M. F. Global Gate

Posted on December 5, 2011 by | 86 Comments

Renee Copyright 2011

Have you heard the leaks yet ? Have you heard of Jon Corzine ?

From wiki; http://en.wikipedia.org/wiki/MF_Global

Now this? Bill Clinton collected 50 K per month from M.F. Global ?

http://www.humanevents.com/article.php?id=47938

Is this for real ? Inquiring minds want to know.

Now there is more ?

This entry was posted in Biographies and Selected Persons, Corruption, Renee's Research, Uncategorized. Bookmark the permalink.

86 responses to “M. F. Global Gate”

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    • Renee | December 15, 2011 at 9:50 pm | Reply

      Auditors and investigators are seeking to determine what happened to an estimated $1.2 billion in client funds that were supposed to remain segregated from the firm’s accounts, and which have gone missing. At Thursday’s Senate hearing, Corzine and his top deputies at MF Global — firm president Bradley Abelow and CFO Henri Steenkamp — all denied any knowledge of what happened to the missing funds, as well as any responsibility for the firm’s failure to maintain strict segregation between client and firm accounts.

      However, the same panel heard testimony by Terry Dufffy, an executive of the Chicago Mercantile Exchange (CME), on which MF Global traded, alleging that Corzine may have known about a $175 million loan to a company affiliate in London using customer funds. Duffy said that hours before MF Global went bankrupt, an employee of the firm told regulators and a CME auditor that Corzine knew about the loan. This will provide another area of questioning for the Neugebauer panel on Thursday.

      Fox News has learned that the House Financial Services panel has quietly interviewed more than a dozen individuals, including officials from CFTC, the SEC, and the CME, as well as the last two risk officers at MF Global. Michael Roseman and Michael Stockman are both believed to have raised internal red flags at MF Global about Corzine’s use of repurchase-to-maturity transactions, or “repos,” to invest in European sovereign debt. Sources say Roseman was effectively pushed out of the firm in March 2011, after clashing with Corzine over the issue. Likewise, sources say Stockman grew increasingly “worried” about MF Global’s rep deals on Euro sovereign debt

      Read more: http://www.foxnews.com/politics/2011/12/14/corzine-and-fed-in-mf-globals-final-days/#ixzz1gfMCbnO9
      snip~
      Huge problem…Money given out across the pond *
      THIS MONEY LEFT THE U.S.*********

      • Miri | December 16, 2011 at 8:51 am | Reply

        Can you believe that Corzine signed the bill that is the exact law he’s accused of breaking? About not mixing customer money, etc.? Where the hell is that money? Why isn’t he indicted?

    • alfy | December 16, 2011 at 7:32 am | Reply

      renee, you asked what do you think of this. The article Miri found as well. I had seen some of this earlier. I hadn’t commented because I couldn’t begin to claim I understand it all. Oh , I get it, it’s just hard to keep track.
      Now don’t forget Staus Khan with the IMF……who I always thought there was something else going on to move him out of the way for something. What ,I will probably never know, but all of this positioning and Ponzi debacle had to have included him in some way. When sex is used to bring attention to one of these guys, I figure it’s to keep your eye off the money or the real deals going down.

    • Miri | December 16, 2011 at 8:42 am | Reply

      How in the world can somebody seriously say that they don’t know where a billion bucks went? Barry has gotten away with such whoppers that it’s probably just natural that the rest think they can follow suit. Looting and pillaging. The Barbarians at the Gate.

      • Renee | December 16, 2011 at 9:45 am | Reply

        I think we just propped up Europe Miri……They retire young there…..that is why they are broke there…people just go there for the snacks….looks like we are buying the snacks over there now too.

        • Miri | December 16, 2011 at 10:54 am | Reply

          Well, in this instance, not exactly “us” but the poor schnooks who had their money “disappeared” by Corzine and company. Will there be any justice for them in these courts? I just cannot fathom how all this will play out. So much corruption in this administration and it’s like nobody cares.

      • Renee | December 16, 2011 at 10:16 am | Reply

        Barry Rocha More candy Miri….More candy now ! I do not know where all the other candy went but more now !

  2. Kathy | December 16, 2011 at 9:11 am | Reply

    Here you go ladies………According to the Wall Street Insider, this is a name we should be investigating! The Wall Street Insider is admitting to things we already knew or suspected, but as of yet have been unable to prove.

    LEO GERARD

    Who Is Leo Gerard?
    http://theulstermanreport.com/2011/12/15/who-is-leo-gerard/

    WALL STREET INSIDER: “Leo Gerard”
    http://theulstermanreport.com/2011/12/15/wall-street-insider-%e2%80%9cleo-gerard%e2%80%9d/

  4. Bridgette | December 31, 2011 at 11:44 am | Reply

    Mr. Crony Went to Congress: Subpoena Soros, Buffett, et al.
    Dec. 30, 2011 Snips

    No one is surprised or shocked now that it’s been revealed that the president and chief operating officer of MF Global, the firm that conveniently misplaced $1.2 billion of customer money as it slid into bankruptcy, has been a top financial advisor to the Environmental Protection Agency since 2010.

    The Democrats under president Obama have shown again and again that they put political patronage so far above public good that the reliably liberal Washington Post is taking notice, even if Congress isn’t.

    Let’s face it: Obama doesn’t have supporters, he has investors. He’s probably the first president of the United States who needs an investor relations department.

    But Rezko, Soros, Buffett, Kaiser, Immelt, Corzine, Abelow and the rest of the crew aren’t just investors, they’re also Obama’s known associates, capos in the ponzi scheme that now passes for progressive government.

    “[A]s the House and Senate interrogated Bradley I. Abelow and other top executives at MF Global Holdings Ltd.,” reports the Washington Times, “lawmakers did not mention Mr. Abelow’s role as a financial adviser for the Environmental Protection Agency, which as of Tuesday listed him as the chairman of its financial advisory board.
    ~
    I think it’s long past time to ask investors in the Obama administration to appear before Congress and testify about their investments over the last few years of the Democrat ascendancy.

    All those people like Soros, Buffett, Bennet, Kaiser- Solyndra-and Abelow who always seem to be in the right place and right time investment-wise, and politically too, can show up and tell us about the genius required to invest when supplied with government information from top policy makers.

    http://finance.townhall.com/columnists/johnransom/2011/12/30/mr_crony_went_to_congress_subpoena_soros_buffett_et_al

    • Renee | January 2, 2012 at 5:29 pm | Reply

      Read what she says here, then read it again;
      Well, I’ve met with [CME Chairman] Terry Duffy on this several times, and, um, he makes some really good arguments. He’s like, “Listen. Could we make this go away? Yes. But, if we do that, there’s $185 billion dollars in seg funds out there. We set a precedent that says we have to back $185 billion, and that is a much higher bar.” Can they back $185 billion? No. They can’t. And his point of view is that not one penny of money that was actually held by CME is lost or missing.
      So, if Mr. Koutoulas is accurately recounting the words of Terry Duffy, and I have no reason to think that he isn’t, I was exactly right in my letter. The CME has an $8 billion default slush fund which could have made the MF Global situation go away INSTANTLY. The CME could have stepped in, essentially taken over the firm, squared the books, and then sold the firm intact with customer integrity completely maintained. They have done it before. Many times. In fact, that is the base, root function of the CME. It is also their moral and legal obligation because the CME was the entity that was charged with auditing oversight of MF Global. MF Global was under the regulatory auspices of the CME on the private side, and the CFTC on the government side. The CME was liable and thus failed, and failed CRIMINALLY in their fiduciary duty.

      But why? They had the money ready to go in a reserve slush fund for a situation EXACTLY like this. Why didn’t they do it? Because they KNEW and they KNOW that MF Global is, as I said, the mere tip of the iceberg. They KNOW that all of the other firms are doing the same damn thing, and are exposed to exactly the same risk, albeit probably not as insanely leveraged as Corzine had MF. Corzine is a psychopath.

      Terry Duffy and the rest of them know that this is a SYSTEMIC PROBLEM, and not just a one-off. Think about it. If this really was just a one-off, the CME would have done what they always do. They would have backstopped, kept everything running smoothly and this would have all been forgotten literally by the end of the first week of November. Instead, they have essentially destroyed the entire marketplace. Why? Because they figured that there were at least some sort of odds that the CME corporation would survive this, even if those odds were slim, provided that they set a precedent of NOT BACKSTOPPING ANYONE. But if they set the precedent of backstopping now with MF Global, when the inevitable total systemic collapse comes (which will be four minutes after Europe collapses), the CME corporation will absolutely be destroyed with a 100% certainty IF THEY ARE NOT ABLE TO LAY THE BURDEN OFF ONTO EITHER THE FEDERAL GOVERNMENT (aka the taxpayers, aka us) OR ONTO THE CUSTOMERS THEMSELVES (aka the taxpaying public, aka us). So either way, the precedent has now been set and ratified by the corrupt government, CFTC, SEC, DOJ and judiciary that when the come-apart happens, WE THE PEOPLE are going to pay for it, one way or another. And the CME mafia will walk away scott-free and largely intact.

      Why Koutoulas can’t see this and moons over Duffy is simply beyond me. Oh, wait. No it isn’t. Mr. Koutoulas, like pretty much everyone else in this culture, is totally and completely incapable of detaching himself from his wealth and his business. He can’t let go, and thus is completely deluded into believing that this is all going to work out and everything is going to go back to normal in a few months. The chairman of the CME apparently told Mr. Koutoulas TO HIS FACE that the CME would no longer fulfill their fiduciary duty and that Mr. Koutoulas’ clients would have their wealth confiscated AGAIN AND AGAIN AND AGAIN. And he calls that “a really good argument.” The mind reels.

      The only argument that makes is the argument that ANY financial market fiduciary is now 100% obliged to shut their firm down and protect their clients. If a client asks a broker, “Will my money be safe with your firm?” the only honest answer is “No”, which then demands that the fiduciary decline to open the account, and close all of his existing accounts. If the fiduciary answers, “Yes, your money is safe” then the fiduciary is LYING to the customer, which is a criminal breach of fiduciary duty.

      It’s over. It’s a catch-22. The only honorable way out for ANY broker in the United States is to shut down and protect his customers.

      War is hell. This is war, ergo, welcome to hell.

      And for the record, I take zero satisfaction in being right on this point. This is like being proved “right” in declaring that your house is on fire. I don’t want the house to be on fire, but it is, and so I’m going to go ahead and speak up about it instead of worrying if the people sleeping in the burning bedrooms might think me a self-righteous know-it-all. The house is on fire. I’m telling you, THE HOUSE IS ON FIRE. GET THE HELL OUT. NOW.

  8. Renee | January 27, 2012 at 5:36 pm | Reply

    Obama Eligibility Hearings to be Broadcast Thursday, Jan. 26 | We the People of the United States alfy | January 27, 2012 at 3:59 pm |
    Matsy Takabuki

    According to USA Today, “[Matsy] Takabuki is credited with making the Bishop Estate a player on Wall Street.” The former World War II veteran, city councilman, business executive and Bishop Estate trustee had a quiet way of dealing with even the most controversial situations and has had a hand in many of Hawaii’s important institutions and deals in the past half-century.

    Shanghai businessman Dean Ho, son of business icon Chinn Ho, remembers Takabuki’s work for the Ho family’s Capital Investment Co. Says Ho: “He was a magnificent businessman. He had a very quick, mathematical mind. That was in sharp contrast – he didn’t appear to be a great businessman at the beginning of the conversation, because he was always so taciturn.”

    QUIET PLAYER: Matsuo “Matsy” Takabuki, shown here in 1987, has been credited with making Bishop Estate a Wall Street player. Photo: Honolulu Star-Bulletin

    No question that, as a Bishop Estate trustee, Takabuki’s engineering of a deal with Goldman Sachs put what is today Kamehameha Schools on firm financial footing for decades to come. Takabuki took point in negotiating the deal with former Goldman Sachs chairman Jon Corzine, who is now a United States senator. By some estimates, the investment returns from Kamehameha’s original $500 million exceeded $2.5 billion by 2003 or were nearly 50 percent of the estate’s $5.4 billion endowment market value that year.

    In 2003, MN Capital Partners directors Bruce Nakaoka and Eric Martinson nominated Takabuki for the Kamehameha School’s Order of Ke Alii Pauahi Award. Their supporting letter says, “In the early years of Mr. Takabuki’s tenure, the trust was often referred to as “land rich, cash poor.” Today, KS/BE is the sixth largest education endowment in the country, trailing only Harvard, Yale, the University of Texas System, Princeton and Stanford.”

    The endowment is a testament to Takabuki’s focus on personal loyalties, as well as community service. When he was the first Japanese-American named as a trustee in 1972, the Hawaiian community erupted in protest. Takabuki and his family got phone calls threatening their lives. His daughter, Anne, says she asked him why he was giving up all the business opportunities he had worked hard for in exchange for going to work for less money and a group that clearly didn’t want him. Anne Takabuki says, “He simply told me that there are some things you just have to do. Basically, it was his loyalty and commitment to his friends [Gov. John Burns, the Supreme Court justices and others] and his sense of obligation to make a contribution to his community, by giving the children of Hawaiian ancestry the opportunity for a first-rate education.” -KAT

    Again, I am posting an excerp of some famous people in Hawaii….This is not about bC’s but notice who is here who once with Goldman Sachs got so much money for this in Hawaii. Corzine…..Sorry if I’m out of order. I also found on this site Where Laurance Rockefeller came to Hawaii, invited by the Lt. Governor William Quinn in 1960. Why would Rockefeller be invited by the Lt. Gov. in 1960 I wonder. Rockefeller builds the Mauna Kae hotel after this, opened in 1963. You do realize that it was possible the Lt. governor could have handeled Obamas bc, don’t you? you know since their was not a sec. of State in Hawaii, all birth certificates filed late could have come into the verification of the Lt. Gov. . Also adoptions of a foreign child would have been part of Lt. Governors aproval and legal documents . Quinn served in several capacities in Hawaii I thinik. He fell in 2006 and died.I think he was quite old in 2006.

    Leza | January 27, 2012 at 4:21 pm |
    “No question that, as a Bishop Estate trustee, Takabuki’s engineering of a deal with Goldman Sachs put what is today Kamehameha Schools on firm financial footing for decades to come. Takabuki took point in negotiating the deal with former Goldman Sachs chairman Jon Corzine, who is now a United States senator. By some estimates, the investment returns from Kamehameha’s original $500 million exceeded $2.5 billion by 2003 or were nearly 50 percent of the estate’s $5.4 billion endowment market value that year.”

    ~

    OMG! ALFY!! TY, TY, TY……Excellent find!!

    Bridgette | January 27, 2012 at 4:21 pm | Reply
    Links please Alfy.

    alfy | January 27, 2012 at 4:29 pm |
    http://www.hawaiibusiness.com/Hawaii-Business/June-2005/Part-3/

    I am pretty sure it was in here. some other interesting ones as well. I didn’t know how much I had copied when I put that here. Just wanted to make sure I got CORZINE. I think this may be very signifigant. Don’t you guys. The fact that he’s tied with Goldman’s and HAWAII and the Scool, anything to do with Bishop Trust. It’s just all too weird ain’t it.
    Read about the first Senator Fong too. He was the one that would have been on that immigration committee back in the day. The 1965 Immigrationa Act. All that.

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