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Posts Tagged ‘Jon Corzine MF Global’

Jon Corzine: “What Balls”

Posted by Larry Doyle on April 24th, 2013 9:39 AM |

Better to keep one’s mouth shut and be thought a fool, than to open it and remove all doubt.

When you are in a hole, stop digging. 

I am not sure which of the above quotes might be more applicable to one of Wall Street’s greatest pariahs but this individual may want to look for better counsel.

To whom do I refer? None other than former master of the universe Jon Corzine, now more widely acclaimed for destroying a firm in one fell swoop than any of his prior exploits at Goldman Sachs, Capitol Hill, or the New Jersey statehouse.

I could only shake my head in utter disgust this morning upon reading the following(more…)

Jon Corzine: At Best, A Negligent Nitwit

Posted by Larry Doyle on June 5th, 2012 8:18 AM |

Did Jon Corzine perpetrate a fraud at MF Global? Many believe there is sufficient evidence to pursue an indictment of Mr. Corzine and others for the demise of the firm.

The MF Global trustee’s report released yesterday falls short in providing the smoking gun with Corzine’s fingerprints. That said, Corzine should hardly rest easy as the Financial Times writes this morning, MF Global Trustee Eyes Suing Corzine:

The legal trustee overseeing MF Global’s bankruptcy has blamed Jon Corzine, the broker-dealer’s former chief executive, for ramping up risk while failing to overhaul money management systems.

James Giddens said on Monday that he would decide within 60 days whether to sue Mr Corzine, the former New Jersey governor and senator, and other former staff members at the company for “breach of fiduciary duty and negligence”.  (more…)

Sense on Cents 2011 Halls of Fame and Shame

Posted by Larry Doyle on January 1st, 2012 12:41 PM |

America wakes up this morning hopeful for a new year filled with peace and prosperity. Sense on Cents welcomes spreading our spirit of optimism.

Before we move forward, though, let’s take an accounting of 2011 and induct those most deserving into our Sense on Cents’ 2011 Halls of Fame and Shame.

Prior to our induction ceremony today, I am sure there are many in the crowd who may want to review our past award winners. On that note, I humbly submit:

Sense on Cents 2009 Halls of Fame and Shame

From the above Fame and Shame lists, I believe the top three in each Hall deserve special recognition. On that note, the medals go to the following: (more…)

What Happened to the MF Global Customer Funds?

Posted by Larry Doyle on November 9th, 2011 6:59 PM |

How is that $600+ million of customer funds disappears from a bankrupt brokerage firm and it is not THE perpetual lead story in every financial periodical?

I know there is a lot going on in the world but this story blows them all away because it strikes at the very heart of our financial markets.

If customers do not have a deep faith and strong belief that their assets are segregated and protected why would any customer maintain an account with any broker? I wouldn’t.  (more…)

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