Good News: You Can Now Officially Steal $1 Billion From Your Customers And Avoid Proseuction, As Long As You're Hooked Up With the Self-Styled "Party of the Common Man"

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.
After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

I don't know why we're talking about porous risk controls because this is not money which was improvidently invested. This is money which simply vanished.

A billion dollars of customer money just disappeared -- it wasn't lost in bad investments, it was lost as in "I can't find it" -- and apparently there is no criminality here.

People lose wallets. They lose cell phones. They lose pencils. They lose lighters.

They tend not to lose a billion dollars. Not without someone wishing it be "lost."

Points and Figures has some expert insight into the swindle:

fter speaking with CCC lawyer James Koutoulas, and other pro traders I have no doubt that money was stolen from customer segregated funds. There is just too much smoking gun evidence. Anyone with experience in the industry would be able to sift through the legal machinations and malarky to understand the deception involved. If this were adjudicated in an Arbitration or Probable Cause Committee at an exchange, I am relatively confident that Corzine would be found guilty based on the circumstantial facts that I know.

But what you don't know is this guy is one of Obama's biggest bundlers and a high ranking apparatchick in the Democratic-Corporate State.

Posted by: Ace at 03:12 PM

Comments

1 Foist!

Posted by: Sean Bannion at August 16, 2012 03:13 PM (sbV1u)

2 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at August 16, 2012 03:13 PM (6o4Fb)

3 Can't wait for Chairman Issa to open hearings into goings on at the SEC.

Gonna get me some popcorn.

Posted by: Sean Bannion at August 16, 2012 03:13 PM (sbV1u)

4 Seriously,what else did you expect from this Administration and this DOJ?They ARE criminals.

Posted by: steevy at August 16, 2012 03:14 PM (6o4Fb)

5 Near first?

Posted by: Lord Humungus at August 16, 2012 03:14 PM (N2/I+)

6 Vanishing billions? Happens in Washington all the time.

Posted by: USA at August 16, 2012 03:14 PM (6Cjut)

7 You forgot to mention that it was top Obama Bundler and former NJ Governor John Corzine that "lost" a billion dollar. Ooops.

Posted by: Shtetl G at August 16, 2012 03:14 PM (thj04)

8 If I find it, can I keep it?

Posted by: torabora at August 16, 2012 03:15 PM (p8l5K)

9 Pulling most my personal investment account out of the market tomorrow and going long gold, silver, brass and lead. I advise others do the same.

Do not invest anything unless it is in a matched 401k.

Posted by: Lord Humungus at August 16, 2012 03:15 PM (N2/I+)

10 How in the fuck is that possible?

Posted by: Minnfidel at August 16, 2012 03:15 PM (bp/sa)

11 The Obama campaign just had it's largest fundraising month evah, raking in $999,999,999.00

Posted by: in unrelated news at August 16, 2012 03:16 PM (j43Pg)

12 Well, maybe Corzine put the $1 billion in his pants, forgot about it, and then ran it through the laundry. I mean, it could happen to anybody.

Posted by: joncelli, heartless Con and all around unpleasant guy at August 16, 2012 03:16 PM (RD7QR)

13 Somethin musta happened to it mahn

Posted by: Texas T at August 16, 2012 03:16 PM (YItiX)

14 Democrats -- We're all about the middle class.

Posted by: Are they buying it? at August 16, 2012 03:17 PM (KXm42)

15 @12: I'm thinking an entirely different kind of laundering happened.

Posted by: Ian S. at August 16, 2012 03:17 PM (B/VB5)

16 "All animals are created equal. Just some are more equal than others."
-- Animal Farm by George Orwell.

Posted by: Anna Puma (+SmuD) at August 16, 2012 03:17 PM (d5fLT)

17 going long gold, silver, brass and lead. I advise others do the same.
>>

Don't forget Nitrates for the boom.

Posted by: Buzzsaw at August 16, 2012 03:17 PM (tf9Ne)

18 How in the fuck is that possible?

Posted by: Minnfidel at August 16, 2012 03:15 PM (bp/sa)

$100 million dollar handshake?

Posted by: ErikW at August 16, 2012 03:17 PM (wVrlF)

19 Did he check his pants?

Posted by: Sandy Berger at August 16, 2012 03:17 PM (6Cjut)

20 Hey, Buddy. I seem to have lost a billion dollars.. ya seen it?

Posted by: Chi-Town Jerry at August 16, 2012 03:17 PM (UTq/I)

21 Well, maybe Corzine put the $1 billion in his pants, forgot about it, and then ran it through the laundry. I mean, it could happen to anybody.
Posted by: joncelli, heartless Con and all around unpleasant guy at August 16, 2012 03:16 PM (RD7QR) ...............................Tell me about it.

Posted by: Sandy Berger at August 16, 2012 03:18 PM (bp/sa)

22 Congress is supposed to have oversight over DOJ but the Democrats simply do not care about the law,only which Party the person belongs to or raises money for.We are so fucked.

Posted by: steevy at August 16, 2012 03:18 PM (6o4Fb)

23 Perhaps Sheriff Joe could investigate? No one messes with Sheriff Joe.

Posted by: USA at August 16, 2012 03:18 PM (6Cjut)

24 @20: We found it. There's a $900 million finder's fee.

Posted by: The Obama Campaign at August 16, 2012 03:18 PM (B/VB5)

25 Oh, and a reminder, Ace, please examine the Sentinel ruling too, and offer an opinion. http://tinyurl.com/9s3ucwn As far as I can tell, these two things mean horrible things for the average individual investor, and great near immunity to financial institutions. Sad days for America people.

Posted by: Lord Humungus at August 16, 2012 03:18 PM (N2/I+)

26 So what exactly did he do for Obama for this to happen? What's that saying...follow the money? What's that other saying...qui bono?

Posted by: Lizzy at August 16, 2012 03:18 PM (hSm+F)

27 Roll the Corzine commercials:

"This Wall Street fatcat lost a billion dollars of investors money, money from people's 401-Ks, and Obama's Justice Department just let him walk away. Why? Could it have anything to do with being one of Obama's biggest moneymen?"

Posted by: nickless at August 16, 2012 03:19 PM (h5njn)

28 No one messes with Sheriff Joe. Posted by: USA at August 16, 2012 03:18 PM (6Cjut)

That's because we're all afraid what he has is contagious.

Posted by: Sean Bannion at August 16, 2012 03:19 PM (sbV1u)

29 Barack Obama is a stuttering clusterf*ck of a miserable tyrant.

Posted by: AllenG (Dedicated Tenther) Channelling Breitbart at August 16, 2012 03:19 PM (8y9MW)

30 Great = grant above.

Posted by: Lord Humungus at August 16, 2012 03:19 PM (N2/I+)

31 I hope Romney gets out an ad soon.. it can start with the tape of Biden saying Barky and Biden called Corzine for help during the financial crisis.

Posted by: Chi-Town Jerry at August 16, 2012 03:20 PM (UTq/I)

32 Did Obama at least have the decency to return the Corzine dinations?

Posted by: Jean at August 16, 2012 03:20 PM (Mpktm)

33 Halliburton.

Posted by: SH at August 16, 2012 03:20 PM (gmeXX)

34 Now you see it...
...
...
Now you don't.

Posted by: Jon "Copperfield" Corzine at August 16, 2012 03:20 PM (8y9MW)

35 Billions!

Posted by: Zombie Carl Sagan at August 16, 2012 03:21 PM (RFeQD)

36 IIRC this is the "this is our guy on Wall Street" fellow.

A thousand white hot suns are not enough.

Posted by: teej at August 16, 2012 03:21 PM (4+PCd)

37 Isn't there footage of Joe or Barry saying he was the guy they call for financial advice?

Posted by: nickless at August 16, 2012 03:21 PM (h5njn)

38 I lost my husband's 55" flat screen. But that's okay, he'll just buy another one.

Posted by: Jane D'oh at August 16, 2012 03:21 PM (UOM48)

39 It's amazing to me that Corzine, who co-authored the Sarbanes-Oxley legislation, was able to evade it.

Oh, wait. That's not amazing at all, is it? What a fucking crock of corrupt assholes.

Posted by: jakeman at August 16, 2012 03:21 PM (96M6e)

40 Is there a problem here?

Posted by: Tony Rezko at August 16, 2012 03:22 PM (Db6BC)

41 Enron.

Posted by: SH at August 16, 2012 03:22 PM (gmeXX)

42 37
Isn't there footage of Joe or Barry saying he was the guy they call for financial advice?

Actually there is footage of Slow Joe saying that exact thing.

Posted by: Jane D'oh at August 16, 2012 03:23 PM (UOM48)

43 THANK GOD. I was scared we wouldn't get an actual thread on this story, which deserves it's own post in a big way.

I'm just curious to find out when all state and federal laws were re-written to remove "theft" and "embezzlement" from the list of prosecutable felonies.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 16, 2012 03:23 PM (4df7R)

44 Here's one the vids of Biden saying he called Corzine for advice:

http://youtu.be/buRO9TSlScQ

Posted by: Chi-Town Jerry at August 16, 2012 03:23 PM (UTq/I)

45 Why do you think we were Occupying Wall Street! We were looking for that stolen $1 billion!

Too bad all I found was a penicillin-resistance case of clap and a restraining order against some babe named Starshine Whoomper-Gazersky.

Posted by: OWS Retard, Industriously Scratching His 'Nads at August 16, 2012 03:23 PM (VMcoS)

46 Isn't there footage of Joe or Barry saying he was the guy they call for financial advice?
Posted by: nickless at August 16, 2012 03:21 PM (h5njn) /i]

That would be Uncle Joe.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 16, 2012 03:23 PM (4df7R)

47 Now just watch the Jedi Mindtrick by the JEF. He'll say "This is just further proof we need to clamp down on Wall Street" The Press and the lefties (redundant I know) will all nod their heads like good sheep and it will be the end of the discussion.

Posted by: Minnfidel at August 16, 2012 03:23 PM (bp/sa)

48 Maybe we should have a web-show called "Joe Biden Says the Darndest Things."

Posted by: Anna Puma (+SmuD) at August 16, 2012 03:23 PM (d5fLT)

49

It's just like how the MCI Worldcom scam was no biggie -- (because it involved Clintonista Terry McCaulliffe)

Posted by: soothsayer, now with extra hissing at August 16, 2012 03:24 PM (OgiBc)

50 Wher's the fucking rage?The public should be enraged,if not over this than over the executive order on illegals.WTF is going on in this country??

Posted by: steevy at August 16, 2012 03:24 PM (6o4Fb)

51 I see nothing!

Posted by: Sgt. Schultz at August 16, 2012 03:24 PM (BAS5M)

52 >>Pulling most my personal investment account out of the market tomorrow
and going long gold, silver, brass and lead. I advise others do the
same.

Why?

If you're worried about dollar value erosion, you can invest in foreign denominated businesses.

And there are also all kinds of market investments (include commodities oriented funds, etc) that are liquid and can hedge all kinds of market risk.

Posted by: looking closely at August 16, 2012 03:24 PM (PwGfd)

53 Eric Holder will go down in history as one of the great public official criminals of U.S. history.

Posted by: Cicero at August 16, 2012 03:24 PM (QKKT0)

54 Wonder if the press will ask Obama about this and his whole connection to Corzine at the next press conference...

...oh wait....

Posted by: Coldstream at August 16, 2012 03:25 PM (qrCKL)

55 Boss Tweed wishes he had someone like Eric Holder.

Posted by: Anna Puma (+SmuD) at August 16, 2012 03:25 PM (d5fLT)

56 Lest we forget, Corzine was on the short list for Treasury Secretary (!) at one point. Heck, if OFourPutt gets a second term, it might just happen, now that he's scot-free.

Posted by: jakeman at August 16, 2012 03:25 PM (96M6e)

57 "Chaos and porous risk controls" are to blame for what just happened in your mouth.

Posted by: wooga at August 16, 2012 03:25 PM (vjyZP)

58 I'm sure the Occuturds will be out protesting another Wall Street fat cat getting away with something like this.

Posted by: TheQuietMan at August 16, 2012 03:26 PM (1Jaio)

59 Jon Corzine has performed invaluable services to the crown, and is allowed certain leeway.

Besides, who gives a shit about the little people anyway.

Posted by: President for Life Obama at August 16, 2012 03:26 PM (Db6BC)

60
Jon Corzine just called all his clients and said, "Don't sue me; this isn't about you. It's about what your evil money stands for."

Posted by: soothsayer, now with extra hissing at August 16, 2012 03:26 PM (OgiBc)

61 That's it man, game over man, game over! What the fuck are we gonna do now? What are we gonna do?

Posted by: Corporal Hudson, different day, same shit at August 16, 2012 03:26 PM (RFeQD)

62 Why the air of incredulity? We make $1 billion disappear about every month.

Posted by: GM, Mark of Excrement at August 16, 2012 03:26 PM (QKKT0)

63 Gots to get startup money for my new hedge fund somewhere...

Posted by: Jon Corzine, (D) above the law at August 16, 2012 03:26 PM (GfHSl)

64 All of 2013 is going to be spent on trying to un-fuck everything these lying, thieving, cheating, shit bags have touched.

Posted by: Ball of Hate at August 16, 2012 03:26 PM (AREf/)

65 So BP gets the shakedown treatment without any kind of trial by jury and is forced to pony up $20 billion in reparations after the Deepwater Horizon oil spill, even before anyone knew exactly what had caused the accident and who should face the blame. Obama said he was there to decide "whose ass to kick."

Corzine and Co. up and STOLE money from their customers and get off scott free. Obama is silent on the matter of ass kicking.

Okay, good to know.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 16, 2012 03:26 PM (4df7R)

66 Can you imagine the media reaction to this news if the current President's name was "Romney"?

The shouted questions as the president walked out of a room or to a waiting car?

The full hour 20/20 piece focused exclusively on the scandal?

The impassioned speeches on the House floor?

The interviews with shafted investors on the morning news programs?

Yeah. I fucking hate the media.

Posted by: Fred at August 16, 2012 03:27 PM (fdnD9)

67 But if Paul Ryan had checked out a library book when he was in 6th grade and forgot to return it, the media feeding frenzy would be non-stop.

Posted by: Mallamutt, RINO President for Life at August 16, 2012 03:27 PM (OWjjx)

68 45
Why do you think we were Occupying Wall Street! We were looking for that stolen $1 billion!

Too
bad all I found was a penicillin-resistance case of clap and a
restraining order against some babe named Starshine Whoomper-Gazersky.

Posted by: OWS Retard, Industriously Scratching His 'Nads at August 16, 2012 03:23 PM (VMcoS)

I loled. And laughed too.

Posted by: joncelli, heartless Con and all around unpleasant guy at August 16, 2012 03:27 PM (RD7QR)

69 BTW, I'm spreadin' the wealth, to select bundling donors. Isn't that what you voted for in 2008?

Posted by: Jon Corzine, (D) above the law at August 16, 2012 03:27 PM (GfHSl)

70 3 Card Molly with Ivy League trappings. Purpose-built layers of fail.

Posted by: 13times at August 16, 2012 03:28 PM (h6XiD)

71 More on MFGlobal and Sentinel. This is a horrible path the elites have decided to take us down. http://tinyurl.com/bvxdt9c

Posted by: Lord Humungus at August 16, 2012 03:28 PM (N2/I+)

72 Money talks, Corzine walks.

Posted by: teh Wind at August 16, 2012 03:28 PM (HBU8E)

73
Eric Holder, Jon Corzine, Joe Biden.

Top men. Top men are the cornerstone to this administration.

Top men.

Posted by: Reader C.J. Burch writes..... at August 16, 2012 03:28 PM (RFeQD)

74 That's it man, game over man, game over! What the fuck are we gonna do now? What are we gonna do?

Posted by: Corporal Hudson, different day, same shit at August 16, 2012 03:26 PM (RFeQD)

Promotion? Posthumous for bravery in taking down bugs?

Posted by: Sgt. Schultz at August 16, 2012 03:28 PM (BAS5M)

75 Clearly the DOJ needs to spend a couple of dollars on a Black's Law Dictionary.

No one has any idea there what the term "criminal negligence" means.

Posted by: Mallamutt, RINO President for Life at August 16, 2012 03:28 PM (OWjjx)

76
at least Gov Corzine never gave a woman cancer...

Posted by: soothsayer, now with extra hissing at August 16, 2012 03:28 PM (OgiBc)

77 Corzine and Harry Reid spent thatbillion on underaged, male forced prostitutes in various Southeast Asian natinos in one single coke-fueled, rapey weekend. I feel bad for the swindled investors, but when you invest with people like that, you do so at your own risk.

Posted by: Schnack at August 16, 2012 03:28 PM (12DJC)

78 This is a big fucking deal!

Posted by: General Woundwort at August 16, 2012 03:28 PM (06lNq)

79 Watch the mechanism, not the clock face. This is just one more piece of teh set up. Obama needs everyone thoroughly pissed off and fed up so that he can throw the match on the pile and have everything blow up just in time for him to declare marshal law and suspend the election.

Posted by: Ball of Hate at August 16, 2012 03:28 PM (AREf/)

80 A billion dollars of customer money just disappeared -- it wasn't lost in bad investments, it was lost as in "I can't find it" -- and apparently there is no criminality here.

Where do you get disappeared? Corzine stole it and pissed it away on a bad bet didn't he?

Posted by: DaveA at August 16, 2012 03:29 PM (DVJEd)

81

The Corleones
The Barzzinis
The Tataglias
The Stracchis
The Cuneos

THE DEMOCRATS... Capo di tutti crony-capi (talists)

Posted by: J.J. Sefton at August 16, 2012 03:29 PM (Mib6h)

82 Yeah the Corzine thing... the man is more corrupt than Trafficant and he's walking scott free, its unbelievable. I can only hope a Romney administration's justice department gets to work on that.

And you can be sure there are an awful lot of people terrified that Obama will lose control of the justice department. How far they'll go to stop that nightmare is a matter of some speculation.

Posted by: Christopher Taylor at August 16, 2012 03:29 PM (r4wIV)

83 I might take all the "ZOMG! OBAMA'S GOING TO DECLARE MARTIAL LAW!" more seriously if anyone spelled "martial" correctly.

Posted by: HeatherRadish™ trapped in raw data hell at August 16, 2012 03:29 PM (ZKzrr)

84 Those boys weren't murdered, I just lost them.

Posted by: Harry Reid at August 16, 2012 03:29 PM (AREf/)

85
and just today AP writes about Paul Ryan being in the top 5% with a whopping $4.5 million dollars!

Posted by: soothsayer, now with extra hissing at August 16, 2012 03:30 PM (OgiBc)

86 WTF? As stated by another commenter above, how did he get around Sarbanes-Oxley? As the CEO, he's required to sign the quarterly financials, isn't he?

Posted by: boned to the bone at August 16, 2012 03:30 PM (BHM5V)

87 Don't worry. I'm sure the press will be all over this. Just like the FRC shooting yesterday, Holder etc. etc. Just watch!

Posted by: Minnfidel at August 16, 2012 03:30 PM (bp/sa)

88 Great, now the plot of Die Hard is obsolete. You can just walk away with $600+million dollars ... if you're the right kind of white person

Posted by: joeindc44 says choom on fuckers at August 16, 2012 03:30 PM (QxSug)

89 31
I hope Romney gets out an ad soon.. it can start with the tape of Biden
saying Barky and Biden called Corzine for help during the financial
crisis.

Posted by: Chi-Town Jerry at August 16, 2012 03:20 PM (UTq/I)

Now would be perfect timing reconnecting BidenGaffmachine/CorzineGraftmachine.

Posted by: Temper Tantrum at August 16, 2012 03:31 PM (AWmfW)

90 76
at least Gov Corzine never gave a woman cancer...
Posted by: soothsayer, now with extra hissing at August 16, 2012 03:28 PM (OgiBc)

But the crabs and herpes...

Posted by: J.J. Sefton at August 16, 2012 03:31 PM (Mib6h)

91 Wher's the fucking rage?The public should be enraged,if not over this than over the executive order on illegals.WTF is going on in this country??

I think plenty of people are pissed off. Part of the problem is the gov't is too big and we don't have enough honest people in gov't anymore. I think getting rid of the JEF is the beginning of the cleansing. Of course, that's just me.

Posted by: Infidel at August 16, 2012 03:31 PM (O/fK8)

92 I'm sure Bernie Madoff is sitting in prison right now, shaking his head and saying, " The fuck?"

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 16, 2012 03:31 PM (4df7R)

93 33 Halliburton.

Posted by: SH

Hold still you little maggot while I get this thing adjusted.

Posted by: TrollZap Cannons Inc, (Halliburton Atmospheric Research Division) at August 16, 2012 03:31 PM (DVJEd)

94 Zombies do not eat one of their own. Professional courtesy.

Posted by: Count de Monet at August 16, 2012 03:31 PM (BAS5M)

95 He should be water-boarded for 2 day before they ask him the first question...just saying.

Posted by: Paladin at August 16, 2012 03:32 PM (lduvP)

96 86
WTF? As stated by another commenter above, how did he get around
Sarbanes-Oxley? As the CEO, he's required to sign the quarterly
financials, isn't he?

Posted by: boned to the bone at August 16, 2012 03:30 PM (BHM5V)

That's just a law , for the little people.

Posted by: Temper Tantrum at August 16, 2012 03:32 PM (AWmfW)

97 52- Because I already have enough invested in IRA accounts, as well as the wife's 401k. Best to have some physical possession of assets. Gold and silver are plenty liquid while still great stores of value.

Posted by: Lord Humungus at August 16, 2012 03:32 PM (N2/I+)

98 If Obama had a son, he'd look like a black Jon Corzine.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 16, 2012 03:33 PM (4df7R)

99
I'm sure Bernie Madoff is sitting on an inflated donut pillow in prison right now, shaking his head and saying, " The fuck?"

FIFY

Posted by: Sort-of-Mad Max at August 16, 2012 03:33 PM (VMcoS)

100
38 I lost my husband's 55" flat screen. But that's okay, he'll just buy another one.

It didn't find its way to the trunk of my car. Try again.

Posted by: I R A Darth Aggie ® at August 16, 2012 03:33 PM (1hM1d)

101 Y'all dissin' my go-to wall-street pitchfork guy?

Posted by: Joey Highspeed BundleTrain Biden at August 16, 2012 03:33 PM (PcoXF)

102 I find it awfully hard to believe there was no criminal conduct of any sort involved in the loss of 1 billion dollars from/by MF. Shit, most of us break 2 or 3 federal laws getting to work. How did MF not violate one federal law.

Posted by: Penfold at August 16, 2012 03:33 PM (1PeEC)

103 Of course, the investment firm minions will now have to attend an additional half-day class on fraud prevention. Every year.

Posted by: Count de Monet at August 16, 2012 03:33 PM (BAS5M)

104 98 If Obama had a son, he'd look like a black Jon Corzine.
Posted by: MWR
Beard and everything.

Posted by: Schnack at August 16, 2012 03:33 PM (12DJC)

105 HAHAHAHAHAHAHAHAHAHAHAHAHA

Posted by: Global Crossing at August 16, 2012 03:34 PM (jucos)

106 "I might take all the "ZOMG! OBAMA'S GOING TO DECLARE MARTIAL LAW!" more seriously if anyone spelled "martial" correctly."

He's going to declare marital law!!!!

Posted by: Christopher Taylor at August 16, 2012 03:34 PM (r4wIV)

107 No biggie. It's not like it was a LOT of money or anything.

Posted by: Lehman Brothers at August 16, 2012 03:36 PM (jucos)

108 SHERIFF JOE WILL DECLARE MARSHALL LAW!!!!!

Posted by: nickless at August 16, 2012 03:36 PM (h5njn)

109 It'd really be nice if Ryan and the other surrogates would start bringing up this administration's lawlessness.
I mean this would be a great campaign ad.
Black Screen
Cue Ominus Music: "Holder allows voter fraud...Gietner cheats on his taxes...Corzine steals a billion dollars...having a (D) after your name means never having to face the music"

Posted by: Iblis at August 16, 2012 03:36 PM (9221z)

110
"....chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear.."

"Chaos and porous risk controls"...?
Sounds like a feature, rather than a bug.

In the world ofweasel-logic....it's better to be incompetent and intentionally fraudulent.
Because they are systematically eliminating the penalties for being 'incompetent'.
'It's not your fault'.
'You didn't build that'.

And also....
'Chaos and porous risk controls' is serving theLeft so well....in places like our country's Borders.

Posted by: wheatie at August 16, 2012 03:37 PM (mtRB0)

111 Billion?

One billion?

One measly fucking billion?

Chump change.

Posted by: Every Politician in Washington at August 16, 2012 03:37 PM (h5njn)

112
110....*than* intentionally fraudulent.
gah.

Posted by: wheatie at August 16, 2012 03:38 PM (mtRB0)

113 I'm declaring Martian Law!

Posted by: Joe Biden at August 16, 2012 03:38 PM (2jQGY)

114 http://www.quickmeme.com/meme/3qigzw/

Posted by: Whatwesettlefor at August 16, 2012 03:39 PM (axaxe)

115 @ 93 - If I may suggest a slight alteration to the name:

Halliburton Advanced Atmospheric Research Project.

Posted by: ErikW at August 16, 2012 03:39 PM (wVrlF)

116
No one has any idea there what the term "criminal negligence" means.

Heh. Apparently, they're not familiar with the term "theft by conversion".

Posted by: I R A Darth Aggie ® at August 16, 2012 03:39 PM (1hM1d)

117 Money talks, Corzine walks.

Posted by: teh Wind at August 16, 2012 03:28 PM (HBU8E)

Take the cannoli.

Posted by: The Sack at August 16, 2012 03:39 PM (PcoXF)

118 Is this another one of those investigations done by Eric Holder's FBI?

Posted by: Skandia Recluse at August 16, 2012 03:39 PM (Tpr2e)

119 Where's the fucking rage?The public should be enraged,if not over this than over the executive order on illegals.WTF is going on in this country??

Posted by: steevy at August 16, 2012 03:24 PM (6o4Fb)

I don't know where there is not white hot rage from the general public. My blood pressure is through the roof and I am throwing things at the TV when I see this crap. The justice system in this country has been almost completely subverted IF you are on the correct side of the political aisle (and big campaign contributions seem to be beneficial as well).

There are hundreds of Wall Street types, bankers, hedge fund managers, and government officials that should be looking at hard time done the old way (like at Angola in LA). Instead they are dancing away, with whatever penalties get levied all paid for by the lower and middle class taxpayer that got screwed in the first place.

I am disgusted with Obama, Holder, and the entire set of looters and criminals that have been installed in high places of power. My only home is that enough people wake up and smell the stench coming from DC and vote for Romney/Ryan. If we as a country can't even make this minimal step back towards the rule of law, then we are doomed.

On a related topic, I am liking Jan Brewer more and more. More than one type of executive can issue an Executive Order.

Posted by: Hrothgar (Unhinged for Romney/Ryan ) at August 16, 2012 03:39 PM (Cnqmv)

120 BOC Marshall Plan
http ://www.youtube.com/ watch?v=lVR290bND7E

Not one of their best but fun video.

Posted by: DaveA at August 16, 2012 03:40 PM (DVJEd)

121 whats the odds a big chunk of that missing money comes back a few weeks before the election as part of an Obama slush fund?

Posted by: bannor, voting Sweet Meteor of Death 2012 at August 16, 2012 03:42 PM (HEa5q)

122 Hey, look at all this money we "found".

Posted by: Obama 2012 campaign fund at August 16, 2012 03:42 PM (HNn1q)

123 Halliburton Advanced Atmospheric Research Project.

Sshhh, thats super secret. Don't let the Medes read this.

Posted by: DaveA at August 16, 2012 03:44 PM (DVJEd)

124 My vague understanding is that the DoJ wont give immunity to the lady who knows all, so there is no case.

Also, all the stealing took place within one reporting period, so Corzine didnt have to sign anything.

Posted by: Jean at August 16, 2012 03:44 PM (X6eYN)

125 aaannd it's gone

http://www.southparkstudios.com/clips/222624/the-importance-of-saving-money

Posted by: CreatedOrSaved at August 16, 2012 03:46 PM (iJ3YG)

126 whats the odds a big chunk

Really good but there's no market.

Posted by: DaveA at August 16, 2012 03:47 PM (DVJEd)

127 Why isn't the loss itself a criminal act or civil liability? You go to your doctor to have a tumor removed from your colon and he accidentally nicks your spleen or one of your kidneys- bam! Malpractice suit. But a firm looses your money- not lost in bad investments, but simply it disappears and they aren't liable in some fashion?

Posted by: Darth Randall at August 16, 2012 03:50 PM (mV8sg)

128 Posted by: Darth Randall at August 16, 2012 03:50 PM (mV8sg)

Look for the lawyers and money!

Lawyers work for the Wall Street firms!

Lawyers work against the physicians!

Posted by: Hrothgar (Unhinged for Romney/Ryan ) at August 16, 2012 03:53 PM (Cnqmv)

129 Darth, the money was on deposit, they didnt have permission to invest it. They were getting squeezed by margin calls and raided the cookie jar.

Posted by: Jean at August 16, 2012 03:53 PM (X6eYN)

130 $1 billion will buy a lot of pre-punched ballots. That's all I'm sayin'.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 16, 2012 03:54 PM (4df7R)

131 And I didn't even get the curtesy of a reach-around.

Posted by: MF Global investor at August 16, 2012 03:57 PM (nZvGM)

132 Think of all the people who stand to lose if Obama loses control of the justice department. Now think about the last time a serious contender challenged a leftist president in a depression trying to fundamentally transform America.

Yeah his bodyguards shot him to death. Huey Long.

Posted by: Christopher Taylor at August 16, 2012 03:58 PM (r4wIV)

133 Aaaaand it's gone! If a Romney/ Ryan administration doesn't jump all over financial fraud, they will NOT get a recovery from the DEPRESSION that we are in. The trust is gone, it has to be RESTORED, there need to be visible heads-on-pikes, more and more assets are moving out of the markets altogether, this is not going to stop by itself.

Posted by: bigmike at August 16, 2012 03:58 PM (I4ADY)

134 I'll tell you why there's no rage. People have become so accustomed to lies, fraud, lawlessness, and evil happening "in the news" that it's background noise. It's like going outside and feeling warm in the summer. It comes from seemingly everywhere.

Within this environment people have to take cues from others in order to direct their anger at individual points of outrage. But because that's happened so often, people have become accustomed to waiting on their peers to focus on a particular person/place/thing *intensely* before they come around to hating it too.

The MSM and other agitators are adept at "flood the zone" coverage to focus this group anger.

People who don't rely on this shorthand method of determining what to be outraged by look around and wonder why the inconsistency. It's because people aren't determining their outrage by the grandiosity of the terrible event itself, but by their peers outrage.

Posted by: bonhomme at August 16, 2012 03:59 PM (WhJf8)

135
"Good News: You Can Now Officially Steal $1 Billion From Your Customers And Avoid Proseuction, As Long As You're Hooked Up With the Self-Styled "Party of the Common Man" "

Its worse than that. Being hooked up witha guy who hasan unlimited stack ofget-out-of-jail free cards (not ot mention another a stack of death cards), actuallyENCOURAGES billion dollar theft, lying to and stonewalling congress, withholding evidence, voter fraud and intimidation......

Posted by: Dirks Strewn at August 16, 2012 04:02 PM (VLifP)

136 I think the outrage is there but what can you do? We took to the streets in fury over fat cat bankers being bailed out at our expense but what did it accomplish other than a few congressmen being elected? Its a feeling of helpless rage, mostly.

Posted by: Christopher Taylor at August 16, 2012 04:02 PM (r4wIV)

137 131 Dood you saw that pile of bills the other day right? A pallet stacked full = $1B. Even Bigfoots arms aren't that long.

Posted by: DaveA at August 16, 2012 04:02 PM (DVJEd)

138 Those who expect Sarbanes-Oxley to apply here (or anywhere) should be advised that this bastard law has cost 100 s of millions in compliance costs, caused many to not go public, sent foreign listings back to home, etc.
The one thing it has NOT done is put anybody in jail who wasn't going anyway under previous laws.

Posted by: Finance Joe at August 16, 2012 04:03 PM (KpxpC)

139 Installed new router, doing a hash check

Oh, and I didn't lose a billion dollars anywhere

Posted by: kbdabear at August 16, 2012 04:04 PM (wwsoB)

140 We're going to have to take steps...

Posted by: Lt Coffey at August 16, 2012 04:04 PM (X3Y9c)

141 "Lest we forget, Corzine was on the short list for Treasury Secretary (!) at one point. Heck, if OFourPutt gets a second term, it might just happen, now that he's scot-free."
Posted by: jakeman at August 16, 2012 03:25 PM (96M6e)

That'll be great. And Zareed Fakaria as Secretary of State. Fucking Awesome.

Who'll be replacing Cass Sunstein? Bill Ayers?

Posted by: 66chevelle at August 16, 2012 04:04 PM (QjSgY)

142 Does this surprise anyone? Eric Holder hada hand in the Marc Rich pardon.
Why not just shut down the SEC and CFTC because they're not up to doing the job?

Posted by: just asking at August 16, 2012 04:04 PM (l3RZ9)

143 Sarbanes-Oxley has also been really good at letting the federal government use parts of it for totally unrelated cases, to nail people for destroying evidence before you have even been notified of an investigation.

Posted by: Christopher Taylor at August 16, 2012 04:05 PM (r4wIV)

144 how many zeros are after the one

Posted by: cough-choke at August 16, 2012 04:06 PM (TomZ9)

145 "Why not just shut down the SEC and CFTC because they're not up to doing the job? "

Well that depends on what you think their job is. Geithner thinks their job is to protect powerful political allies and donors from the consequences of their actions.

Posted by: Christopher Taylor at August 16, 2012 04:06 PM (r4wIV)

146 this was in the NY Times yesterday (also the Wall St Journal but you need to be a subscriber to see it on line). I want this guy to investigate Corzine and his firm:

"Standard Chartered, the British bank, has agreed to pay New York’s top banking regulator $340 million to settle claims that it laundered hundreds of billions of dollars in tainted money for Iran and lied to regulators.

The agreement is a victory for Benjamin M. Lawsky and his 10-month old agency, the New York Department of Financial Services, which took on the bank alone in charging that it schemed for nearly a decade with Iran to hide from regulators 60,000 transactions worth $250 billion."

Posted by: mallfly at August 16, 2012 04:07 PM (bJm7W)

147 Hey, I looked between the couch cushions, under the car seats, in my sock drawers, just can't find it. Cut me a break willya?

Posted by: Jon Corzine D-Gambino at August 16, 2012 04:07 PM (wwsoB)

148 That's alright, we don't do budgets our keep track of money around these parts.

Posted by: cough-choke at August 16, 2012 04:08 PM (TomZ9)

149 Forget prosecution, Corzine and his crony cohorts better be worried about some of those big dollar investors who done got fleeced.

Posted by: Fritz at August 16, 2012 04:08 PM (/ZZCn)

150 hey i know someone forgot to carry the one, so it all disappeared.

Posted by: cough-choke at August 16, 2012 04:08 PM (TomZ9)

151 "Good News: You Can Now Officially Steal $1 Billion From Your Customers
And Avoid Proseuction, As Long As You're Hooked Up With the Self-Styled
"Party of the Common Man"

What a country!!!

Posted by: Jon Corzine at August 16, 2012 04:09 PM (qyjnV)

152 And to think, Obama Moochelle lecture us over our cynism, we should have faith in Daddy Government

Posted by: kbdabear at August 16, 2012 04:09 PM (wwsoB)

153 "....investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear..."
Business School 101: The fundamental premise of management (internal) control is that executive management is responsible for maintaining it while fostering a climate of internal control throughout the company.
"Internal Control: An integral component of an organization's management that provides reasonable assurance that the following objectives are being achieved: 1) Effectiveness and efficiency of operations, 2) Reliability of financial reporting, and 3) Compliance with applicable laws and regulations." Included in this is control ofrisk.
The Sarbanes-Oxley Act makes it criminal for public company officers to fail to perform this fundamental fiduciary responsibility. There is absolutely no way for the officers of a company --including this company-- to not be criminally negilgent for this loss. It's impossible. And it's simply incredulous that the criminal investigators working thiscaseare so incompetent that they can't put togethereven a basic case. They clearly sent in the D Team to scuttle the investigation.

Posted by: Manolo at August 16, 2012 04:11 PM (0Tt2x)

154 Of course, the investment firm minions will now have to attend an additional half-day class on fraud prevention. Every year.
Posted by: Count de Monet at August 16, 2012 03:33 PM (BAS5M)

The Afterparty will be sponsored by the GSA.

Posted by: 66chevelle at August 16, 2012 04:11 PM (QjSgY)

155 an i bet if i don't pay irs the 234.00 dollars i owe i'll get penalties and fines that will build to millions and i'll go to jail

srsly isn't IRS interested in the taxes and such on the money?

Posted by: cough-choke at August 16, 2012 04:11 PM (TomZ9)

156 Is there anywhere a good breakdown of Mitt's entitlement reform plan vs Ryan's?

Posted by: HoboJerky, profit of DOOM! at August 16, 2012 04:13 PM (MrM2k)

157 Darth, the money was on deposit, they didnt have
permission to invest it. They were getting squeezed by margin calls and
raided the cookie jar.

Posted by: Jean at August 16, 2012 03:53 PM (X6eYN)
So wasn't a signature or ID required to transfer (raid) these funds on deposit?

Posted by: Hrothgar (Unhinged for Romney/Ryan ) at August 16, 2012 04:14 PM (Cnqmv)

158 I hate the crap about, "Oh, that wasn't THAT money, that was THIS money."

I remember, I don't know the historical reference, I know it from a series of fiction books, "Money has no provenance."

There is NO SUCH THING! as "This money," or "That money." Money is money, PERIOD.

Posted by: Douglas at August 16, 2012 04:14 PM (YKOnu)

159 Actually I think it's "gold has no provenance."

Posted by: Douglas at August 16, 2012 04:15 PM (YKOnu)

160 "There is NO SUCH THING! as "This money," or "That money." Money is money, PERIOD."

I don't know if its just the women I know or women in general but females seem to have the hardest time grasping this concept.

Posted by: Christopher Taylor at August 16, 2012 04:16 PM (r4wIV)

161 O.J. has promised to help Corzine look for the money as soon as he's found the real killers on the golf course.

Gotta try to laugh a little. If you really thought long and hard about this stuff you would be a walking bundle of rage all the time.

Posted by: RM at August 16, 2012 04:18 PM (TRsME)

162 Posted by: Douglas at August 16, 2012 04:15 PM (YKOnu)

Physical gold can be said to have no provenance; however, money transferred from one account to another account should have bullet proof provenance (of course there is a major exception written into the law for Obama/Dem bundlers)!

Posted by: Hrothgar (Unhinged for Romney/Ryan ) at August 16, 2012 04:18 PM (Cnqmv)

163 A billion dollars would buy enough mlitary hardware to field an effective light fighting force of some size

Posted by: Cassandra at August 16, 2012 04:19 PM (NGuEK)

164 you would be a walking bundle of rage all the time.

Quit spying on me, RM.

Posted by: jakeman at August 16, 2012 04:19 PM (96M6e)

165 He must be special like me!!!...Yaaaaaayyy!!!

Posted by: Corky the Retard at August 16, 2012 04:20 PM (6dPvK)

166 crooks

Posted by: Flatbush Joe at August 16, 2012 04:23 PM (R+6Q+)

167 Absolutely stunning.

In over 25 years in the industry I have never seen so many people walking around in abject shock at a decision.

MF moved segregated funds, at the behest of their CEO, out of legal account vehicles meant to protect them from such losses, to cover at other institutions such as JPM.

Corzine should be in a cell next to Madoff. Yet he is going to possibly open a...hedge fund?

Beyond the pale.

Posted by: Exile at August 16, 2012 04:24 PM (GGCsk)

168 Maybe the upside is that if Corzine isn't brought up on charges Holder can't get Corzine off somehow, like he did the Panthers. Romney's appointments to Justice could actually do the job of putting Corzine away. OTOH, could Obama give Corzine a pardon even though he hasn't been tried or convicted, to inoculate him from prosecution? We can put nothing past the SCOAMF.

Posted by: formerly concerned, now happy, Christian at August 16, 2012 04:31 PM (/0NUO)

169 168 -- OTOH, could Obama give Corzine a pardon even though he hasn't been tried or convicted, to inoculate him from prosecution?

I'm no expert but I'd bet on it.

Posted by: mallfly at August 16, 2012 04:33 PM (bJm7W)

170 Corrupt Obama is
absolutely refusing to allow even Corzine to be prosecuted. Obama says he is
the defender of Medicare but steals over 700 billion from it and says he
is for the people against the greedy wall street yet doesn’t prosecute a
single one of them versus Clinton and Bush both going after thousands
of them. Obama is the most two-faced man to ever walk the planet.

<a href="http://www.americanthinker.com/blog/2012/08/who_really_unchained_wall_street.html">Who really unchained Wall Street?</a>

Posted by: FeralCat at August 16, 2012 04:38 PM (GZmsj)

171 The Democratic Party is a criminal enterprise.

Posted by: LGoPs at August 16, 2012 04:45 PM (BJVEF)

172 If you steal $600 you can just disappear.
If you steal $600,000,000 they will find you unless they think you are already dead.
If you steal $1,000,000,000 they will find you unless you give major contributions to politicians from Chicago.

Posted by: Norcross at August 16, 2012 04:53 PM (4EA5K)

173
Big bank commits crime and makes a few billion dollars. No one goes to jail and they are fined a couple hundered million.

That'll teach 'em.

Wake up. Criticising the big banks is not a criticism of capitalism. It is a criticism of criminality.

Posted by: Invictos at August 16, 2012 04:54 PM (OQpzc)

174 No charges against this guy for losing/stealinga billion dollars, but Martha Stewart goes to jail, not even for insider trading but 'obstruction of justice'.

Posted by: Lea at August 16, 2012 05:24 PM (lIU4e)

175 Bernie Madoff just called and says he now knows how to improve his business model

Posted by: Midnight Clad at August 16, 2012 06:02 PM (ftB8R)

176
"...chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case."

According to who? J K Rowlings?

Seriously? This writer is literally going through a hand-waving exercise to explain how $1B "disappeared"? As if somebody could just wave a magic wand, and it could go "poof!"? Seriously??

People are supposed to respect the New York Times, that published this supernatural nonsense? Why not just blame it on gremlins???

Posted by: Optimizer at August 16, 2012 06:14 PM (As94z)

177 Why are no New Jersey state prosecutions in the works? Wasn't Chris Christie a hard-assed prosecutor? Why doesn't he sic his State AG on Corzine?

Posted by: CMU VET at August 16, 2012 06:46 PM (dPSpR)

178 The brilliance of the Corzine fraud is that he duped and plundered people of no consequence. Madoff's big mistake was taking money from the well-heeled and famous. Silly, silly man. Mr. Corzine could have saved him some jail time if he'd counseled ol' Bernie in who it's okay to screw over.

Posted by: red speck at August 16, 2012 08:19 PM (9Xu0X)

179 The statute of limitations doesn't run out until well after the election.........well after.

Posted by: garghhh at August 16, 2012 09:22 PM (Z77mb)

180 It pays to have dirt on the people who can prosecute you I guess.

Posted by: Harrison J. Bounel at August 16, 2012 11:39 PM (TWn4N)

181 i read a couple of commentors talking about their401k's,have you read the fine print on the 401k's,there was 401k money in mf global,gm,chrysler,not trying to scare anyone ,but it's your money,you have to protect it,as seen whats legal for some,is not for others.

Posted by: theyjustcantstop at August 17, 2012 12:27 AM (nTf+6)

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