI:

http://www.youtube.com/watch?v=AOBxEhGBUGo

Set to MUSIC by Jimi Hendrix BORN UNDER A BAD SIGN
(Original: Music by Booker T Jones; Lyrics by William Bell)
Apr 8, 2013 at 2:08 PM | Unregistered CommenterChristina Marlowe
Where's the Beach

I don't know where the money 2.1 BILLION went

Citizens Arrest on Sight

Bag taken off head after 2,1 MINUTES

Repeat after me I Will Tell you where the money is

"Bill you and Larry grab his legs he's starting to kick out and thrash about"

"Chet loop that length of Rope over the Palm tree down the beach, that's it make a tight there at the noose"

"Easy now take the bag back off his head and let's see what he had to say"

Repeat after me - The money is in such and such account at ##%//#! bank.

"Yes thats fine now thank you for cooperating - of course you can go - Chet just kick the beach chair out from undr him there. What Oh the promise - Iforgot where I put it"

We are Legion...
Apr 8, 2013 at 2:52 PM | Unregistered CommenterElyag Reed
Time to get to Work

Quote From Devvy Kidd web page..

"Given the increasingly corrupt and treasonous actions of our public officials, which have nearly destroyed our republic, and the almost complete breakdown of the justice system as run by the government, the time has come for we Americans to rise up and use the God-given rights left to us by our founders. We can do this by using citizen- impaneled and administered grand juries to hold presidents like Obama and others at the highest levels of government accountable for the crimes that have driven our nation to the brink of extinction."

"Although the customary practice for summoning a federal grand jury is by a court (see Rule 6 of the Federal Rules of Criminal Procedure, or FRCP), such action is mandatory "when the public interest so requires." Regardless, the FRCP does not preclude citizens from exercising their own rights to impanel grand juries under the Constitution. [See, i.e. Marbury v. Madison, 5 U.S. 137 (1803), establishing the doctrine of judicial review.] Thus, it is clear that citizens themselves can impanel a grand jury, and if a true bill of indictment results, the courts are technically required to commence proceedings and the executive branch to enforce the court's edicts. However, if the courts refuse and the executive branch does not carry out its duties by, for instance, arresting the criminally accused, Americans do have a right to make "citizens arrests," hold trials and legally mete out punishment in their own right. Indeed, this is what occurred in the western part of the United States, in particular, during our early years as a nation — before there was a developed federal court system and executive branch.

Now the Work

‘WANTED’
Out of work lawyers – paralegals – retired judges
And concerned citizens.

You will be sworn in for Citizens Action Panels to assist in setting up the Impaneled Grand Juries to indict parties that have engaged in Destroying the country.

We are Legion
Apr 8, 2013 at 3:25 PM | Unregistered CommenterElyag Reed

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