Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Corzine - CFTC Investigation News
Old 06-27-2013, 04:11 PM   #1
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 4,616
Corzine - CFTC Investigation News

It appears that the John Corzine involvement in MF Global is going to be the "new" news, as the CFTC investigation begins. Googling Corzine should bring up the most recent news.
It appears that he was involved the co-mingling of customer accounts...
Hmmm... What took so long to find this out?
Looks as if the hearing will be on TV.


Of course we could never expect this to be a criminal act.
__________________

__________________
Today is the oldest you've ever been, and the youngest you'll ever be again. - Eleanor Roosevelt
imoldernu is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-27-2013, 05:39 PM   #2
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 4,616
Since MF Global customers only lost $1.6 Billion dollars, this may not receive much attention. A mere pittance!

Here's the CFTC filing summary ...
Quote:
1. It has long been a cornerstone of customer protection laws that a commodity
futures broker, known as a futures commission merchant ("FCM"), must at all times segregate
customer funds intended for futures trading on U.S. exchanges ("customer segregated funds")
and may never use these customer funds for the FCM' s own purposes. When an FCM knows or
should know that accounts holding customer segregated funds ("customer segregated accounts")
do not hold sufficient funds to meet the FCM's financial obligations to all customers, the FCM,
through its responsible personnel, must immediately notify the CFTC and the applicable
designated self-regulatory organization ("DSRO"). To safeguard customer funds further, CFTC
regulations limit an FCM's ability to invest customer funds to ce1iain authorized investments. In
this case, MF Global Inc. ("MF Global"), an FCM with deficient systems and controls, on the
brink of failure and in desperate need of cash to survive, invaded its customer funds and violated
these fundamental customer protections on a scale never previously seen in the U.S. futures
markets, harming thousands of people. As alleged below, Jon Corzine, the Chief Executive
Officer ("CEO"), is legally responsible for MF Global's misuse of customer money. Edith
O'Brien, MF Global's Assistant Treasurer, is also liable.
Page 20 on this link begins the part about segregating customer funds.

http://cftc.gov/ucm/groups/public/@l...aint062713.pdf

... and a good thing for Corzine that this is not a criminal act like taking a loaf of bread..
__________________

__________________
Today is the oldest you've ever been, and the youngest you'll ever be again. - Eleanor Roosevelt
imoldernu is offline   Reply With Quote
Old 06-27-2013, 05:48 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,880
I wonder if the Justice Dept will charge Corzine with fraud?
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 06-27-2013, 05:59 PM   #4
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 4,616
Plain talk explanation here:
http://dealbreaker.com/2013/06/mf-global-was-bad/
__________________
Today is the oldest you've ever been, and the youngest you'll ever be again. - Eleanor Roosevelt
imoldernu is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 05:53 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.