MF'ing Bombshell!
CME Exec Drops Bombshell that Corzine Knew About Customer Fund Transfers
The executive chairman of the CME told lawmakers that MF Global borrowed $175 million from customer accounts and implied that its former CEO Jon Corzine knew about it.
“Mr. Corzine was aware of the loans being made,” Mr. Duffy told the Senate Agriculture Committee, adding that MF Global had submitted documents to the CME, the major exchange where MF Global did business, that kept “regulators in the dark.”
wallstreetandtech
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Is Jon Corzine “Too Big to Be Indicted”? Part VI
Posted by Larry Doyle on December 15, 2011 10:22 AM |
The ongoing saga to determine what may have happened at the critical points of demise within MF Global continues again today.
I once again encourage you to grab both a large popcorn and a barf bag while witnessing the House Financial Services Committee Hearing re: MF Global.
Will the committee members have the balls to drill down and address the critical questions as to who knew what and did what to violate the sanctity of segregated customer funds totaling a cool $1.2 billion at MF Global?
Will we be fed a line of questioning by committee members which fails to put Jon Corzine on the spot?
Might we witness a day not often seen in modern American history in which a once mighty financial and political titan is compelled to provide the truth? Will Jon Corzine be forced to confront the testimony provided earlier this week by Terrence Duffy, CEO of the CME.
Let’s help the committee members out and provide a line of questioning which they should pursue if they have any sense of rectitude and dignity. To this end, I welcome referencing BankThink’s Francine McKenna’s fabulous commentary, Hard Questions Lawmakers Should Ask at MF Global Hearing.
McKenna provides questions which the best prosecutors in the country would appreciate. She also provides a frame of reference for her questioning which can only be defined as enlightening.
senseoncents
CME Group plays old-school Chicago politics
Posted by John McDermott on Dec 14 15:32.
In case you missed it, last night Jon Corzine was artfully thrown under what looked like a bomb-strapped bus being driven by the Chicago Mercantile Exchange, with no Keanu Reeves in sight.
Terry Duffy, chief executive of CME group, told the Senate hearing on MF Global that the former New Jersey governor “was aware” that money had gone missing from customer accounts.
From Duffy’s opening statement, via Congressional Quarterly:
MF Global’s segregation report for Thursday, October 27th, which was delivered to CME on Friday the 28th, also stated that MF Global remained in full compliance with segregation requirements. In fact, it showed that the firm held $200 million in excess segregated funds.
On Sunday, the CFTC informed us that they were aware of a draft segregation report for the close of business on Friday, October 28th, which showed more than a $900 million shortfall in required segregation….
… DUFFY: After receiving this information, CME remained at MF Global while MF Global attempted to identify funds that could be transferred into segregation to reduce or eliminate the discrepancy. A CME auditor also participated in a phone call with senior MF Global employees, wherein one employee indicated that Mr. Corzine knew about the loans that it had made for the customer — from the customer segregated accounts.
CME Group has provided this information and the names of these individuals to the Department of Justice and the CFTC for investigating these matters….
On Monday, October 31st, the day the SIPC trustee took over, MF Global revised its segregation report for Thursday, October 27th, indicating that the alleged $200 million in excess segregated funds should have been reported as a deficiency of $200 million.
…
ROBERTS: Is there anything else about this conversation you believe important for this committee to know?
DUFFY: No, sir. I was just asked to raise my right hand and tell the whole truth, so I’m telling you what I know.
http://12160.info/page/mf-ing-bombshell-max-keiser-jpmorgan-ordered-corzine-to-pillage-p
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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