MF’s Corzine Ordered Funds Moved to JP Morgan, Memo Says

[dixiegrrrrl]

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 a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators.

Snip....
Barry Zubrow, JPMorgan’s chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated. The letter was not returned to JPMorgan, the memo said.

The money transferred came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds.

http://www.bloomberg.com/news/2012-03-23/mf-global-s-corzine-ordered-funds-moved-to-jpmorgan-memo-says.html

And yet, no charges filed against Corzine.

[mazzarro]

1. This is a big disappointment in Corzine - if he approved this -- n/t

[banned from Kos]

2. What crime should Corzine be charged with? Seriously.

Commingling? Its a big fine and ban from the securities business. I would say that is due.

But don't expect a big splashy indictment. He didn't "steal" anything.

His big mistake was buying Euro-bonds. You know, SUPPORTING the Euro states. He is a good guy who bet wrong.

[Celebration]

3. perjury n/t

[AnneD]

4. Tell that to the folks that had their money stolen....

and had to settle for a portion, with the exception of a few holdout willing to wait months and endure legal battles and money tie ups for months.

Farmers had that money in those accounts to use at planting time and as insurance for crop failures and they have had to settle for 75%-90% of their money. That is like your bank freezing all your money for a few months and then giving you back say 80 cents on the dollar because they made a 'mistake' by investing in in gambling at the casino.

Would you call it a mistake then? If it were your money that you left in the bank. Oh and money left in the commodities market has a similar guarantee to money left in your bank but through the commodities market.

Jon Corizine is a thief. He approved the theft with the stroke of a pen instead of gunpoint. That does not make him a good man, but a thief.

Jon Corizine testified before his buddies in congress and lied about his knowledge of the events. That does not make him a good man but a liar. Scratch a liar catch a thief.

Jon Corizine has been protected by his Democratic friends in congress that forgot they were suppose to represent the people instead of covering for each other.

In this instance, the DEMS are no better than the GOP.

Corizine at the very least should have been arrested pending trial for theft, fraud, misappropriation of fund just to name the more glaring charges.

This case cuts at the very heart of the markets....trust and the rule of law. This case-if unprosecuted-will destroy the integrity of the American Financial Industry.

Edited to add...I refuse to be an apologist for the DEMS on this.

[Celebration]

5. +1

He is a thief, pure and simple.