Jon Corzine

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Charges Unlikely in MF Global Collapse

Investigators decide loss was caused by recklessness, not fraud

(Newser) - If you're holding your breath waiting for criminal charges in the MF Global case, you're probably never going to breathe again. Heading into the home stretch of their probe into the collapse, criminal investigators have all but concluded that while the firm may have been reckless, it didn'...

Corzine-MF Global Debacle Reeks of Cronyism

Peter Schweizer thinks Eric Holder needs to recuse himself

(Newser) - If there's one issue that seems to unite people of all political persuasions, it's "the Justice Department's unwillingness or inability to charge, prosecute, and seek conviction of a single Wall Street executive in the wake of the largest financial collapse in US history," writes Peter...

Email on Money Transfer Could Be Trouble for Corzine

It links him to MF Global's use of missing customer funds

(Newser) - Jon Corzine may not be in legal hot water just yet over MF Global's missing money , but the temperature's definitely getting warmer thanks to a newly surfaced email. It shows that the former CEO ordered the transfer of $200 million from a fund with customer cash to cover...

MF Global's Missing Cash May Be Gone Forever

Corzine company's trades may have 'vaporized' more than $1B

(Newser) - As officials search for the remainder of missing MF Global cash—which one insider puts at more than $1 billion—some are starting to fear the worst. In the words of one source to the Wall Street Journal : A "significant amount" of the money could have "vaporized,"...

Emails Offer Clues to Missing MF Global Millions

$200M of customer cash transferred to JPMorgan

(Newser) - Investigators on the trail of the $1.2 billion in customer funds still missing after the collapse of MF Global have found emails detailing money transfers made in the securities firm's dying days at the end of October. One email chain details the transfer of $200 million—believed to...

Regulator: Corzine Knew About Client Cash Grab

Corzine disavows any knowledge of transfers

(Newser) - Jon Corzine disavowed all knowledge of MF Global's missing client funds in his latest Capitol Hill testimony yesterday, telling a Senate panel that he had "never directed anyone" to dip into customer funds. But soon after, the chairman of CME Group—MF Global's regulator—testified that Corzine...

Corzine: 'I Simply Do Not Know Where the Money Is'

Former MF Global chief testifies today

(Newser) - In an appearance before a House panel today, Jon Corzine plans to offer up an apology—but not much else. "I simply do not know where the money is, or why the accounts have not been reconciled to date," the former MF Global chief will testify before the...

Jon Corzine Blew Off MF Global Risk Executive Michael Roseman on European Bond Dangers
 Corzine Blew Off Risk Officer 

Corzine Blew Off Risk Officer

CRO Michael Roseman went to board of directors with fears

(Newser) - Jon Corzine can’t say that nobody warned him that his bets on European debt might ruin MF Global, because his chief risk officer did just that—repeatedly. Michael Roseman told Corzine that the company didn’t have the cash to handle the risk it was taking on, and that...

House Panel Subpoenas Corzine

He is expected to testify on Capitol Hill next week over MF Global

(Newser) - A congressional panel has subpoenaed Jon Corzine to testify next week about his role leading MF Global, the brokerage firm that collapsed five weeks ago after a disastrous bet on European debt. Thursday's hearing will be a rare moment in Washington. Congressional historians and Capitol Hill insiders cannot recall...

MF Global's Missing Cash Doubles to $1.2B

And returning even 60% of client funds will clear out trustee

(Newser) - MF Global’s problems might be even bigger than advertised—as in twice as big. James Giddens, the trustee overseeing the case, says the company now appears to be short $1.2 billion in client funds—or twice the roughly $600 million previously believed, the Wall Street Journal reports. What’...

Arrogant Meritocrats Are Ruining America: Ross Douthat
 Smart People 
 Are Ruining 

Smart People Are Ruining America

Arrogance at root of economic mess: Ross Douthat

(Newser) - In this country, we applaud those who have the brains to build themselves up from nothing—but it’s those very brains that got us into the current economic mess. Over the past decade, America’s elite has driven us “off a cliff—mostly by being too smart for...

Ad for MF Global Has Unfortunate Wording

'We have convictions,' it boasts

(Newser) - It probably seemed like a dynamite slogan during the ad pitch: "Everyone has opinions. We have convictions," reads an ad for MF Global spotted by ProPublica in Barron's. Considering the newly bankrupt brokerage company can't find hundreds of millions of dollars of customers' money, the word...

MF Global Hid Debt From Investors
MF Global Hid Debt From Investors

MF Global Hid Debt From Investors

While Corzine lobbied, successfully, to curb financial regulation

(Newser) - MF Global appears to have spent the past two years hiding its debt risk from investors by temporarily slashing debt right before issuing its quarterly reports, in a shady-but-legal process known as “window dressing,” the Wall Street Journal reports. The company insists borrowing fluctuated due to “client...

Corzine Steps Down as MF Global Head

Apparently he did a pretty bad job

(Newser) - Jon Corzine is stepping down as both chairman and CEO of MF Global, or at least what's left of it, the firm announced today. Corzine, who drove the company into bankruptcy with bets on European debt, will decline his severance package, the AP reports; it would have been worth...

MF Global Ignored Warnings, Couldn't Match Shoes

Jon Corzine thought regulators' warnings were wrong

(Newser) - Those interested in the bankruptcy of MF Global—the biggest Wall Street collapse since Lehman—will be fascinated and maybe a little depressed to read the New York Times ' look at what went wrong. The big takeaway is that the brokerage company run by Jon Corzine ignored regulators' warnings...

Andrew Ross Sorkin on Jon Corzine: Leave Goldman Sachs, Lose the Golden Touch
Life's Perilous When You're Not Goldman Sachs

Life's Perilous When You're Not Goldman Sachs

Jon Corzine learned that the hard way, Andrew Ross Sorkin writes

(Newser) - When Jon Corzine left Goldman Sachs, he spoke openly about turning MF Global into a “mini-Goldman.” It’s, um, not working out too well . Ask insiders why Corzine got away with so heavily leveraging the company to make risky trades, and they all say the same thing, Andrew...

Jon Corzine's Company Missing $700M

Feds probe MF Global after today's bankruptcy

(Newser) - A financial firm headed by former New Jersey Governor Jon Corzine is missing about $700 million, federal investigators say. MF Global, which filed for bankruptcy today , was trying to sell part of itself to a brokerage firm when the shortfall was discovered. Regulators will likely pounce if MF Global used...

Euro Crisis Fells First US Victim: MF Global

Financial firm files for bankruptcy

(Newser) - Europe’s debt crisis has reached American shores: MF Global, a financial firm headed by former New Jersey governor Jon Corzine, filed for bankruptcy this morning. The company had bet $6.3 billion on European sovereign debt, driving away investors and causing its stock to fall 67% last week. Though...

NJ Legislature OKs Medical Marijuana

Bill heads to outgoing Gov. Corzine, who's promised to sign

(Newser) - The state legislature today approved a bill that would make New Jersey the 14th state to allow chronically ill patients access to marijuana for medical reasons. Democratic Gov. Jon Corzine supports the legislation and could sign it before leaving office next week, making it law. The bill allows patients with...

Gay Marriage Bill Dies in NJ Senate

Measure defeated 20-14; incoming governor promised veto

(Newser) - New Jersey's state senate today defeated a bill to legalize gay marriage, leaving it unlikely the state will have a gay marriage law in the very near future. The bill needed 21 votes to pass, but was defeated 20-14. Gay-rights advocates had pushed hard to get the bill passed before...

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