 | The good thing about most crooks is that given enough time, especially in front of a microphone, they will incriminate themselves. You might not catch them on their original crime, but they often have that audacious combination of extreme hubris and a complete disregard for the truth, so eventually, they trip themselves up.
How do you feel about orange, Mr. Corzine? Like a head-to-toe orange jumpsuit with a side of shackles thrown in.
Let’s review.
On October 28, 2011, MF Global had an overdraft situation with JPMorgan Chase & Co. To correct this, Jon Corzine, authorized a $200 million payment from MF Global to JPMorgan in London. The problem is, the funds transferred represented customer funds and not MF Global’s. Remember, a sacred rule in brokerages is that customer funds must be strictly segregated from the firm’s money. Breaking such a rule on purpose could mean criminal charges. Oh yes, there’s also the small issue of $2billion in missing MF global funds.
Corzine claimed in his congressional testimony that he never authorized the use of customer funds to cover liabilities on behalf of the company. However, last Friday an email was discovered as part of a congressional investigation which copied “JC.” The email is from MF Global’s Edith O’Brien (Assistant Treasurer) … the woman named by Corzine in his congressional testimony as the person who should have known the details about the transfer of funds in question.
Uh, oh, JC, you broke the code.
Congress has carte blanche to lie to the American public. Unfortunately, JC, you’re no longer a Senator. And while Congress will work with the banksters to help perpetuate a culture of regulatory laxity and systemic fraud, there’s a whole lot of missing money to account for, and yes, it’s an election year.
You’ve now become a big liability to your friends in Congress, and it certainly didn’t help that MF was lobbying hard to hand out bonuses to its remaining employees last month.
CEO, Senator, Governor....Inmate? Here’s to putting the appropriate last stop at the end of your pedigree.
Trade well and follow the trend, not the so-called “experts.” Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846 | 
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Trading Signals from the Electronic (ES) mini-SP 500 - No “Secret” signals filled today.
- Algorithm positions (8)
- “Reading the Tape” positions (2) …combined Secret’s, Algo, & “Reading the Tape” total… -1.25
Click Here to See Yesterday's Detailed Results | ES 1410.75 / 1403.25
POC... 1405.00
YM 13167 / 13119
NQ 2771.25 / 2746.75
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Keep a civil tongue.