Tag Archives: goldman sachs

MF Global scandal have you wallowing in financio-babble?

Our good friend Tamara De Silva has written a series of articles on the MF Global scandal. In her latest piece Tamara presents the information “in English” so that regular folks who are not in the industry can understand it.

This is one of the MUST READ pieces of the year.  Here is a teaser:

….a possible conflict of interest between Jon Corzine [former NJ Governor and Democrat Bundler] and Mr. Gensler [CFTC Chairman] based upon their friendship, and a common political and professional involvement. What follows is a laundry list of connections-the applicability to MF Global comes later. For starters, Jon Corzine was the Chairman of Goldman Sachs during part of the eighteen years that Gary Gensler worked at Goldman Sachs. Mr. Gensler donated $10,000 to Corzine’s campaign for governor of New Jersey. They worked together in Congress when Corzine was a Senator and Mr. Gensler a Senate aide. They worked closely together drafting large portions of the investor protection act, Sarbanes Oxley, while Corzine served on the Senate Banking Committee.

More…

In 2010, Corzine invited Gensler to lecture at Princeton about financial regulation and Gensler also spoke to the audience assembled about his friendship with Corzine. Gensler donated $300,000 to the prominent Democratic candidates including President Obama and Hillary Clinton. Corzine has been one of President Obama’s elite bundlers, this past April 2011, alone holding an exclusive fundraiser from his Manhattan apartment where he was able to pass the hat around for more than $500,000. Gensler authored much of the Dodd-Frank Act and analysts like Sandler and O’Neill Partners wrote that they expected Corzine’s contacts in Washington as he took over as CEO of MF Global in 2010 to help him “navigates a shifting regulatory environment.”

Read on HERE!

Hmmm I wonder if the CFTC will have the ability to put service before self and investigate their own boss? After what we have already seen in the Obama Administration I am not holding my breath.

Democrats Face Another Financial Scandal: MF Global client money feared gone

CEO of Thomas Capital Management and Political Arena contributor Thomas J. Zaleski comments:

WHERE are the Democrats blood curdling screams of corporate raiders, banksters, greed, etc? Oh, Democrats love [former New Jersey Governor] Corzine! And it’s Bush’s fault?

Imagine a CPA NOT being able to find ONE POINT TWO BILLION? Must be a drunk CPA. James R. Spear, CPA Diplomat Forensic Accounting could find the money in days.

 

Watch this video and keep in mind that New Jersey fired Gov. Corzine because he put the state on the brink of default, now Gov. Chris Christie is cleaning up the mess:

Wall Street Journal/NY Post:

MF Global client money feared gone

Nearly three months after MF Global Holdings collapsed, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered, according to people familiar with the investigation.

As the sprawling probe that includes regulators, criminal and congressional investigators, and court-appointed trustees grinds on, the findings so far suggest that a “significant amount” of the money could have “vaporized” as a result of chaotic trading at MF Global during the week before the company’s Oct. 31 bankruptcy filing, a person close to the investigation was cited as saying Monday.

Many officials now believe certain employees at MF Global dipped into the “customer segregated account” that the New York company was supposed to keep separate from its own assets — and then used the money to meet demands for more collateral or to unfreeze assets at banks and other counterparties as they grew more concerned about their financial exposure to MF Global.

Lawmakers have pushed for answers from Jon S. Corzine, the former New Jersey governor and Goldman Sachs Group chairman who led MF Global into its big European bet and was CEO when the company failed.

[But I thought it was those rascally Republicans who owned Wall Street and Goldman Sachs…. – Editor]

Read more HERE.

Hypocrite! Elizabeth Warren Takes Wall Street Cash!

Related:

Top All-Time Donors, 1989-2012 – Hint: Most goes to Democrats – LINK.

Top 20 Industry Money Recipients This Election Cycle – Who is in the back pocket of Wall Street? – LINK.

Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to Pass Reforms-Blocked by Democrat Leadership! – LINK.

Boston Herald:

Alinsky Radical Elizabeth Warren
Alinsky Radical Elizabeth Warren

I thought Elizabeth Warren was all about transparency. We are all still waiting for her to file the required financial disclosure form.

The Oklahoma Professor has been criticizing Scott Brown for being “Wall Street’s favorite Senator.” She has also denounced “Wall Street cash in politics.”

But it turns out she may be indirectly accepting Wall Street money. The Democrat Senatorial Campaign Committee, which is helping the Harvard Professor, has taken over $40 million from Wall Street during the last 7 years according to records from OpenSecrets.org. In fact, Wall Street is the biggest contributors to them. They beat lawyers and labor union[s]. Just during this election season the DSCC has already received $1.5 million from Wall Street.

If Lizzy Warden is truly opposed to Wall Street money, then shouldn’t she reject the DSCC’s money? Otherwise she is just using the DSCC to funnel in Wall Street money.

Via Human Events:

  • According to an analysis of Federal Election Commission records by the Center for Responsive Politics, the 2008 Obama campaign received $12.6 million from Wall Street “Securities and Investment” firms versus McCain’s $7.9 million
  • The top three corporate employers of donors to Barack Obama, Joe Biden, and Rahm Emanuel were Goldman Sachs, Citigroup, and JPMorgan
  • Employees of Lehman Brothers alone gave Obama $370,000, compared to about $117,000 to McCain. (No wonder Bush let them go under.)
  • Since 1998, the financial sector has given a total of $37.6 million to Obama, compared to $32.1 million to McCain. But Obama ran for his first national office only in 2004. So McCain got less from the financial industry in a decade that included two runs for president than Obama did in four years.