{"id":5383,"date":"2011-11-01T08:19:59","date_gmt":"2011-11-01T12:19:59","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=5383"},"modified":"2022-08-06T18:36:08","modified_gmt":"2022-08-06T22:36:08","slug":"the-chump-of-the-week-is-jon-corzine","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=5383","title":{"rendered":"The Chump of the Week is: Jon Corzine!"},"content":{"rendered":"

Hello all, It\u2019s the Angry Webmaster, back from accidentally wrecking the blog. (Oops!) We were fortunate to get this back up and running or I would be the Chump of the Week. Instead, we found a far more suitable clod for you make fun of.<\/p>\n

For those of you with poor memories, Jon Corzine was the governor of New Jersey before Governor Christy sent him packing. To say that he is a typical arrogant liberal elitist would be a bit of an understatement. His policies as governor basically drove New Jersey into the ground.<\/p>\n

However, I\u2019m not here to talk about Corzine\u2019s antics as Governor. No, in this case, I\u2019m talking about his running a multi-billion dollar brokerage called MF Global right into bankruptcy.<\/p>\n

The news is still coming out, but from what I\u2019ve been reading Corzine thought he was a super financial genius.<\/p>\n

From CNBC.com<\/a>:<\/p>\n

\u201cAt a very deep level, Jon believes that he can spot opportunities overlooked by markets\u2014and make a fortune,\u201d the person said.<\/p>\n

In particular, Corzine believed\u2014according to two sources familiar with the matter\u2014that credit markets in Europe were suffering from \u201cmarket dislocation.\u201d Sovereign bonds backed by various rescue facilities were trading at levels that implied a swift default\u2014even though it appeared that European regulators would act to prevent default.<\/p><\/blockquote>\n

Gee, I\u2019m no financial wizard, but there is no way I would be risking big bucks anything coming out of Europe right now. But then I\u2019m not an over-educated arrogant nitwit. But it gets even better!<\/p>\n

From the New York Times: ((Yes, even they will do some good reporting once in a while<\/strong>))<\/p>\n

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.<\/p><\/blockquote>\n

Uh Oh!!<\/p>\n

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.<\/p><\/blockquote>\n

Yeah, if I were looking to buy a business in big financial trouble, I too would shy away from one that appeared to be engaged in embezzlement. I wonder if Bernie Madoff is in the market for a cellmate? Still, it\u2019s early yet. The accountants are still digging through the wreckage.<\/p>\n

The discovery that money could not be located might simply reflect sloppy internal controls at MF Global. It is still unclear where the money went. At first, as much as $950 million was believed to be missing, but as the firm sorted through its bankruptcy, that figure fell to less than $700 million by late Monday, the people briefed on the matter said. Additional funds are expected to trickle in over the coming days.<\/p><\/blockquote>\n

Shouldn\u2019t that read \u201cWe hope that additional funds will be located over the coming days.\u201d? It looks like Corzine, and make no mistake about this, Corzine was the one running this fiasco, violated the Prime Directive of Wall Street. Customers\u2019 funds must be kept separate from company money. One of the basic duties of any brokerage firm is to keep track of customer accounts on a daily basis.<\/p>\n

As I said, it\u2019s early in the bankruptcy process and the accountants are going to be very busy for a while. I do hope that Corzine wasn\u2019t so foolish as to mix client\u2019s cash with the company\u2019s money. Even if he didn\u2019t do that, he still managed to create one of the biggest bankruptcies in history.<\/p>\n

So, for doing his part to really screw up the economy even worse than it is, Anger Central nominates former Governor Jon Corzine,<\/p>\n

CHUMP of the WEEK!!<\/p>\n

\u00a0~The Angry Webmaster~<\/strong><\/em><\/p>\n\"1\"2\"3\"4\"5 (1<\/strong> votes, average: 1.00<\/strong> out of 5)
<\/span><\/span>Loading...<\/span>\n

 <\/p>\n

\n
\n
\n

Brokerage MF Global collapses amid continued eurozone turmoil<\/h3>\n<\/div>\n
Solutions for Your Small Business Brokerage MF Global collapses amid continued eurozone turmoil Share MF Global, the 228-year-old brokerage led by Jon Corzine, the former New Jersey governor and co-head of Goldman Sachs, has filed …<\/div>\n
http:\/\/www.usdp.org\/ \u2014 Mon, 31 Oct 2011 20:00:07 -0700<\/span><\/div>\n<\/div>\n
\n
\n

XE.com – UPDATE 1-CME suspends MF Global as clearing member<\/h3>\n<\/div>\n
The CME Group said late on Monday it has suspended MF Global Inc as a member of the exchange as the broker-dealer filed for U.S. Chapter 11 bankruptcy protection.<\/div>\n
http:\/\/www.xe.com\/news\/ \u2014 Mon, 31 Oct 2011 19:27:00 -0700<\/span><\/div>\n<\/div>\n
\n
\n

Were Customer Accounts Pilfered at Jon Corzine’s MF Global …<\/a><\/h3>\n<\/div>\n
Truth be told, I hadn’t paid much attention to the implosion of MF Global, because so many hedge funds went under during the crisis that yet another levered trading firm death seems less than newsworthy unless it is big enough to constitute a …<\/div>\n
http:\/\/www.nakedcapitalism.com\/<\/a> \u2014 Mon, 31 Oct 2011 19:00:35 -0700<\/span><\/div>\n<\/div>\n
\n
\n

MF Global’s fall revives fears of a ‘Lehman moment’ | Firstpost<\/a><\/h3>\n<\/div>\n
Old ghosts come back to life. Market players fret that the brokerage’s bankruptcy petition is, on a smaller scale, eerily reminiscent of what happened at the height of the 2008 financial crisis.<\/div>\n
http:\/\/www.firstpost.com\/<\/a> \u2014 Mon, 31 Oct 2011 17:50:07 -0700<\/span><\/div>\n<\/div>\n
\n
\n

MF Global Files for Bankruptcy \/ Questions on Obama Legitimacy …<\/h3>\n<\/div>\n
The big news of the day is the bankruptcy filing by MFGlobal a huge trading firm under the direction of former Goldman Sachs CEO and also the former Governor of the State of New Jersey and Senator for that state. I will in the body of my …<\/div>\n
http:\/\/sgtreport.com\/ \u2014 Mon, 31 Oct 2011 17:26:31 -0700<\/span><\/div>\n<\/div>\n
\n
\n

XE.com – BRIEF-Moody’s Downgrades MF Global to Caa1; ratings …<\/h3>\n<\/div>\n
MF Global: … Moody’s downgraded MF Global Holdings Ltd (MF Global) senior debt to Caa1 from Ba2 and its preferred shares to C from B1 following the firm’s October 31, 2011 bankruptcy filing. The ratings remain under review. Keywords: …<\/div>\n
http:\/\/www.xe.com\/news\/ \u2014 Mon, 31 Oct 2011 17:06:00 -0700<\/span><\/div>\n<\/div>\n
\n
\n

In The Lobby – CORZINE’S FIRM FILES FOR BANKRUPTCY<\/h3>\n<\/div>\n
MF Global, the brokerage firm run by former Gov. Jon S. Corzine, has filed for bankruptcy protection today, and the firm was suspended from doing new business with the New York Federal Reserve. From Bloomberg: The New York-based firm …<\/div>\n
http:\/\/www.inthelobby.net\/modules.php?name=News&file=article&sid=1213 \u2014 Mon, 31 Oct 2011 16:49:29 -0700<\/span><\/div>\n<\/div>\n
\n
\n

You Won’t Believe How Much Money Jon Corzine Could Walk Away …<\/h3>\n<\/div>\n
Business Insider, by Lisa Du Posted By: Photoonist- Tue, 01 Nov 2011 02:38:17 GMT The big story of the day in finance is the bankruptcy of MF Global ” the futures trading house run by ex’Goldmanite Jon Corzine. Even before filing for …<\/div>\n
http:\/\/www.newmediablog.com\/ \u2014 Mon, 31 Oct 2011 19:38:17 -0700<\/span><\/div>\n<\/div>\n
\n
\n

Were Customer Accounts Pilfered at Jon Corzine’s MF Global …<\/a><\/h3>\n<\/div>\n
The collapse of MF Global didn’t seem all that unusual, save for the titilating angle that the firm was headed by former Goldman CEO and New Jersey state governor Jon Corzine (I’d treated the failure of hedge funds by other storied names, …<\/div>\n
http:\/\/www.nakedcapitalism.com\/<\/a> \u2014 Mon, 31 Oct 2011 19:00:35 -0700<\/span><\/div>\n<\/div>\n
\n
\n

Angela Merkel 1, Jon Corzine 0 | Liberal Whoppers<\/h3>\n<\/div>\n
Jon Corzine went from Goldman Sachs, a too-big-to-fail investment bank, to become governor of New Jersey, a (maybe) too-big-to-fail state. Corzine was probably smart enough to understand that MF Global, the small securities firm he took …<\/div>\n
http:\/\/www.liberalwhoppers.com\/ \u2014 Mon, 31 Oct 2011 18:22:38 -0700<\/span><\/div>\n<\/div>\n
\n
\n

MF Global Files for Bankruptcy After Bad Bets on European Debt<\/h3>\n<\/div>\n
MF Global Holdings Ltd., the holding company for the broker-dealer run by former New Jersey governor and Goldman Sachs Group Inc. co-chairman Jon Corzine, filed Chapter 11 bankruptcy today in New York after its bets on European …<\/div>\n
http:\/\/www.contracts-for-difference.com\/news\/ \u2014 Mon, 31 Oct 2011 18:22:23 -0700<\/span><\/div>\n<\/div>\n
\n
\n

Corzine: runs MF Global to the ground, gets $12 million \u00ab Political …<\/h3>\n<\/div>\n
Having created a record-breaking $8billion deficit in New Jersey, Jon Corzine moved on to do what he does best: MF Global, firm run by ex-Goldman head Jon Corzine, files for bankruptcy protection MF Global Holdings Ltd., the securities firm …<\/div>\n
http:\/\/www.politicalblogexchange.com\/ \u2014 Mon, 31 Oct 2011 18:07:21 -0700<\/span><\/div>\n<\/div>\n
\n
\n

MF Global collapses under euro zone bets (Reuters) | Hot News …<\/h3>\n<\/div>\n
… euro zone bets. Reuters \u00b7 Jon Corzine, chairman and chief executive officer of MF Global Holdings, speaks during the. Reuters \u2013 Jon Corzine, chairman and chief executive officer of MF Global Holdings, speaks during the Sandler O’Neill \u2026 …<\/div>\n
http:\/\/hotnewsevents.com\/ \u2014 Mon, 31 Oct 2011 17:59:38 -0700<\/span><\/div>\n<\/div>\n
\n
\n

Corzine’s Company Under Federal Investigation After $700 Million …<\/a><\/h3>\n<\/div>\n
Corzine’s Company Under Federal Investigation After $700 Million Goes Missing. Well, well, well, Save Jerseyans! The common defense of former Governor Jon Corzine during his 2009 reelection campaign was that he \u201cwasn’t corrupt, just …<\/div>\n
http:\/\/savejersey.com\/<\/a> \u2014 Mon, 31 Oct 2011 17:43:10 -0700<\/span><\/div>\n<\/div>\n<\/div>\n

Related External Links<\/h4>\n