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DemocRAT's SHAME - U.S. Congress Panel Blames 'RAT Corzine for MF Global Fall
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patriotgames@democrathallofshame.com http://www.democrathallofshame.com
Nov 16, 2012, 8:25:57 AM11/16/12
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http://www.reuters.com/article/2012/11/14/us-mfglobal-congress-idUSBRE8AD1EH20121114
U.S. Congress panel blames Corzine for MF Global fall
Wed Nov 14, 2012
WASHINGTON (Reuters) - Poor management decisions by MF Global former
CEO Jon Corzine triggered the brokerage firm's collapse, while lax
protections for customer funds contributed to the loss of an estimated
$1.6 billion of customer money, U.S. congressional investigators have
determined.
Evidence unearthed by the House Financial Services Subcommittee on
Oversight puts the blame squarely on Corzine, the panel's chairman,
Rep. Randy Neugebauer, said in a preview of the report that will be
released on Thursday.
"The responsibility for failing to maintain the systems and controls
necessary to protect customer funds rests with Corzine," the report
says. "This failure represents a dereliction of his duty as MF
Global's chairman and CEO."
Corzine, a former co-chairman of Goldman Sachs who also served as a
U.S. senator and as governor of New Jersey, has denied any wrongdoing.
A Corzine spokesman on Wednesday said: "While we have not yet been
able to review the whole report, it is worth noting that ... the House
Subcommittee apparently did not find any evidence that Mr. Corzine
acted in bad faith or engaged in any intentional wrongdoing."
MF Global filed for bankruptcy more than a year ago, as investors
scrambled to pull out funds after revelations the firm bet heavily on
European sovereign debt and after credit downgrades.
Regulators, prosecutors and lawmakers have been looking into the
estimated $1.6 billion in customer funds missing after the firm's
collapse.
The House subcommittee said it has held three hearings, interviewed
more than 50 witnesses and reviewed thousands of documents from MF
Global, its regulators and other sources.
The report will show that risks were exacerbated by an atmosphere at
the firm in which no one could question Corzine's decisions, the
subcommittee said.
Corzine's spokesman said MF Global's significant business decisions
were all subject to review by its board.
Corzine also kept his own trading activities out of the firm's risk
management review process, the subcommittee said. The group said it
also found that regulatory agencies had not shared crucial information
with each other, and other problems.
A trustee liquidating the company's broker-dealer unit released a
critical report in June that said that in his attempt to build the
firm into a global investment powerhouse, Corzine failed to address
growing liquidity needs.
--
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Tim Howard, Tom Sr, Tom Wheat
U.S. Congress panel blames Corzine for MF Global fall
Wed Nov 14, 2012
WASHINGTON (Reuters) - Poor management decisions by MF Global former
CEO Jon Corzine triggered the brokerage firm's collapse, while lax
protections for customer funds contributed to the loss of an estimated
$1.6 billion of customer money, U.S. congressional investigators have
determined.
Evidence unearthed by the House Financial Services Subcommittee on
Oversight puts the blame squarely on Corzine, the panel's chairman,
Rep. Randy Neugebauer, said in a preview of the report that will be
released on Thursday.
"The responsibility for failing to maintain the systems and controls
necessary to protect customer funds rests with Corzine," the report
says. "This failure represents a dereliction of his duty as MF
Global's chairman and CEO."
Corzine, a former co-chairman of Goldman Sachs who also served as a
U.S. senator and as governor of New Jersey, has denied any wrongdoing.
A Corzine spokesman on Wednesday said: "While we have not yet been
able to review the whole report, it is worth noting that ... the House
Subcommittee apparently did not find any evidence that Mr. Corzine
acted in bad faith or engaged in any intentional wrongdoing."
MF Global filed for bankruptcy more than a year ago, as investors
scrambled to pull out funds after revelations the firm bet heavily on
European sovereign debt and after credit downgrades.
Regulators, prosecutors and lawmakers have been looking into the
estimated $1.6 billion in customer funds missing after the firm's
collapse.
The House subcommittee said it has held three hearings, interviewed
more than 50 witnesses and reviewed thousands of documents from MF
Global, its regulators and other sources.
The report will show that risks were exacerbated by an atmosphere at
the firm in which no one could question Corzine's decisions, the
subcommittee said.
Corzine's spokesman said MF Global's significant business decisions
were all subject to review by its board.
Corzine also kept his own trading activities out of the firm's risk
management review process, the subcommittee said. The group said it
also found that regulatory agencies had not shared crucial information
with each other, and other problems.
A trustee liquidating the company's broker-dealer unit released a
critical report in June that said that in his attempt to build the
firm into a global investment powerhouse, Corzine failed to address
growing liquidity needs.
--
The DemocRATs Hall of Shame©!
http://www.democrathallofshame.com/
10,000+ Buckwheat & DemocRAT Pics!
Over 10 Million Hits Since 2/10!
11/04/12: Galleries Updated!
Nearly 200 New OBAMA & 'RAT Cartoons Added!
FREE Windows® Gadgets!
Learn the TRUTH about: Bradley K Sherman, Bret Cahill, Dakota, David Johnston, Kevin Cunningham,
Kurt Lochner, Jay Herblock, Lamont Cranston, Lee Curtis, LiberalHere, Lookout, Lickin Ass' and
Fakin' Military Service, Lubow, Mitchel Holman, Ramon Herrera, Ray Fischer, Rightardia, RobW,
Roneal, Sanders Kaufman, ShittingDuck, Sid9, SilentOtto, Sir Gay, Tater Gumfries, Tim Crowley,
Tim Howard, Tom Sr, Tom Wheat
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