If he were a Republican, i'm sure this would be the LEAD STORY on all of the major News Networks as the NEXT ENRON. :facepalm:
June 4, 2012 2:32 PM PrintText
MF Global trustee threatens suit against Corzine
comments
7inShare.2More+
EmailFacebookTwitterLinkedInDigg.PrintDeliciousRedditStumbleuponGoogle Bookmarks....
Former New Jersey Governor Jon Corzine (L) greets US President Barack Obama during a 2009 campaign really for Corzine in Camden, New Jersey (Mandel Ngan/AFP/Getty Images)
(AP) NEW YORK - Former New Jersey Gov. Jon Corzine could face a lawsuit from the trustee trying to recover $1.6 billion in customer money from the collapse of the brokerage MF Global.
James Giddens, the trustee overseeing the liquidation of the company, said in a bankruptcy court filing Monday that he may sue Corzine for breach of fiduciary duty and negligence.
Giddens said his investigation found that Corzine, who took over as MF Global CEO in March 2010, led the company to trade in unsafe securities and take on far greater risk than comparable companies did.
Corzine declined comment through a spokesman.
Report: Corzine ordered $200 million transfer
Ex-MF Global exec declines to testify at hearing
Witnesses to shed light on missing MF Global funds
Corzine, a former U.S. senator and CEO of the investment bank Goldman Sachs, took the top job at MF Global after losing a bid for re-election as New Jersey governor in 2009.
He hoped to remake MF Global from a modest brokerage firm into a Wall Street powerhouse. But it filed for bankruptcy protection, crippled by disastrous bets on European debt, less than two years after Corzine became CEO.
The bankruptcy was the eighth-largest in the United States and the largest on Wall Street since the 2008 collapse of Lehman Brothers.
Giddens, in a 275-page report filed with the bankruptcy court, said MF Global's business "dramatically changed" after Corzine took over and began trading European debt securities under Corzine's "personal direction."
It was a very risky bet, and it turned out to be a bad one. European countries were teetering under massive debt loads, and some ultimately had to be saved by bailouts. The value of the securities fell dramatically.
About $1.6 billion was found to be missing from client accounts when the company failed. Much of the missing money belonged to farmers, ranchers and other business owners who used MF Global to reduce their risks from fluctuating prices of commodities such as corn and wheat. The FBI and federal regulators are investigating.
Corzine has told Congress he did not know customer money was missing until the day before MF Global collapsed. But Giddens said in his report that top management was partly responsible for the disappearance of customer money.
Giddens said he might also sue former MF Global chief financial officer Henri Steenkamp and former assistant treasurer Edith O'Brien, among others.
The trustee also threatened to sue JPMorgan Chase if he does not reach an agreement in his discussions to retrieve money that was transferred to the bank from MF Global. JPMorgan held MF Global funds in several accounts and also processed the firm's securities trades.
The bank has already returned $608 million to the firm since the filing. JPMorgan declined comment on the report.
? 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
7
7 Comments +Add a Comment by credibility2 June 5, 2012 12:15 PM EDT
Wonder how many billions Corzine lost for the taxpayer? This guy's record is hideous; he was a huge loser all around, includeing being a Democrat Senator, former Goldman Sachs CEO, and MF Global CEO).
Reply to this comment ...by baileycccc June 4, 2012 6:43 PM EDT
It is a "Den of Thieves" but it will end up "all settle" because there is so much money to around. It is how business is done on wall Street.
Reply to this comment ...by TalMD June 4, 2012 4:42 PM EDT
Corzine/Geitner 2016 ! - Dope and Change 2016
Reply to this comment ...by Ourdoc1 June 4, 2012 4:23 PM EDT
And if he can't prove it then they can sue him back... Who wins? Either way, the lawyers, no one else.
Reply to this comment ...by RealWorldNow June 4, 2012 4:16 PM EDT
Obama's economics hero! The democrat 1% you never hear about...
Reply to this comment ...by TeaPartyNation-- June 4, 2012 3:51 PM EDT
"Senators demand answers on missing MF Global money"
...now we know which insider-trading Senators invested with their pal corzine.
"Corzine blames predecessors for MF Global's fall"
...of course, it's BUSH's fault !
"Corzine's MF Global files for bankruptcy protection"
So, a lunatic-left d-cRAT socialist recklessly spending other people's money to the point of fiscal collapse and bankruptcy. Who could of guessed that would ever happen, especially by a d-cRAT socialist who left NJ taxpayers $8 BILLION IN DEBT ?
"Corzine Testimony: I Don't Know Where Firm's Missing Money Is"
...check OBOZO's re-election campaign account.
Given d-cRAT socialist corzine's "skills" with other peoples' money, I wouldn't be surprised if his pal OBOZO-the-Clown now puts him in charge of the OBOZO "green" energy program, because America needs more solyndra-type bankruptcies that create so many high-paying jobs for lawyers!
Moral: NEVER, EVER let a lunatic-left d-cRAT socialist anywhere near YOUR money - they are all corrupt, self-serving MF-ers.
June 4, 2012 2:32 PM PrintText
MF Global trustee threatens suit against Corzine
comments
7inShare.2More+
EmailFacebookTwitterLinkedInDigg.PrintDeliciousRedditStumbleuponGoogle Bookmarks....
Former New Jersey Governor Jon Corzine (L) greets US President Barack Obama during a 2009 campaign really for Corzine in Camden, New Jersey (Mandel Ngan/AFP/Getty Images)
(AP) NEW YORK - Former New Jersey Gov. Jon Corzine could face a lawsuit from the trustee trying to recover $1.6 billion in customer money from the collapse of the brokerage MF Global.
James Giddens, the trustee overseeing the liquidation of the company, said in a bankruptcy court filing Monday that he may sue Corzine for breach of fiduciary duty and negligence.
Giddens said his investigation found that Corzine, who took over as MF Global CEO in March 2010, led the company to trade in unsafe securities and take on far greater risk than comparable companies did.
Corzine declined comment through a spokesman.
Report: Corzine ordered $200 million transfer
Ex-MF Global exec declines to testify at hearing
Witnesses to shed light on missing MF Global funds
Corzine, a former U.S. senator and CEO of the investment bank Goldman Sachs, took the top job at MF Global after losing a bid for re-election as New Jersey governor in 2009.
He hoped to remake MF Global from a modest brokerage firm into a Wall Street powerhouse. But it filed for bankruptcy protection, crippled by disastrous bets on European debt, less than two years after Corzine became CEO.
The bankruptcy was the eighth-largest in the United States and the largest on Wall Street since the 2008 collapse of Lehman Brothers.
Giddens, in a 275-page report filed with the bankruptcy court, said MF Global's business "dramatically changed" after Corzine took over and began trading European debt securities under Corzine's "personal direction."
It was a very risky bet, and it turned out to be a bad one. European countries were teetering under massive debt loads, and some ultimately had to be saved by bailouts. The value of the securities fell dramatically.
About $1.6 billion was found to be missing from client accounts when the company failed. Much of the missing money belonged to farmers, ranchers and other business owners who used MF Global to reduce their risks from fluctuating prices of commodities such as corn and wheat. The FBI and federal regulators are investigating.
Corzine has told Congress he did not know customer money was missing until the day before MF Global collapsed. But Giddens said in his report that top management was partly responsible for the disappearance of customer money.
Giddens said he might also sue former MF Global chief financial officer Henri Steenkamp and former assistant treasurer Edith O'Brien, among others.
The trustee also threatened to sue JPMorgan Chase if he does not reach an agreement in his discussions to retrieve money that was transferred to the bank from MF Global. JPMorgan held MF Global funds in several accounts and also processed the firm's securities trades.
The bank has already returned $608 million to the firm since the filing. JPMorgan declined comment on the report.
? 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
7
7 Comments +Add a Comment by credibility2 June 5, 2012 12:15 PM EDT
Wonder how many billions Corzine lost for the taxpayer? This guy's record is hideous; he was a huge loser all around, includeing being a Democrat Senator, former Goldman Sachs CEO, and MF Global CEO).
Reply to this comment ...by baileycccc June 4, 2012 6:43 PM EDT
It is a "Den of Thieves" but it will end up "all settle" because there is so much money to around. It is how business is done on wall Street.
Reply to this comment ...by TalMD June 4, 2012 4:42 PM EDT
Corzine/Geitner 2016 ! - Dope and Change 2016
Reply to this comment ...by Ourdoc1 June 4, 2012 4:23 PM EDT
And if he can't prove it then they can sue him back... Who wins? Either way, the lawyers, no one else.
Reply to this comment ...by RealWorldNow June 4, 2012 4:16 PM EDT
Obama's economics hero! The democrat 1% you never hear about...
Reply to this comment ...by TeaPartyNation-- June 4, 2012 3:51 PM EDT
"Senators demand answers on missing MF Global money"
...now we know which insider-trading Senators invested with their pal corzine.
"Corzine blames predecessors for MF Global's fall"
...of course, it's BUSH's fault !
"Corzine's MF Global files for bankruptcy protection"
So, a lunatic-left d-cRAT socialist recklessly spending other people's money to the point of fiscal collapse and bankruptcy. Who could of guessed that would ever happen, especially by a d-cRAT socialist who left NJ taxpayers $8 BILLION IN DEBT ?
"Corzine Testimony: I Don't Know Where Firm's Missing Money Is"
...check OBOZO's re-election campaign account.
Given d-cRAT socialist corzine's "skills" with other peoples' money, I wouldn't be surprised if his pal OBOZO-the-Clown now puts him in charge of the OBOZO "green" energy program, because America needs more solyndra-type bankruptcies that create so many high-paying jobs for lawyers!
Moral: NEVER, EVER let a lunatic-left d-cRAT socialist anywhere near YOUR money - they are all corrupt, self-serving MF-ers.
Last edited:
