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Jon Corzine as MF Global "misuses" 1.5 BILLION DOLLARS in Gold Bullion Gets FINED...

GOLDBRIX

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#1
5 Million Dollars and WALKS AWAY. ( "MF" is the appropriate initials for that firm, gb) :

"...On Thursday, the Commodity Futures Trading Commission announced that former New Jersey Governor and MF Global CEO Jon Corzine will pay $5 million to end litigation over his role in his bankrupt firm’s malfeasance. MF Global went bust in 2011 after taking on leveraged positions in Greek and other European bonds that subsequently tanked in value. MF Global had illegally tapped into nearly a billion dollars in customer funds to ramp up its speculative bets on European debt.

Among the MF Global clients who unwittingly financed Corzine’s bad bets were those who held allocated physical gold accounts. Or at least, that’s what they thought they held. In reality, MF Global had pooled all the gold assets held by customers together and treated the gold as an asset of the firm. When the firm declared bankruptcy, clients who thought they owned specific quantities of gold stored in a vault on their behalf found out that they didn’t. They couldn’t access or sell their gold because it was all in MF Global’s name.

The MF Global debacle serves as a lesson for investors who want to own physical precious metals as a way of diversifying out of the financial system. Don’t hold precious metals within an account at a brokerage firm or bank. Hold at least some significant quantity of metals in a home safe where you can gain access to them immediately at any time."...

Podcast and article:
https://www.moneymetals.com/podcast...tm_medium=email&utm_campaign=podcast&AID=3818
 

andial

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#4
Real scumbag, that's the nicest thing I can say.
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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#5
Real scumbag, that's the nicest thing I can say.

I understand, BUT why insult the scumbag ????
I would call them bleeding hemorrhoids on a skunks ass, but, then again I'm insulting the hemorrhoids or the skunks ass !!
 

Professur

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#6
If you don't hold it .....
 

Aurumag

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#7
Corzine paid $5 mil for the fine, and I would bet another $5 megaFRNs that he and his lawyers used the Clinton Foundation, or some other 501C3 slush fund, to pay each of the CFTC Commissioners AT LEAST $5 million each to cover for his rotten, skanky ass.

Hang the lot of them!
 

D-FENZ

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#10
I lost my 'segregated' funds when MF Global went down and my account was frozen. Thank GOD it happened at a moment when I had no open trades. Had trades been open, even with stop orders, I would have had to scramble another account / broker to cover them (when mere minutes could have been catastrophic). But after a couple of years and several partial reimbursements I eventually got 100% of my money back- no interest of course- but I did get the principal. Pretty sure all other traders did too.

The trustee did an excellent job (in my view) of clawing back funds from several banks who weren't even the guilty ones. The biggest loser was trust. It certainly redefined the term 'segregated' for me.

But yes, Corzine is scum but too big to jail.
 

GOLDBRIX

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#12
"But yes, Corzine is scum but too big to jail."

Royals were too big to jail. They were executed.
I for one am tired of this Two Class society.
 

southfork

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#13
Comingled segrated funds, should have gotten a decade in prison, what fking scum
 

Uglytruth

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#14
I got a long rope & it's reuseable!
 

Uglytruth

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#15
should have gotten a decade in prison
Or put another way he gets paid 150M a year ......... ????????????????? Maybe out in 5 for good behavior makes it 300M a year........
He destroyed lives, he destroyed dreams, he destroyed futures, he is no less a murderer than the killintons.
You are talking about "the seen" and I am talking about "the unseen". Cars not purchased, presents not bought, vacations denied, suicides by broke investors, jobs not had supported by any of this activity. The list is endless. We can and will never know the effects of his wide spread actions. Until these crimes against society are punished and at least held to a standard let alone a high one, even you and I are victims even if we lost nothing, trust lost, the rule of law not working.
 

Uglytruth

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#17
3 I think if you look back further
 

andial

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#19
Democrat scumbag.
 

SilverCity

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#20
I segregate all my funds...right off the computer screen. Makes my bank nervous every 1st of the month when "rent" is due. Good luck to the rest of y'all.

SC
 
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