Pages

 

Recent Pages by Bobibutu (Bob Dillon):
Rate Shock: In California, Obamacare to Increase Individual Health Insurance Premiums by 64-146% Court Says Egypt Legislature Illegally Elected MERS Spreads to Italy, Kills 3 More in Saudi Arabia Thousands Take to Streets in Turkey, Clash With Police China Blasts RP Gov't for Using Grounded Ship as Spratlys Outpost

Jump to bottom

9 comments

1 researchok  Mon, Oct 31, 2011 6:21:28pm

At least Corzine wasn’t managing New Jerseys’s finances.

2 Bob Dillon  Mon, Oct 31, 2011 6:32:30pm

re: #1 researchok

No matter. The fit is starting to hit the shan. But everything is OK. Really. Trust me. /

3 researchok  Mon, Oct 31, 2011 6:39:13pm

re: #2 Bobibutu

No matter. The fit is starting to hit the shan. But everything is OK. Really. Trust me. /

I recall Corzine touting his financial management skills during the gubernatorial campaign.

I guess he’s going to be the best reference Christie can point to.

4 Bob Dillon  Mon, Oct 31, 2011 6:46:21pm

This is much more far reaching. When I commented with Humpty Dumpty and Hamlets Witches a week or so ago … I think this is the tipping point. Its going to get ugly across the board.

5 researchok  Mon, Oct 31, 2011 6:57:17pm

Agreed. I believe we’re only halfway thru this mess, at best.

Look for more bad news from the mortgage end of things and more bad news from Wall St.

My 2 cents.

6 Dark_Falcon  Mon, Oct 31, 2011 7:12:20pm

re: #3 researchok

I recall Corzine touting his financial management skills during the gubernatorial campaign.

I guess he’s going to be the best reference Christie can point to.

Actually, Christie will point to his own record first, but you’re right that Chris Christie will use this to talk about what a bad hand he inherited from his ran-his-latest-firm-into-bankruptcy failure of a predecessor. And he’ll have a point, too.

7 Bob Dillon  Mon, Oct 31, 2011 8:47:44pm

[Link: dealbook.nytimes.com…]

OCTOBER 31, 2011, 6:57 PMLEGAL/REGULATORY
Regulators Investigating MF Global for Missing Money
BY BEN PROTESS, MICHAEL J. DE LA MERCED AND SUSANNE CRAIG
9:55 p.m. | Updated
Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.

The discovery that money could not be located might simply reflect sloppy internal controls at MF Global. It is still unclear where the money went. At first, as much as $950 million was believed to be missing, but as the firm sorted through its bankruptcy, that figure fell to less than $700 million by late Monday, the people briefed on the matter said. Additional funds are expected to trickle in over the coming days.

But the investigation, which is in its earliest stages, may uncover something more intentional and troubling.

In any case, what led to the unaccounted-for cash could violate a tenet of Wall Street regulation: Customers’ funds must be kept separate from company money. One of the basic duties of any brokerage firm is to keep track of customer accounts on a daily basis.

Neither MF Global nor Mr. Corzine has been accused of any wrongdoing. Lawyers for MF Global did not respond to requests for comment.

[…]

8 Bob Dillon  Mon, Oct 31, 2011 8:51:08pm

Corzine Had MF Global Leveraged 80 to 1
10/31/2011 @ 5:27PM

It isn’t 2008- but Jon Corzine, former Goldman Sachs boss-man, former US Senator and Governor of New Jersey, was running risks like it still was 2008. That’s the gist of MF Global’s failure. It owned $41 billion in assets, against which it apparently had $39 billion in debt– and as protection against that mountain equity capital that did a fast shrinking act from a pretty puny $500 million plus $325 million of supposedly investment grade debt. We will have to find out the smarmy truth about why the bond offering hinted at Corzine’s possible departure at the very moment he was promising to make his dream of another Goldman come true.

< - >

[Link: www.forbes.com…]

IIRC Lehman Bros was 30:1 or maybe 40:1 before it went under in ‘08

9 Bob Dillon  Tue, Nov 1, 2011 5:59:56am

re: #4 Bobibutu

This is much more far reaching. When I commented with Humpty Dumpty and Hamlets Witches a week or so ago … I think this is the tipping point. Its going to get ugly across the board.

That’s Macbeth’s Witches …. jeese - now-a-days I have to be careful where I leave my car keys too.


This page has been archived.
Comments are closed.

Jump to top

Create a PageThis is the LGF Pages posting bookmarklet. To use it, drag this button to your browser's bookmark bar, and title it 'LGF Pages' (or whatever you like). Then browse to a site you want to post, select some text on the page to use for a quote, click the bookmarklet, and the Pages posting window will appear with the title, text, and any embedded video or audio files already filled in, ready to go.
Or... you can just click this button to open the Pages posting window right away.
Last updated: 2023-04-04 11:11 am PDT LGF User's Guide RSS Feeds

Help support Little Green Footballs!

Subscribe now for ad-free access!Register and sign in to a free LGF account before subscribing, and your ad-free access will be automatically enabled.

Donate with
PayPal Cash.app
Recent PagesClick to refresh
The Pandemic Cost 7 Million Lives, but Talks to Prevent a Repeat Stall In late 2021, as the world reeled from the arrival of the highly contagious omicron variant of the coronavirus, representatives of almost 200 countries met - some online, some in-person in Geneva - hoping to forestall a future worldwide ...
Cheechako
3 days ago
Views: 118 • Comments: 0 • Rating: 1
Texas County at Center of Border Fight Is Overwhelmed by Migrant Deaths EAGLE PASS, Tex. - The undertaker lighted a cigarette and held it between his latex-gloved fingers as he stood over the bloated body bag lying in the bed of his battered pickup truck. The woman had been fished out ...
Cheechako
2 weeks ago
Views: 279 • Comments: 0 • Rating: 1