Posts Tagged ‘MF Global’

Recent Developments Continue To Prove The ‘Liberals Are Dishonest Weasels’ Theory

March 24, 2012

Tell me that Democrats care about the poor while Republicans only care about the rich and I’ll say, “Jon Corzine.”  And that’s all I really need to say, given what Corzine did (where’s that $1.6 billion you “lost,” Jon?) and given this picture of a pair of genuine weasels:

Oh, and all the quotes from Barack Obama and Joe Biden about Jon Corzine that go with that picture:

This is what Barry Hussein recently had to say about this rat bastard:

“You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

“People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

“Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

“This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

“Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

Do you notice how Obama – that vile weasel – used Jon Corzine to demonize Republicans? Obama was actually dishonestly saying that Republicans created a mess, and that this quivering piece of slime Jon Corzine was the guy cleaning up that mess.

Let me just digress for a moment and state that Barack Obama is the most divisive, most dishonest, most hateful, most demonizing, fearmongering LIAR in American history.

Barack Obama credited Jon Corzine as the force behind his $862 billion stimulus:

“Jon’s a leader who’s been called to govern in some extraordinary times,” Obama said while campaigning for Corzine in 2009. “Jon Corzine wasn’t just the first governor to pass an economic recovery plan for his state. He was an ally with the Obama administration in helping us develop a national recovery plan.”

And here’s what Joe Biden – again representing the Obama administration – said about Jon Corzine – while he was pointing out how team Obama repeatedly asked Corzine for advice and trusted him implicitly:

“I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

Again:

“Way back in the transition period, before we were sworn in, when Barack Obama and I were literally sitting at a desk in a high rise in Chicago, beginning the plan on how we would try to get this economy out of a ditch, literally, the first guy I called was Jon Corzine. It’s not a joke. It’s not a joke. First of all, he’s the smartest guy I know in terms of the economy and on finance, and I really mean that.”

That’s right, Jon Corzine was a trusted adviser to Obama and Biden. That’s why our economy is in such great shape now. And the guy who helped Obama put together the massively failed stimulus also just put together the fourth largest bankruptcy in American history as he put his liberalism to work at MF (which stands for “Managed Futures”) Global and helped himself to other people’s money.

Now the smartest guy Obama and Biden know is saying, “I don’t know where the money went.” You know, even though that was pretty much his whole JOB to know.

It bookends nicely with Obama going to Solyndra and saying – you know, just before Solyndra collapsed with more than half a billion of your money thrown into it:

 “Companies like Solyndra are leading the way toward a brighter and more prosperous future.”

And of course Obama was right: a more “prosperous future” for China because we’re going to keep paying the interest on that $535 million Obama gave to his crony capitalist buddy who raised funds for him.  And I’ll bet that Obama crony George Kaiser will be giving Obama something-something from that $535 billion stash in the form of campaign contributions.  After all, that’s what “fairness” is all about, isn’t it?

Here’s the latest story in the saga of the poster boy for the fact that everything that liberals say about caring about the little people while Republicans only care about the rich load of crap:

Corzine Corzined – Congressional Panel Finds Former MF Global CEO Ordered JPM Fund Transfer
Submitted by Tyler Durden on 03/23/2012 16:13 -0400

Then only thing that could top today’s epic market insanity and hilarity, would be that Corzine is himself about to be Corzined. And just released from Bloomberg:

  • MF GLOBAL’S CORZINE ORDERED FUNDS MOVED TO JPMORGAN, MEMO SAYS
  • CORZINE’S `DIRECT INSTRUCTIONS’ CITED BY CONGRESSIONAL PANEL
  • MF GLOBAL TRANSFER WAS USED TO COVER OVERDRAFT, PANEL SAYS
  • MF GLOBAL FINDINGS CITED IN MEMO OBTAINED BY BLOOMBERG NEWS

And so we can now add perjury to felony embezzlement. Which means we now have to wait to find just which MF’er (and JPM’er) will be given a promise of untold millions if they only get Fab Tourre’d for a few years, and spend 5-7 in minimum security state prison instead of brave Jonny.

From Bloomberg:

Jon S. Corzine, MF Global Holding Ltd.’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. accounts in London, according to an e-mail sent by a firm executive. 

Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.

O’Brien’s internal e-mail came as the New York-based broker found intraday credit lines limited by JPMorgan, the firm’s clearing bank as well as one of its custodian banks for segregated customer funds, according to the memo, which was prepared for a March 28 House Financial Services subcommittee hearing on the firm’s collapse. O’Brien is scheduled to testify after being subpoenaed this week.

“Over the course of that week, MF Global’s financial position deteriorated, but the firm represented to its regulators and self-regulatory organizations that its customers’segregated funds were safe,” said the memo, written by Financial Services Committee staff and sent to lawmakers.

Vinay Mahajan, global treasurer of MF Global Holdings, wrote an e-mail on Oct. 28 that said JPMorgan was “holding up vital business in the U.S. as a result” of the overdrawn account, which had to be “fully funded ASAP,” according to the memo. 

O’Brien Letter

Barry Zubrow, JPMorgan’s chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by O’Brien to ensure that MF Global was complying with rules requiring customers’ collateral to be segregated. The letter was never returned to JPMorgan, the memo said.

The money transferred came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds.

Corzine testified that he never intended a misuse of customer funds at MF Global, and that he doesn’t know where client funds went.

“I did not instruct anyone to lend customer funds to anyone,” Corzine told lawmakers in December.

Steven Goldberg, a spokesman for Corzine, declined immediate comment.

Oops. Of course, in Jonny’s defense there was no perjury here. The truth was merely rehypothecated.

Just remember these truths every time a Democrat repeats their tired class warfare lies.  It’s every bit as much of a lie when a Democrat says them as it was when a Stalinist said pretty much the same damn things.

Update 4/23/12: Just to document how incredibly corrupt Obama is, Jon Corzine is STILL bundling campaign money for him.

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Barack Obama And His Fascist Crony Capitalist Connections To MF Global, Goldman Sachs, JP Morgan Chase, Citigroup – And A Coming $600 Trillion Collapse

January 5, 2012

The American people are routinely lied to by the Democrat machine and the mainstream media that serve as their propagandists. 

The message that we are fed is that the Republican Party is the party of big money and Wall Street.

It’s a lie.  It is literally a lie straight out of hell.

A look at a few incredibly pathetic and incredibly nasty recent events serve to document that it is a lie, and if you want to look at crony capitalist fascism, you need to look at Barack Hussein Obama.

First of all, we’ve heard about the catastrophe that has been caused by MF Global – a Wall Street big boy led by a former Democrat Governor with deep ties to Obama:

Is Jon Corzine having a Bernie Madoff moment?
 
Corzine told the many congressional panels he was hauled in front of this week that it was not his intention to violate any rules in regard to commingling customer’s funds, and yet six weeks after the Halloween bankruptcy filing, it’s scary to think that $1.2 billion in customer funds still have not been found.
 
Some three years ago this week, a Securities and Exchange Commission lawyer said this: “Our task is to find the records and follow the money,” while beginning a probe into Bernie Madoff’s $65 billion Ponzi scheme. “We do not dispute his number — we just have not calculated how he made it,” the lawyer said.

By definition in the Madoff Ponzi scheme, he used one client’s money to pay off another client. Madoff commingled or pooled assets to pay redemptions. He admitted to fraud, along with 10 other federal felonies.
 
While neither Corzine nor any other MF Global executive has been charged with any criminal wrongdoing at this point, Terry Duffy, head of CME Group, said during his congressional testimony: “The fact is that MF Global broke rules by moving customer-segregated funds out of an account over which it had control.”
 
Another parallel between MF Global and Madoff is that both firms — while dealing with very different products — self-cleared their trades.
 
That commonality is important because the books, records, settlement and capital flows are essentially being prepared by, and for the same beneficial interests as, the broker dealers, and are fraught with potential for corner-cutting and potentially nefarious actions.
 
Third-party clearing is just that. Another large clearing broker dealer oversees the books, records and flow of customer funds. If MF were cleared by a third party — say, JPMorgan or Goldman Sachs — it is highly unlikely that MF would be in the news today.
 
Both Madoff and Corzine used their positions to cozy up with the regulators in charge of oversight of their companies.

Here’s what Barack Obama and Joe Biden said about their utterly vile crony capitalist budy Jon Corzine:

• “You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

• “People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

• “Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

• “This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

• “Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

• “Jon’s a leader who’s been called to govern in some extraordinary times,” Obama said while campaigning for Corzine in 2009. “Jon Corzine wasn’t just the first governor to pass an economic recovery plan for his state. He was an ally with the Obama administration in helping us develop a national recovery plan.”

• “I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

• “Way back in the transition period, before we were sworn in, when Barack Obama and I were literally sitting at a desk in a high rise in Chicago, beginning the plan on how we would try to get this economy out of a ditch, literally, the first guy I called was Jon Corzine. It’s not a joke. It’s not a joke. First of all, he’s the smartest guy I know in terms of the economy and on finance, and I really mean that.”

Then there was this latest news that MF Global sold a whole bunch of assets to Goldman Sachs – a scumbag crony capitalist Wall Street big boy if there ever was one.  As you read this, I want you to consider the names of the people and institutions.  I will explain what an utterly godawful collection of demonic players we have in my paragraphs to follow:

MF Global Sold Assets to Goldman Before Collapse
Published: Wednesday, 4 Jan 2012 | 2:57 AM ET

MF Global unloaded hundreds of millions of dollars’ worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions.

But it did not immediately receive payment from its clearing firm and lender, JPMorgan Chase & Co, one of the sources said.

The sale of securities to Goldman occurred on Oct.27, just days before MF Global filed for bankruptcy on Oct.31, the ex-employees said.

One of the employees said the transactions were cleared with JPMorgan Chase.

At the same time MF Global, which was run by former Goldman Sachs head Jon Corzine, was selling securities to Goldman to raise badly needed cash, the futures firm was also drawing down a $1.2 billion revolving line of credit it had with JPMorgan, according to one of the former MF Global employees.

JPMorgan spokeswoman Mary Sedarat said the bank did not withold money because of the line of credit. She declined further comment on details of the transactions.

JPMorgan has fought aggressively in bankruptcy court to protect its interests, and received a lien on some of MF Global’s assets in exchange for granting the firm $8 million to fund its bankruptcy costs.

The lien puts JPMorgan’s interests ahead of MF Global customers who have not yet received an estimated $900 million worth of money from their accounts, which remain frozen as regulators search for missing funds.

The hastily crafted transactions and the seeming inability of MF Global to recoup some of the money in the sale to Goldman may start to explain why so much money remains unaccounted for at the futures firm.

It is unclear what type of assets Goldman bought from MF Global, but the securities were worth hundreds of millions of dollars, the former employees said.

The sources spoke on the condition of anonymity.

The Wall Street Journal previously reported that George Soros’ fund was a buyer of securities sold by MF Global, scooping-up some of its European sovereign debt at a deep discount.

Panic among investors and clients about MF Global’s $6.3 billion bet on European sovereign bonds led to its demise.

Corzine, who was CEO of MF Global at the time of the collapse, headed Goldman Sachs from 1994 to 1999 before being ousted after a power struggle with co-CEO Henry Paulson.

Corzine and other top MF Global executives reached out in desperation to Goldman Sachs and JPMorgan, as well as Jefferies Group, Barclays, Citigroup, Deutsche Bank, Macquarie Group, State Street Corp and Wells Fargo, as potential buyers in its final days as the firm teetered toward collapse, Reuters earlier reported.

So let’s take a look at Obama’s connection to Goldman Sachs:

That’s right.  Goldman Sachs was Obama’s number two donor, to the tune of well over a million dollars.

I wrote something that hasn’t yet been published online about derivatives and how they have created the guaranteed implosion and collapse of the American and in fact global economic system:

What are derivatives? Some investors describe them as “dormant economic weapons of mass destruction”. They essentially are large leveraged bets on top of stocks, bonds and commodities. Money can be made within months or seconds by betting if a stock will go up, down or even remain the same. With no credit rating you can place a bet worth double your account balance. Big time investors get greater leverage with these instantaneous loans.

The New York Times, Oct 8th 2008 [the New York Times, as is so common with the left, purged this link, but the quote is also cited here]:

The derivatives market is $531 trillion, up from $106 trillion in 2002. This market is setup with odds similar to a racetrack. Trillions are won and lost (transferred) every second. But unlike a racetrack the big players have ultimate control. Their trillions can make stocks move. A 4% up swing in a stock can cause a derivative bet to rise more than 100% in value or vice versa. A low performing stock that rises only 6% a year could actually have many 3, 6 or 9 percent swings weekly or monthly (some stocks daily). There are billions to be made over and over again by the people that control billions and trillions thus the markets. A grand game approved by the top.”

There are over $600 trillion in derivatives floating around, most of it held by four banks whose failure would cause global economic catastrophe (JPMorgan Chase, Citigroup, Bank of America and Goldman Sachs).  The entire world’s GDP is $65 trillion; so there is literally not enough money on the entire planet to backstop the banks that are trading these things if they run into trouble.  And there is very good reason to believe that they’re running into trouble.  What kind of economic collapse would be triggered???

There was never ANYTHING like these “economic weapons of mass destruction” before.  How many of you have followed Jon Corzine and MF Global and the $1.7 billion (it just keeps going up – from $633 million to $1.2 billion to the latest $1.7 billion) in investor money that has simply vanished in the aftermath of bad bets on the European debt crisis???

Does that sound scary?  How about if I just talk about a mere $211 trillion in debt just for the USA instead?

Boston University economist Laurence Kotlikoff says “If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report.

The above article describing our actual debt as $211 trillion written in August of 2011, and it’s ancient history now: our official debt isn’t $14 trillion anymore; now it’s over $15 trillionand about to soar to more than $16.394 trillion – just one half of one year later (see also here for more on that)!!!

The UK Telegraph has an article titled, “How the Fed triggered the Arab Spring uprisings in two easy graphs.”  It’s all starting to go completely out of control.  A collapse is coming that will make the Great Depression look like a child’s birthday party.  The present world system simply cannot continue much longer without a complete breakdown.  You can hear the approaching hoofbeats…

Here’s that graph which directly links the euphemistically titled “Arab Spring” (Spring is supposed to be a good thing) as food riots tied to Obama’s reckless fiscal policies:

It’s not an “Arab Spring” of democracy as oppressed people are inspired by Obama, as the demonic media have tried to argue.  Rather,the Arab countries that have collapsed or are collapsing are oil producers and therefore are backed by the U.S. dollar.  And Obama has imploded the value of those currencies by radically devaluing the dollar due to his reckless and immoral policies.

When you take an informed look at the facts, it is frankly stunning how horribly Obama has mismanaged the Middle East.  And it is only a matter of time before that world will blow up because of what Obama has done.

Now, here’s another thing: take a look at the four banks that are the worst of the very worst, and then look at Obama’s donor list: Goldman Sachs, JP Morgan Chase and Citigroup are ALL on Obama’s top ten list of donors.

The people who gave us financial hell in 2008 also gave us Obama.  That is a documented fact.  The too-big-to-fail big money corrupt crony capitalist Wall Street big boys who collapsed our economy – and I guarantee you that collapse aint nowhere NEAR over yet – are the same quivering piles of vile slime that we have to thank for Barry Hussein.

Let me tell you something, a global collapse unlike anything that has ever been seen by mankind is coming.  And Barack Obama is crawling all over the forces that are most behind that coming collapse.

Note that I haven’t even mentioned Fannie Mae and Freddie Mac yet.  These Government Sponsored Enterprises were at the heart of the mortgage market collapse in 2008.  And Barack Obama was their champion while he took more money in less time from them (Dodd took his money over twenty years) than any politician in American history:

I also notice how you utterly fail to mention the gigantic role of Fannie Mae and Freddie Mac in the 2008 collapse:

https://startthinkingright.wordpress.com/2010/01/23/aei-article-how-fannie-and-freddie-blew-up-the-economy/

https://startthinkingright.wordpress.com/2010/08/10/barney-frank-and-democrat-party-most-responsible-for-2008-economic-collapse/

https://startthinkingright.wordpress.com/2010/05/11/2009/08/03/who-really-exploded-your-economy-liberals-or-conservatives/

https://startthinkingright.wordpress.com/2011/08/15/democrats-set-up-america-for-2008-collapse-and-barack-obama-became-their-king/

http://startthinkingright.wordpress.com/2010/05/11/2009/12/31/with-eyes-finally-wide-open-reconsider-why-the-economy-collapsed-in-the-first-place/

https://startthinkingright.wordpress.com/2011/10/13/democrat-lies-about-their-key-role-in-2008-economic-collapse-reaches-laughable-proportions/

https://startthinkingright.wordpress.com/2010/05/11/2009/07/08/biden-we-misread-the-economy-and-its-all-the-republicans-fault/

Fannie Mae and Freddie Mac were created by Democrats. It was perennially staffed with Democrats. It had the sole power to bundle mortgages into the “mortgage backed securites” and then sell those securities to the private market under the guise that they were government and therefore AAA. It got massively into subprime loans to literally piss into those mortgage backed securities even as it made it impossible to tell a good security from a bad one. It forced banks to make utterly STUPID loans that went belly-up.

Watch these videos to see that Fannie Mae was responsible, and Democrats were responsible for preventing ANY regulation at ALL on Fannie Mae:

http://digitalartpress.wordpress.com/2009/03/22/video-proof-democrat-party-warned-responsible-for-fannie-mae-freddie-mac-economic-crisis-repost/

https://startthinkingright.wordpress.com/2010/05/11/barney-frank-video-proves-democrats-at-core-of-2008-economic-collapse/

George Bush tried SEVENTEEN TIMES to reform and regulate Fannie Mae and Freddie Mac. And Democrats stopped him at every single turn until it was too damned late. Look at the timeline: FANNIE and FREDDIE went bankrupt first before anybody else – and they had over sixty percent of the housing mortgage market and there was no stopping the crash that Demoncrats (demonic bureaucratic rodents) created.

Barack Obama is ALL OVER the past and future collapse of the United States of America.  That is a fact.

The disaster that is coming, the disaster that Barack Obama is behind, will be of biblical proportions.  So it is only fitting I end by quoting the Bible:

1 John 2:8-19 says:

“Children, it is the last hour; and just as you heard that antichrist is coming, even now many antichrists have arisen; from this we know that it is the last hour. They went out from us, but they were not really of us; for if they had been of us, they would have remained with us; but they went out, in order that it might be shown that they all are not of us.”

Jesus from Matthew 24:45:

Jesus told them, “Don’t let anyone mislead you, for many will come in my name, claiming, ‘I am the Messiah.’ They will deceive many.

Barack Obama is an antichrist.  He is most certainly not a Christian, though he claims to have come from a “Christian church” that is actually a racist, anti-American and Marxist cesspool.  Obama has championed over 54 million abortions that the Democrat Party is responsible for in America – including outright infanticide; he has either openly mocked the Bible or twisted and distorted its meaning so massively that it is frankly stunning.

The mainstream media propaganda REPEATEDLY crowned Obama with their messianic halo:

And, more than and unlike ANY American leader who has ever come before, Barack Obama has been hailed as “the messiah.”

Believe me, the guy qualifies for what Jesus Christ and St. John warned us about.  No one has EVER qualified more than Obama, save for maybe Adolf Hitler.

He’s not.  Period.  Rather, he is a false messiah, one of the antichrists we were warned about, who is going to bring hell to America and to the world before he hands over power to the TRUE antichrist whose coming will be hastened by the calamity that Obama has caused and still is causing.

Barack Obama is going to cause a financial calamity that will devastate the world and lead to the coming of the four horsemen of the apocalypse as described by Revelation chapter 6.

I’ve given you at least eight hundred and eleven trillion reasons for that conclusion.

The beast is coming.

Update, 4/23/12: Just to point out how corrupt Obama is, Jon Corzine is STILL bundling campaign money for him.

Jon Corzine: All The Proof You Need About Obama’s Incompetence And Corruption

December 9, 2011

As we contemplate the fact that former Goldman Sachs, CEO, former Democrat U.S. Senator, former Democrat New Jersey Governor and now former MF Global CEO somehow “misplaced” $1.2 billion of Other People’s Money –

and I must here remind you of Margaret Thatcher’s famous dictim: “The problem with socialism is that you eventually run out of Other People’s Money”

– let us consider where this fits in Obama’s God damn America.

This is what Barry Hussein recently had to say about this rat bastard:

“You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

“People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

“Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

“This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

“Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

Do you notice how Obama – that vile weasel – used Jon Corzine to demonize Republicans?  Obama was actually dishonestly saying that Republicans created a mess, and that this quivering piece of slime Jon Corzine was the guy cleaning up that mess.

Let me just digress for a moment and state that Barack Obama is the most divisive, most dishonest, most hateful, most demonizing, fearmongering LIAR in American history.

Barack Obama credited Jon Corzine as the force behind his $862 billion stimulus:

“Jon’s a leader who’s been called to govern in some extraordinary times,” Obama said while campaigning for Corzine in 2009. “Jon Corzine wasn’t just the first governor to pass an economic recovery plan for his state. He was an ally with the Obama administration in helping us develop a national recovery plan.”

And here’s what Joe Biden – again representing the Obama administration – said about Jon Corzine – while he was pointing out how team Obama repeatedly asked Corzine for advice and trusted him implicitly:

“I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

Again:

“Way back in the transition period, before we were sworn in, when Barack Obama and I were literally sitting at a desk in a high rise in Chicago, beginning the plan on how we would try to get this economy out of a ditch, literally, the first guy I called was Jon Corzine. It’s not a joke. It’s not a joke. First of all, he’s the smartest guy I know in terms of the economy and on finance, and I really mean that.”

That’s right, Jon Corzine was a trusted adviser to Obama and Biden. That’s why our economy is in such great shape now. And the guy who helped Obama put together the massively failed stimulus also just put together the fourth largest bankruptcy in American history as he put his liberalism to work at MF (which stands for “Managed Futures”) Global and helped himself to other people’s money.

Now the smartest guy Obama and Biden know is saying, “I don’t know where the money went.”  You know, even though that was pretty much his whole JOB to know.

Why we are wondering where the $1.2 billion that Jon Corzine “redistributed,” we should also be asking ourselves, “And while we’re at it, where the hell is the $862 billion in Other People’s Money that Barry Hussein squandered?  And it’s actually $3.27 TRILLION that Obama “lost,” if you believe the Congressional Budget Office.

Where’s the money, Jon?

Where’s the money, Barry Hussein?

Just as Jon Corzine pissed away MF Global and everyone who was invested in MF Global, Barack Obama is pissing away the United States of America and everyone who counts on it.

God damn America is going down the drain, and our only hope is to get rid of these vile Democrats before they wipe us out.

By the way, you know how Goldman Sachs was and is a bunch of corrupt and dishonest slimebags, right?  Guess which candidate for president got more money from that very same corrupt and dishonest bunch of slimebags than ANYONEYou guessed it, Barry Hussein.  And those corrupt and dishonest slimebags were similarly the second highest donors to the Obama campaign in 2007 and again in 2008.

It was Democrats who wrecked America.  And it will be Democrats who put America in its grave.

4/23/12: Just to document how incredibly corrupt Obama is, Jon Corzine is STILL bundling campaign money for him.

Obama Economic And Stimulus Adviser Jon Corzine Ignored All Warnings As He Recklessly Gambled Other People’s Money

December 7, 2011

Here’s where we are now with the quivering pile of liberal Democrat slime otherwise known as Jon Corzine:

Dec. 6, 2011
Corzine Dismissed Internal Risk Warnings At MF:WSJ
By Greg Morcroft MFGLQ

NEW YORK (MarketWatch) — Former MF Global Holdings Inc. CEO Jon Corzine reportedly dismissed several internal warnings about the ballooning risk of its European sovereign debt investments last year. Those investments that led to the firm’s dramatic collapse earlier this year. The Wall Street Journal reported on Tuesday that Corzine and the firm’s board let its European debt exposure grow to $6.3 billion from $1.5 billion, despite repeated warnings. The paper said that the executive who let his concern be known resigned from MF in March. The report, quoting unnamed sources, also said that the executive, Chief Risk Officer Michael Roseman, “also expressed concerns directly to Mr. Corzine in meetings of just the two men and with other people present, people familiar with the situation said.”

Here’s how this vile cockroach who basically looted $1.7 billion in Other People’s Money got his job at MF Global.  He had recommendations like this:

Here’s what Joe Biden said about Jon Corzine – while he was pointing out how team Obama repeatedly asked Corzine for advice and trusted him implicitly:

“I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

That’s right, Jon Corzine was a trusted adviser to Obama and Biden. That’s why our economy is in such great shape now. And the guy who helped Obama put together the massively failed stimulus also just put together the fourth largest bankruptcy in American history as he put his liberalism to work at MF (which stands for “Managed Futures”) Global and helped himself to other people’s money.

Jon Cornize had valuable recommendations like this from Barack Obama:

“You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

“People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

“Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

“This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

“Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

Liberals continually demonize Republicans as being tied to the rich and to Wall Street.  It couldn’t be a bigger lie.  Democats have their heads so far up Wall Street’s ass it is beyond unreal.

Barack Obama dishonestly claimed that Republicans caused the economic collapse and that Jon Corzine was one of the Democrat heroes who was trying to fix that mess.  That vicious lie now stands revealed for what it is.

Oh, and just to put Democrat politician Jon Corzine and his looting of other people’s money even DEEPER into the Democrat column of responsibility, this also in: Bill Clinton was getting paid $50,000 a month to help Corzine with his “image”:

A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution.

“They were supposed to be helping Corzine improve his image as a CEO—I guess you can tell how that went,” he said. Corzine resigned as CEO and chairman November 4.

The beast is coming.  And if you are a Democrat, you’re going to vote for him and you’re going to take his mark.  Because that’s your life history and it’s who you are.

Update 4/23/12: Just to further documetn how incredibly corrupt Barack Obama is, Jon Corzine is STILL bundling campaign money for him.

Obama-Endorsed Cockroach Jon Corzine Acted Like A Democrat With Investors’ Money

November 17, 2011

The Wall Street Journal sets the table for Barack Obama’s direct responsibility for Jon Corzine’s acts of pure theft:

President Barack Obama told us Jon Corzine was looking out for the little guy.

Never mind Mr. Corzine’s 1% pedigree as a former Goldman Sachs chairman. Never mind how Mr. Corzine essentially bought himself a U.S. Senate seat, spending his personal Goldman Sachs loot in one of the most expensive senatorial races ever. Never mind the dough Mr. Corzine stuffed in Mr. Obama’s pocket.

Here’s what Mr. Obama said in October 2009 while stumping for Mr. Corzine’s re-election bid as the Democratic governor of New Jersey:

“You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

“People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

“Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

“This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

“Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

Now someone else has the mop, and they’re cleaning up Mr. Corzine’s mess.  [….]

“One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

You see in microcosm the entire lie that is Obama and liberalism.  Republicans are crooks.  Only Democrats care about the little people.  Republicans created the mess.  Democrats are going to fix it.

The problem is that liberals are even more arrogant than they are foolish and naive.

Everything Obama says, everything Obama believes, is a lie.

Here’s what Joe Biden said about Jon Corzine – while he was pointing out how team Obama repeatedly asked Corzine for advice and trusted him implicitly:

“I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

That’s right, Jon Corzine was a trusted adviser to Obama and Biden.  That’s why our economy is in such great shape now.  And the guy who helped Obama put together the massively failed stimulus also just put together the fourth largest bankruptcy in American history as he put his liberalism to work at MF (which stands for “Managed Futures”) Global and helped himself to other people’s money.

Here’s what Obama’s and Biden’s pal – the slick little weasel that Obama said was looking out for the little guy exactly as Obama himself was looking out for the little guy – has been up to:

11/05/2011 @ 12:48PM |6,308 views
The Mysterious Disappearance of MF Global’s $630 Million
Robert Lenzner, Forbes Staff

Where oh where did Corzine’s $630 million go to? The search and rescue teams are all about the mighty  financial institutions madly trying to find  $630 million of customers money that stupidly and  unethically and perhaps illegally was commingled with MF Global’s own capital in order for the firm to stay in business and avoid that deadly credit rating reduction that was one of a number of kisses of death.

Is it at JP M0rgan? At first, it was announced to be resting easily and safely at the House of Morgan. But, apparently not.

Then, some fantasist figured the  New York Federal Reserve Bank had grabbed it to secure its safety from mobs of enraged clients. No, that rumor has been put to bed.

I ask you; how is it possible that, days after MF Global filed for bankruptcy,   a sum as large as $630 million still be missing in action. Something is wrong in the state of Denmark. Didn’t some computer keep track monies coming in and going out at MF Global?

And there are other pointed inquiries that must be made into this ridiculously outrageous confusion.

1. How was it that former Democratic  Senate bigwig Corzine obtained approval from the regulators to combine other people’s money– and MF Global’s money in the first place?    This is an outrage– and if true, those regulators must be fired immediately–  and regulators hired who play by the rules of the game. This epic tale is kissing cousin to the unwillingness  of the law to charge criminal  fraud against some of the investment banks that  sold securities they knew to be nearly worthless.

2. How can it be that JP Morgan does not know for a certainty that the $630 million is money that ended up on their books from the chaotic ramifications of MF Global’s bankruptcy? It doesn’t fill me with confidence that JPM’s computers, its reporting system, its logistical reporting of its affairs up and down the ranks of the bank is working mellifluously. Sounds  like a job for the Senate Banking Committee, or the Fed in Washington to investigate and make sure we can know who owes what to whom in our financial system

3. Then, there’s the confusion about oversight of  MF Global. Here we are 3 years on from the meltdown, and still a firm like MF Global seems to have several masters that are obliged to understand its affairs. The CFTC, for starts, then what about the SEC,  and the commodity exchanges where MF does its trading. We had better resolve WHO has the role of BIG DADDY in making sure some other more crucial firm doesn’t come unstuck and lead to  the mysterious disappearance of several billion dollars. Or even several tens of billions of dollars.

We are still paying for an apathetic financial regulatory system. Get James Stone, former CFTC Chairman, to  form a special investigation committee, to map out the mandatory changes that must be made. And  let’s hope the powers that be find the missing $630 million by then. Let’s hope it’s the result of  sloppy record keeping, inadequate disclosure, the failure of systems– and not some perfidy.

We’re starting to learn what happened.  Remember Maxine Waters getting caught on tape threatening to “nationalize” the oil companies?  It has simply always been the tendency of liberals to “liberate” other people’s money and put that money to a “greater purpose.”  And in that spirit, Jon Corzine liberated investor money, taking it without the investors’ permission to invest it toward the greater needs of MF Global.  And now it’s simply gone, you know, like the $862 billion (actually $3.27 TRILLION) Obama did the same thing with in the name of “stimulus” or more specifically the $535 million Obama did it with in the name of “green energy.”

These damn liberals are all fascist crony capitalist thugs and thieves who would never dream of risking their own damn money when they can just take yours instead.

Update 4/23/12: Just to further document how incredibly corrupt Barack Obama is, Jon Corzine is STILL bundling campaign money for him.