Oh, I Get It! Sort of Like Using a Cash Advance From One Credit Card

to pay the minimum payment due on another, right?

Sheesh. That Corzine. You Betcha. Check M-W, under:

super genius /SOO-per GEEN-e-yus/
descriptive noun

1: of or relating to Corzine, Jon/fiduciary fellatio

MF Global Sold Assets to Goldman Before Collapse

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 [JPXVZ — UNCH () ], one of the sources said.

…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.

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.

Anonymous is probably a good idea, safety-wise, eh?

3 Responses to “Oh, I Get It! Sort of Like Using a Cash Advance From One Credit Card”

  1. nightfly says:

    Sounds suspiciously familiar… like hocking the silver and jewelry an hour before the repo man shows up.

  2. major dad says:

    I wonder how Corzine will look in stripes or orange…

  3. JeffS says:

    He’s a Democrat. So long as the money doesn’t belong to them, it ain’t stealing.

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