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We Haven't Forgotten You Jon Corzine

This clip from Corzine before the House is exhibit A in the cesspool of DOJ corruption that has resulted in Jon Corzine not currently residing in prison for stealing $1.6 billion from segregated client accounts during the collapse of MF Global.


Renewed Hope that Jon Corzine Will Face Criminal Charges

Guest post from Janet Tavakoli

Former MF Global Chief Executive Officer Jon Corzine has told lawmakers he "never intended" to break any rules and did not give instructions to misuse customer funds. But Corzine was in charge, rules were thoroughly broken, regulators claim MF Global employees lied to them, and an estimated $1.6 billion in customers' money was impermissibly transferred. Duffy testified that his lawyers informed him that MF Global employees making transfers were under the authority of MF Global management. Moreover, former customers now question Corzine's testimony that he "never intended" to break the rules.

Eagle-eyed customers spotted information in MF Global's crisis plan, the so-called "break the glass document," that suggests intent. This has given wronged customers renewed hope that criminal charges will be filed.

Beginning in January 2011, MF Global worked on a crisis plan, a document called "Stress Scenario Analysis--Downgrade Potential Impact on MF Global." MF Global worried that it wouldn't have enough cash and liquid assets of its own to meet calls for collateral (margin calls), among other things, in the event of a ratings downgrade. The document poses a critical question:

"How quickly do we want to send cash back to clients, what is the message if we do not send immediately..." P. 11

Well, now. Isn't that something? In the days before MF Global's collapse, that's exactly what happened. Customers' money that MF global didn't immediately send back was impermissibly transferred from so-called segregated accounts to MF Global's accounts and then on to MF Global's creditors. The following is a review of events the week of the bankruptcy from an earlier post.

Wednesday, Oct 26, and Thursday, Oct 27, 2011: "Substantial Deficit" in Customer Accounts

Christine Serwinski, MF Global's chief financial officer for North America, testified in a March 28, 2012 congressional hearing that she was told on October 27 of a "substantial deficit" in customers' accounts for October 26, the previous day. She was on vacation when she was informed of the shortfall and claims she was told the shortfall was only in the "cushion" that MF Global had in customer accounts. She claimed the deficit didn't violate rules -- which is implausible given other events of that week (see MF Global's check kiting below). Obviously there was a huge problem at MF Global and this would have gone to the top of the house, to CEO Jon Corzine, in a firm that had any sort of reasonable corporate governance. Serwinski further testified that on October 30, she was told of a nearly $1 billion deficit in customer funds. Regulators weren't told of deficits until October 30. The firm collapsed into bankruptcy on October 31. ("MF Global exec cites early worry on risk to funds," AP, March 27, 2012.)

Thursday October 27: MF Global Breaks Custom of Wire Transfers and Writes Rubber Checks Instead

Jon Corzine claims he didn't know about improper transfers of customer funds and of shortfalls in customer accounts until October 30, yet on Thursday, October 27, four days before the bankruptcy and again on Friday, October 28, three days before its bankruptcy, dozens of MF Global customers asked for wire transfers when they closed accounts, and they didn't get them. Instead, MF Global wrote paper checks and sent the checks via snail mail. The checks bounced, since customers received them after MF Global declared bankruptcy on Monday, October 31. ("Clients Raise Questions About MF Global Checks," NY Times Dealbook, April 1, 2012, by Azam Ahmed and Ben Protess, and "MF Global and the Rubber Check," by Matthew Goldstein, Reuters, November 5, 2011.)

Oct. 28: Edith O'Brien and Corzine's "Direct Instructions" to transfer $200M

By now every officer of MF Global should have been on red alert that MF Global was short of cash and was at risk of using customer funds to meet its daily needs, and this is prohibited.

On the morning of Oct. 28, three days before MF Global's bankruptcy, JPMorgan contacted MF Global about an overdraft in London. A Congressional memo circulated March 23, 2012, quoted an email from Vinay Mahajan, MF Global's global treasurer. Vinay wrote JPMorgan was "holding up vital business in the U.S." and called for funding "A.S.A.P." Bloomberg News reported that on October 28, Edith O'Brien, an assistant treasurer for New York-based MF Global, wrote an email saying that a $200 million transfer of funds was "Per JC's direct instructions." It turns out that part of that money was customer money, and the transfer was impermissible. ("MF Global's Corzine Ordered Funds Moved to JPMorgan, Memo Says," by Phil Mattingly and Silla Brush, Bloomberg News, March 23, 2012.)

October 28's Smoking Gun: JPMorgan Doesn't Buy Corzine's Story

Jon Corzine testified before the Senate Agriculture Committee in December: "I never gave any instructions to misuse customer money, never intended to give any instructions or authority to misuse customer funds, and I find it very hard to understand how anyone could misconstrue what I've said as a way to misuse customer money." But that isn't the standard to which Corzine is held. If investigators can show he knew of the risk that customer money might be included in the $200 million transfer he ordered, Corzine faces potential legal liability. ("MF Global's Corzine May be Liable if Customer Risk Known," By Linda Sandler and Phil Mattingly, Bloomberg News, Mar 25, 2012.)

Money went from a U.S. customer account to a U.S. MF Global account, and then it was transferred to a UK account. Even those who wish to claim Corzine slipped through a dubious loophole in the UK are out of luck. The original impermissible transfer of money occurred from a U.S. customer account to a U.S. based MF Global account. In my opinion, Corzine knew or should have known there was a strong probability that customer funds would be transferred. As it happens, they were.

On October 28, JPMorgan didn't buy Corzine's story, either. Having been a risk manager myself, I believe Barry Zubrow, JPMorgan's chief risk officer, did exactly the right thing. He called Jon Corzine to get him to verify that the funds belonged to MF Global and that none of the money was customer money. Zubrow, an outsider, was well aware of the possibility that customer funds had been transferred. It's implausible that Corzine wasn't aware of the potential impermissible transfer of customer funds when he gave the authority to make the transfer. By doing its job, JPMorgan removed Corzine's ability to credibly deny knowledge of the potential problem.

October 28: JPMorgan Asked for Written Assurances and Didn't Get Them

According to the New York Times, Jon S. Corzine, the former chief executive of MF Global, was told during the brokerage firm's final day of business that a crucial transfer of $175 million came from the firm's own money, not from a customer account, according to an internal email. The email, sent by an executive in MF Global's Chicago office, showed that the company had transferred $175 million to replenish an overdrawn account at JPMorgan Chase in London. The transfer, the email said, was a 'House Wire,' meaning that it came from the firm's own money. The email, sent at 2:20 p.m. on Oct. 28 to Mr. Corzine and two of his assistants in New York, says the transfer came from a 'nonseg' account, industry speak for a noncustomer account. ("E-Mail to Corzine Said Transfer Was Not Customer Money," by Ben Protess and Asam Ahmed, NY Times Dealbook, March 25, 2012)

The problem with the NY Times report is that the email never said that the original source of funds wasn't from a customer account, and a 'house wire' just means an internal transfer of funds. The email only verifies that the money was eventually transferred from a 'nonseg' account. It doesn't rule out that money was transferred from a customer account to an MF Global account, which as it happens -- and the NY Times later reports within the same story -- it was.

The New York Times bolloxed up the title of this story, and even within the story it acknowledges: "But it is unclear whether someone at the commodities brokerage firm told Mr. Corzine the origins of the money during a phone call or in person."

To be clear, the email in no way exonerates Jon Corzine and it in no way proves that he was unaware that the original source of funds was from a customer account and that the transfer included customer money. The email only suggests that the eventual transfer to the UK was from a U.S.-based MF Global account. But MF Global was short of funds, and the money that seemingly magically appeared in its 'nonseg' account was first transferred from a customer account.

According to his December Congressional testimony, Jon Corzine said he spoke with Ms. O'Brien, who confirmed that the transfer was proper. "I had explicit statements that we were using proper funds, both orally and in writing, to the best of my knowledge." But "proper funds," could just mean funds from a 'nonseg' account that gave the appearance of being proper. Corzine knew or should have known that MF Global's U.S. account only had funds because customer money from a U.S. account had been transferred into it. Ms. O'Brien has asked for, but not yet been granted, immunity. Last week she invoked her Fifth Amendment rights at a Congressional hearing.

As for JPMorgan, it asked Jon Corzine for a signed letter stating that the transfer was legitimate. He reportedly responded: "Send me the letter and we'll have our people look at it." It was disingenuous of Jon Corzine to pass JPMorgan's letter to Edith O'Brien to sign given that it asked for a sign-off that all "past, present and future" transfers complied with the law. Ms. O'Brien would have been asked to take responsibility for all transfers without having the authority over them. Jon Corzine had the broad authority to sign the letter, but by passing it on, he effectively stalled.

JPMorgan sent additional versions of this letter in response to MF Global's requests for revisions, but JPMorgan never received a signed letter back.

On October 31, 2011, MF Global Admitted to Impermissible Transfers

MF Global's officers admitted to federal regulators that before the collapse the firm diverted cash from customers' accounts that were supposed to be segregated: 

MF Global Holdings LTD... violated requirements that it keep clients' collateral separate from its own accounts... Craig Donohue, CME Group's chief executive officer, said on a conference call with analysts today that MF Global isn't in compliance with the rules of the exchange and the Commodity Futures Trading Commission.

("MF Global Probe May Involve Hundreds of Millions in Funds," Bloomberg News, November 1, 2011, by Silia Brush and Matthew Leising.)

Yet on November 1, Kenneth Ziman, a lawyer for MF Global, relayed information from MF Global to U.S. Bankruptcy judge Martin Glenn in Manhattan: "To the best knowledge of management, there is no shortfall." If that sounded like a cover-up, it was:

According to a U.S. official, MF Global admitted to federal regulators early Monday [October 31, 2011] that money was missing from customer accounts. MF Global acknowledged a shortfall in a phone call amid mounting questions from regulators as they went through the firm's books.

("MF Global's Collapse Draws FBI Interest," by Devlin Barrett, Scott Patterson, and Mike Spector,Wall Street Journal, November 2, 2011.)

The initial bankruptcy estimate was a shortfall of around $600 million. As of Monday November 21, MF Global's liquidating trustee believed the shortfall may be as much as $1.2 billion and later estimates put the shortfall of customer money at $1.6 billion. 


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Reader Comments (28)

Jul 3, 2012 at 11:27 PM | Registered CommenterDailyBail
Seems obama and congress forgot all about him
Jul 3, 2012 at 11:28 PM | Unregistered CommenterLiberatedCitizen
Jon Corzine Haunts Hamptons, Whether Hamptons Like it or Not



Jon Corzine: former chief executive officer at Goldman Sachs and MF Global, former New Jersey governor and senator, former fixture on the Hamptons party circuit.

So says the New York Post, which notes that Mr. Corzine has become something of a pariah since the spectacular collapse of MF Global, the commodities broker that collapsed last year under the weight of large proprietary bets on European sovereign debt:

It seems like only yesterday that Jon Corzine was the life of the party, holding court on the Hamptons political circuit, raising money for Barack Obama.

Now, Corzine—just months removed from a humiliating financial scandal—is persona non grata in the tony playground of the rich, and it’s clearly taking its toll, insiders said.

“He’s certainly not getting the invitations that he would have gotten before,” a friend of his told The Post...

The supposedly lighter load of envelopes in Mr. Corzine’s daily mail wouldn’t mark the first indignity that Mr. Corzine has suffered out east. It was only in 2010 that the fallen financier’s ex-wife Joanne sold the couple’s Sagaponack manse to Appaloosa Management’s David Tepper—whose close relationship with Joanne. Corzine was said to have irked the former Goldman boss—only to watch Mr. Tepper tear down the abode to build a bigger house in its place.
Jul 6, 2012 at 8:11 PM | Unregistered Commenterjohn
Until it becomes a felony to shave chimps before having sex with them, don't expect the SEC or the FTC to do anything to Corzine. They are busy at the moment.
Jul 13, 2012 at 2:51 AM | Unregistered CommenterHoward T. Lewis III
Jul 26, 2012 at 11:21 AM | Unregistered CommenterLiberatedCitizen
I've seen the story LC. I'm working on it.
Jul 26, 2012 at 1:12 PM | Registered CommenterDailyBail
Good here's an unpdate


Jul 26, 2012 at 1:17 PM | Unregistered CommenterLiberatedCitizen
Off with his head. I love the sound of the prison doors slamming. Jon needs to get used to this. No more guaranteed pensions either for government workers - sorry we cannot afford it as taxpayers
Jul 26, 2012 at 1:36 PM | Unregistered Commenterrobert t
I think its unlikely Corzine would know off of the top of his head where the money went even if he wasn't a crook. I think a better request would be "Please produce a report of your bad trades or losses greater than $100,000 over the last 12 months.

This does sound like rogue trading.

Now it could be a ponzi scheme like Bernie Madoff where he knew the investments were going bad but had his accountant produce phoney financial statements to show things were fine.

Corzine does not appear that smart, so its probably bad trading.

Anyway, the CFO and Auditor should be brought in to show reports which would quickly show the nature of what went wrong.

If it was bad trading that Corzine did not authorize or comprehend, he will be able to walk. But there should be jail time for people further down the line who did know.
Nov 1, 2012 at 4:36 PM | Unregistered CommenterMike Smith
Corzine's freedom is evidence of the rogue government.
Apr 10, 2013 at 2:04 PM | Unregistered Commenterbeijingyank
Gensler’s Recusal Criticized in CFTC Watchdog’s MF Global Report


Chairman Gary Gensler’s recusal from the U.S. Commodity Futures Trading Commission’s investigation into the collapse of MF Global Holdings Ltd. (MFGLQ) was unnecessary and wasn’t required by ethics rules, according to the agency’s internal watchdog.

Gensler decided not to participate after the brokerage filed for bankruptcy in October 2011 even after spending days leading up to the collapse monitoring the situation including through personal e-mail, the inspector general said in a report released in Washington yesterday...

Two Meetings
In the week before MF Global collapsed, Gensler was in contact with MF Global executives as well as with the CME Group (CME) Inc., Securities and Exchange Commission and Federal Reserve Bank of New York. Once the firm collapsed, Gensler led a closed emergency meeting to update the agency’s other four commissioners, according to the report. Gensler led a second closed meeting on Nov. 2 to discuss the situation.
“At no point did the chairman, in any closed meeting, e-mail, or otherwise, state that he believed he might be a distraction to the commission’s work,” the report said.
On Nov. 3, Gensler asked for guidance from the commission’s general counsel about whether he should participate in the investigation. He decided the same day as well to recuse himself from the probe despite advice that recusal wasn’t necessary. In a Nov. 8 statement, Gensler said that he didn’t want “my participation to be in any way a distraction in this important matter.”

Corzine Relationship

Jon Corzine, who was MF Global’s chairman and CEO when it collapsed, worked with Gensler at Goldman Sachs (GS) Group Inc. and during his term in the U.S. Senate, where Gensler served as an aide.
Steve Adamske, CFTC spokesman, declined to comment on the report.
“The report does not uncover a defensible explanation for Chairman Gensler’s capricious behavior,” Senator Richard Shelby, the Alabama Republican who sought the report, said in an e-mail statement today. “I therefore continue to question whether Chairman Gensler was more concerned with protecting customers’ accounts or protecting himself from accountability.”
Jun 2, 2013 at 8:20 AM | Unregistered Commenterjohn
MF Global ends bankruptcy as trustee Freeh steps down



(Reuters) - Collapsed brokerage MF Global Holdings Ltd on Tuesday effectively ended its bankruptcy, saying court-appointed trustee Louis Freeh will step down and hand the estate's remaining wind-down duties to a new three-member board.

The commodities broker, led by former New Jersey Gov. Jon Corzine, went into court-protected bankruptcy in 2011 after investors were spooked by its exposure to $6.3 billion in European sovereign debt.

The company's liquidation plan put together by Freeh, a former FBI director, and MF Global's creditors, was approved by bankruptcy Judge Martin Glenn in April, and the plan went into effect on Tuesday.

"With the plan approved and a new board in place, I am confident the liquidation process can be effectively administered to the satisfaction of the creditors," Freeh said in a statement.

The plan could not go into effect until certain conditions were met or waived, one of which was that the estate had enough cash to pay its claims, according to court papers filed in February.

A new board, consisting of Daniel Ehrmann, Nader Tavakoli and Richard Katz, will finish liquidating MF Global's assets.

The bankruptcy became a political firestorm when investigators found that MF Global had misappropriated money in customers' trading accounts. Corzine and his management team have not faced criminal charges, but face civil allegations of breaching a fiduciary duty. Corzine has denied wrongdoing.
Jun 5, 2013 at 6:12 AM | Unregistered Commenterjohn
"investigators found that MF Global had misappropriated money in customers' trading accounts."

Did misappropriation really occur?

I began having my doubts when I started findng posts like this one from an MF Global customer who got burned...

http://lewrockwell.com/nestmann/nestmann46.1.html ("All of this is perfectly legal.")

(N.B.: This post was written in October 2012 and disucsses the 7th Circuit's Sentinel case--before that appeals court vacated its own decision. Hmmmm... see http://www.futuresmag.com/2012/12/05/bank-of-new-york-mellon-may-not-be-off-the-hook-in)

The author discusses two possible bases supporting the legality of the so-called misappropriation: by contract (you can waive a lot of rights when you sign a customer account agreement) or by operation of law. Unfortunately, the two legal theories seem to get mixed up in the article, so it's hard to tell what's going on.

For these reasons I have my doubts about illegality. After all, wouldn't the scandal be far bigger if what happened at MF Global were "perfectly legal"? Better to kick up a storm of emotion to pretend that what happened there was way out of the norm. At first I thought prosecutors didn't cut a deal with Edith O'Brien (who pleaded to 5th) because her testimony might have crucified JC himself. Now I'm not convinced she wasn't part of a grand charade. It's a sad commentary when the markets are so thoroughly fraudulent and/or rigged for the oligarchs that thoughts like this can't be dismissed with any hard evidence.

I'm rambling now.

Last thing: anecdotally, there are reports of Canadian customers of MF Global who were either reimbursed immediately or whose accounts were never touched in the first place because legal restrictions on rehypothecation are far tighter in Canada. Also, I can tell you for a fact that silver certificates in U.S. MFG customer accounts went missing.
Jun 5, 2013 at 1:02 PM | Registered CommenterCheyenne
Interesting, Cheyenne. I had wondered the same thing, or similar, months ago. Right before the SHTF, many customers were asked to sign new customer agreements. I assume some sort of bullshit was hidden on page 47. But I thought there was outright stealing in addition to the run-of-the-mill fraud of rehypothecation....?
Jun 5, 2013 at 5:16 PM | Unregistered CommenterDr. Pitchfork
To me it looks like MF Global stole $200 million per this story from Bloomberg last year:

"Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave 'direct instructions' to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators."


This was the story where Edith O'Brien would never answer JP Morgan's request for written confirmation that it wasn't customer money. There was an internal O'Brien email where she basically said "make the transfer per JC's instructions."

She pleaded the 5th. Incredibly, prosecutors never cut a deal with her to get the withheld testimony.

Thus, as to the $200 million, it looks like Corzine stole the money and the DOJ helped him get away with the crime.

But what about the other $1.4 billion? I have never seen an explanation of what happened to my satisfaction. If Corzine ordered a $200MM transfer, were is the rest? Did someone else order it transferred? Was it in cash? If in securities instead of cash, how much of the $1.4 was on margin?

Some details would be nice. But even if the $1.4 billion was properly removed, we find yet another federal agency of ill repute, the S.E.C., aiding and abetting MF Global in the concealment of its true financial condition:

http://jessescrossroadscafe.blogspot.fr/2012/03/did-sec-facilitate-corzines-fraud-at-mf.html?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed:+JessesCafeAmericain+%28Jesse%27s+Café+Américain%29 ("They betrayed their sworn duty to make the information public, and to act to protect the average account holder by promoting transparency and the symmetrical disclosure of information to maintain the confidence in the system, and quite likely out of a deference to power and influence.")

The silence around MF Global was deafening. Romney could have SLAUGHTERED Obama with the Corzine/MF Global story, both in all of the debates and in a national TV ad campaign. He didn't. Why is that?

I strongly suspect it's because people would have seen how what happened at MF Global (an FCM, where total U.S. customer seg funds is under $200 billion) could as or more easily happen in their own commercial banks (where $10 trillion sits), and that Romney was told STFU for that reason.

Regardless, there is something very wrong with the MF Global one way or the other, something a lot bigger than $1.6 billion.
Jun 5, 2013 at 9:51 PM | Registered CommenterCheyenne
Good piece from Bill Black.



Hoping to use his political clout to continue the fraud, Keating hired Greenspan to lobby the senators who eventually became the known as the “Keating Five.” I remember well when these senators intervened at Keating’s request to try to prevent me and my colleagues from taking an enforcement action (or conservatorship) that would have saved over a billion dollars. (I took the notes of that meeting, which led to the Senate ethics investigation of the Keating Five.) The cronyism was so thick in Washington that William Weld, then a top Department of Justice official and later the Republican governor of Massachusetts, actually tried to gin up a criminal investigation of the regulators rather than Keating at the request of Lincoln’s lawyers who had just left the DOJ! Eventually, Keating and many of the senior managers of Lincoln Savings were convicted of felonies and Lincoln Savings became the most expensive failure of the S&L debacle
Jun 6, 2013 at 8:14 AM | Unregistered CommenterSKINFLINT
Corzine Asks MF Global Judge to Toss Trustee Suit



Jon Corzine, the former head of MF Global Holdings Ltd., said a lawsuit brought by the firm’s trustee should be dismissed because he can’t be sued for what turned out to be a failed business strategy.
The trustee, Louis Freeh, sued Corzine and senior executives Bradley Abelow and Henri Steenkamp in April, accusing them of failing to oversee the futures broker, leading to its bankruptcy. Lawyers for the defendants countered in court papers filed yesterday in U.S. Bankruptcy Court in Manhattan that they “were at all times working to transform MF Global into a profitable business.”

MF Global Reaches Settlement With JPMorgan on Recovery



MF Global Holdings Ltd. reached a settlement giving it a share of JPMorgan Chase & Co. (JPM)’s recovery on a $60 million claim against the holding company’s brokerage.
Under a prior settlement with the brokerage, MF Global Inc., JPMorgan agreed to hand over $100 million in customer property and in return received the $60 million unsecured claim. As part of a new settlement, JPMorgan will give a percentage of its recovery on the claim to the holding company, according to court papers filed July 24.
Investigations of the bank “concluded that, while there are potential claims against JPMorgan, it is not at all clear” that plaintiffs would prevail in litigation seeking to recover money on the claims, lawyers for MF Global Holdings wrote in the filing in U.S. Bankruptcy Court in Manhattan.
Jul 28, 2013 at 7:48 PM | Unregistered Commenterjohn
Aug 3, 2013 at 7:34 AM | Unregistered CommenterJohn
MF Global's underwriters to settle suit for $74 million


(Reuters) - Seven underwriters of the failed MF Global Holdings Ltd reached a partial settlement with investors, who had filed a lawsuit in 2011 seeking to hold them and some of the brokerage's executives, including its CEO, responsible for its collapse.

The proposed settlement calls for the seven underwriters to pay the plaintiffs $74 million, according to court papers filed in a New York court on Thursday.

The underwriters cited in the settlement are Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Pierce, Fenner & Smith, RBS Securities and Sandler O’Neill.

Once run by former Goldman Sachs (GS.N) co-chairman and New Jersey Governor Jon Corzine, MF Global collapsed amid worries about Corzine's $6.3 billion bet on European sovereign debt and the use of customer money to cover liquidity shortfalls.


I bet his supporters wore little red heart pins with his picture in the middle too…..
Dec 12, 2014 at 7:05 AM | Unregistered Commenterjohn
Embattled Jon Corzine to host Ready for Hillary Hamptons fundraiser


Washington (CNN) - Embattled former New Jersey Gov. Jon Corzine, the man who was at the center of the $1.6 billion MF Global collapse, will be the co-host of a Ready for Hillary fundraiser in the Wainscott, New York later this month.

Corzine will co-sponsor the event along with special guests David Brock, the head of Correct the Record, a pro-Clinton messaging and rapid response group; actress Ashley Judd and Craig Smith, a longtime Clinton friend and Ready for Hillary senior adviser.
Jan 29, 2015 at 7:00 PM | Unregistered Commenterjohn
While Eric Schneideman is out on a climate witch hunt, he gave Jon Boy Corzine a big pass….

Jun 21, 2016 at 4:20 PM | Unregistered Commenterjohn
Schneideman/ Epstein Foundation


In a letter dated Monday and reviewed by Reuters, New York Attorney General Eric Schneiderman's Charities Bureau asked Epstein's lawyer Darren Indyke to explain why Epstein's foundation, which is incorporated in the U.S. Virgin Islands, should be considered exempt from New York law.

A charity based outside New York is required to register with the New York Charities Bureau if it does business in New York or holds property in the state. It must also file annual financial reports with the bureau. Other U.S. states have similar requirements.

If the Jeffrey Epstein VI Foundation has to register in New York, it could be forced to disclose financial details that other U.S. foundations routinely make public, such as how much money it disburses each year. The foundation does not release those details now, so the extent of Epstein's philanthropy is not known.

In a Jan. 28 letter to the foundation, the New York Attorney General's Office said it had become aware that the foundation appeared to be conducting charitable activities in the state. The letter referred to the foundation's website, jeffreyepstein.org, which at the time said it was based in both New York City and in the U.S. Virgin Islands.

The office asked the foundation to register within 20 days.

In a Feb. 10 response, Indyke said the foundation does not engage in charitable activity in New York. He said a contractor who was not closely monitored had mistaken Indyke's Manhattan law office for a foundation office and put the information online.

"I have addressed this with the contractor, who has removed any erroneous statements about the foundation being based in New York," Indyke wrote. The website now identifies one base in the U.S. Virgin Islands.

Epstein lives on a private island near St Thomas, one of the main islands in the Caribbean group, and has homes in Manhattan and elsewhere.

Indyke did not respond to requests for comment on Thursday. Reuters obtained copies of the letters under New York's Freedom of Information Law. A spokeswoman for the Attorney General's Office declined to comment.

The New York attorney general can assess a civil fine against a charity that does not meet reporting requirements.
Jun 21, 2016 at 4:35 PM | Unregistered Commenterjohn
Jun 22, 2016 at 4:51 PM | Unregistered Commenterjohn
Corzine, others settle most litigation over MF Global collapse


on Corzine has settled a lawsuit by the trustee for the former New Jersey governor's company MF Global Holdings Ltd, as part of a $132 million accord to end much of the remaining litigation over the brokerage's 2011 collapse.

Lawyers for the trustee Nader Tavakoli and MF Global's bankruptcy plan administrator on Wednesday night asked a U.S. bankruptcy judge to approve the payout, saying it "provides closure and maximizes recoveries to the estates' creditors."

A substantial majority of the payout would be made by insurers on behalf of Corzine and other defendants, including MF Global's former Chief Operating Officer Bradley Abelow and former Chief Financial Officer Henri Steenkamp.

They have denied mismanaging MF Global, and did not admit liability in agreeing to settle.
Jul 21, 2016 at 4:20 PM | Unregistered Commenterjohn

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