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Thursday
Aug232012

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.

Corzine Angst

"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."

 

 

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Reader Comments (5)

Raise your hand if you think your money is safe in the bank or a fund

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
Aug 23, 2012 at 12:58 AM | Unregistered CommenterLiberatedCitizen
LC

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.
Aug 23, 2012 at 1:07 AM | Registered CommenterDailyBail
According to the article below, Corzine knows damn well where the funds are. They were seized by MF's repo counter parties. Apparently, MF customers' contracts allowed for re-hypothication of their assets:

'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/
Aug 23, 2012 at 1:53 AM | Unregistered CommenterPitchfork
Yes DB her site isn't the best she doesn't have workable links for individual stories, mixes Religion with Economics but her information is valuable and she is highly regarded for her ethics. I guess people who want to know will over look that like I do. I also believe that credit should go to the author whenever possible.

p.s. Just so people know I am not knocking Catholic's with that criticism
Aug 23, 2012 at 2:53 AM | Unregistered CommenterLiberatedCitizen
Something tells me, Jon Corzine will have his day in court.
Sep 7, 2012 at 8:47 PM | Unregistered CommenterAnon

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