Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Jon Corzine

Uphill Battle for Republican Challenger in New Jersey Senate Race

With substantial primary wins over their opponents, the Republican and Democrat candidates in the special election to be held on October 16th to fill New Jersey Senator Frank Lautenberg’s final 15 months following his death in June, the polls show that the Democrat, Cory Booker, should win in a walk.

But to hear Republican candidate Steve Lonegan tell about it, the race could be close. Lonegan is

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Government Shutdown in November?

This article was first published at The McAlvany Intelligence Advisor on Monday, July 29th, 2013:

Tuesday’s announcement by Senate Majority Leader Harry Reid that he wouldn’t consider anything the House passed that didn’t repeal the sequester “cuts,” followed by Utah Senator Mike Lee’s letter that he and 11 other senators would block any budget that contained spending to implement Obamacare, have set the battles lines for October. So “sequester” and “Obamacare funding” are back in vogue. Like the battles line drawn at Gettysburg, the left and the right are lining up their cannons.

Reid said he has “no interest” in

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Securities Agency Sues Jon Corzine, former MF Global head, over theft of customer funds

The sanctions sought against Jon Corzine, the former head of MF Global, by the U.S. Commodity Futures Trading Commission (CFTC) in a lawsuit filed in U.S. Southern District Court in New York on June 27th should end Corzine’s career as a Wall Street manipulator and send him into

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New Jersey Pols Reveal Plans to Confiscate Guns, Contempt for Owners

The microphone remained live following a committee meeting in Trenton, New Jersey last Thursday and captured comments from three anti-gun Democrats boldly proclaiming their purposes and prejudices:

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MF Global Trustee May File Charges Against Corzine

Jon Corzine

When James Giddens, the bankruptcy trustee who is liquidating the derivatives trading firm MF Global, filed his 275-page report on Monday, he said there may be enough evidence to file charges against the company and its former CEO (and former New Jersey Governor), Jon Corzine:

My investigation has concluded that management’s actions, along with the lack of sufficient monitoring and systems, resulted in customer property being used during the liquidity crisis to fund the extraordinary liquidity drains elsewhere in the business, including margin calls on European sovereign debt positions.

In light of these conclusions, I have determined there may be valid claims against individuals and entities. In my capacity as Trustee, I will make every effort to ensure that such claims result in the greatest possible returns to customers in an efficient and fair manner, whether those claims are pursued by my office or others.

The operative word here is “may” because the trustee doesn’t have law-enforcement or regulatory powers over the company or its former executives. The report draws no conclusions about possible criminal liability or statutory violations. All he wants is to get

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MF Global Head Jon Corzine Denies Involvement

Jon_Corzine

In testifying yesterday before the House Committee on Agriculture, Jon Corzine, former head of failed MF Global—which took customers’ funds for its own use when it had financial difficulties because of risky investments—expressed repeatedly his grief over what went wrong with his company, and his sympathy for the “plight” of his customers who lost millions if not billions of their money with its downfall: “Their plight weighs on my mind every day — every hour. And as the chief executive officer of MF Global at the time of its bankruptcy, I apologize to all those affected.”

He then pleaded ignorance: “I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others.” Then Corzine tried to distance himself from the disaster, saying that since he wasn’t involved in the day-to-day operations on the trading floor, he really couldn’t explain how things got so desperately out of hand:

I did not, however, generally involve myself in the mechanics of the clearing and settlement of trades, or in the movement of cash and collateral. Nor was I an expert on the complicated rules and regulations governing the various different operating businesses that comprised MF Global. I had little expertise or experience in

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Market Economy Now a Game of Russian Roulette

Russian Roulette (game show)

Four of MF Global’s former clients have made public their experiences with the failed financial derivatives broker, each of them losing their money and two of them their businesses as a result of MF Global’s bankruptcy.

One, a commodity trading advisor who wishes to remain anonymous, described her experience when she first learned that MF Global was in trouble:

At first, as I heard, I was quite relaxed because I thought we’ve been through this a number of times in the industry. Usually the client has the opportunity to move [her] accounts—it just gets moved. [But] I knew on Monday something was fishy when they turned off my terminal…. Later in the day when [my] funds were frozen—that had never happened before. And then I knew that we were in trouble, because things were not happening in the way they were supposed to happen…. This was unprecedented.

Not only did she lose $100,000 of her own money, she lost her business as well, with three of her major European clients telling her that they never

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Jon Corzine Proves Regulation is Rigged

Our Governor

After spending the entire weekend trying to sell his company, MF Global, Chairman Jon Corzine finally capitulated, and his board declared bankruptcy on Monday morning, October 31. It was during negotiations with a potential suitor for the business, Interactive Brokers (IB), that word leaked out that customers’ monies were missing, and IB left Corzine to fend for himself. A board meeting was hastily called and ended Corzine’s dream of building another Goldman Sachs with other peoples’ money.

It isn’t as if the regulators were asleep. According to the New York Times, alarm bells went off last June when regulators from the Financial Industry Regulatory Agency (FINRA) first discovered that

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Corzine to Replace Geithner as Treasury Secretary?

HOBOKEN, NJ - NOVEMBER 02:  New Jersey Gov. Jo...

Image by Getty Images via @daylife

Despite protestations from Jon Corzine, former New Jersey governor, that he has no interest in taking Treasury Secretary Timothy Geithner’s place if Geithner decides to step down, Corzine did manage to have a clause put into his company’s bond offering prospectus that if he did accept the position, bond holders would be paid an extra one percent interest, just in case.

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Reality Checks from New Jersey, Illinois

Governor of New Jersey Chris Christie

Image via Wikipedia

Steve Kroft called it “The Day of Reckoning” on his “60 Minutes” segment on Sunday, but many weren’t buying it. Despite persuasive statistics showing that states have overpromised and overspent, Kroft’s conclusion about time having run out on the states was met with denial, even anger. He interviewed Meredith Whitney (who accurately predicted the decline in bank stocks as far back as 2007), who reiterated her conclusion that states’ debts are the next big bubble to burst. Her biggest concern is complacency:

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SEC Charges NJ With Cooking the Books

Jon Corzine, Governor and former Senator from ...

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Notable in the statement from the Securities and Exchange Commission (SEC) last week that it was charging the State of New Jersey with securities fraud was the lack of fines, punishment, or names of the guilty. The fraud began in 2001 and wasn’t uncovered until the New York Times exposed it in April of 2007.

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Captains of the Economy: The ‘Good Ol’ Boy’ Network is Alive and Well

ABC News Now

Image via Wikipedia

In its attempt to glorify “the 10 who shaped the U.S. economy the most since 2000,” ABC News did a great favor for those interested in the interconnections among the “elite” who are impacting the current world economic and political scene.

Naturally, much was left unsaid about these “captains,” especially regarding their connections to the elite currently in charge. In order, then, here is a brief look at each of these “10 who shaped the U. S. economy”:

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.