After liberal policies economically destroyed New Jersey, Mr. Corzine goes on to lose 6.3 Billion at MF global, where there is still 2+ million of the co-mingled funds missing.Now Corzine raises $500,000 for the Obama campaign. Oh Joe, it’s no wonder why Dems love cheats like Geithner and Corzine. It pays big! Maybe Corzine knows he is bound to end up in the “Big House” (jail) like Marc Rich and is paying ahead for a Clintonesque pardon.
In 1983, Rich was indicted in federal court of evading more than $48 million in taxes. He was also charged with 51 counts of tax fraud and with running illegal oil deals with Iran during the hostage crisis. Clinton had no problem signing off on his release pardon.
Barack Obama’s reelection campaign’s most recent list of names of fundraising bundlers. On that list is Jon Corzine, the former governor of New Jersey and embattled money man, the former head of MF Global:
(He was likewise named a bundler in January, when the Obama campaign last released the names of their money men.)
“MF Global and its brokerage sought Chapter 11 bankruptcy after a $6.3 billion bet on the bonds of some of Europe’s most indebted nations prompted regulator concerns and a credit rating downgrade. Corzine quit MF Global Nov. 4,” Bloomberg reported.
WASHINGTON — A former MF Global executive appears to contradict testimony from Jon Corzine, saying the former senator and New Jersey governor ordered the transfer of $200 million last fall out of a customer account days before the brokerage firm collapsed, according to an email obtained by congressional investigators.
Edith O’Brien, MF Global’s former assistant treasurer, says Corzine ordered the money shifted to one of the firm’s bank accounts overseas on Oct. 28 to cover an overdraft, according to a memo that cited the email.
The email noted that the transfer was made “per JC’s direct instructions.”
MF Global filed for bankruptcy protection on Oct. 31. The firm failed because of a disastrous bet on European debt. About $1.6 billion of customers’ money hasn’t been recovered.
A House Financial Services subcommittee released the memo Friday in advance of a hearing Wednesday. O’Brien has been subpoenaed to testify. The Associated Press was unable to reach her for comment.
In December, Corzine told the panel at a hearing: “I did not instruct anyone to lend customer funds to MF Global or any of its affiliates.” Corzine also told the subcommittee he didn’t know about “the use of customer funds on any loan or transfer.”
And Corzine told a Senate panel two days earlier: “I never gave any instruction to anyone at MF Global to misuse customer funds.”
Steven Goldberg, a spokesman for Corzine, reiterated in a statement Friday that Corzine testified that there wasn’t anything he had said that “could reasonably have been interpreted as an instruction to misuse customer funds. He stands by that testimony.”
“He never directed Ms. O’Brien or anyone else regarding which account should be used to cure the overdrafts, and he never directed that customer funds should be used for that purpose,” Goldberg said. “Nor was he informed that customer funds had been used for that purpose. To the contrary, as Mr. Corzine testified, he recalls having received written material indicating that the funds used to cure the overdrafts were appropriate for that purpose.”
Many lawmakers have heard from farmers, ranchers and small business owners in their states who are missing money that was deposited with the firm. Agricultural businesses use brokerage firms like MF Global to help reduce their risks in an industry vulnerable to swings in oil, corn and other commodity prices.
Source Weekly Standard, HuffPo Bus, Times