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HomeJon 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…)
MF Global: Spreading the Blame Around
Posted by Larry Doyle on December 4th, 2012 9:46 AM |
I have tarred and feathered Jon Corzine sufficiently over the course of the last year for the debacle that unfolded on his watch at MF Global.
On that note, I welcome reading this morning that some tar and feathers are being applied to others who should have been in a position to stop the excessive leverage which brought down the MF Global house.
Who were these other individuals and entities? Let’s navigate as The Hill addresses a topic which many in Washington and on Wall Street would like to keep conveniently under the rug. (more…)
Regulatory Insider: How/Why MF Global Failed Recommended
Posted by Larry Doyle on November 16th, 2012 9:20 AM |
We all know that MF Global failed because it had put on massive bets on sovereign bonds in the Euro-zone. There has to be more to it than that, though, right? Yes, indeed.
Wasn’t Dodd-Frank passed in mid-2010 supposed to limit the leverage that could be utilized by banks and broker-dealers? How and why was MF Global able to leverage itself upwards of 50 times in bets placed in late 2010 and throughout the better part of 2011?
Let’s navigate and go over the financial regulatory wall to learn the answers to those questions from a regulatory insider. This insider recently wrote to me and offered the following:
(more…)
Sense on Cents Poll: Is Jon Corzine Guilty?
Posted by Larry Doyle on November 15th, 2012 8:11 AM |
I have received endless requests from readers to continue to address the debacle that is MF Global and Jon Corzine. I have also received inquiries from friends and former colleagues on the street wondering why I persist in drilling Mr. Corzine whom they indicate is actually a pretty good guy.
To those in both camps, please allow me to state that the demise of MF Global reaches far beyond one man. I think of the countless numbers of farmers who at this very minute continue to suffer from the consequences of the actions that played out at MF Global. Beyond those individuals, I think about the truth, that prized virtue which remains under attack each and everyday in our once great nation. (more…)
To Jon Corzine: This MF Global Client Wants Justice
Posted by Larry Doyle on October 29th, 2012 11:07 AM |
On the heels of my MF Global commentary a few days ago in which I ran the exchange I had with a farmer in central Michigan, I received a number of messages of gratitude for continuing to shine a light on this travesty.
The pain felt by the farmer is also experienced by a whole host of other MF Global clients. I received another communication just this morning from an MF Global customer who screams for justice and challenges the premise of the most recent MF Global coverage in the WSJ. With his permission, I welcome echoing his scream and running his letter sent to editors of The Wall Street Journal, (more…)
Calling All Farmers: MF Global Customer Cry for Help or Why Will Obama Lose MI, OH, IA, and WI?
Posted by Larry Doyle on October 25th, 2012 10:16 AM |
I personally believe the exchange I had with a farmer located in central Michigan is so important that I hope people who come to the site will not pass over this but might actually try to put yourself in this individual’s position. TYVM…..LD
I grew up parochially having been taught that “thou shalt not steal” meant you leave your hands off what is not yours.
The quote referenced above came to me from a farmer in central Michigan who remains entangled in the MF Global debacle.
Why is it that so many people in our nation and around the world have such little trust in our government and those charged with protecting their interests in the markets? (more…)
Jon Corzine: Ego Only Outweighed by Stupidity?
Posted by Larry Doyle on October 24th, 2012 9:28 AM |
“Jon Corzine is the smartest guy that I know. . . “ VP-elect Joe Biden
Jon Corzine’s lawyer yesterday made the case that his once high-flying financial and political heavyweight client could not have participated in a fraud at MF Global because as reported by The Wall Street Journal,
“. . . just two months before the company collapsed, he bought over 50,000 shares of MF Global stock on the open market.”
Need we remind Mr. Corzine’s attorneys that just because an individual might be stupid and not fully understand the operational risks within a firm and the liquidity risks within a marketplace DOES NOT preclude said individual of engaging in fraudulent and criminal activity. (more…)
Serwinski: “Corzine May Have To Go To Jail”
Posted by Larry Doyle on September 11th, 2012 4:09 PM |
The MF Global scandal is now in the rear view mirror, right?
Not so fast.
Although I do not believe that “this” Department of Justice has fully and properly pursued or might still indict Jon Corzine and other executives involved in the misappropriation of MF Global customer funds, the intrigue surrounding this travesty has life.
On that note, let’s “get Jon Corzine back out here” so we can take another swing at this pinata. How so? Let’s go to the videotape as Fox Business’ Charlie Gasparino reports, (more…)
The MF Global Smoking Gun?
Posted by Larry Doyle on June 6th, 2012 9:21 AM |
As with any alleged illicit financial activity, the questions beg: who knew what and when did they know it?
In regard to the MF Global debacle, we have had more of the “I did not know” and “I did not intentionally” type of statements than any of us should have to stomach.
That nonsense may suffice for compliant media and regulators, but fortunately we have others in our nation who take a harder look. Thanks to those at CFO for digging through past Congressional testimony — made under oath — and the recent trustee’s report to find what looks very much like a smoking gun. (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…)
