tag:blogger.com,1999:blog-5724181159639068489.post1404327275677002060..comments2023-11-05T05:09:14.089-05:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: Hank Paulson: Goldman Sachs GuyRobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5724181159639068489.post-48729456544855773552011-12-01T14:22:20.967-05:002011-12-01T14:22:20.967-05:00“MF Global – Hoisted on a Petard of Arrogance” by ...“MF Global – Hoisted on a Petard of Arrogance” by Sydney M. Williams<br /><br />Wall Street has a maze of rules and, despite the hoots and hollers from “occupiers” and populist politicians, most are designed to protect investors. Perhaps the most fundamental of these is thou shalt not comingle customer cash with company cash. MF Global, which traces its roots back 228 years and which for the last 19 months had been run by Jon Corzine, former CEO of Goldman Sachs and a former U.S. Senator and Governor of New Jersey, allegedly did just that, according to James Giddens, trustee for the firm that filed for bankruptcy on October 31.<br /><br />How complicit Mr. Corzine actually was in what would be a criminal act of using client funds for the firm’s purposes will be determined by the courts. But the act also highlights the too-cozy relationship – cronyism – between politicians and Wall Street. MF Global’s chief regulator, the Commodity Future’s Trading Commission (CFTC), which obviously did not perform the oversight they should have, is run by Gary Gensler, a former Goldman Sachs partner. Last February, MF Global was named as one of twenty-two primary dealers by the New York Federal Reserve, joining a select group that includes banks such as BNP Paribas, Goldman Sachs, J.P. Morgan and UBS Securities. The head of the New York Fed is another former Goldman partner, William Dudley. This smacks of crony capitalism at its worse, benefitting a small contingency at the expense of the people.<br /><br />http://commoditycustomercoalition.org/?p=736At your expensenoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-45430866824650892392011-12-01T13:53:22.179-05:002011-12-01T13:53:22.179-05:00on the lamon the lamOn the lamnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-4284032971034705862011-12-01T13:51:48.976-05:002011-12-01T13:51:48.976-05:00Where in the World Is Jon Corzine?
When was the l...Where in the World Is Jon Corzine?<br /><br />When was the last time anybody saw Jon Corzine?<br /><br />For several days following the bankruptcy of MF Global, Corzine was regularly appearing in the office. Sources at MF Global told me he spent his days in conference rooms with teams of lawyers and accountants. Then he abruptly resigned as chief executive.<br /><br />And for his next act, he vanished.<br /><br />Corzine is not an ordinary chief executive. As a former US Senator and former Governor of New Jersey, he is a public figure. He was even under consideration to be the next Treasury Secretary.<br /><br /><br />Corzine may be able to hide from cameras. Perhaps even from the Senate's panel investigating the collapse of MF Global. But he can't hide from public suspicion. And silence will never save his reputation. <br /><br />http://finance.yahoo.com/news/where-world-jon-corzine-175229463.htmlOn the lambnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-18884567851288600212011-12-01T12:11:57.940-05:002011-12-01T12:11:57.940-05:00James Koutoulas Co-Founder Commodity Customer Coal...James Koutoulas Co-Founder Commodity Customer Coalition - MF Global Bankruptcy <br />Warren Pollock (wepollock) out foxes CNN and Reuters (Bloomberg CNBC did not attend at all) by asking hard questions of James Koutoulas regarding MF Global, in front of US Bankruptcy court, Bowling Green Manhattan. CNN tried to push him out of the way, a Reuters "reporter" scoffed, yet I bulldog to the real issues and concerns on this important issue as the mainstream media dozes in a coma. While the CME may back peddle; Warren talks to a retiree who lost all her money. We talk about JPM trying to run the show during bankruptcy as a fox in the henhouse; the CFTC, the CME and roles and responsibility. Items CNN won't cover include the two MF Global bankruptcies and balance sheets in play. One balance sheet containing customer money; the other used for speculation. If the speculative side dipped into customer funds a clawback must occur! I am sure JMP would not like that outcome. Was there fraudulent conveyance? Why is speculation still occurring if customer funds were at play in the speculative side of the house. JPM delaying motions with continuances.<br /><br /><br />http://www.youtube.com/watch?v=MZkjIIudN70&feature=colikeCrooks governnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-91890503324248762012011-12-01T10:58:18.151-05:002011-12-01T10:58:18.151-05:00Eliot Spitzer: “In retrospect, I wish we had put m...Eliot Spitzer: “In retrospect, I wish we had put more people in handcuffs.”<br />ELIOT SPITZER: There was an amazing piece of journalism that came out yesterday which analyzed the magnitude of the loans that have been made by the feds to the banks. The six big banks in particular got over $400 billion of secret loans, most of which we had not heard about. Now, at the time these banks were getting these loans, they were claiming to be in great financial shape. So why were the loans made? Is there a tension between the public statements being made by the CEO’s of the banks–<br />ELIOT SPITZER: The answer is no. And if you or I did that, if you or I went to a bank –<br />ELIOT SPITZER: Or made any public statement, knowing it to be false, we’d be in handcuffs. So the question I have is, look, we don’t know a lot of these facts. Let’s predicate — there are 100 uncertainties, but where is the inquiry right now about all the statements being made by the CEO’s, CFO’s none of which revealed these enormous loans.<br />http://www.ritholtz.com/blog/2011/12/eliot-spitzer-more-people-in-handcuffs/?Pinstripesnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-77379539709766246172011-12-01T08:50:31.992-05:002011-12-01T08:50:31.992-05:00On Wall Street, Some Insiders Express Quiet Outrag...On Wall Street, Some Insiders Express Quiet Outrage<br /><br />Last week, I had a conversation with a man who runs his own trading firm. In the process of fuming about competition from Goldman Sachs, he said with resignation and exasperation: “The fact that they were bailed out and can borrow for free — it’s pretty sickening.”<br /><br />Though the sentiment is commonplace these days, I later found myself thinking about his outrage. Here is someone who is in the thick of the business, trading every day, and he is being sickened by the inequities and corruption on Wall Street and utterly persuaded that nothing has changed in the years since the financial crisis of 2008.<br /><br />I won’t pretend this is a widespread view in finance — or even a large <br />minority. You don’t hear this from the executives running the big Wall <br />Street firms; you don’t hear it from the average trader or investment <br />banker. From them, we get self-pity. For every one of the secret Occupy Wall Street sympathizers, there are probably 15 others like Kenneth G. Langone, who, like downtrodden people before him, is trying to reclaim and embrace a pejorative, “fat cat.”<br /><br /><br /><br />http://dealbook.nytimes.com/2011/11/30/on-wall-street-some-insiders-express-quiet-outrage/?Outragednoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-91000926314697187532011-12-01T08:05:04.963-05:002011-12-01T08:05:04.963-05:00Iceland's special prosecutor arrests former Gl...Iceland's special prosecutor arrests former Glitnir CEO: media<br /><br /><br />(Reuters) - Iceland's special prosecutor arrested the former chief executive of Glitnir Bank on Wednesday and questioned nearly two dozen people related to the collapse of the bank in 2008.<br /><br />http://www.reuters.com/article/2011/11/30/us-iceland-glitnir-idUSTRE7AT2UX20111130Go icelandnoreply@blogger.com