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Morning Market Roundup: Corzine Charges, Apple Founding, Nokia Back From the Dead?

Here’s what’s important in the financial world this morning:

MF Global: Officials at CME Group have given the Justice Department documents that may prove former MF Global CEO Jon Corzine knew his firm commingled customer money with its operations in Europe. Corzine had been held in high esteem on Wall St. until recently. He is a former CEO of Goldman Sachs and governor of New Jersey. Corzine’s reputation has been battered by the bankruptcy of MF Global and charges that the firm misused customer money with capital MF Global traded.

To support the charges of what Corzine knew, CME Executive Chairman Terrence Duffy said, “A CME auditor . . . participated in a phone call with senior MF Global employees wherein one employee indicated that Mr. Corzine knew about the loans that had been made from the customer segregated accounts.” Corzine’s problems may have only begun.

Oil Production: OPEC probably will keep oil production where it is now—at 30 million barrels a day. If so, this production will stay near three-year highs. OPEC likely will make the decision because of the faltering global recovery. The cartel understands that a sharp spike in crude prices could help drive the developed world back into a recession, a situation that would be unfavorable to demand levels—and OPEC’s sales — almost immediately.

Apple’s Papers: The documents signed to create Apple on April 1, 1976, sold at auction for $1.6 million. With the recent death of founder Steve Jobs and Apple’s huge success, it is amazing the price did not go higher. The papers were the beginning of Apple and were signed by Jobs and co-founders Steve Wozniak and Ronald Wayne. The $1.6 million is certainly a good investment. Apple, now the most valuable company in the world by market cap, has not lost the cult-like following it had when Jobs was alive. Anything tied to its earliest days likely will grow in value.

Lumia Tested: An effort to bring Nokia back from near death in the smartphone sector reached another milestone. Its Lumia 800 handset was tested in the laboratories of carriers AT&T and Verizon Wireless. The Lumia will be the first widely distributed smartphone to run Microsoft Windows mobile OS. The alliance between Nokia and Microsoft calls for an investment of billions of dollars in marketing and R&D. The Lumia’s greatest advantage is that it will run on superfast 4G LTE networks in the U.S. These networks have attracted customers who want rapid speed for downloads and to view multimedia.

(24/7 Wall St./The Blaze)

Comments (15)

  • paulusmaximus
    Posted on December 14, 2011 at 3:22pm

    I wonder if the IRS would except me saying:” I don’t know were the money went”.

    Report Post » paulusmaximus  
  • lovemynation
    Posted on December 14, 2011 at 12:15pm

    Once again the elitist have shown us that they are indeed, above the law. And all Corzines “pals” will come to his aid. Obama says he is his most trusted advisor. And no doubt, all you need is money and the will to bend the law to benefit “the party”. It’s like the “discovered” $7.7 Trillion that has been reported missing from the Treasury and somehow sent and kept in some overseas bank accounts. OUR money. Or the $$ that T.Geitner somehow gave to his 8 favorite banks during the Wall St. greedy “tsunami”, or the money that Pelosi’s brother-in-law’s bank got, or the money that M.Waters husband’s bank got, and on and on…….When will we wake up to the realization that we are drowning in corruption and greed in our own gov’t. How many of Obama’s closest..whomever….do we need to hear about before we understand that the lefties in gov’t are only interested in removing from us, to give to their choice of someone more “deserving”? And that they don’t care what or how WE THE PEOPLE are making ends meet. They have been doing this for years, because we paid no attention, thinking they had our interests in mind, and our children’s future. Now we find out that not only do they not care, but the people and nation are only used as excuses to take more from us. Why do you think we’re forced to support the 99%’s or all those refusing citizenship? The left only know how to take and spend. Nothing else is of interest to them. Period. Sad for America, isn’t it, that we

    Report Post »  
    • smallbutloud
      Posted on December 14, 2011 at 3:51pm

      Bravo! Well written!! Now, how do you propose we “take out the TRASH”?? And don‘t say by voting because voting alone just won’t do it!

      Report Post » smallbutloud  
  • lovemynation
    Posted on December 14, 2011 at 11:57am

    Let’s see…..Goldman-Sachs, a governor, Obama and Biden’s trusted advisor, once considered for the Tres.Sec., yeah, this is another shining example of Obama’s, who was supposed to be the “go to” guy for fiscal advise?? And another example of why our lefties in gov’t have no qualms about taking our money and spending it as they deem politically beneficial to them. It appears that Corzine, like our Dem. elected, think that no matter who’s money it is, taxpayers or customers, if they want to use it elsewhere, then they will, and apparently, no one should question their reason or actions when they do. It makes me think of a car thief. If they want it, regardless of who’s it is, they’ll steal it…just because. Like our Congress, who has raided and emptied out the Soc.Sec. of the $3 Trillion, and used it elsewhere…can’t pay it back, but oh well…… And Corzine is only doing what the elected have been doing for years, raiding and spending, and no one holds them accountable. I don’t expect anyone to go to jail or have to make restitution. Like the Wall St. fatcats, the bankers and those who helped enable them to bring us to the brink of bankruptcy as a nation, (the Congress), no one will be made to pay for ripping off the customers. I watched the first hearing on oversight. It was like good ole’ boys night between the lefties and Corzine. Everyone at the table could see he knew everything and didn’t care. Just like Congress, he is what is wrong in America. He shoul

    Report Post »  
  • BuggiOlleo
    Posted on December 14, 2011 at 11:40am

    So a 1%-er, is trying to kill the 1%!!..Corzine is only the 1st of many who complied with this scheme. Top down bottom up… Big Government folks need a few more of this kind of behavior, AND, BOOM!! Believe me..there are still many more of these cloaked Socialists in the market area..Trouble is no one is holding these schemers accountable unless they are Republican-RINO.. A true Republican doesn’t have to worry about this fodder.A true Patriot would be able to come forward and honorably prosecute these fools without having to call a Congressional investigation.But, because of the potential of compliance from the Executive Branch, and probably the Federal Reserve, the press doesn’t pursue truth and our elected leaders are afraid of election.Today is not 50 years ago; Fifty years ago duplicitous behavior was condoned or ignored by politicians- maybe even accepted. Nay, not so any more, we are thy children of olde; The Time of Great Men is a rising, the World over.. We must have peace without having to prostrate
    our morality
    or our faith
    or our honor
    or our business
    or our property
    Laws are from men; behavior comes from the Almighty; we make Laws which should come from the Law within. I know a bad person by the righteousness of his actions.. I don’t care about your mistakes.. a man who is acting without prudence is not Honoring himself or others.. sooner or later behavior surfaces, and we shouldn’t need a Congressional Investigation..arrest this fool!! and thy will

    Report Post » BuggiOlleo  
  • Detroit paperboy
    Posted on December 14, 2011 at 10:38am

    I wonder if the occupiers will be arriving at the Corzine estate anytime soon ? Oops , sorry , i forgot , he’s one of the Democrats 1% …. my bad !

    Report Post »  
  • TeaPartyGoth97
    Posted on December 14, 2011 at 10:27am

    How did this artice get under the faith section?

    Report Post » TeaPartyGoth97  
  • ldpeters
    Posted on December 14, 2011 at 9:46am

    Now, isn’t this a surprise????

    How do you spell Washington? “C-O-R-R-U-P-T

    Report Post »  
  • stuartr44
    Posted on December 14, 2011 at 9:24am

    Corzine-Jail
    Apple, Nokia who cares

    Report Post » stuartr44  
  • SpankDaMonkey
    Posted on December 14, 2011 at 8:50am

    .
    Oil Production: Need More Now……………

    Apple’s Papers: Waste of good money……….

    Lumia Tested: Do we really need another device?………..No!!!!!

    Report Post » SpankDaMonkey  

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