Article

2011-12-09 -Lurid Crime Tales-

Corzine 'stunned' that MF Global couldn't find missing funds

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2011-12-09 00:00|| || Front Page|| [11128 views ] Top

#1 You will never hear me say "DUH, I lost a BILLION dollars".

What an a-hole. - he lost it to Obama's campaign.

Posted by newc 2011-12-09 00:08|| 2011-12-09 00:08|| Front Page Top

#2 Oh, yeah. I believe him...

Posted by tu3031 2011-12-09 00:32|| 2011-12-09 00:32|| Front Page Top

#3 "Could be in the attic, could be under the workbench in the garden shed..."

Posted by Grunter 2011-12-09 07:43|| 2011-12-09 07:43|| Front Page Top

#4 Sure.... happens to me all the time. Why just the other day I misplaced a couple trillion dollars - still haven't found it. It's no big deal.

You have to understand that to people like him - a billion is not that much - what we might think of a hundred dollars. A billion here.... a billion there... etc...

Posted by CrazyFool 2011-12-09 08:29|| 2011-12-09 08:29|| Front Page Top

#5 So where did all the money go? Not just MFG's, but all the other losses. Soros? Putin? Kimmy? Bush?

Posted by Bobby 2011-12-09 08:33|| 2011-12-09 08:33|| Front Page Top

#6 Here's one definition of fiduciary responsibility -
"In the handling of money and when one acts as a corporate or individual trustee, there is a fiduciary responsibility owed to the principal party. It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being. The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest." The good faith has been interpreted to impose an obligation to act reasonably in order to avoid negligent handling of the beneficiary's interests as well the duty not to favor ANYONE ELSE'S INTEREST (INCLUDING THE TRUSTEES OWN INTEREST) over that of the beneficiary. Further, if the agent should find him/herself in a position of conflicting interests, the agent must disclose the dual agency (acting for two parties at the same time) or risk being accused of constructive fraud in regards to both or either principals."

Notice the resemblance? Things don't seem to change.

Posted by Procopius2k 2011-12-09 09:05|| 2011-12-09 09:05|| Front Page Top

#7 Play Amazing Missing word Bingo.

Posted by Bright Pebbles 2011-12-09 10:03|| 2011-12-09 10:03|| Front Page Top

#8 They must have been in his pants when he took them to the cleaners. However, Corzine should be reassured that where he is going, money will be the least of his worries, except in buying the occasional Snickers or bar of soap from the snack bar.

Posted by Anonymoose 2011-12-09 10:16|| 2011-12-09 10:16|| Front Page Top

#9 I see an Obama pardon in his future

Posted by Frank G 2011-12-09 11:08|| 2011-12-09 11:08|| Front Page Top

#10 Yup, I figure he'll never spend a day in the Graybar Hotel. He'll either get a pardon or he'll have a mysterious RAB-style 'suicide' with one behind each ear...

Posted by Steve White 2011-12-09 11:14|| 2011-12-09 11:14|| Front Page Top

#11 Has he checked under the cushions on his sofa ...

Posted by Cincinnatus Chili 2011-12-09 12:38|| 2011-12-09 12:38|| Front Page Top

#12 Sgt. Schultz sez"

"I KNOW NOTHING - NOTHING!"

Posted by borgboy 2011-12-09 13:56|| 2011-12-09 13:56|| Front Page Top

#13 He said he never told his subordinates to use client money, but if he did he didn't mean it.

Posted by Deacon Blues 2011-12-09 14:33|| 2011-12-09 14:33|| Front Page Top

#14 And he'll never do it again.

Posted by Steve White 2011-12-09 15:22|| 2011-12-09 15:22|| Front Page Top

#15 There was commentary going around that Corzine was brought into MFG primarily because of his "Rolodex", and that he received waivers for a required certification(?).

It wouldn't be the first time someone was brought in at the top solely due to having high-powered connections.

Posted by Pappy 2011-12-09 16:35|| 2011-12-09 16:35|| Front Page Top

#16 Corzine might check with Soros.

Posted by JohnQC 2011-12-09 16:47|| 2011-12-09 16:47|| Front Page Top

#17 Pappy, Corzine had more than a Rolodex. He worked in finance for several decades and had a resume with CEO of Goldman Sachs on it, as well as Senator and Governor. He lost a power struggle at Goldman, but subsequently made nearly half a billion out of his retained stock position when GS went public.

Moreover, as Senator he co-authored Sarbanes-Oxley, the legislation which specifically requires CEOs of publicly traded companies (such as MF Global) to personally attest to the accuracy of financial statements.

Much more than a Rolodex - and much more culpable.

Posted by lotp 2011-12-09 17:19|| 2011-12-09 17:19|| Front Page Top

#18 The traders I know can tell you where every penny is that they've invested on someone else's behalf. They have to, it's not only the law (although Mr. Corzine did have a 'D' behind his name at one point so that might not count), but it's just good business.

Posted by Mullah Richard 2011-12-09 17:46|| 2011-12-09 17:46|| Front Page Top

#19 Corzine had more than a Rolodex.

True. But he had been out of the industry for years. I don't think he was brought into MFG for his financial acumen.

Posted by Pappy 2011-12-09 17:59|| 2011-12-09 17:59|| Front Page Top

#20 I'm not so sure that wasn't in fact part of the reason they sought him. The Goldman Sachs IPO was controversial and hugely successful thanks to him, even if he left just before the actual IPO was launched. He lost out to co-CEO Paulson in an internal power play over bailing out a hedge fund that threatened to bring down the financial system - Paulson was a white shoe, well-connected investment banker (read: powerful wealthy white guys doing deals in private clubs) and hated Corzine's greater appetite for risk and the far harder to control public markets.

It was exactly Corzine's appetite for big bets - which shaped GS' highly successful IPO despite Paulson's opposition - that would have attracted MF Global, especially in the early days after he lost the election to Christie, when the outcome of TARP etc. was up for grabs.

Posted by lotp 2011-12-09 18:41|| 2011-12-09 18:41|| Front Page Top

#21 As lotp pointed out, Mr. Corzine is one of the authors of Sarbanes-Oxley. I am not a lawyer, but as I understand it, S-Ox REQUIRES CEOs to know where the money is, and to certify where it is. A few days ago, somebody here pointed out that he had admitted under oath that he had violated S-Ox by not knowing.

Of course, given his associations, it is unlikely he will be tried and convicted, and even if he is, he is unlikely to spend any time behind bars.

Posted by Rambler in Virginia 2011-12-09 19:00|| 2011-12-09 19:00|| Front Page Top

#22 Joe Jr. was the one Joe Sr. was lining up for the presidency. John F. was the stumblef@@k backup.

Posted by Slatle Bumble5851 2011-12-09 20:49|| 2011-12-09 20:49|| Front Page Top

#23 Sorry, wrong thread. Comment meant for Holder compares Issa to Tailgunner Joe thread.

Posted by Slatle Bumble5851 2011-12-09 20:54|| 2011-12-09 20:54|| Front Page Top

#24 If I did my math right, if he serves one second per each dollar lost of $1.2billion, he would be in jail for 38 years.

He is public sector, where a billion is a note and money can be printed. In the private sector positions such as CEO do have rank, but are really positions of responsibility.

Posted by swksvolFF 2011-12-09 21:22|| 2011-12-09 21:22|| Front Page Top

#25 2,281.5 years.

Posted by Slatle Bumble5851 2011-12-09 21:50|| 2011-12-09 21:50|| Front Page Top

#26 swksvolFF, you are right at 38 years. I calculated minutes not seconds. Time to lay off the alcohol.

Posted by Slatle Bumble5851 2011-12-09 21:56|| 2011-12-09 21:56|| Front Page Top

#27 he should be stripped of everything he owns to pay back part of that $1.2 Billion. EVERYTHING

Posted by Frank G 2011-12-09 22:43|| 2011-12-09 22:43|| Front Page Top

23:52 JosephMendiola
23:43 JosephMendiola
23:39 newc
23:23 Grease Jith3343
23:18 Frank G
22:52 Slatle Bumble5851
22:43 Frank G
22:36 Grease Jith3343
22:15 Grease Jith3343
22:13 Procopius2k
22:02 Slatle Bumble5851
22:00 Slatle Bumble5851
21:56 Slatle Bumble5851
21:50 Slatle Bumble5851
21:47 Slatle Bumble5851
21:22 swksvolFF
21:18 Slatle Bumble5851
21:17 JosephMendiola
21:13 tipover
21:11 Slatle Bumble5851
21:08 JosephMendiola
21:05 Slatle Bumble5851
21:05 CrazyFool
20:58 Slatle Bumble5851