Company Run by Obama Fundraiser Corzine Files For Bankruptcy, Feds Investigate Up to $700 Million ‘Missing’ Dollars
- Posted on November 1, 2011 at 5:50pm by
Becket Adams
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MF Global Holdings Ltd., the securities firm run by former New Jersey Governor and Goldman Sachs head Jon Corzine, is seeking bankruptcy protection one week after reporting its biggest-ever quarterly loss.
Corzine is also a top fundraiser for President Barack Obama, having helped raise at least $500,000 for Obama’s re-election campaign since April, according to records released by the campaign.
It should be pointed out that since filing for bankruptcy, it has been reported that MF Global is being investigated for “hundred of millions” of missing dollars.
MF Global was also notable for being one of 22 companies considered “financially secure” enough to sell U.S. government debt on behalf of the Fed.
Why that conclusion was reached is unclear: MF Global turned a profit just three times in the past 12 quarters.
As the European debt crisis threatened to spread, investors and analysts focused on the company’s holdings of debt from Belgium, Italy, Spain, Portugal and Ireland.
And then they filed for bankruptcy.
As reported yesterday on The Blaze:
After attempting a fire sale over the weekend, MF Global (NYSE:MF), will file for Chapter 11 bankruptcy as soon as today and according to the Wall Street Journal, may sell the firm’s assets to Interactive Brokers Group (NASDAQ:IBKR) for $1 billion through a court-supervised auction.
The company has also been suspended from conducting business with the Federal Reserve Bank of New York.
Since then, and as predicted by Business Insider, the securities firm appears to be the first major U.S. casualty of Europe’s debt crisis, although last week it sought to reassure investors that the investment in European sovereign debt was prudent.
Allegedly, Corzine worked over the weekend to find a buyer but that an effort to sell the firm to Interactive Brokers Group of Greenwich, Conn., fell through, reports The Wall Street Journal.
MF Global filed its petition with the U.S. Bankruptcy Court for the Southern District of New York. Including its subsidiaries, MF Global has assets as $41.05 billion and liabilities of $39.68 billion, according to its bankruptcy petition, reports Fox News.
However, as mentioned earlier, the story has a twist: apparently, there are millions of dollars missing.
From Dealbook (h/t Business Insider):
Federal regulators have discovered that hundreds of millions of dollars in customer money [has] gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.
“Evidently the missing money, perhaps up to $700 million, is what killed any chance of a deal for the company, and obviously the big fear is that somehow customer money got co-mingled with the firm’s money in some improper way as it attempted to stay alive,” writes Business Insider.
What happens when customers fear that their money is unavailable? Usually panic and that is never good for any market.
In a statement on Monday night, the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission said that regulators had been monitoring MF Global in anticipation of a transaction “that would include the transfer of customer accounts to another firm,” reports Reuters.
“Early this morning, MF Global informed the regulators that the transaction had not been agreed to and reported possible deficiencies in customer futures segregated accounts held at the firm,” the regulators’ statement said.
The Associated Press contributed to this story.
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Comments (90)
RightPolitically
Posted on November 1, 2011 at 8:34pmCorruption is the main business of Democrats.
Report Post »joe conservative
Posted on November 1, 2011 at 8:42pmYes it is. This is exactly what the “follow the money” video on youtube was all about. This would have fit right in with the short video. http://www.youtube.com/watch?v=BNc7h-8DGcQ
Report Post »DaytonConserve
Posted on November 1, 2011 at 8:51pmThe Occupy crowd could start a new chant, “Cuffs for Corzine”.
Report Post »GeorgieJo
Posted on November 1, 2011 at 8:52pmHOW MANY TIMES did Obummer go to New Jersey for this CorruptCorzineDude??? when he was running for governor?
TELLS alot where Obummer puts his feet—-Right in with another corrupted bankrupted GOVT Official
BHO? Take Business 101 AGAIN
LMAO
Report Post »ProbIemSoIver
Posted on November 1, 2011 at 9:09pmIt is seriously pathetic and sad, how people still blame Democrats or Republicans.
You people are just clueless as to what is going on.
Obama and George W. Bush are Cousins. They are part of, and controlled by the Global Elite.
Do your research people. I expected more from the Beck-educated Blazers, Although I think Glenn has some more learning to do.
http://www.youtube.com/watch?v=_ldZS9PL9KE ( 2:37 – Cousins )
http://www.youtube.com/watch?v=IlCs7u1ihws ( 2:14 – What Most of you and Beck need to watch )
Report Post »AOL_REFUGEE
Posted on November 1, 2011 at 9:21pmWTF is that A hole Corzine still doin‘ hangin’ ’round – as if I didn’t know?
Report Post »techengineer11
Posted on November 1, 2011 at 9:26pmCorzine is part of that Apartheid that I speak about all the time.. .Sooner or later you people will have to take the blinders off.. There’s only so many times that 700 million or 20 billion can be stolen from a people right?
Report Post »UPSETVET
Posted on November 2, 2011 at 5:09amWhen refering to missing money “co-mingled“ is a more convenient phrase than ”stolen”. I’m now wondering how much of the $700 million that’s“ missing” was campaign contributions to democrats, including Barack Obama.
“Transparency in Government” has taken on a whole new meaning under the present administration, meaning there’s NO transparency. The Obama administration is the most corrupt in our American history.
Report Post »pamela kay
Posted on November 2, 2011 at 6:14amSay it isn’t so, corruption connected to Obama? ……………………….Maybe we will hear some lame excuse. (AGAIN) I am sure they think they have all their bases covered. Of course for the most part it won’t be reported. Or will it? AQre they setting the path for ……….taaaa daaa…..Hillary?
Report Post »poorrichard09
Posted on November 2, 2011 at 8:22amAnd the 0bama people will “thoroughly investigate” the issue and find “no wrongdoing” while some of the million$ are funneled back into the 0bamao re-election fund.
Report Post »LetUsReason
Posted on November 2, 2011 at 10:58amMore financial misuse and scandal connected to our fearless leader.
Report Post »This is my shocked face……. :-o
Ruler4You
Posted on November 2, 2011 at 12:22pmGee. There seems to be an awful lot of corruption centered around finance with the socialists. I remember a Buddhist temple and Algirl having some problems like these. You know, money showing up, then disappearing, then reappearing (in your personal account)…
Democrat (politicians) are communist liars, nearly to a man (yes, even if they are women). But it’s okay to be a corrupt communist democrat. Whats the worst that can happen?
Report Post »MrHoggLegg
Posted on November 2, 2011 at 1:28pmCorruption is the name of the game ✡ And the game is played by DemonRats (I mean DemocRats) and RepublicRat Politicians ✡ And the game will continue being played until ‘We The People’ replace the Politicians with Constitutionalists that will give the Government back to ‘We The People’!
Report Post »Ruler4You
Posted on November 3, 2011 at 2:09pmGee. If all of the companies that have been bailed out now go bankrupt AND we double dip AND unemployment stays where it is AND Greece falls AND the congressional committee on spending doesn’t come up with a GOOD plan in 19 days… makes me think taking the money meant you agree to file for bankruptcy (to destroy the economy) before the 2012 elections. Possibly extending the stay of vladimir obama by fiat, rather than election.
Report Post »spfoam1
Posted on November 1, 2011 at 8:25pmThe only reason the corruption and theft never seems to end with the democrats is because they keep getting away with it. These crooks need to go to jail.
Report Post »spfoam1
Posted on November 1, 2011 at 8:23pmIf we dragged every democrat out and hung them, I wouldn’t lose any sleep wondering which ones may have been innocent.
Report Post »Buck Shane
Posted on November 1, 2011 at 8:32pmPersonal Note: I shook hands with Mr. Corzine once at a political fund raiser. He shakes like a girl. No offense ladies.
Report Post »Fight for America
Posted on November 1, 2011 at 8:21pm“comingled” – doesn’t that sound so much cleaner and classy compared to the other words many would apply to this?
So, where is all the money going? Is it going to buy an election?
Report Post »garyM
Posted on November 1, 2011 at 8:11pmIt’s sound like Corzine may have taken lessons from Bernie Madoff!
Report Post »Goldi
Posted on November 1, 2011 at 7:58pmHow did we think obama was going to get $1billion for his campaign? The most ethical – yah right!
Report Post »trueblueday
Posted on November 1, 2011 at 9:54pmMy thoughts exactly. They know where the “missing money” is – right where they intended it.
Beck’s been saying to keep a journal on current events. The section on corruption will be several inches thick.
Report Post »TEARS FOR AMERICA
Posted on November 1, 2011 at 7:51pmEver wonder where all this money is flying to? Don’t just loose sleep over it? Interesting…
Report Post »kapnkd
Posted on November 1, 2011 at 7:51pmMissing monies????? The Dems??? ….HOW SHOCKING
Best check Obozo’s pockets first and then start going down the line starting with Biden, Pelosi, Reid and on and on!!!!!!!!!!!
Report Post »TxMadMac
Posted on November 1, 2011 at 7:04pmHow many shredders have this administration gone through so far ? God is watching and He will be your judge !
Report Post »garyM
Posted on November 1, 2011 at 8:20pmGod isn’t that interested in judging that, he will be judging everyone on whether they have been saved through Jesus, it easy to see that someone who has doesn‘t engage in these kind of activities probably is a Christian although there is those unsaved people who don’t. If Corzine goes to hell, it will be because he hasn’t repented of his sins and been saved, the people who has lived a good moral life and never cheated anyone of of any money but has never trusted Jesus will be right there in hell with Corzine. Those who haven’t trusted Jesus are condemned already, they don’t have to do anything, they are hell bound! If theya re saved, it isn’t because they deserve Heaven, we all deserve hell!
Report Post »Psychosis
Posted on November 1, 2011 at 7:02pmanyone wondering if all this money ( this and all the money given out by obama’s administration) will somehow be funneled back into democrats election campaigns????
Report Post »Fina Biscotti
Posted on November 1, 2011 at 8:23pmAbsolutely…..that is what it is ALL about = money laundering and embezzlement schemes….
Report Post »Pontiac
Posted on November 1, 2011 at 10:21pmWithout a doubt, money laundering. Any person or business or employee of said business that receives money from the government in the form of subsidies, welfare, or bailouts should NOT be allowed to donate ANY money to ANYONE! It gives those in charge more power to fleece us! You cannot take money by force to give money to someone else so they can give a portion back to you!
Report Post »retiredLEO
Posted on November 1, 2011 at 6:52pmCorzine bankrupted NJ now he has bankrupted MF Global, he belongs in jail.
Report Post »Constructionist
Posted on November 1, 2011 at 6:49pm“big fear is that somehow customer money got co-mingled with the firm’s money in some improper way as it attempted to stay alive.”
As a business person, let me assure you that there is no such thing as legal or “proper” co-mingling of funds.
Report Post »Stoic one
Posted on November 1, 2011 at 7:37pmYEA you go to JAIL if it is proven. Out of one point three seven Billion dollars, they only have on hand six hundred and seventy billion…. OOPS
Report Post »mr.goodvibe
Posted on November 1, 2011 at 6:47pmProgressives. Biggest bunch of theives and liars ever known to man!
Report Post »Paulmtmorris
Posted on November 1, 2011 at 6:36pmWhat $700 million?
Corzine
Report Post »hightide
Posted on November 1, 2011 at 6:34pmAll the lies will be seen in the light.
Report Post »MiCurmudgeon
Posted on November 1, 2011 at 6:22pmBet there are no OWS at Corzine’s office or house.
Report Post »Smokey_Bojangles
Posted on November 1, 2011 at 6:46pmThat is probably where the missing millions went.To support the communist.
Report Post »Snowleopard {gallery of cat folks}
Posted on November 1, 2011 at 6:17pmSo then into whos pocket did the money disappear to? Why is the DOJ not bothering to investigate or even prosecute this mess (aside from it being a matter of Obama’s cronies at stake.)?
Report Post »brntout
Posted on November 1, 2011 at 6:24pmWhat has Holder ever investigated, to busy covering up for fast and furious and other lefty policies,along with sueing Arizona and the other states who want to secure the border.No time to try and investigate missing money.Might find it in his boss’s coffer.
Report Post »Salamander
Posted on November 1, 2011 at 10:59pmIt didn’t go into a pocket–it got wired offshore! Bzzzt! All gone! Not like the old days when the rich guy had a mansion, the factory and a car collection! Nope! Now, it’s all virtual wealth! Bzzzt! All gone!
Report Post »ZAP
Posted on November 1, 2011 at 6:15pmThis is not stealing,This is redistribution of wealth.
Report Post »Dustyluv
Posted on November 1, 2011 at 6:11pm>>What happens when customers fear that their money is unavailable? Usually panic and that is never good for any market.<<
______________________________________________________________________________
Just think what's going to happen when the Government can't send out welfare checks because it's broke. Panic? The teat suckers will burn down the Country. Buckle up, it's about to get bumpy when we slam into that mountain…
Report Post »ZAP
Posted on November 1, 2011 at 6:23pmThere is plenty of Obamama money left,don`t worry
Report Post »vancity
Posted on November 1, 2011 at 6:09pmGeez, Obama just keeps associating himself with the best of the best! What a winner.
Report Post »brntout
Posted on November 1, 2011 at 6:08pmReally, with Corzine involved money is missing? how weird.
Report Post »suzy000
Posted on November 1, 2011 at 6:07pmAND…after losing customer’s lifesavings….Corzine STILL gets a 12.1 Million Dollar Bonus…unbelievable! Where is this cap on 500,000 golden parachute requirement Obama promised he would enforce? I guess his buddies are exempt! Crooks…they are all crooks!
Report Post »saranda
Posted on November 1, 2011 at 6:02pmBet Corzine does not spend one day in jail. Our record of punishing white collar criminals is pathetic.
Report Post »progressiveslayer
Posted on November 1, 2011 at 6:42pmCorzine won’t do time just like big nose Bill Clinton,he lied under oath to a federal judge and no jail time,if anyone else did that they would do some time.Corzine is a slime ball criminal like most dems and our Marxist president is an enemy of the constitution.
Report Post »CatB
Posted on November 1, 2011 at 6:02pm“Missing money” ??? Stolen money!
Report Post »phillipwgirard
Posted on November 1, 2011 at 6:10pmI know CAT, what a surprise ayhh? Oh by the way you forgot to TEA!
Report Post »pscully17
Posted on November 1, 2011 at 5:58pmand you thought Haliburton was a corrupt link to Bush… Obamas the King of Corruption… Hioly CRAP!!!! how much more3 of this are WE THE PEOPLE GOING TO TAKE? IMPEACH OBAMA NOW!!!! IMPEACH OBAMA NOW!!!! IMPEACH OBAMA NOW!!!! IMPEACH OBAMA NOW!!!!!
Report Post »Theleftisda
Posted on November 1, 2011 at 6:09pm$700 million Oscama needs only $300 million more to reach $1 billion for his campaign
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