Corzine will testify

Fox Business is reporting that Jon Corzine with not invoke his fifth amendment rights against self incrimination when he testifies before the House Agriculture Committee this morning.

The former U.S. Senator and former New Jersey Governor was chairman of MF Global until his resignation last month following the firm’s bankruptcy filing.  $1.2 billion is customers’ funds are missing.

Fox reports that Corzine will read a 21 page statement to the House committee which will include an apology and a denial that he knows where the $1.2 million went.

The hearing is scheduled for 9:30 AM.  It will be broadcast on C-SPAN.

Corzine’s prepared remarks are posted here.

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Did Bill Clinton Help Jon Corzine Loot MF Global?

The JerseyNut makes the case that he did.

I speculated a while back that the Jon Corzine scandal could eventually be the undoing of Barack Obama.  Turns out that Crooked Jon may wind up being the downfall of the Clinton clan as well.

The digging into the rubble of MF Global has only just begun, and what do we find?  Unnecessary  contracts paying inordinate sums to Democratic godfather Bill Clinton:

Even as Jon Corzine’s MF Global was collapsing, a firm that includes former President Bill Clinton in a senior post was raking in huge fees for public-relations and financial advice from the ill-fated brokerage…

 

Read the entire post at Right, Wing-Nut!

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Timing Is Everything

The Federal Reserve and other central banks took action today to contain the sovereign debt crisis in Europe.

Stocks and commodity prices soared.

The bankers actions came six weeks too late for Jon Corzine.

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Corzine does for Wall Street What He Did For New Jersey

MF Global files bankruptcy

http://www.nypost.com/p/news/business/with_frantic_sales_talks_failing_tiO1ERdMp7SN1PnC7UC54N

UPDATE

Regulators Investigate

http://finance.yahoo.com/news/Regulators-Investigating-MF-nytimes-752197815.html?x=0

ANOTHER UPDATE

News Alert
from The Wall
Street Journal

MF Global admitted to federal regulators that
money had been diverted out of customer accounts, according to a federal
official who said the move violated the law.

The Wall Street
brokerage, which filed for bankruptcy protection Monday, acknowledged the
shortfall amid mounting questions from regulators as they went through the
firm’s books while trying to facilitate a sale to Interactive Brokers Group, the
official said. Regulators still don’t know where the customer funds went, who
directed the move or how widespread the practice was, the official said.

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