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Lucas Jackson / Reuters
Jon Corzine, former chairman and chief executive officer of MF Global Holdings, has been subpoenaed by a congressional panel to testify about the brokerage's collapse and the missing millions of its clients' money.
The Senate Agriculture Committee unanimously voted Tuesday to issue a subpoena to former New Jersey Democratic senator and governor Jon Corzine about the events leading to the bankruptcy of his brokerage firm, MF Global. Its hearing is scheduled for next Tuesday.
The House Agriculture Committee holds its hearing Thursday morning to hear from Corzine, who served in the Senate from 2001 to 2006 and as governor from 2006 until 2010.
In his opening remarks, former MF Global chief Jon Corzine tells a house committee he's "devastated" by the failure of MF Global, but more concerned for those who used, and relied on the company.
(While agriculture might seem a long way from Wall Street, the ag committees have jurisdiction over futures markets.)
This is almost certainly the first time in more than 100 years that a congressional committee has subpoenaed a former senator. Senate historian Don Ritchie said that as far as his office can determine, no such subpoena has been issued since 1908.
When the House Agriculture Committee subpoenaed Corzine, its chairman, Rep. Frank Lucas, R- Okla., and ranking member Rep. Collin Peterson, D- Minn., said in a joint statement, “Many of our constituents have lost funds and many more have lost confidence in futures and derivatives markets…. Jon Corzine’s testimony is critical” to finding out what led to his firm’s collapse.
In the 1908 case, two former senators, Marion Butler of North Carolina, a Populist, and Matthew Butler of South Carolina, a Democrat, testified about their work as lawyers and spokesmen representing the Electric Boat Company and one of its predecessor companies, the Holland Boat Company, both of which made submarines.
(Electric Boat, now a division of General Dynamics, is still making subs at its shipyard in Groton, Conn. Its latest, the U.S.S. Mississippi, was christened Saturday.)
Back in 1908, a House member from Connecticut, George Lilley, a Republican, alleged in 1908 that Electric Boat had used campaign contributions and entertainment of members of Congress to win Navy contracts for the company and to suppress competition in submarine building.
Former senator Matthew Butler testified that during submarine tests on the Potomac River, the company had provided food and drink to members of Congress attending the tests. But he denied any improper or unethical behavior.
“I do not think any suspicion of bribery could be connected with asking a member of Congress to take a drink,” Butler told the House investigating committee.
CNBC's Kayla Tausche has the list of MF Global witnesses called to Capitol Hill next week, including Jon Corzine, former CEO of MF Global.
The committee concluded that no House member had been corruptly influenced by the Electric Boat Company or anyone else. And the House ethics committee later concluded that Lilley had made false allegations of corruption.
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First we find out that Blago is selling Obama's senate seat. Then we find out that Rangel (D) and Geitner (D) don't pay their taxes. Then we find out that Maxine Waters (D) funneled tax dollars to her husband's bank. Then, we find out that Weiner (D) is taking pictures of his private parts and sending them all over the country.
If we weren't already sick enough of Democrats, we then find out Pelosi (D) is wheeling and dealing with insider trading . Then we find out Corzine (D) is stealing money from clients at MF Global ( can you imagine what he stole from the N.J. voters?). To top it all off, Obama (D) tells us that we shouldn't worry that billions of tax dollars which were lost in his "green" pet projects because, in his words ..."you win some and you lose some."
Hey, the real irony is.....all we hear from the Dems is that they stand up for the middle class and the Repubs don't care about the "little people."
Do Democrats ever tell the truth ??!
LEONA-2986819 "To top it all off, Obama (D) tells us that we shouldn't worry that billions of tax dollars which were lost in his "green" pet projects because, in his words ..."you win some and you lose some." "
The government should not be in the 'Gambling business of trying to pick winners and losers', even if the companies he gambles on just happened to be big campaign contributors to him.
It should be interesting to see how Obama's buddy Corzine managed to 'misplace' $600 Million of his clients separate 'trust funds'. I wonder if he got his start in Chicago politics?
My guess is that Corzine will 'Plead the 5th'.
Roy,
Speaking of "winners and losers" , Obama picks car companies, banks, Unions, and States to bail out and then takes the rest of them to court.
He currently has So.Carolina in court because Boeing tried to create 1000 NON Union jobs there.
Who crowned him King??
That's old news. The issue has been settled.
I laugh at you right wingers talking about bad Dem,s you guys got enough to worry about on your side without worrying about the Dem's, people in glass houses should not throw stones, get real guys
Obama is just Bush on steroids.
Neither the left or right has anyone worthy of my vote.
I would laugh at the fact we have not subpenaed a senator in over 100 years.
They are truly ABOVE the law.
I hope the committee is successful, too. Then we can ask them to find our how Bush and his cronies literally lost $8-Billion in Iraq. Just vanished without a trace. Two-billion of that were taxpayer dollars. Maybe we can get group rates if they look into more than the Corzine shenanigan.
Man Group plc (Man) (LSE: EMG) is a British alternative investment management business. It provides a range of funds for institutional and private investors globally.[3] The company manages about US$68 billion (January 2011) and employs around 1,700 people in 15 locations worldwide.[4]
Man’s headquarters are at Riverbank House in London, where it is listed on the London Stock Exchange.[5] It also has offices in the Bahamas, Chicago, Dubai, Dublin, Guernsey, Hong Kong, Miami, Montevideo, New York, Rotterdam, Singapore, Sydney, Switzerland, Tokyo, and Toronto
The company was founded in 1783, by James Man.
Man became a partner in 1983 with one of these new money management firms, Mint, which was based in New Jersey.
To be exact, on November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933.
ED&F Man listed on the London Stock Exchange in 1994, changing its name to Man Group in 2000. Its agricultural business, which retained the ED&F Man name, was sold to management the same year.
In 2000, the commodity trading companies went private[8] with the result that Man became exclusively a financial services company.
2005 saw Man Financial make its largest deal with the transformative $323 million acquisition of client assets and accounts from entities of Refco, following the U.S. financial-services group's collapse in late 2005. The Refco deal followed a hotly-contested auction with Cerberus Capital, the private equity group, and boosted Man Financial's scale in retail and institutional business.[13]
The demerger and flotation of its brokerage business renamed as MF Global on the New York stock exchange in June 2007[9] moved the company into its present form, as an investment management business, within the alternative (sometimes called “non-traditional”) fund management industry, principally hedge funds.
In December 2008, Man Group revealed it had invested $360 million in Bernard Madoff's ponzi schemes on behalf of their clients through Man Group's RMF fund of funds.[14]
On February 28, 2008, MF Global announced a bad debt provision[15] in the amount of $141.5 million. The provision was the result of unauthorised trading by a representative in a MF Global branch office, who on February 27, 2008, while trading in the wheat futures market in his personal account, substantially exceeded his authorized trading limit.
MF Global was fined $10,000,000 by the CFTC over the incident and an unrelated Natural gas incident from 2003.[17][18] The CME Group also fined MF Global $495,000 over the wheat incident
On March 17, 2008, shares of MF Global plummeted on liquidity fears.[20] The CME,[21] ICE,[22] Nymex[23] and CFTC[24] issued statements confirming MF Global was in compliance with regulatory and financial requirements.
The former chief executive of MF Global Holdings Ltd., who resigned in 2008 after the firm lost more than 90% of its market value, was quietly hired in September by New York City Comptroller John Liu to help manage the city's pension investments.
Kevin Davis, who led MF Global for a decade, was made head of commodities in the comptroller's Bureau of Asset Management, which helps advise the city's (NYC) five public pension funds on their combined $120 billion in assets. It is his first job since stepping down from the brokerage firm.
In October 2008, former Chicago Board of Trade CEO Bernard W. Dan[25] became the CEO of MF Global, stating that he would improve MF Global's risk management. In November 2009, MF Global moved its corporate headquarters from Bermuda to the United States
In March 2010, Jon Corzine, who had ended his term as governor of New Jersey in January 2010, became the CEO, replacing Dan.
Jon Stevens Corzine (born January 1, 1947) is the former CEO of Goldman Sachs[2] and of MF Global, and a former American politician, who served as the 54th Governor of New Jersey from 2006 to 2010. In 1970 he enrolled in the University of Chicago Booth School of Business, from which he received a Master of Business Administration degree in 1973.[10][11] After his departure from Goldman Sachs, he earned what has been estimated to be US $400 million during the 1999 initial public offering of the company.[6]
On 17 May 2010, the company (Man Group) announced the acquisition of the New York listed hedge fund GLG partners for $1.6 billion.[11] GLG’s top executives, Noam Gottesman, Emmanuel Roman and Pierre Lagrange all received shares for their stakes in GLG, subject to a three year lock-in. Roman was subsequently named as chief operating officer of the combined entity.
As of 30 September 2010 the Man Group had $63 billion of Assets Under Management.[12]
On Tuesday 22 March 2011 – Man Group announced it was selling its stake in Bluecrest Group making a £250million profit.[13]
On October 25, 2011 MF Global reported a $191.6 million quarterly loss as a result of trading on European government bonds
On October 30, 2011, a unit of the New York-based brokerage reported a “material shortfall” in customer funds. Customer accounts with $5.45 billion were frozen Oct. 31, the same day the parent company - MF Global Inc. - filed the eighth-largest U.S. bankruptcy. The shortfall in customer accounts may be as large as $1.2 billion, or 22%, according to the trustee overseeing liquidation. [2][3] MF Global improperly mixed customer funds and used them for its own account for at least several days before the bankruptcy and even transferred funds outside the country. [4]
The brokerage used a large number of complex and controversial repurchase agreements or "repos" for funding and for leveraging profit, many off their balance sheet.[5][6]. Some of these complex repos have been described as a wrong-way $6.3 billion trade MF Global made on its own behalf on bonds of some of Europe’s most indebted nations.
On Monday October 31, 2011, MF Global filed for Chapter 11 bankruptcy. The Wall Street Journal reported that MF Global would seek Chapter 11 bankruptcy protection after investing $6 billion in sovereign bonds issued by European countries
In papers filed in U.S. Bankruptcy Court in Manhattan, MF Global listed debt of $39.7 billion and assets of $41 billion. U.S. regulators have subpoenaed MF Global’s auditor, PricewaterhouseCoopers LLP, for information on the segregation of assets belonging to clients trading on U.S. commodity exchanges .
Days after being named to head the investigation for Penn State trustees of the Penn State sex abuse scandal, former FBI director Louis J. Freeh was named trustee for the MF bankruptcy case. He was appointed by U.S. Trustee Tracy Hope Davis working under the authority of U.S. Bankruptcy Court Judge Martin Glenn
In less than 2 years as CEO he brought about this downfall? I'm sure his hands aren't clean but I also think he may be the patsy. If I had a pension fund in NYC I would be nervous. What a tangled web they weave.
Both sides are corrupt. Neither Republican nor Democratic partisans should be criticizing here.
LEONA-2986819 - Funny, you are very good a pointing out the democrats for their corruption and ethics, but completely ignore the republican party. I'll only say this "Weapons of mass destruction" and "worst president in US History" - "King" George Bush
@Leona
Who did the Bank Bailout????? Please stop watching Faux News it's poisoning what's left of you brain. Answer me this as well, how did Republicans propose to pay for tax cuts back in 2001 and 2003? If you guys pride yourselves in conservatism as much as you brag I'm sure they were paid for right? Maybe you can ask Mr. Kyl b/c he seems to believe tax cuts pay for themselves?
John Ensign (R-NV) Resigned under investigation for fiscal violations relating to an affair
Tom Delay (R-TX) Resigned under investigation of money laundering
Lewis Libby (R) Convicted of Perjury & obstruction of justice
Ted Stevens (R-AK) 7 counts of bribery & tax evasion
Randy Cunningham (RT-CA) Bribery, Mail fraud & Tax evasion
Bob Ney (R-OH) Conspiracy & Perjury
Neither party has a monopoly on corruption. I can make a long list of Republican scofflaws just as easily as Leona can make a long list of Democrats.
Yes Procrustes, but one side actually thinks they are represented by "liberals".
First of all, liberalism has no place in government and there isn't any, just thieves getting rich in the name of it.
Republicans will stab you in the back while taking your wallet because they want it.
Democrats do the same thing while telling you the knife is good for you.
The end result is differant how?
RICO- nice post. I just can't BELIEVE NYC Democrats would hire such sleazy characters. NOT.
We are NEVER going to fix our problems. We are too busy blaming each other and don't realize that both sides SU.K, and are corrupt. These greedy politicians go into politics to fill their own pockets, that's all, they don't give a sh.t about the people. We are never going to learn until our whole system collapses, we don't have much longer to wait for that.
Then we find that the President of the U.S, George Worthless Bush lied about W.M.D's that caused the deaths of over 4500 great soldiers. Sure, the Democrats have crooks in the Party but we can't compare to the Republican Elite. In other words, GET YOUR HOUSE IN ORDER BEFORE YOU GO THROWING ROCKS !!! REPUBLICANS ARE JUST AS BIG IF NOT BIGGER CROOKS.
How about Governor George Ryan-Illinois, BLAGO's predecessor . He's STILL IN PRISON and oh btw, HE'S A REPUBLICAN....BUT I GUESS THAT DOESN'T COUNT
As I have said before we need to flush the entire congress down the toilet and start over. They are all crooks.
But, as an independent trying to listen to both sides all I see is constant bickering and finger pointing which in case you haven't noticed is why our elected politicians are not accomplishing anything. Finger pointing and the continued blaming of the other side for our problems is not the solution, it's the problem. Until both sides understand that we will never turn this country around without compromising welcome to the new America. Full of hatred and no respect for fellow man or woman.
Procrustes
Tell the Whole Story - not just the convenient parts
John Ensign - reasonably accurate - legitimate
Tom Delay - What Delay did was legal in almost all states but Texas, and in Texas - they typically do not prosecute this. What Delay did was moving your excess money to help other candidates in other districts.
Let me go further under the face value. This prosecuter took his evidence to 21 Judges before one accepted the complaint for trial. The prosecuted 6 other he has prosecuted 7 of these cases (about the only procecutor doing so) of which only ONE was a democrat. BTW - ALL of the cases he prosecuted under this law were overturned when appealed.
Lewis Libbey - His interview took place AFTER the prosecutor already knew there was no wrong-doing by anyone. But somehow, special prosecutors have to get a conviction and Libbey was the only one got. The Must prosecutor must be real proud of himself - catching someone in a false statement - that didn't even have to make a false statement. Cheney was angry with Bush for not pardoning Libbey (although Bush did commute the sentence). That also reveals another Liberal charge that Cheney was the one who was running the Bush presidency.
Ted Stevens - convictions overturned - seems the prosecutor got caught withholding evidence from the court and the defense that clearly showed Ted was actually telling the Truth.
Cunningham - I'm not familiar with
Bob Ney - Accurate - afterall there are bad guys in both parties - just not as many in the Republican party as you and others insist. I do take real exception to Trumped up Charges and Claims - no one deserves such treatment - not even the real criminals.
Here's the one you are going to be hearing more about - Gingrich and the 84 ethics violations - They were actually all unproveable. Pelosi is alleged to be the member of the ethics committee pushing the 84 charges.
Gingrich made evasive statements - not outright lies. The one he resigned over he could have beaten at the cost of a republican majority. This was the charge over the class he was teaching at a univeristy while Speaker. First, they charged it was poltically based, not educational and second, they charged he had failed to properly report the money from the class on his taxes.
When the dust settled, the politics content was overblown - meaning the class was legitimate AND the IRS ruled that Gingrich indeed had reported the monies appropriately.
And that is why he can be running for president.
Why oh why did they not go to jail???? Was this the start of it all?
Partisan hack test.
In a press conference, both John Boehner and Nancy Pelosi were questioned about insider trading. If a person uses this issue to spear one or the other...political hack. Once upon a time, this issue could be resolved through bipartisan efort, since most agree it is unfair and reprehensible, although perfectly legal. If We the People cannot get things done that we completely agree upon, we might as well close up shop. 18th Century here we come.
In the immortal words of Duke, the Doonesbury character, "but the pension fund was just sitting there."
@60's Veteran (I doubt it)
do you want to discuss your liberal King JFK and his replacement King LBJ and the liberal ilk and their murdering 63,000 American soldiers and murdering 5 million civilians?...I think you CAN be compared the republicans and take it to an entirely new level...
Oh no! Look at what one of your Democrat crooks said about those WMDs in an interview at the Aspen Institue:
Harry,
Please, to compare the Bush administration fabricating evidence to justify the invasion of Iraq with the incredibly stupid intervention in South East Asia of the 1960s is just ludicrous!
JFK and LBJ were extremely fearful of the spread of Communism and intervened is an asinine attempt at controlling it. Stupid yes, but criminal like the Iraq war NO!
Bush/ Cheney and company FABRICATED the evidence they needed to invade Iraq and they should be tried for WAR CRIMES!
As for the rest of the right wingers going on about Dems being crooked, give it a rest! Every one with half a functioning brain knows that over the last 30 years the GOP has been nothing but a criminal enterprise. Yes the Dems have a share of criminals as well but their is no comparison between the two!
"Bush administration fabricating evidence"...what planet do you live on?
the information had been built up FOR YEARS before Bush got into office , and your liberal politicians were spouting it before then as well...please try to keep up , your liberal fishwrap news sources are leaving you seriously "under funded" on information...isn't it cool?
Bad boy, bad boy, bad boy.
Now take these slaps on the back of your hand and don't do it again, says Mrs. Pelosi and the Congressional ethics committe.
Now they can go after the REST of the corrupt politicans and Clean the Swamp:
Harry,
so the yellow cake BS wasn't fabricated? Where were all of the WMDs? Where were the ties to Bin Laden?
That was the argument being presented WMDs and ties to Al Queda!
Please, Get real! Cheney/Bush and there neo-con buddies were planning the invasion of Iraq before they were even elected, 9/11 gave them the platform of fear they needed!
Quit watching FOX and educate yourself!
At first, I didn't, but now I do. Understand, that is, why everyone is bringing up all of these republicans in a story about a democrat. Then, I reread the article. It is not mentioned, anywhere, that Mr Corzine is/was a democrat. Very confusing to the weak minded. MSLSD should really check into getting better talent to write and edit their articles. Who knows? Could raise hits to their site and maybe even boost their TV ratings.
"
The only ones that care are the righties, who seem to forget guys like
Larry Craig,
J. Edgar Hoover,
Randy Hopper,
Roy Ashburn,
Mark Sanford,
John Ensign,
Mathew Joseph Elliott,
Robert "Bob" Allen,
Donald Fleischman,
Ted Klaudt,
Ronald C. Kline,
Jon Matthews,
Joseph Monteleone Jr.,
David Vitter,
Steve Aiken,
Louis Beres,
Randall Casseday,
Larry Corrigan,
Mark Foley,
Jim Gibbons,
Ted Haggard,
Jeffrey Ray Nielsen,
David Hager,
Neal Horsley,
Jeff Miller,
Neil Bush,
Henry Hyde,
Helen Chenoweth,
Newt Gingrich,
Roy Cohn,
John Scmitz,
Strom Thurmond,
Rudy Giuliani,
Bob Packwood,
Joe Scarborough,
Laura Schlessinger,
Arnold Schwarzenegger,
Jimmy Swaggart,
Bob Barr, & J.C. Watts.
Most of who got caught with underage girls, children, having gay sex, adulterous affairs, animals, etc etc."
@spg
hmmm...
"One way or the other, we are determined to deny Iraq the capacity to develop weapons of mass destruction and the missiles to deliver them. That is our bottom line."
--President Bill Clinton, Feb. 4, 1998
"[W]e urge you, after consulting with Congress, and consistent with the U.S. Constitution and laws, to take necessary actions (including, if appropriate, air and missile strikes on suspect Iraqi sites) to respond effectively to the threat posed by Iraq's refusal to end its weapons of mass destruction programs."
Letter to President Clinton, signed by:
-- Democratic Senators Carl Levin, Tom Daschle, John Kerry, and others, Oct. 9, 1998
"Saddam Hussein has been engaged in the development of weapons of mass destruction technology which is a threat to countries in the region and he has made a mockery of the weapons inspection process."
-Rep. Nancy Pelosi (D, CA), Dec. 16, 1998
"We know that he has stored secret supplies of biological and chemical weapons throughout his country."
-- Al Gore, Sept. 23, 2002
"Iraq's search for weapons of mass destruction has proven impossible to deter and we should assume that it will continue for as long as Saddam is in power."
-- Al Gore, Sept. 23, 200
"I will be voting to give the President of the United States the authority to use force -- if necessary -- to disarm Saddam Hussein because I believe that a deadly arsenal of weapons of mass destruction in his hands is a real and grave threat to our security."
-- Sen. John F. Kerry (D, MA), Oct. 9, 2002
"I am absolutely confident that there are weapons...I saw evidence back in 1998 when we could see the inspectors being barred gaining entry into a warehouse for hours with trucks rolling up and then moving those trucks out." Clinton's Secretary of Defense, William Cohen, April 2003
there are dozens more...you look them up...ouch!
If our President had any Honor, any Decency, he would return the campaign contributions that Corazine bundled for him. He's a top level bundler for Obama, which means more than 500,000.00. How much more? Nobody knows. At the very least he should order a review of the donated money to assure it came from the donors it is supposed to have come from.
Spare me the "Bush did this" or the "Republicans did this" crap.
Two wrongs DON'T make a right!!!!! Listen to what your mother tried to teach you.
I swear the people trying to support this President appear to have no other defense for him.
He won't return the money because he is not an honorable man.
The possibility of WMDs existing was already addressed and handled by the UN inspectors who came in and inspected. When they not find anything, evidence was fabricated, and despite protests from more than one internal analyist, the conflict was initiated.
A person can spin it any way they want, but Bin Laden was not in Iraq, and neither were WMDs. Measures were being taken to verify this that did not involve armed conflict.
We now are economically compromised because we made the same mistake that the USSR did in Afghanistan. That is why we cannot credibly threaten the emboldened Irans and North Koreas of the world, because they know we already spent our resources invading other nations, and to wage a full scale war would collapse us economically like it did the USSR.
Hey, the real irony is.....all we hear from the Dems is that they stand up for the middle class and the Repubs don't care.
Seems to be the only thing you are correct about....
Gorilla,
Msnbc isn't giving you all the facts . Get to a news stand and catch up with the news!! There's a lot going on.
lol
Leona doesn't give you all the facts either. :)
Where's the money? He says he doesn't know. How do you misplace 1.2 billion dollars?
When you fold the back page of fox and msnbc news together at the arrows, you will get facts.
PBS and CNN, no folding necessary.
Was it the Senate or the House, that issued the subpoena? This could be grandstanding, for a party's base!
Oh, another screw-up by MSNBC editors... It was the GOP house... subpoenaed a Former Democratic Senator.... I get it. Nothing to see here. Move along!
Between $600 million and $1.2 billion is missing, company is shut down abruptly after Corzine resigns, and you say there is "nothing to see"? No wonder these idiot democrats elected the least qualified President in history, and their rallying cry is to blame the other guy and hate the rich. Not a single common sense decent piece of work in 3 years, just non-stop name calling, ranting and blaming by the leaderless Obama and his merry band of thieves.
funny how both parties will "move along" when their beloved party is being investigated....
have a good week.
The corruption in our government is getting so bad they don't even try to hide it anymore.
Rodentrack, you miss key words such as unanimously voted and its chairman, Rep. Frank Lucas, R- Okla., and ranking member Rep. Collin Peterson, D- Minn., said in a joint statement. To me it more sounds like someone might actually be doing what is right, though truly my cynical side is telling me more of what others are saying about it being an election year.
The bill that ultimately "repealed" the Act (Glass-Steagall) was brought up in the Senate by Phil Gramm (R-Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[9] and by a bi-partisan 343–86 vote in the House of Representatives
Kenneth E. "Ken" Davis is a prominent lobbyist and Republican political figure in Pennsylvania. He is a long-term ally of controversial Republican National Committeeman Bob Asher, a mainstay in state-wide and Montgomery County Republican politics.
He earned a degree from Moravian College and a Master's degree in government from American University.[2] He began his career as a congressional aide to Pennsylvania Senator Hugh Scott in his Washington, DC office.[2] He later worked as Director of Government Relations for Rohm and Haas, where he represented the company's interests before various levels of government
The meltdown of MF Global began in 2008 whileMr. Davis was CEO. Mr. Davis is currently in charge of NYC pension funds under Mayor Bloomberg:
A lifelong Democrat before seeking elective office, Bloomberg switched his registration in 2001 and ran for mayor as a Republican, winning the election that year and a second term in 2005. Bloomberg left the Republican Party over policy and philosophical disagreements with national party leadership in 2007 and ran for his third term in 2009 as an independent candidate on the Republican ballot line
My question is why was Mr. Davis the CEO (for 10 years) of MF Global in the first place? As far as I can determine he has a degree in government NOT finance. A democrat (Clinton) signed the repeal of Glass Steagall. Clinton is great friends with Republican George HW Bush and I'm willing to bet that the Bush family has their fingerprints all over this on some level. Allegedly.
So get over Democrat vs Republican and realize that they are ALL there just to get what they view as "theirs". We need REGULATION in every area or this is going to happen over and over again. Only the names and circumstances will change.
Why isn't this story headline Jon Corzine indicted for MF Global fraud instead of hidden under some blase title? Somehow we (the tax payer) are going to end up paying...again. They need to do exactly what they did with Madoff and take assets of those involved to pay these people. And if Corzine was the patsy....well that's where greed leads.
So sick of ALL of it!
My personal belief is that MF Global was set up to do just exactly what what happened.
One thing that was left out of this article-Bill Clinton was paid $50,000 a month as a consultant for Corzines company.
Yes that's true Mr Mike. And he also signed the repeal. And he is also very close friends with George H.W. And had I know that any of this was going on or was going to happen
I WOULD HAVE NEVER VOTED FOR HIM.
He ran as a Dem and just worked to further his own wealth the entire time.
"Oh, another screw-up by MSNBC editors... It was the GOP house..."
No. You got it wrong. Both the House AND the Senate voted to subpoena him. See here: http://www.cnbc.com/id/45571393
Corzine steals from the public and then funnels it to Democrats like Bill Clinton ( "consulting") and Obama ( "campaign funds").
The most twisted aspect is they'll never pay for these crimes. They'll find ways around it because we have a Dem President (Obama), a Dem AG (Holder), a Dem Senate Leader (Reid) and an Ex President ( Clinton) whose altar the Dem voters go to worship.
"Corzine steals from the public and then funnels it to Democrats like Bill Clinton ( "consulting") and Obama ( "campaign funds")."
Because we all know that's exactly what happened. /sarc/ Really???
Glass Steagall should be reinstated. It minimized financial problems for half a century, then one economic cycle after repeal, collapsed economy.
Rule of thumb. If Phil Gramm proposes a financial bill, do the opposite. If that policy had been followed, No S&L bailout in the late 80s, and a localized downturn in 08, instead of a collapse.
I read of the die-heart republicans talking bad of Obama. I don't see any of you bragging on what you will have on your side. Guess you and I knows it's President Obama for 2012. It's not my fault that you have these laughing stock of clowns running on the republican ticket. If the republican leaders cared about you. Do you really think they would of furnish a true republican for you to vote for? You got ripped off big time. You know that and I know that. ( President Obama 2012)
Dr Paul is a respected politician (very few of those left), Mitt Romney has a world-class track record of success, Newt Gingrich is smarter than Obama and his entire cabinet, has a proven record of legislative success and actually balanced the federal budget, and you think your man-idiot-child is a shoe in? Any one of these men will outclass, out-perform and govern responsibly rather than what our child-idiot-President who knows only how to blame and travel.
More like many of them have lost funds. Okay this is a start. Now lets find out what happened in the financial crisis. Let's find out who the culprits were who ran amok when Glass Steagall was repealed. Let's find out where all the lost DoD missing money under Bush and Cheney went. Let's try to find out what this is all about:
COLLECTIONS>BAGHDAD
Lockboxes, Iraqi Loot And a Trail To the Fed
By TIMOTHY L. O'BRIEN
Published: June 06, 2004
WHEN a United States Army sergeant broke through a false wall in a small building in Baghdad on a Friday afternoon a little over a year ago, he discovered more than three dozen sealed boxes containing about $160 million in neatly bundled $100 bills.
Later that day, soldiers found more cash in other hideaways near the Tigris River, in an exclusive neighborhood that elite members of Saddam Hussein's government once called home. By the end of the evening, they had amassed 164 metal boxes, all riveted shut, that held about $650 million in shrink-wrapped greenbacks. The cash was so heavy, and so valuable, that the Army needed a C-130 Hercules cargo plane to airlift it to a secure location.
Just two days later, on Sunday, April 20, 2003, Thomas C. Baxter, head of the legal unit of the Federal Reserve Bank of New York, read a brief news account of the discovery. Most of the money that turned up in Baghdad was new, bore sequential serial numbers and was stored with documents indicating that it had once been held in Iraq's central bank. One fact particularly bothered Mr. Baxter: the money had markings from three Fed banks, including his own in New York.
Iraq, of course, had been subject to more than a decade of trade sanctions by the United States and the United Nations, so large piles of dollars, especially new bills, were not supposed to have found their way to Baghdad.
'How could that happen?'' Mr. Baxter thought to himself, as he recalled later in Senate testimony. ''Not only with U.S. sanctions, but with U.N. sanctions. How could that happen?''
Mr. Baxter and the New York Fed, along with the Treasury Department and the Customs Service, immediately began an investigation into Baghdad's currency stockpile. The continuing inquiry offers a rudimentary road map of illicit dealings -- including lucrative oil smuggling -- in Iraq and neighboring countries during the Hussein years, the federal authorities say.
The investigation led quickly to the vaults of four Western banks that were among a select group handling the sensitive task of distributing freshly printed dollars overseas: the Bank of America, the HSBC Group, the Royal Bank of Scotland and UBS. Several other commercial banks and foreign central banks, which the Fed did not name, also served as stopovers along Baghdad's money trail, according to a written account Mr. Baxter provided to the Senate Banking Committee about two weeks ago
I thought the article was about an ex-senator getting a subpena.
Did you read the article?
The Senate AG Committee? Is this a joke? If there was criminal activity by him or his firm he should be held accountable, regardless of whether he was a Senator or not, Republican, Democrat, or otherwise. If there is sufficient evidence then he should be arrested, not tried by some kangaroo court to score political points in an election year.
Another bone for the the people to grovel over. Millions, billions, while trillions vaporize. But it must go some where.
There should be 103 more subpoenas going out......
There should be 103 more subpoenas going out......
Jon Corzine knows where all the bodies are buried. They will never touch him.
Oh my GOD, in God bless america, silly congress use the law because they werent all invited to a party in 1908 hosted by electric boat company ? Prohibition of alcohol use law didn't even exists. Hell, I bet "alcoholic" wasn't even part of the english word vocabulary in 1908.
why MF Global's brankruptcy gets an audience with congress in 2011? Is it a witch hunt of some kind?
Democrat or Republican. If they commit the crime , burn 'em. There's way too much "one hand washing the other" going on in D.C. and not nearly enough subpoenas going out. They are almost all thieves that don't want to rock the boat too much and ruin it for everybody.
Meanwhile network news is quiet as a mouse.
He was just running MF Global like he ran the state of NJ. Jon Corzine is protected by that lib shield.
Common, I don't understand your complaint. Haven't all news outlets reported this from the very beginning? Or are you referring to something else?
Mark, Corzine ran the state of NJ for the lib elitists without regard for the welfare of the people of NJ. He thought he was above the rules and law when he was Governor just like he thought he was above the rules and law when running MF Global.
Common I agree with all that but I don't know that he did anything illegal (loosing other's money in stupid investment isn't necessarily illegal). He's a schmuck of the first degree and he should go to jail if he did something illegal.
My question was what was the "lib shield" protecting him as you claimed?
What are you kidding Mark. Do police give other policemen tickets? Hell no. Are government people allowed to do insider trading? Hell yes. The government libs stick together against their common enemy the private sector.
Let's wait and see what the Committee learns as a result of requiring Corzine to testify. If he has violated the law, then let's see that he is punished to the full extent of the law. It's always interesting to me to see today's rank and file, TEA Party, Republicans, who claim ONLY THEY understand the Constitution, know that Corzine is guilty before he is even tried in a court of law. Worse, Corzine hasn't been accused of anything yet, let alone being brought to trial to learn whether he was guilty of anything. Imagine today's rank and file, TEA party, Republicans having political power! Trial by one's peers is gone! Accusation is good enough for conviction and sentencing. Think about it.
Is this another reason why America is bankrupt?
A political witch hunt. No subpeonas for the gasoline futures traders or any body else on Wall Street who's loose practicies led to the collapse. No subpeona for the Republican and Democratic members of the house who under Newt's guidance rolled back legislation that was meant to keep greedy money changers from setting up credit swaps of loans that shouldn't have been made in the first place. Why can't some of the former Senators and Members of the House come forward and shed light on just how corrupt this lobbying system is? Over and over in posts like these we see Red attacking Blue and Blue attacking Red. Those corrupt people who have stolen our representation want us going at each other to distract us while they rob our wealth. Quit listening to Maddow and Olberman and Limbaugh and Beck and any of the other talking heads on both sides. The only way these things will stop is if enough Americans stand up and say enough
Repubs want to get rid of Frank-Dodd Financial Reform law and any regulation of Wall Street . Wall Street bad behavior was the beginning of the mortgage debacle by packing and selling bad mortgage securities. They need to have more regulation of these clowns NOT LESS. It is great that they are having hearings, they should. Vote for some of these Republicans in Washington and you will have no regulation of Wall Street "betting" .And if you think the economy is bad now, you aint seen nothing yet!
They have countless regulations now. What did they do? Apparently,nothing!!! Regulations are killing corporate America. Obama just suspended hundreds of them, that would have caused huge costs on businesses. This indicates how much they cost our companies that do business in our country and why so many are going overseas. The left cries about companies going overseas, but because of all their rules, regulations, policies, and laws, they make it easy for the same companies to uproot and go to other countries. You want the cake and eat it too. Liberals force hundreds of billions and even trillions by some estimates of extra costs for compliance to these laws and policies.
"Liberals force hundreds of billions and even trillions by some estimates of extra costs for compliance to these laws and policies."
And of course, it would have nothing to do with increasing the corporate bottom line as wages are so low in third world countries, right? Seriously??
oh goody..another waste of money....like there going to charge or fine him
If this was a Republican being accused, you would be throwing him in jail, already.
why the F*@# subpoena him? any other investor did this @!$%# is already handcuffed and put in jail by now.
Tealiban bumper stickers read "STOP ObamaCare"..........
My new bumper sticker reads "Obama Cares"
What bunch of clowns driving the Repub Clown Car
I don't imagine this committee will dig too deeply into Corzine's past with MFGlobal. Doing so will expose all of the corrupt, underhanded dealings that have become commonplace on Wall Street and in the banking community. This is mostly window dressing to create the illusion of doing something. It might be worthwhile for another "committee" or independent entity with subpoena power to investigate the Department of Agriculture on its subsidy programs and corporate farming deals.
Unfortunately you are probably right. And there are certainly no lack of government programs in place that enrich people unjustly, welfare programs included.
Roy Wilson must be a paid stooge for the Republican party. He must stay up at night waiting for some political article to come out so he can start spouting off the Republican montra. He really needs to get a life and to actually think for himself.
There is one common rationalization common to all disgraced officials, wheather or not they are indited, and that is "Why, if everybody is doing it, are you coming after me." The whole culture of privilage in Washington and Wall Street is absolutely ruining America. It is going to take a huge investment in prosecutors and courts to save this country, and the polititions are going to need a labotomy before they will do it.
So when the royalty's donors lose some money, we can get subpoenas and things looked in to, but when it is just the average taxpayers money, they don't give a crap.
Nice to see the concern Senators.
This guy is as dirty as last weeks underware, and The President and Vice-President went to him on the economy? Even if your a supporter of this administration you must admit their judgment on this was lacking.
Last administration went to Phil Gramm for policy inspiration. Both showed poor judgement.
If they have legitimate cause to nail the guy, go ahead. He makes Democrats look bad. Or they could wait 15 years and he could run for president after this disgrace.
I am pretty sure Obama will not pardon this guy.