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Corzine: I don't know where MF Global money is

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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 11:39 AM
Original message
Corzine: I don't know where MF Global money is
Source: CBS News

WASHINGTON - Jon Corzine will tell a House committee that he doesn't know the location of client money that went missing when MF Global failed, and that he inherited a company doomed by the risks his predecessors took.

Yet Corzine says he accepts responsibility for the firm's risky bets, and its customers' losses weigh on his mind "every day every hour."

The former U.S. senator has been subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds is unaccounted for.

<snip>

"I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine says in his remarks. He says he can't say whether there were "operational errors" at MF Global or whether banks or other companies have held onto funds that should be returned to MF Global.

<snip>

Read more: http://www.cbsnews.com/8301-250_162-57339175/corzine-i-... /
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 11:48 AM
Response to Original message
1. was he set up as an unknowing dupe?
What is the back story here? I hope he has some good personal protection, if there are things he knows that could implicate others.
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skoalyman Donating Member (751 posts) Send PM | Profile | Ignore Thu Dec-08-11 12:12 PM
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2. has he checked behind the cushions
:shrug:
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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 01:02 PM
Response to Reply #2
6. Or under Bush's desk, right next to the WMD? n/t
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zeemike Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 12:22 PM
Response to Original message
3. Well I know where it went.
It was that invisible hand of the free market.
And we will never know because that invisible hand can't be seen when he reaches in you pocket and takes the contents.
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HughBeaumont Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 12:23 PM
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4. Yeah, I'm sure the fired employees and wiped-out Joes' losses "weigh on his mind"
. . . as he sips Pina Coladas at one of his homes while getting a massage. :eyes: :eyes:

What would happen to any of us if $500 were missing on our watch? We'd never work again, that's what. So why is ANYONE STILL asking why there's an #Occupy movement?
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skamaria Donating Member (46 posts) Send PM | Profile | Ignore Thu Dec-08-11 12:52 PM
Response to Original message
5. Damn!
Seems no one knows where the M@#$%^F@@#$#$G money went.
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AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 01:25 PM
Response to Original message
7. He should be testifying in front of a jury, not congress
He is a thief.
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wordpix Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 08:40 PM
Response to Reply #7
9. uh, he's innocent until proven guilty, remember? How are you so sure he stole it?
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 04:44 PM
Response to Original message
8. Per Steve Martin, he should simply say "I forgot"and if that doesnt work, "Well Excuuuuse Meeee".
But he is going with the "I just dont know".
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patrick t. cakes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 08:47 PM
Response to Original message
10. give that man a parachute
he's well worth it.

the best and the brightest.
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24601 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 08:55 PM
Response to Original message
11. As long as he puts every thing he has into the restitution pot, I'll
buy that he's personally square with the house. But if he stays rich while the marks were wiped out, then he's gonna be Bernie's roommate.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:23 PM
Response to Original message
12. Check his bank account, pretty sure Crozine is worth at least a billion dollars.
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:09 AM
Response to Original message
13. k&r n/t
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