Raise Your Hand If You Would Like To Invest In Jon Corzine's New Hedge Fund... Anyone?
'Anyone... ?' - Ben Stein in Ferris Bueller's Day Off, from 1986.
The following excerpt, and especially the last sentence, sums it up nicely. All hope is not lost however, as lawyer James Koutoulas told Rick Santelli on CNBC yesterday that he plans to pursue criminal charges against Corzine in all 50 states.
"How could prosecutors drop a case where over one billion dollars in client money has gone missing, and where a CEO is throwing his hands up and saying he has no clue," asks Cornelius Hurley, director of the Boston University Center for Finance, Law & Policy.
"It gets your blood boiling," says Hurley, former counsel to the Fed Board of Governors. He notes that the statute of limitation on charging Corzine far off "so for anyone to say this early in the game that Corzine is off the hook criminally is a someone that didn’t have the courage to convict him anyway."
Reader Comments (5)
FDIC STATISTICS: READ 'EM AND WEEP
http://barnhardt.biz/
RED ALERT: IT'S OPEN SEASON ON ALL CUSTOMER FUNDS
http://barnhardt.biz/
older but worth reading
How Safe is My FDIC-Insured Bank Account?
http://www.financialsensearchive.com/fsu/editorials/martenson/2008/0414.html
Report: Cronyism, political donations likely behind Obama, Holder failure to charge any bankers after 2008 financial meltdown
http://dailycaller.com/2012/08/07/report-cronyism-political-donations-likely-behind-obama-holder-failure-to-charge-any-bankers-after-2008-financial-meltdown/#ixzz22rIbNRbP
Did you see Whalen's piece on this issue yet? There are some pretty good quotes in there.
And Barnhardt needs to create individual links to her stories so that readers don't always have to go to her homepage which is littered with often-offensive religious-based attacks. She is losing half her audience as soon as they see her site. Boom and gone. She's not the best messenger for the warning she's trying to spread.
'MF Global’s Customer Agreement for trading in cash commodities, commodity futures, security futures, options, and forward contracts, securities, foreign futures and options and currencies includes the following clause:
“7. Consent To Loan Or PledgeYou hereby grant us the right, in accordance with Applicable Law, to borrow, pledge, repledge, transfer, hypothecate, rehypothecate, loan, or invest any of the Collateral, including, without limitation, utilizing the Collateral to purchase or sell securities pursuant to repurchase agreements [repos] or reverse repurchase agreements with any party, in each case without notice to you, and we shall have no obligation to retain a like amount of similar Collateral in our possession and control.” '
http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/
p.s. Just so people know I am not knocking Catholic's with that criticism