Friday, March 23, 2012

Obama fundraiser Corzine lied to feds, ordered $200 million MF customer funds transferred to JPM for overdraft days before MF collapse

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3/23/12, "MF’s Corzine Ordered Funds Moved to JP Morgan, Memo Says," Bloomberg, and Silla Brush


"Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators.

Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News. The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says....

The money transferred came from a segregated customer account, according to congressional investigators....

Corzine, 65, in testimony in front of the House panel in December, said he did not order any improper transfer of customer funds....

I never gave any instruction to misuse customer funds, I never intended anyone at MF Global to misuse customer funds and I don’t believe that anything I said could reasonably have been interpreted as an instruction to misuse customer funds,” Corzine told lawmakers in December....The memo’s account of the e-mail exchanges aligns with what Terrence Duffy, the executive chairman at CME Group Inc. (CME), told lawmakers during a December congressional hearing. Auditors at CME, which had authority to oversee MF Global, learned from an employee of the brokerage that Corzine knew about the loans involving a European affiliate, Duffy told committee members."...

Obama campaigns for Corzine in NJ, July 16, 2009, ap photo. Corzine was defeated by Chris Christie. 11/1/2009, "Barack Obama puts prestige on line for Jon Corzine," Politico

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Corzine CV:

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11/3/11, "Remember that fundraiser at Jon Corzine Home? “Wall Street Guy” Is Now Being Investigated By The FBI," Politisite

  • Corzine gives Obama "gravitas" said experts in 2008:

6/23/2008, "Corzine profile rises in Obama camp," Newark Star-Ledger, Heininger

""There's no question about it -- Senator Obama has a great deal of respect for Governor Corzine in so many regards, including Jon Corzine's expertise covering domestic and international financial markets," said Rep. Steven Rothman (D-9th Dist.), Northeast regional co-chairman of Obama's campaign. "Senator Obama will be calling upon Governor Corzine's expertise in a whole host of areas to assist him in winning this November."

Casting Corzine in the role of Wall Street wizard works to his advantage and Obama's, political experts said. Obama gains gravitas through Corzine's experience, while Corzine gains a stage to tout his fluency in finance and aligns himself with a potential president, said Joseph Marbach, a political scientist at Seton Hall University."...

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4/28/11, "Remarks by the President at DNC event," Obama at the home of bundler Jon Corzine, White House press release

"I'm among a lot of friends and I, first of all, obviously want to thank Jon and Sharon for hosting us in this extraordinary venue. These guys have been just great friends from the start. Some of you know that Jon was a big supporter of mine in my first U.S. Senate race when nobody could pronounce my name. (Laughter.) And I had a chance to meet Sharon then and could already see that -- where that was going. (Laughter.) So it is wonderful to see them together as newly-weds and we are just thrilled to be with them."...

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Jon Corzine among names released 3 months after March 2011 White House meeting:

6/24/11, "W.H. releases DNC meet names," Politico, Gerstein, Negrin

"Former New Jersey Gov. Jon Corzine, former technology executive Bernard Schwartz and banking executive James Staley were among 30 well-connected figures in the business and finance world who met with President Barack Obama at the White House in March for an unusual economic

  • discussion organized by the Democratic National Committee.

The White House released the names on Friday under a policy Obama instituted in 2009 to disclose nearly all White House guests approximately three months after they visit....

In addition to the Wall Street financiers and business executives, the session was attended by Andy Tobias, the DNC treasurer; Patrick Gaspard, the former White House political director and current DNC executive director; and Brad Thompson, a DNC fundraiser who works with high-dollar donors and bundlers in New York."...

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The NY Times leaves out the fact that Gov. Jon Corzine was present at a White House meeting in March for Wall St. executives and supporters:

6/12/11, "Obama Seeks to Win Back Wall St. Cash," NY Times, N. Confessore

"A few weeks before announcing his re-election campaign, President Obama convened two dozen Wall Street executives, many of them longtime donors, in the

  • White House’s Blue Room....

The event, organized by the Democratic National Committee, kicked off an aggressive push by Mr. Obama to win back the allegiance of one of his most vital sources of campaign cash — in part by trying to convince Wall Street that his policies, far from undercutting the investor class, have helped bring banks and financial markets back to health.

Last month, Mr. Obama’s campaign manager, Jim Messina, traveled to New York for back-to-back meetings with Wall Street donors, ending at the home of Marc Lasry, a prominent hedge fund manager, to court donors close to Mr. Obama’s onetime rival, Hillary Rodham Clinton. And Mr. Obama will return to New York this month to dine with bankers, hedge fund executives and private equity investors at the Upper East Side restaurant Daniel."...

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11/2/11, "Corzine, top Obama fundraiser, under FBI investigation," MSNBC, M. Isikoff

"Just a few months after that event (in April 2011), Corzine’s firm, MF Global, surprised many Wall Street investors by issuing highly unusual securities notes that appeared to highlight Corzine’s close relationship with the White House: The notes suggested that the former New Jersey governor might be in line for a top administration post

  • should the president get re-elected.

The notes promised to pay an extra 1% in interest rates in the event of “the departure of Mr. Corzine as our full time chief executive officer due to

  • his appointment to a federal position by the President of the United States
  • and his confirmation…by the United States Senate prior to July 1, 2013.”"...

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11/4/11, "Jon Corzine Hires Criminal Defense Lawyer," Business Insider

Summary of Corzine-Obama connections.

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7/28/10, "The secrets 10 states and Wall Street don't want you to know," by Mark Lagerkvist, NJ Watchdog

"Under the RGGI scheme, the smell of profiteering is powerful. New Jersey and nine other Northeast states have sold $662 million in carbon dioxide permits since 2008.

The bidders at RGGI auctions include Goldman Sachs, Morgan Stanley, Merrill Lynch, JPMorgan Chase and other Wall Street heavyweights....


  • RGGI publishes lists of potential bidders who submitted “intent to bid” applications. The lists offer a glimpse of whose trade secrets RGGI is keeping confidential.

The most conspicuous are the financial power brokers who generate money, not electricity. The most recent list includes



top photo Obama and Corzine via Zero Hedge, date unknown

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