I’m Shocked, Shocked

…to hear that there was gambling going on

Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers.

In testimony prepared for delivery to Congress Thursday, Corzine says he was “stunned” to learn shortly before the firm sought bankruptcy protection at the end of October that MF Global could not account for the money.

“I simply do not know where the money is, or why the accounts have not been reconciled to date,” the former MF Global chief executive says, according to the testimony.

Give him an orange jumpsuit.

Update: astonishingly, before his testimony he read from Obama’s playbook and used the “Blame Bush” strategery

WASHINGTON (AP) – Jon Corzine told a congressional panel Thursday that he never intended to break rules requiring failed securities firm MF Global to safeguard client funds. He also said he doesn’t know what happened to an estimated $1.2 billion that went missing.

Corzine is testifying before the House Agriculture Committee about the firm’s bankruptcy, which followed disastrous bets on European debt that were made while Corzine was CEO.

Corzine deflected blame for the company’s collapse. He argued that he inherited a firm already doomed by his predecessors’ bad financial decisions.

What an asshat.

13 Responses to “I’m Shocked, Shocked

  1. major dad says:

    “I see nothing, I know nothing”…Yeah Jon it just went poof. I’d love see this douche bag do the perp walk.

  2. JeffS says:

    Unless he’s a complete fool (which is not incompatible with being a Democrat), Corzine tucked away a lot of the cash in some overseas account.

    That’s because he’s going to be unemployable after this, by just about any reputable agency or company. This testimony demonstrates that either he’s a total incompetent, or a ruthless criminal.

    Hmmmmmmm…….either of which qualifies Corzine for a Cabinet position under Obama.

  3. aelfheld says:

    Why is anyone surprised? Have you ever known a Democrat to give much of a d— what happens to other people’s money?

  4. ricki says:

    GMTA, I guess: the “I’m shocked, shocked” line is the exact one that popped into my head when I saw this on the news earlier.

    I wonder if it’s going to turn out to be Corzine who ruined us all, who is responsible for so many problems with the economy….

  5. Mr. Bingley says:

    He certainly did a number on NJ, ricki.

  6. […] Give him an orange jumpsuit. ————————— Due to two, not one, but two, power outages blogging was delayed. […]

  7. Ave says:

    If the SEC regulated trading as strictly as the CFTC that 1.2 byn would not be “missing” and I am quite sure Bernie Dan had nothing to do with this debacle.

  8. This is exhibit A as to what is wrong in our country today. Leaders are paid big bucks to take responsibility for the actions of their team. There is no passing the buck. It is criminal that a CEO can’t account for missing $1.2 billion. throw him in jail and make an example out of him.

    Oh, and don’t forget that Biden claimed that Corzine was the one person they called after assuming office to learn how to fix the financial crisis.

  9. Mr. Bingley says:

    Actually, Ave, this is a mess for the CFTC, as a lot of this money is missing from commodity trading accounts. Lots of producers in Central America (and farmers in the mid west) had accounts at firms that cleared through MF Global, and they are hosed. I know several folks from Guatemala, Salvador and Peru who have lost a ton.

    And the CME may ultimately be on the hook for a lot of it, as their oversight of MF seems to have been somewhat lacking.

  10. major dad says:

    Gotta love Corzine’s tactics as in “you know I don’t have to say anything but I will because I’m such an upstanding guy”, him being all sorry and “by gosh I just don’t know what happened”. He belongs in jail, for a long time.

  11. JeffS says:

    He belongs in a maximum security prison, Major Dad, with exercise periods on alternate Thursdays, and mail once a month.

    Oh, and a tattooed lifer, lonely for some company, as his cellmate.

  12. ricki says:

    Heh. “Watch out for yer cornhole, bud!”

  13. Ave says:

    CME correctly identifies that segregated customer funds were improperly moved (at least there were enough traceability rules to identify who moved the funds) and Corzine’s inability to figure out where they went doesn’t relieve him of culpability for messing with segregated funds to begin with. What a ratfink.

Image | WordPress Themes