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Finally someone with guts to go after Corzine

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April 23, 2013 – Comments (14) | RELATED TICKERS: G , UTSI

I have blogged many times and even gotten into heated arguments with others about the culpability of Jon Corzine.  I also charged that he was getting a free pass just because of who he was.  The SEC, the CFTC, the US AG all leaving him alone.  Finally the trustee for MF's BK is showing the guts to hold Corzine accountable.

NEW YORK (AP) — The trustee in the MF Global Holdings bankruptcy case has sued ex-CEO Jon Corzine and other former executives, alleging they "failed to act in good faith" while running the company.

The lawsuit, filed Monday in bankruptcy court in New York, says Corzine and two other top executives "dramatically changed" the company's business plan after he became CEO in 2010. They then failed to update controls and other systems that were already weak, the lawsuit says.

Corzine pushed the company into making big bets on bonds issued by European countries, a move that proved disastrous during the implosion of the debt crisis the following summer.

14 Comments – Post Your Own

#1) On April 23, 2013 at 3:10 PM, L0RDZ (78.38) wrote:

It's  pathetic  that  they allowed him off the hook on  any  criminal  prosecutions or  investigations,   as  you say it  was  basically  one  man  ~  or  lack  of  a  real man  ~  in  the case of  this bozo ~  who basically  stole  his customers  $$$  and  betted  and  lost  on   European bonds...

Man  how  tough we  get on  people who say  steal  a  pen  from a  bank or  heaven  forbid  attempt  to  rob a  bank,  but  this  fool  Jon  robbed  his  customers  from  the  inside  ~  looked  like a  dumb A-hole saying  he  couldn't  find  their  $$$   when all  along  he  dang  knew that  he and his  co-horts  blew  that  $$$ on  stupid  bets.

Than  instead of  sticking  around,  the guy  bails  and  quits,  stealing  whatever  he  could take on the way  out.

What  idiot  hired  or  ever  voted  for  this  fool ?

Jon Corzine  was the  real  terrorist...

We  are  3  years  removed   from  that  failure...

Jon  you are  a  pathetic  excuse  and  a  poster boy  for  failure and thievery.

 

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#2) On April 23, 2013 at 3:39 PM, L0RDZ (78.38) wrote:

Wanna  guess  what  disgusting  bank  handled  MF  accounts...

J
P
M

I  guess  when  you  are a  former CEO  of  GS  ~  a  former  Governor ~  a  former   Senator  ~     you  get  free passes  from criminal prosecutions  ~  even on  such an  open  and  shut  slam dunk case  of  MF  stealing  customer  money...

Authorized by Jon... and  his  boys...

Funny  they  jailed  Bernie...  they  jailed  that  other guy who got  addicted to pills  who managed  an  islands  bank ?  he  ran a ponzi scheme of  offering  high rate  cd's ??  I  can't  remember his name, but he got  the stuffing beaten out of him in  prison ?  Allen Stanford ? 

But Jon  Corzine  gets  to walk away  practically scot-free other than  having to look stupid  in front of a government inquiry  into  the  bankruptcy  of  MF Global.

 

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#3) On April 23, 2013 at 3:39 PM, awallejr (76.15) wrote:

What annoys me is what has become the "customary" response by these agencies in that is is difficult to get convictions.  Yet there is a very easy fix, change the damn laws to make it easier.  You don't have to have complicated criminal elements.  Make the elements simpler and you will get convictions that would pass Consitutional muster.

But this will never happen because those in power want to make it hard.

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#4) On April 23, 2013 at 3:52 PM, L0RDZ (78.38) wrote:

It was  an  open  and  shut  case...   they wire  transferred  that  money  such  that  the  guy  doing  the  actual  transfer was  like are  you  sure  you wanna  do  that ?   give me  proof  that   you  have  the authority  to   take  money from segregated  accounts.

We  are  not  in  the  dark  ages,  or the age  of  ink, but  the  computer  age  of   one's and  zero's   obviously  someone  had  to approve  the  transfer  and   we  know  it  wasn't  some  mid manager lackey... 

They  don't even  want  to be  bothered with  prosecuting  one  of  their  own as  in  the  case of  J- boy ~   funny now  how they  make  people  swear  themselves  in now  in  front  of  gov-ment  panels.

Do you swear to tell the  whole truth...  I  wanna see someone  bust out  laughing  and  respond by  retorting  are  you  cereal ?  shrug  their  shoulders  and  plead  the amendments  of  stupidity and ignorance.

Jon  was  trying to keep  MF  afloat by placing  stupid bets..  heck he might  have been  more sucessful  had  he  went  and  bought  millions  of  lottery tickets  and if by chance  he had  done that... these same  agencies that are suppose to be  our  police watch dogs  would still consider that  as  too complicated to prosecute.. or  thats just how the ball bounces  B... sorry it be  that way.

Give  someone  off the streets  two minutes with him and  a pair of pliers and  a blow torch  and  you'd  have him  be  able to account for all the money really quick.

Jon paid  the right people  the right  sum and  he's  free  to  rob  the next fool (fools) stupid enough to trust him.

 

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#5) On April 23, 2013 at 5:34 PM, Frankydontfailme (27.80) wrote:

Corzine (a major Obama goon), steal from the wealthy to give to the uber wealthy. Suprise Suprise.

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#6) On April 23, 2013 at 9:52 PM, GraemesPSP (99.70) wrote:

Someone should go after Corzin,e and a number of other insiders who conned the system.  But I think it is may be a little generous to think that the lawyers doing it are in it for anything more moral than the chance of a big payday.

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#7) On April 24, 2013 at 12:56 AM, awallejr (76.15) wrote:

It really isn't a question of average lawyer motivations.  I was a very good criminal defense lawyer at one point in my career (I gave it up because I really did hate the clients). Google Buddy Jacobson and I can tell you my involvement if any one cares.  I could have gotten him a new trial if he listened to me.

It is a matter of the "powers that be" not wanting to make it easier to get criminal convictions on "white collar" crimes.  Why?  Because that involves their contributors/buddies.

As I said elsewhere, there is a very small "club" that exists which the vast majority has no shot at joining. Yet we are suckers enough to let them exist.

 

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#8) On April 24, 2013 at 2:59 PM, TMFAleph1 (95.33) wrote:

It's pretty clear that no-one in this comment thread understands what actually took place at MF Global.

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#9) On April 24, 2013 at 5:59 PM, awallejr (76.15) wrote:

Oh it is clear Alex, just not to you ;p

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#10) On April 24, 2013 at 6:37 PM, L0RDZ (78.38) wrote:

LMAO...   oh  ALex  why  don't  you  try  to enlighten  us ?

but  please for  the love of  god  don't  put up another   link, just   blog  here...   all those  you  have  to click on this link  ~   for  the love of  Buddha  just  at least   copy and  paste  at least  something   or  at least  say something  instead of  you gots to click here... 

 

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#11) On April 24, 2013 at 7:01 PM, awallejr (76.15) wrote:

Ah here you go Lordz.  Alex responded in comment #8 above for a reason.

http://caps.fool.com/Blogs/why-isnt-jon-corzine-in/722155

Now we may finally hear testimony about what happened.  But this is a BK action, hence something easier to prove.  Basically the trustee will try to make a breach of fiduciary duty case I suspect.

I also suspect this won't go to trial.  There will be a deal where Corzine "neither admits nor denies" and pay's back maybe a year or 2 worth of salary.

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#12) On April 24, 2013 at 7:53 PM, L0RDZ (78.38) wrote:

I guess  Alex  has  a thing  for  you  A wall  ?  lol...

I had to erase what I really wanted to say... 

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#13) On April 24, 2013 at 8:22 PM, L0RDZ (78.38) wrote:

A wall  the  gov  doesn't need to change the  law's  they simply  need to  have  the resolve  to  prosecute  these individuals  ~  and  not  enter  into  we  admit  no  wrong-doing  shake downs  where the  gov  accepts  a  cash  payment  in  lieu  of  any  actions.

It kills me  when  companies  can basically skirt the law  do  wrong, make  profit,  grant  top managers  huge  pay  packages,  and  than and if  and only  than if  something  comes to the light of  day ~  they simply  offer up a  cash settlement  to resolve  the issue ~  without  the  company nor management ever admitting to any wrong ~  and guess  who ends up paying  for  it...    the  shareholders  as  well as  customers  who  pay for it in higher prices.

Hell for a  time  they  were  wanting  to  get  Bernie  Madoff's ideas  on  how  to  regulate  and  over  see  financial companies  ~  all the while  he  was  like  the biggest  scam  ~ well second  if you count our  gov-ment  and  their ponzi schemes.

But its good  to  be  in  Gov-ment 

Its also good to spend  $$$  to lobby  the gov-ment.

Apple  might want to  learn  a  thing or  two about  getting  the gov-ment in their  back pockets  ~  but  I'm sure  google  has beaten them to that already...  lmao,

If  not maybe Samsung will  also beat them to the punches  like they are beating them with better  and  bigger products.

 

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#14) On April 25, 2013 at 12:38 AM, awallejr (76.15) wrote:

Lordz they really do.  The regulatory agencies have a somewhat meritorious argument.  The burden of proof reallly is too high.

What they need to do is to go to Congress and tell them what changes need to be made. But they never will do this mainly because Congress has no desiren to make it easier to convict.

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