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Sense on Cents Poll re: Jon Corzine and MF Global

Posted by Larry Doyle on December 17, 2011 12:41 PM |

I have no doubt that those within the senior executive suites on Wall Street along with their ‘incestuous’ colleagues in Washington and their financial regulatory ‘cousins’ would hope that the MF Global and Jon Corzine affair would fade into the sunset.

Well, those in our country who care about the virtues of truth, transparency, and integrity—along with the MF Global customers—have little interest in seeing this story go away, just like the cool $1.2 BILLION of supposedly segregated customer funds went away.

The stench of the demise of MF Global is so overpowering, but the need to determine what really happened to those customer funds is so great.

At the suggestion of a regular reader of Sense on Cents, I am compelled to launch a poll and take your pulse as to what you would like to see happen with Corzine and MF Global. 

PLEASE TAKE THE FEW MINUTES TO ‘SPEAK YOUR VOICE’ AND ‘SEND YOUR MESSAGE’ TO WALL STREET, WASHINGTON, AND THE FINANCIAL REGULATORY SYSTEM!!

1. Do you believe MF Global CEO Jon Corzine and other executives within the organization should have already been arrested and indicted?

2. Do you believe, at this juncture, an independent investigator, such as Harry Markopolos, needs to be appointed?

3. Do you believe a Congressional investigation is likely compromised by Jon Corzine’s relationship with the Obama administration?

Please know that in leaving a comment, your personal e-mails are fully protected.

Please share this commentary and poll with your Congressmen (contact info linked here), friends, family, and colleagues.

LET’S MAKE OUR VOICE HEARD and SEND A STATEMENT to WALL STREET and WASHINGTON. How many other MF Globals might there be out there at this very moment? I exhort you to speak up and send a message!

Thanks.

Larry Doyle

Isn’t it time to  subscribe to all my work via e-mailRSS feed, on Twitter or FacebookDo your friends, family, and colleagues a favor and get them to do the same. Thanks!!

I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.

  • LD

    I will go first.

    I believe Harry Markopolos and team should be appointed as a special independent investigator in this situation. Along with investigating this situation, Harry and team should have the power to subpoena anybody and everybody.

    Harry should provide monthly public reports.

    Pressure appropriately applied has a very funny way of helping to expose the truth.

    Yes, I am very concerned about Corzine’s relationship with Obama interfering with the chance to get at the truth.

  • Todd Hill

    1. Do you believe MF Global CEO Jon Corzine and other executives within the organization should have already been arrested and indicted? Yes. They are crooks, they are lying, and they lied to Congress. Congress tried to throw the book at baseball players, but not guys who steal $1.2 BILLION.

    2. Do you believe, at this juncture, an independent investigator, such as Harry Markopolos, needs to be appointed? Absolutely, and no one in the Government should be able to interfere on any level.

    3. Do you believe a Congressional investigation is likely compromised by Jon Corzine’s relationship with the Obama administration?

    Of course, you saw what happened when Bush stuck up for all the tools who committed crimes when he was President, right? The big check and balance of the Supreme Court just went along with it. Do you think it will be different if we say nothing?

  • Rob Phillips

    I agree with Mr. Hill, and Kenny Marchant of TX has now been contacted.

  • Ross

    FWIW, MFG customer…
    1. Yes, evidence of criminal fraud is apparent.
    2. Yes, the whole sequence of events from Jon Corzine’s appointment as CEO needs to be investigated.
    3. Yes, his financial and political influence in the Democratic Party makes him a protected insider given special consideration.

  • crusader

    LD; Thank you for posing the questions. They are obvious, however the MSM refuses to shine the light on the left wing….God forbid you say a prayer outside an abortion mill in this country…That is a crime in the eyes of BHO, Eric Holder and team.
    The answers are:
    Yes. Of course a crime has been committed.
    Yes. An independent investigator who has proven he will not fall prey to pressure must be assigned to the case.
    Yes. Corzine was part and parcel of the left wing proletariat which holds sway on Pennsylvania Avenue…of course the administration and their justice department are politically tied and their meek efforts cannot help but be misguided.

  • Chris

    Only one person, I can think of, Bill Singer.

  • KMarx

    I am sure by now a crime was committed, however, we don’t know yet when it occurred, what that crime was, and who committed it. So yes, there has to be an investigation.

    Independent Prosecutor? No, don’t think that is the answer either. I think any Attorneys General of any of the 50 states will do a much better job.

    My question is how it was able to be committed. Where is the scrutiny of the regulators? This is an interesting artcle.

    Reuters: FINRA: MF Global Was Not Candid with Regulators

    I mean, are you kidding? So from mid September 2010 to June of 2011 they exchanged letters? Requests for documents? Do I smell smoke and hear fiddles?

    FINRA needs to be dissolved or faith in financial markets is doomed. Could be too late though, certainly is for me.

  • Matt Cornell

    Absolutely, absolutely, absolutely.

  • LD

    Might we hear anybody make a case or at least a veiled attempt as to why we should not have an independent investigation or that Corzine’s past relationships in and around Washington may not impede real justice here?

    Anybody….?? anybody….??? Bueller…???

    • FG

      We do not know under whose leadership or when or where the money has gone.

      After a federal forensic accounting is made, the gov. will know the ans. There must be a trail!

      Until then no one should be indicted. Under the unusual situation that a trail cannot be found, and responsible parties cannot be identified, I don’t have any idea what the gov can do.

  • Peter S.

    The demise of MF Global during the short reign of Jon Corzine has to be a crime. No longer can individuals hide behind the convenient cloak being too big to fail, and/or to influential to prosecute. I certainly would suggest Harry and his team lend their financial sleuthing services to authorities – that is of course if there are others present packing side arms, badges, and subpoena.

    Something tells me there will be plenty of evidence proving Corzine directed and/or approved moving MF Global’s client’s funds beyond our borders with the sole INTENT of co-mingling those funds with the firm’s in a last ditch effort to keep MF Global afloat.

    If the Madoff scam has taught good government anything thing, it is that NO ONE CAN BE BEYOND REPROACH! The regulatory legacy of the MF Global affair HAS TO BE – AMERICA IS WILLING TO PROCECUTE ANYONE VIOLATING THE TRUST OF THE AMERICAN INVESTOR.

  • Beth

    What ever happened to Sarbanes-Oxley? …ever any convictions from this? Will we ever see a conviction on Dodd -Frank? Probably not.

    Didn’t Corzine sign Sarbanes-Oxley? That’s probably why he is denying anything and everything he can…

    Jon are your eyes blue, brown or hazel… answer… I don’t know, I’m not sure.

    I’m voting for Ron Paul, don’t know if he has been bought and paid for yet?

  • Bill

    Larry, there should have been a 4th option–All of the Above. Actually, I think it’s premature for No. 1.

  • LD

    How do you think the customers of MF Global feel?

    Well, there is a growing movement by MF Global Customers to Boycott JP Morgan

    • Bill

      LD, MF Global makes ARS look almost tame by comparison. I read something to effect these regulators claim they know where the money is, and it’s just a matter of sorting out the legitimate trades, whatever that means. Course, tomorrow they may well be saying they don’t know where all the money is.

      • LD

        Bill,

        There is a common thread to both the ARS and MF Global situations and that is the fact that there is a serious shortage of cash in the financial system thus making institutions grab cash and control it wherever and however they can.

        The cash shortage is a function of the excessive deeply embedded losses within many banks both here at home and abroad, primarily within the EU.

        Who gets screwed? Retail customers.

        Same old same old…

        • Bill

          LD, yes, and the regulators throw the retail customers under the bus. The MF “shortfall” clearly implicates civil, if not criminal law, and is a one off affair. The scam aspect of ARS isn’t as obvious to the uninitiated. Had it been left up to outfits like the Fed, everybody would still be stuck in their ARS, as they weren’t going to lean on the banks to redeem because of the banks’ other balance sheet issues.

  • helen metchikoff

    i am a 75 yr old grandmother my husband is 76 we take care of a brain injured 55 yr old son all of our investment money we saved in our lifetimes was invested in mf global for a monthly income to live out our lives now we are broke living on a pittance social security checks this is such a crime against all the people who lost through the greed of corzine and all the rest of his cronies isn’t there anything that can be done to help us we are suffering and i don’t think we deserve this they should all be punished severely for this just like madoff is






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