Posts Tagged ‘MF Global’

The Meaning of Jon Corzine

The Meaning of Jon Corzine

By The Banker | Blog Posts, Wall Street

With the announcement that MF Global Trustee (and former FBI chief) Louis J. Freeh will charge Jon Corzine for failing in his duty to oversee the company, the meaning of Jon Corzine shifts once again. Prior to this announcement, I understood the meaning of Corzine primarily through the following investment aphorism:[1] “One of the worst […]

Another Corzine Rant

Another Corzine Rant

By The Banker | Blog Posts, Wall Street

One last rant, and then I’ll rest a while on MF Global and Jon Corzine.[1] Yesterday’s news[2] pointed out the regulators’ problem that only Corzine, and not his Treasury department subordinates like Edith O’Brien and Henri Steenkamp, had registered as professionals subject to the Commodity Futures Trading Commission (CFTC), the primary regulator of a trading […]

Update on Corzine - From the MF Global Trustee

Update on Corzine – From the MF Global Trustee

By The Banker | Blog Posts, Wall Street

The New York Times’s James Stewart provides excellent details from the MF Global Trustee report that corroborates in part my speculative narrative on Corzine’s  actions in the last week before his firm’s bankruptcy last Fall. Stewart concludes his story saying, “a comparatively low-level employee like Ms. Edith O’Brien[1] should never have sole authority to tap […]

Arrest Jon Corzine Right Now

Arrest Jon Corzine Right Now

By The Banker | Blog Posts, Wall Street

Why is Jon Corzine still a free man? As the WSJ points out, investigators still have not located $1.6 Billion of supposedly segregated customer money that disappeared three days before the firm declared bankruptcy October 31 2011. In the history of CEO falls from grace, Corzine’s MF Global debacle ranks far worse than Lehman’s Dick […]