This guy should be sharing a bunk bed with Bernie Madoff. Just as Pete Rose was supposed to know that the Cardinal Sin of baseball was betting on baseball, this CEO should have known that the first rule, the first fiduciary (which means trust) duty is not to commingle (and gamble) customer money with the firms money.
This guy basically broke into his neighbors house, stole his rent money, lost it at the casino and now wants to say that he didn't know that was against the law AND he doesn't know where he lost the money?
And we are supposed to believe this bubble-headed cretin?
And our so-called leaders and regulators can't figure out what he did wrong?
What part of Thou shalt not steal do the ass-hats not understand?
From Agora Financial Report:
“I simply do not know where the money is,” declared MF Global chief Jon Corzine today, “or why the accounts have not been reconciled to date.”
Corzine read a prepared statement in testimony to Congress today. Whether he’ll answer questions or invoke his Fifth Amendment rights remains to be seen, at least as of this writing.
Aside from the question of how Corzine could have lost track of $1.2 billion, there’s the matter of the Sarbanes-Oxley Act: Under the law, Corzine had to certify his firm’s financial statements.
So how could he not know... and still be within the bounds of the law?
Pleading ignorance... before possibly pleading the Fifth
When “Sarbox,” as it’s known, was passed after the Enron scandal, one of the objections critics raised was that it imposed onerous paperwork requirements on smaller public companies.
Today, we learn it’s worse: The paperwork requirements evidently don’t apply to large ones.
The fact that this creep is the consummate DC insider (read: pimp, hustler) -- which allows him to feel emboldened enough to commit these acts -- demonstrates where many of the problems in this country currently reside.
And it's not on Wall Street so much as it is on Pennsylvania Avenue and K-Street. Let's start Occupying those streets, then we can talk.
The fact that this scum-bag could not get in front of MSNBC cameras fast enough and often enough to defend the current administrations policies with regard to implementation of TARP, stimulus and bailouts should also not be lost on anybody.
http://images.cafepress.com/product/298877660v1_150x150_Front.JPG
During the campaign we heard Obama lecture us all about how a vote for McCain would be -- in effect -- a vote for "More of the Same". How quaint that little slogan sounds now after three years.
Now it appears that any vote for Obama was -- in effect -- also a vote for more of the same, with a -D at the end rather than -R (or -Rhino). Whatever, right? I mean, where' the change, dude? Don't worry about the hope thing. I can take care of that part myself.
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In fairness, here is the scum-bag, bubble-headed cretin's statement. AMAZING STUFF.
http://agriculture.house.gov/pdf/hearings/Corzine111208.pdf
Key Quote at conclusion of the statement:
"The Unreconciled Accounts
Obviously on the forefront of everyone’s mind – including mine – are the varying reports
that customer accounts have not been reconciled. I was stunned when I was told on Sunday,
October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of
client money. I remain deeply concerned about the impact that the unreconciled and frozen
funds have had on MF Global’s customers and others.
"As the chief executive officer of MF Global, I ultimately had overall responsibility for
the firm. I did not, however, generally involve myself in the mechanics of the clearing and
settlement of trades, or in the movement of cash and collateral. Nor was I an expert on the
complicated rules and regulations governing the various different operating businesses that
comprised MF Global. I had little expertise or experience in those operational aspects of the
business.
"Again, I want to emphasize that, since my resignation from MF Global on November 3,
2011, I have not had access to the information that I would need to understand what happened. It
is extremely difficult for me to reconstruct the events that occurred during the chaotic days and
the last hours leading up to the bankruptcy filing.
"I simply do not know where the money is, or why the accounts have not been reconciled
to date. I do not know which accounts are unreconciled or whether the unreconciled accounts
were or were not subject to the segregation rules. Moreover, there were an extraordinary number
of transactions during MF Global’s last few days, and I do not know, for example, whether there
were operational errors at MF Global or elsewhere, or whether banks and counterparties have
held onto funds that should rightfully have been returned to MF Global. I am sure that the
trustee in bankruptcy, the SIPC receiver, and the regulators are working to answer these
questions and to understand precisely what happened during the firm’s last days and hours.
"As the chief executive officer of MF Global, I tried to exercise my best judgment on
behalf of MF Global’s customers, employees and shareholders. Once again, let me go back to
where I started: I sincerely apologize, both personally and on behalf of the company, to our
customers, our employees and our investors, who are bearing the brunt of the impact of the
firm’s bankruptcy." - Jon Corzine
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