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The Spectacle Blog
On page 3 of a memo from the staff of the House Financial Services Committee to the committee’s members, it is revealed that Ms. Edith O’Brien, the former Assistant Treasurer of MF Global, wrote in an e-mail that a transfer of $200 million out of MF’s segregated customer accounts to cover margin calls on the firm’s own failing investments in European government bonds was “Per JC’s [Jon Corzine’s] direct instructions.”
Though this sounds initially like a bombshell, Corzine had already admitted to approving this transfer but claimed that he had no knowledge that it involved customer money.
As CNN reports, a spokesman for Corzine said today that Corzine “recalls having received written material indicating that the funds used to cure the overdrafts were appropriate for that purpose.”
Still, an e-mail proving that Corzine directed the transfer makes one wonder if Corzine can prove his claims and his plausible deniability. Further, if Corzine is telling the truth, then he was lied to by somebody — and justice demands that that somebody have a day of reckoning — by which I mean some years in federal prison.
View all comments (17) | Leave a comment
More Blog Posts by Ross Kaminsky
http://spectator.org/blog/2012/03/23/corzines-fingerprints-on-mf-gl
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WJ| 3.23.12 @ 9:03PM
TAS bloggers are cowardly avoiding the big story of the week on the racial issue. You know what I'm talking about.
Mike| 3.23.12 @ 9:19PM
Are you sure there is a racial issue to the story?
Or are you just trying to rile up violence between blacks and Hispanics, because you are racist?
Norm Klevens| 3.23.12 @ 10:32PM
Baiters like Sharpton do that.
Bob K.| 3.24.12 @ 9:24AM
There is an AP article in my morning paper with the headline: "Obama: 'If I had a son he'd look like Trayvon.' "..............................
"Obama's words also catapulted the death in Florida of 17 year old Trayvon Martin, already the focus of major national attention, into the presidential campaign.".......
Ross Kaminsky | 3.23.12 @ 9:56PM
thanks for staying on topic, WJ.
Best,
Cowardly Ross
David W| 3.24.12 @ 8:17AM
I don't. Please help us poor illiterate racists know of which you speak.
Clint| 3.24.12 @ 8:31AM
Obama's Wall Street Crony Revolving Door Democrat Money Buddy, Jon Corzine Perjured Himself And Stole Money From Small Hedging Investors And Gave It To J.P. Morgan.
The Obama Campaign Money Pipeline Is Dirty.
Joe| 3.23.12 @ 9:23PM
That's Corzine, DEMOCRAT! Let's see how often that comes up in the media
Bob K.| 3.24.12 @ 8:53AM
Good luck with that!
It doesn't even come up in A.S. (which, admittedly, is a part of the media).
Ross Kaminsky | 3.24.12 @ 10:28AM
How can you say it doesn't come up in AS? I wrote the article myself, for the printed edition, and it was run here in January.
http://spectator.org/archives/.....on-corzine
Bob K.| 3.24.12 @ 4:08PM
Forgot that. Sorry!
Paul McGrath| 3.23.12 @ 11:11PM
He was given a sinecure to oversee a whole lot of dough in order to make himself and his friends rich for all of the favors he did for those who were already sucking on the money teat that he helped them to suck and someone somewhere moved the teat away and now there is going to be big trouble. Maybe not.
There is a lot of milk around.
tonypal| 3.24.12 @ 5:33PM
Nowhere in this story does it say Bush is at fault. I'm confused.
Bob K.| 3.24.12 @ 10:26PM
As I understand it, these funds were transferred to J. P. Morgan Chase in London after they had sought assurance from Corzine that the funds were not from investors accounts. They even drafted a letter for his signature to this effect.
http://www.bloomberg.com/news/.....-says.html
Does this mean J.P. Morgan thought something was fishy with the deal from the start?
Question: Have these funds been returned by J. P. Morgan to MF Global (or the Referree in Bankruptcy, if there is one) for replacement in the appropriate Customer funds or are they in the process of being returned?
Or, in this case, have the Investors been kissed off? Why would anybody want to invest money anywhere if brokerages can get away with this?
How does J. P. Morgan get to keep this money?
darcy| 3.25.12 @ 8:19AM
J.P. Morgan was simply performing due diligence, I would say.
Bob K.| 3.25.12 @ 9:32AM
Do you still get to keep the money for doing that?