Their going about it in the wrong way. Start with the lower level employees first. Start by telling them their in deep S*** and are looking at serious jail time. Save yourself. Get the documentation then talk to Corzine. Someone had to tell the clerical to move the funds. Internal controls should lead to the paperwork. Auditors should be sued also. Corzine could claim he didnt know what was going on, wont free him from making good on the losses.
Henri based on the newspaper picture it doesnt look like you can defend yourself in jail from Bubba.That smirk will soon be gone.
Steve Schaefer, Forbes Staff If you can put the word market after it, I cover it.
+ Follow on Forbes Markets|12/15/2011 @ 2:36PM |73 views Corzine Gets Served Outside Capitol Hill Hearing 0 comments, 0 called-out + Comment now + Comment now 2 1 0 0 0
Image by AFP/Getty Images via @daylife
Former MF Global CEO Jon Corzine was exiting the room during a recess in Thursday’s House Financial Services Committee, when a man attempted to serve him with papers on behalf of one of the firm’s former clients.
CNBC cameras captured a man walking up to Corzine as he exited the hearing room and attempting to serve him with a lawsuit. Corzine told the process server to see his lawyer and kept walking as someone in his party bent over to pick up the documents, which had been put on the ground in the former New Jersey senator and governor’s wake. The network’s Kayla Tausche said the suit is on behalf of a customer who had a $95 million MF Global account, filed in the Southern District of New York.
Move up Move down MF Global Goes Under Steve Schaefer Forbes Staff Where Corzine Is Still Welcome Emily Lambert Forbes Staff Earlier during Thursday’s hearing, Corzine reiterated that he never authorized the misuse of customer money, never intended to do so and never said anything that could have been misconstrued to those ends.
The testimony comes after CME Group Executive Chairman Terrence Duffy said in a Senate Agriculture Commitee hearing Tuesday that an MF Global employee told CME auditors that Corzine knew about a loan to the brokerage firm’s European subsidiary that came from commingled customer funds. (See “CME Chief Suggests Corzine Knew About Missing Money.”)
In Thursday’s hearing, Corzine said he could not specifically respond to such allegations without understanding their source.
There will be no shortage of lawsuits in the wake of MF Global’s collapse, with the firm’s bankruptcy trustee James Giddens having estimated a $1.2 billion shortfall in customer funds. Reuters reported Wednesday that regulators at the CFTC have a sense of all the firm’s transactions and are just sorting out whether anything improper occurred. That was back up for debate Thursday though, after one of the CFTC’s commissioners, Bart Chilton, distanced himself from those claims in a statement that read, in part: “I do not have confidence that we know where all the money went.”