Corzine the Clown Is Baffled, Pleads Ignorance to What Has Happened to the Missing $1.2 Billion (video)
Posted By Vicki McClure Davidson on December 13, 2011
Depends on your definition of the word 'honorable'.... sign during congressional hearing reads 'The Honorable Jon S. Corzine'
Pres. Obama’s financial whiz-kid advisor Jon Corzine is pleading ignorance to what happened to the missing $1.2 billion in customer monies.
Even Democrats in Congress are getting sick of him.
This clown not only is the former CEO of Goldman Sachs and of MF Global, but he used to be a US Senator and the governor of New Jersey. Apparently, Corzine’s hearing is the first time in more than 100 years that a former US Senator has been subpoenaed to testify in Congress.
Peachy.
When the ugly truth about this sordid financial disaster and missing money is finally dug up and exposed to the disinfecting effects of sunlight, dollars to donuts convicted schemer Bernie Madoff may look a bit more like an impish, tousle-haired altar boy.
Reported by The Hill, Frustration emerges as Corzine says he didn’t know about lost funds:
Senators on both sides of the aisle did not mask their frustration as top executives at the bankrupt firm MF Global, including their former colleague, Jon Corzine, repeatedly maintained they had no idea what happened to up to $1.2 billion in missing customer funds.
“I’m baffled that the top three executives at the company cannot answer basic questions,” said Sen. Chuck Grassley (R-Iowa). “Your supposed lack of knowledge about what happened in the walls of MF Global is alarming.”
Corzine, compelled to testify before the Senate Agriculture Committee Tuesday by a subpoena, appeared alongside the chief operating and financial officers of the bankrupt company. All three were subjected to harsh critiques from lawmakers about the firm’s collapse, especially after they all maintained they had no idea where customer funds that should have been kept segregated had gone.
“What flummoxes me is how there could be a billion dollars thereabouts missing and nobody seems to know where it’s gone,” said Sen. Kent Conrad (D-N.D.). “I think you’d agree it’s a curious thing.”
Asked for hours by senators about what could have possibly happened to that money, the executives repeatedly said they had no idea, that they found out about it during the last hectic days of the company, and that they were not responsible for those types of transfers.
Lawmakers’s patience was tested with the final claim, as several pressed the witnesses to name anyone who could tell them what happened.
“There’s got to be someone there that can give us a story,” said Grassley. “Just give us a name. Joe Blow? Mary Smith?”
“How many heads do we have to have before we have somebody’s name that knows what the heck is going on!” yelled Sen. Pat Roberts (R-Kan.).
Roberts later chastised the company’s chief financial officer, Henri Steenkamp, for saying it was not his responsibility to authorize those types of transfers.
“You don’t delegate responsibility,” he said. “You may delegate authority, but you do not delegate responsibility. … It gets to be ridiculous,” he said.
When pressed, Corzine appeared reluctant to offer up the name of a person at the company that might know more. He ultimately identified another employee at the company, Christine Serwinski, with the caveat that she was on vacation this week.
Tina Korbe at Hot Air points out the painfully obvious: “All that this guy doesn’t know — or would have to speculate about — would fill an encyclopedia. Kinda makes you wonder: How did he snatch the top spot at MF Global in the first place?”
Or how was he elected to public office so often in New Jersey? And why did Obama rely on him so often regarding national economic matters?
Former MF Global CEO Jon Corzine Can’t Speculate | House Agriculture Committee Hearing, December 8, 2011
From Wall Street Journal, CME Head Contradicts Corzine in MF Global Hearing:
Former MF Global Holdings Ltd. Chief Executive Jon Corzine may have known of a loan to one of the firm’s European affiliates using segregated customer accounts, the head of the CME Group Inc. told a Senate panel Tuesday, contradicting Mr. Corzine’s own testimony earlier in the day.
Terry Duffy, executive chairman of the CME Group, told the Senate Agriculture Committee that a senior MF Global executive told a CME auditor that Mr. Corzine knew of the matter during a telephone call with regulators just before the firm’s collapse in late October.
No wonder Obama’s horrible stimulus royally FAILED — in clips in the video below, Joe Biden tells a crowd that Corzine is “the smartest guy I know on the economy and finances,” and that he has called Corzine often, asking him, “Jon, what do YOU think we should do?” regarding America’s economic recession.
Obama-Corzine Were Dead Wrong
Obama relies on bankrupt Jon Corzine MF Global
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