Friday News Dump: Corzine Ordered Funds Moved to JPMorgan

Posted by on Mar 23, 2012 at 4:55 pm

If Barack Obama had an economic adviser, he’d look like Jon Corzine. Today we discover Obama’s buddy lied during his testimony before Congress.

Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.

Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.


Corzine testified that he never intended a misuse of customer funds at MF Global, and that he doesn’t know where client funds went.

“I did not instruct anyone to lend customer funds to anyone,” Corzine told lawmakers in December.

Why is this man not in prison already?

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15 Responses to “Friday News Dump: Corzine Ordered Funds Moved to JPMorgan”

  1. Kevin Baker on 23/23/12 at 5:06 pm

    Why is this man not in prison today?

    Because he’s connected to Obama and the Democrat machine.

    Oh, right. That was a rhetorical question. Never mind.

  2. John Cunningham on 23/23/12 at 5:13 pm

    The fix is completely in. the SEC has indicated that the investigation has “gone cold,” without having taken statements from ANY MF witnesses. the case will be sat on til after the election, when it will be slowwalked further.

  3. dontplayrockytop on 23/23/12 at 5:21 pm

    Well, now, he did say “lend customer funds”. If it’s an outright GIFT, well, maybe that’s technically not perjury. Still against the law, but hey, those things are for the little people.

  4. Cassandra on 23/23/12 at 5:29 pm

    “Why is this man not in prison already?”

    Because he’s a good person who means well. Just ask Stanley Fish.

  5. Ethel on 23/23/12 at 5:34 pm

    “Why is this man not in prison already?”

    well maybe…….

    “Like many of us in public life today, Jon is a leader
    who’s been called to govern in some extraordinary times. He’s been tested by the worst recession in half a century — a recession that was caused by years of recklessness and irresponsibility and a do-nothing attitude. It was caused by the same small thinking that has plagued our politics for decades — the kind of thinking that says we can afford to
    just tinker around with our problems, we can put off the tough decisions, defer the big challenges. We can just tell people what they want to hear instead of what they need to hear.Well that’s not the kind of leader that Jon Corzine is.”– Barack Obama, July 2009

  6. Sotos on 23/23/12 at 5:46 pm

    Political pull is possible, if not probable until the next election. It would take some guts for a US prosecutor (Obama appointee) to move on him now.

    There is another explanation, that is perhaps being used as an excuse to delay any action. During the last banking disaster in New England in 1989-1992 it wasn’t unusual for the prosecutors to wait a few years or till the statute of limitations was running out to indict. This allowed then to use all the civil discovery found out from the many civil suits that accompanied the criminal acts. Made their jobs a lot easier.

  7. Hunter Jaeger on 23/23/12 at 6:14 pm

    Well Corzine is just like Barack “Solyndra is a great investment” Obama and Joe “This is a big Fuc*ing Deal” Biden…When the Blue Dogs bail out , the only thing left behind is the Democrat Dog Sh*t
    If you dont believe me ask Debbie “does DC” W-S

  8. Blacque Jacques Shellacque on 23/23/12 at 7:21 pm

    “Why is this man not in prison already?”

    Because he’s a Democrat.

    Even the presence of a warm corpse, and a gun in hand still smoking is no guarantee that a person will be prosecuted if that person is a Democrat.

  9. PTL on 23/23/12 at 8:01 pm

    Because they hope he’s Geithner’s replacement. One
    big crook replacing a smaller one.

  10. Finbar on 23/23/12 at 9:57 pm

    @ 9. Sotos: Corzine needs to be convicted and sentenced FAST if he hopes to get a pardon before January 20, 2013.

  11. Erik Holder on 23/23/12 at 10:01 pm

    Easy man, I’m sick of this Racist criticism? Can’t you see how busy I am not prosecuting my people? Now get back to rioting for trayvon. Damn racist white Hispanics! Obviously he was listening to rush limbaugh. Nothing to see here, move along, move along…