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Corzine's Clueless and Sorry About MF Global

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Noreen Seebacher
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Another question
Noreen Seebacher   12/13/2011 2:42:38 PM
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Maybe we should be asking why regulators were even taking meetings with the CEO of a company like MF Global. Shouldn't they only be worried about public interest -- and not how well someone lobbies for special favors? (I know. I'm asking for too much.)

yalanand
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Re: Corzine
yalanand   12/13/2011 2:40:18 AM
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Sorry I feel Mr. Corzine should know what is going on at an organization that he is leading, if he didn’t authorize the actions who did?

@impactnow , true when good thing happens to the company CEO's take the credit, similarly when things go wrong its CEO who is responsible for the debacle.


impactnow
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Corzine
impactnow   12/13/2011 12:01:49 AM
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Sorry I feel Mr. Corzine should know what is going on at an organization that he is leading, if he didn’t authorize the actions who did?

Scott Raynovich
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Doubt About the System
Scott Raynovich   12/11/2011 10:00:37 PM
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I think the MF Global scandal has done immense damage to the system, not merely because MF Global and Corzine have apparently so far gotten away with raiding customer accounts without any criminal indictments, but because the authorities (including the SEC and the CFTC) haven't really explained what's to stop happening again at any other broker/dealer, or why the system allowed it to happen in the first place!

I now must question any custodian of my segregated money, whether it be Fidelity, E-trade, Interactive Brokers, Goldman Sachs, e.t.c. Really its just another layer of mistrust that his been placed on a financial system.

 

back2basicz
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Re: Corzine
back2basicz   12/10/2011 12:40:42 PM
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Scott,

Corzine belongs to the same gang which is known for Financial manipulation on the Grandest Scale in the markets(Goldman Sachs).

I would'nt trust anything he says regarding why MFG went bust.

As for his speech and especially what he says here,

"I am devastated. My sadness, of course, pales in comparison to the losses and hardships that customers, employees, and investors have suffered as a result of MF Global's bankruptcy," Corzine said. "I'm sorry."

They are nothing but crocodile tears.

If he is really sorry why does'nt he offer up his numerous personal assets to make up the client losses???

This is precisely what the SEC should do(just like in the Madoff case).

It will set the right example to all those scumbags who are running many of Wall Streets key institutions(and who expect Taxpayers to come to the rescue each and everytime).

 

This is the main reason[lack of skin in the game] that permits them to take such insane risks with other peoples money.

What do you think?

Regards

Ashish.


tokyogai
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Re: Here's an idea...
tokyogai   12/9/2011 4:45:31 PM
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Maybe he can share a cell with Corzine. He was completely unbelieveable in my opinion. The buck stops at his door.

Scott Raynovich
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Re: Here's an idea...
Scott Raynovich   12/9/2011 4:19:06 PM
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This reminded me of something. The Bernie Ebbers trial in 2005, which I covered and wrote about at the time. I pretty much covered Bernie's rise and fall over 10 years. I had to go back and read about the trial, and now it struck me what was similar! Bernie played dumb! He said he didn't know anything about the accounting ... it was all the bean-counters.

http://www.lightreading.com/document.asp?doc_id=69048

Last I checked, Bernie Ebbers was in jail.

Noreen Seebacher
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Here's an idea...
Noreen Seebacher   12/9/2011 3:39:04 PM
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Maybe Corzine can use something like this to find an explanation for what went wrong:



Scott Raynovich
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Customers up to 72%
Scott Raynovich   12/9/2011 1:53:13 PM
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Well, this is incrementally better... customers up to 72%

MF Judge Approves $2.2B Transfer to Customers


http://www.bloomberg.com/news/2011-12-09/mf-global-judge-approves-2-2-billion-transfer-to-brokerage-s-customers.html

PAW
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Re: Re : Corzine's Clueless and Sorry About MF Global
PAW   12/9/2011 1:41:45 PM
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Agree.  As the CEO, the buck should stop with him.  Whether he knew anything (and I find it hard to believe that he did not), he has the ultimate responsibility for what goes on under his watch.  Man-up Corzine!

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