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Old 12-08-2011, 10:44 AM   #1
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Corzine testifying in MF Global investigation

Watching the Corzine hearings. One of the examiners reads ZH and just mentioned re-hypothecation...you should have seen the mood in the room change as they scrambled to pretend they didn't know what that meant while everyone's faces turned white as ghosts.

This might be pretty big, if not "the one". Evidently MFG isn't the only outfit to be in real trouble over this.
http://www.zerohedge.com/news/why-uk...an-banks-jeffe

Worse than AIG and Lehman together, monetarily.

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Old 12-08-2011, 10:47 AM   #2
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Too funny!

I did not know what it was until the article today.
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Old 12-08-2011, 10:49 AM   #3
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Originally Posted by DCFusor View Post:
Watching the Corzine hearings. One of the examiners reads ZH and just mentioned re-hypothecation...you should have seen the mood in the room change as they scrambled to pretend they didn't know what that meant while everyone's faces turned white as ghosts.

This might be pretty big, if not "the one". Evidently MFG isn't the only outfit to be in real trouble over this.
http://www.zerohedge.com/news/why-uk...an-banks-jeffe

Worse than AIG and Lehman together, monetarily.
It´s one giant house of cards. The only way to get out of it are counterparty-less assets like PMs
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Old 12-08-2011, 10:57 AM   #4
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Originally Posted by DCFusor View Post:
Watching the Corzine hearings. One of the examiners reads ZH and just mentioned re-hypothecation...you should have seen the mood in the room change as they scrambled to pretend they didn't know what that meant while everyone's faces turned white as ghosts.
...
Hope someone got a YouTube of it. Sorry I missed it.

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Old 12-08-2011, 11:00 AM   #5
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Originally Posted by PMBug View Post:
Hope someone got a YouTube of it. Sorry I missed it.

He wasn´t on so far as I understand.
You can watch it here:
http://www.c-span.org/Events/Fmr-Sen...10737426111-1/
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Old 12-08-2011, 11:07 AM   #6
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Just the minions explaining how they don't know how to do their jobs so far, or somehow aren't at fault for being outsmarted by those evil financial people, since they don't get enough money, or something. CFTC commissioner actually said we can't regulate swaps till we know what they are. Your typical female hard core bureaucrat used to being able to tell everyone to fsck off and leave me to control my little fiefdom.
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Old 12-08-2011, 11:08 AM   #7
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Oh, I meant the re-hypothecation drama.
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Old 12-08-2011, 11:19 AM   #8
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Quote :
Jon Corzine has released the written testimony that he will make before Congress today. It has been highly polished up by his legal advisers and contains so many "I can't recall's" that even Bill Clinton would blush. While the entire testimony has very little credibility with regard to substantive issues, I just want to address one specific quote from the testimony because I know - for a fact - that Corzine is lying. From page 17 of the prepared testimony:
Quote :
I did not, however, generally involve myself in the mechanics of the clearing and settlement of trades, or in the movement of cash and collateral. Nor was I an expert on the complicated rules and regulations governing the various different operating businesses that comprised MF Global. I had little expertise or experience in those operational aspects of the business.
Here's the full testimony: LINK If you take the time to read the full testimony, please try not to puke like I nearly did over the obvious lies and legally refined statements which are designed to obfuscate and cover-up the truth.
...
More: http://truthingold.blogspot.com/2011...-and-liar.html
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Old 12-08-2011, 11:49 AM   #9
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Sommers is making me want to puke more than Corzine ever did (yet) - he's just a crook. Maybe we've been thinking about hanging the wrong people from the lamposts. That witch is evil. Backing and forthing between "we just make sure they fill out the forms" and "we have plenty of talent and whack them regularly" and "we don't know how it works" as the question demands. Anyone with more than 30 seconds of memory sees the contradictions there - which evidently doesn't really include the examiners - they're just trying to put on a mean face without understanding how and what's going on themselves.

Oh, at this instant she DOES know what swaps are - half an hour ago, no idea. That sort of thing.

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Old 12-08-2011, 12:22 PM   #10
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Watching Corzine now. What a lying sack of shit.
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Old 12-08-2011, 12:31 PM   #11
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No question about that sack. What it's full of might be worse than shit.

But the question I want asked and answered (won't be, of course) is if you didn't know shit about what was going on, why resign so quick instead of staying on to "get to the bottom of this and punish the perpetrator(s)"?

Actions, not words, speak loudest.
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Old 12-08-2011, 12:54 PM   #12
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I couldn't watch any more. This guy should leave the building in handcuffs and ankle shackles. What an incompetent lying piece of pig vomit.
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Old 12-08-2011, 12:58 PM   #13
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I don't know why anyone would bother watching in the 1st place.
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Old 12-08-2011, 01:21 PM   #14
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Who knows what evil lurks in the hearts of men? The shadow knows...

An example of the human tragedy as these bums - all culpable - try to find a way out. And there is no way they can see. Almost fun to watch them squirm as they realize that. Better than watching them lord it over us, at any rate.

Or a sick fascination with watching Satan destroy his tools when they no longer serve him well enough to suit?

Knowledge of the center stage is useful in trying to decode what's behind the scenes. Yeah, that's it.
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Old 12-08-2011, 01:42 PM   #15
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I don't see how they can just sit there and listen to this man lie about having no knowledge of daily operations at MF Global. From where I sit, he sounds like he is an incompetent jackass. Anyone who hires this piece of bacteria deserves what they get.
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Old 12-08-2011, 02:11 PM   #16
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Professional interest in learning how to do it better themselves?
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Old 12-08-2011, 02:13 PM   #17
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Old 12-08-2011, 02:47 PM   #18
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It´s a holiday here, of the Immaculate Conception (sounds about right), but I did not have the great fortune of watching:

The biggest POS on the planet

Ay que pena... But, if I had watched, our poor planet would have even more puke all over it. I too cannot understand why the MF-er is not in jail.

---

O/T, but we went to a big wholesale place today (like Sam´s Club). I saw lots of Peruvians buying toilet paper. Maybe they were watching Corzine earlier today... Some of them had perhaps 200 rolls stacked on heir carts.
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Old 12-08-2011, 02:56 PM   #19
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Why are the insiders sacrificing Corzine and MFG?
His whole CV is filled with inside connections. If the Wall Street / Washington elite wanted to help him, they could...
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Old 12-08-2011, 03:00 PM   #20
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These politicians are so damn pathetic...
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