Jon Corzine is Considering Starting A Hedge Fund

I think in most cases like this the DOJ or SEC or CFTC don't go through with the prosecution because it would make the regulators look bad. Why wasn't Lehman or the Lehman officers prosecuted? Because the regulators were on site, looking at the books, approving the shady deals. They would have to be implicated too. Likewise with MFG, the regulators are probably just as guilty of negligence as Corzine is of malfeasance. Nobody cares about his rinky dink campaign contributions.
 
Quote from billyjoerob:

I think in most cases like this the DOJ or SEC or CFTC don't go through with the prosecution because it would make the regulators look bad. Why wasn't Lehman or the Lehman officers prosecuted? Because the regulators were on site, looking at the books, approving the shady deals. They would have to be implicated too. Likewise with MFG, the regulators are probably just as guilty of negligence as Corzine is of malfeasance. Nobody cares about his rinky dink campaign contributions.
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Disagree.

The CFTC have been holding numerous talks with CME, banks, funds and other participants to see what changes need to be made given the segregated account system clearly doesnt work/open to neglect following MFG & PFG.
 
Quote from TheBlackHand:

+1

If he knew, he should be shot
If he didnt know, well he should still be shot for not knowing.
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Indeed. It seems with the rampant cronyism and government collusion ensuring there is no legal justice anymore, anyone who wants real justice will have to go "old school".

On another note, anyone who would still invest their money with Corslime in a new hedge fund after all this absolutely deserves to lose every penny, and I will have no sympathy for them whatsoever when their money goes buh bye.
 
Quote from billyjoerob:

I think in most cases like this the DOJ or SEC or CFTC don't go through with the prosecution because it would make the regulators look bad. Why wasn't Lehman or the Lehman officers prosecuted? Because the regulators were on site, looking at the books, approving the shady deals. They would have to be implicated too. Likewise with MFG, the regulators are probably just as guilty of negligence as Corzine is of malfeasance. Nobody cares about his rinky dink campaign contributions.
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Good point, but "contributions" going to the DOJ, SEC and CFTC don't hurt either. Anyway you look at it, it's paying to have justice turn a blind eye and a deaf ear to it all. The entire system is bought and paid for.
 
Quote from achilles28:

Executive officers with a fiduciary duty operate under a two, or even three man rule, when signing off on large transfers. MFG's holding bank would notify and confirm with at least a couple executives on a transfer of that magnitude *out of* a segregated account. That's a big fucking red-flag. 1.4 Billion out of customer seg?!? That Corzine had no knowledge of the transfer, that nobody on his executive team alerted him, or nobody at his clearing bank?? Bull-fucking-shit. And then Corzine had no clue about the massive long positions on european CDS contracts that were bought weeks, if not months prior, which precipitated the entire loss? C'mon. What are we? 5 years old?? Corzine would have to be medically brain-dead on life support in the ICU not to know about that.o..The guy was in the office practically every day during the run-up to the collapse. And if it was a grand conspiracy (which is utter nonsense) where are the indictments against his executive staff? Corzine is a made-man. But they're not. So what of it. Corzine stole the muthafucking money, just like Madoff. He's guilty as fuck. Anyone who says they're not sure or maybe not is a fucking retard. 1.4 Billion doesn't magically get up and walk out the door. Corzine "has no idea where the money went". He's mystified. Truly.
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what he said. :mad:
 
Quote from achilles28:

Executive officers with a fiduciary duty operate under a two, or even three man rule, when signing off on large transfers. MFG's holding bank would notify and confirm with at least a couple executives on a transfer of that magnitude *out of* a segregated account. That's a big fucking red-flag. 1.4 Billion out of customer seg?!? That Corzine had no knowledge of the transfer, that nobody on his executive team alerted him, or nobody at his clearing bank?? Bull-fucking-shit. And then Corzine had no clue about the massive long positions on european CDS contracts that were bought weeks, if not months prior, which precipitated the entire loss? C'mon. What are we? 5 years old?? Corzine would have to be medically brain-dead on life support in the ICU not to know about that.o..The guy was in the office practically every day during the run-up to the collapse. And if it was a grand conspiracy (which is utter nonsense) where are the indictments against his executive staff? Corzine is a made-man. But they're not. So what of it. Corzine stole the muthafucking money, just like Madoff. He's guilty as fuck. Anyone who says they're not sure or maybe not is a fucking retard. 1.4 Billion doesn't magically get up and walk out the door. Corzine "has no idea where the money went". He's mystified. Truly.
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Treasury relied on verbal orders from Corzine. He ordered the wires. He was held in such reverence that the normal rules didn't apply.
 
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