red states rule
11-02-2011, 02:23 AM
One of Obama's bigget fundraisers, supporters, and an economic advisor seems to have misplaced $700 million of his cusotmer's money
An oversight perhaps? Looks like John did for his customers what he did to NJ
snip
Corzine took over the helm at MF Global early last year. He set out to grow the company into a global investment bank. In addition to futures and commodities trading, MF Global started making bets with the firm's own money, The Journal reported.
Corzine is also a top fundraiser for President Barack Obama (http://www.foxnews.com/topics/politics/obama-administration/barack-obama.htm#r_src=ramp). Corzine has helped raised at least $500,000 for Obama's re-election campaign since April, according to records released by the campaign.
MF Global turned a profit just three times in the past 12 quarters. As the European debt crisis threatened to spread, investors and analysts focused on the company's holdings of debt from Belgium (http://www.foxnews.com/topics/belgium.htm#r_src=ramp), Italy (http://www.foxnews.com/topics/italy.htm#r_src=ramp), Spain (http://www.foxnews.com/topics/spain.htm#r_src=ramp), Portugal (http://www.foxnews.com/topics/portugal.htm#r_src=ramp) and Ireland (http://www.foxnews.com/topics/ireland.htm#r_src=ramp).
Last week, Corzine said he expected the firm to "successfully manage these exposures to what we believe will be a positive conclusion in December 2012."
MF Global filed its petition with the U.S. Bankruptcy Court for the Southern District of New York. Including its subsidiaries, MF Global has assets as $41.05 billion and liabilities of $39.68 billion, according to its bankruptcy petition.
Of its five biggest unsecured creditors, four are vehicles set up by German megabank Deutsche Bank to buy bonds from MF Global. Its single biggest unsecured creditor is JPMorgan Chase Bank, NA, which bought more than $1.2 billion in bonds.
The case was assigned to Judge Stuart Bernstein. Bernstein gained attention this summer for a ruling that might make it harder for victims of Bernard Madoff's Ponzi scheme to recoup their losses.
Bernstein ruled against a trustee who was trying to recover investors' losses from an unrelated $700 million fraud. The trustee sued Wachovia, saying that the bank ignored obvious signs of fraud. Bernstein ruled against the trustee, saying the bank's suspicions were not the same as actual knowledge of the scheme.
http://www.foxnews.com/politics/2011/11/01/firm-run-by-former-gov-corzine-files-for-bankruptcy-protection/?test=latestnews
An oversight perhaps? Looks like John did for his customers what he did to NJ
snip
Corzine took over the helm at MF Global early last year. He set out to grow the company into a global investment bank. In addition to futures and commodities trading, MF Global started making bets with the firm's own money, The Journal reported.
Corzine is also a top fundraiser for President Barack Obama (http://www.foxnews.com/topics/politics/obama-administration/barack-obama.htm#r_src=ramp). Corzine has helped raised at least $500,000 for Obama's re-election campaign since April, according to records released by the campaign.
MF Global turned a profit just three times in the past 12 quarters. As the European debt crisis threatened to spread, investors and analysts focused on the company's holdings of debt from Belgium (http://www.foxnews.com/topics/belgium.htm#r_src=ramp), Italy (http://www.foxnews.com/topics/italy.htm#r_src=ramp), Spain (http://www.foxnews.com/topics/spain.htm#r_src=ramp), Portugal (http://www.foxnews.com/topics/portugal.htm#r_src=ramp) and Ireland (http://www.foxnews.com/topics/ireland.htm#r_src=ramp).
Last week, Corzine said he expected the firm to "successfully manage these exposures to what we believe will be a positive conclusion in December 2012."
MF Global filed its petition with the U.S. Bankruptcy Court for the Southern District of New York. Including its subsidiaries, MF Global has assets as $41.05 billion and liabilities of $39.68 billion, according to its bankruptcy petition.
Of its five biggest unsecured creditors, four are vehicles set up by German megabank Deutsche Bank to buy bonds from MF Global. Its single biggest unsecured creditor is JPMorgan Chase Bank, NA, which bought more than $1.2 billion in bonds.
The case was assigned to Judge Stuart Bernstein. Bernstein gained attention this summer for a ruling that might make it harder for victims of Bernard Madoff's Ponzi scheme to recoup their losses.
Bernstein ruled against a trustee who was trying to recover investors' losses from an unrelated $700 million fraud. The trustee sued Wachovia, saying that the bank ignored obvious signs of fraud. Bernstein ruled against the trustee, saying the bank's suspicions were not the same as actual knowledge of the scheme.
http://www.foxnews.com/politics/2011/11/01/firm-run-by-former-gov-corzine-files-for-bankruptcy-protection/?test=latestnews