Monday, October 31, 2011

Here we go again. Corzine blows up MF Global and walks away with $12 million



How many times do we have to see another sickening replay of this all-too-pervasive Wall Street scam?

Jon Corzine, "Master of the Universe," former NJ Governor and before that, Co-Chair of Goldman Sachs, puts MF Global into bankruptcy becuase of one, highly risky, bet-the-farm trade that he should have known wouldn't work.

Now there will be thousands out of work and what happens to him? He walks away with a $12 million "golden parachute."

And people wonder why the Occupy Wall Street protesters are upset? Seriously??

Read here.

8 comments:

Matt Franko said...

Mike,

a guy from Forbes is claiming it was Euro sovereign debt but I wonder if he was short USTs also jumping in on the 'who's going to buy them now trade'.... the third quarter looks like it was brutal to all out of paradigm traders...

To your point if things worked out for him he probably would have made huge bonuses. So here we have it again, they take huge bonuses if their bets work out and if not 'only' a 12m golden parachute and lay off the losses on creditor banks (who are really the US citizens).

No bail outs though as politically it would be pretty tough for the govt to bail them (MF Global) out with OWS on site.... so perhaps this is a big thing that OWS is doing/accomplishing as long as OWS are there, no bailouts for sure...

Resp,

Mike Norman said...

Matt,

I wouldn't be surprised. Masters of the Universe. Ha!

Calgacus said...

They're more like wanna-be Skeletors.

Matt Franko said...

Well there are articles out there that say corzine wanted to turn MF into a mini GoldmanSachs, so he did a good job as GS lost 400m in the qtr and MF lost 185m so I guess MF is a smaller GS... hence the 12m bonus...

googleheim said...

hi

I am adam, prince of eternia, defender of the secrets of castle gray skull ( MMT ), this is cringer ( obama, austrian school ) my fearless friend, fabulous secret powers were revealed to me the day I held aloft my magic sword and said "BY THE POWER OF GRAY SKULL"

HHHHHHHHHHHHHHHHHHEEE MAN.

I HAVE THE POWER ! ( ignore deficits, credit central banks, elastic currency theory, etc )

HHHHHHHHHHHHHHHHHHEEE MAN. ( MMT Man )

Cringer became battle cat ( newbie MMT'er who left austrianism )

And I became He-Man the most powerful man in the Universe ( Ben Bernanke )

Only three others share the secret ( MMT wisdom ), our friends :

the sorceress ( chicks from Kansas city school )

man at arms ( defense spending )

orco ( fire brimstone catholic social spending on poor )

together we defend castle gray skull ( MMT economy ) from the evil forces of skeletor ( peter schiff as skeletor, greenspan as beast dude, ayn rand as evilyn, etc ).

Anonymous said...

He also used clients money to cover the sinking holes.

SchittReport said...

jon has always been a view from 80,000 feet guy and senior management who were present when he unveiled his insane transformation strategy should have called him and his plan out.

Man was actually my 1st summer job. the firm was configured as a brokerage (specializing in commodities, particularly edibles) and clearing house, not a proprietary trading unit. you cannot do balance sheet trading w/o a balance sheet - plain insanity. the fact that he only got 12m severance shows how far he has fallen from grace. time to really be an academic for him.

Clarissa said...

I want to go drinking with Googleheim.