Looking back at Jon Corzine’s statements to Congressional committees investigating MF Global’s failure, it is clear that he knew that e-mail was out there. He used the committee hearing to lay the groundwork for a “he said / she said” defense vis-a-vis MF Global treasurer Edith O’Brien. Perhaps O’Brien simply misunderstood JC’s intent. “You gotta fix it” could easily be misinterpreted to mean something like “Raid the client accounts if you have to, but get me the time to sell this piece of crap before the street figures out we’re insolvent.” That kind of misunderstanding happens all the time.
Archive for the 'Corporate Business' Category
Dipping into MF Global client funds to backstop the firm’s heavily leveraged high risk bets on European debt is about as serious as it gets. We’re talking – Federal Felony / Criminal Fraud / Grand Theft / Go To Jail / Do Not Pass Go / Do Not Collect $200 / Throw Away The Key / – that kind of serious. If tapping segregated client funds at a broker dealer is not criminal fraud, then it is at least criminal negligence for CEO Jon Corzine.
I am now using a Droid phone. My whole life is on this device. My “real” email accounts and my “fake” ones – they’re all Gmail accounts and linked on the Gmail app. My phone numbers, credit card information and my real name. Facebook , blogs and tweets. It’s all conveniently tied together and linked [...]
GM pays back $6.7B in government loans by using a $13.4B government funded escrow account in order to secure $10B in new government loans.By mw | Related entries in Bad Decisions, Bailouts, Cars, Corporate Business, Democrats, Economy, Fiscal Responsibility
All week I’ve watched GM CEO Ed Whitacre walking down a factory floor in a GM advertisement, crowing about repaying government loans while saying he could respect the opinion of those who did not want to give GM a “second chance”. It is good to know that Ed can respect my opinion of the bailout. He might be interested to know that my current opinion is that his claim that GM repaid the loan from the US Government in full and ahead of schedule is more than a little disingenuous. I hope Ed still respects me.
Now that the House has left for summer recess, with the Senate leaving in a week, it’s a perfect time to look back and see what may have gone wrong in the Democrats’ plan to pass a major health care reform package before this week had passed. Most people tend to focus on the policy [...]
At the center of President Obama’s overhaul strategy for Wall Street are the “stress tests” which will be applied to all financial institutions. But how accurate will the test results be? That will depend on whether the treasury takes off-balance-sheet assets into account, experts say. This is Danielle Ivory, reporting from the American News Project [...]
After months of hand-wringing, bailouts and backlash, new GM CEO Fritz Henderson says bankruptcy is still a very real possibility: The company, he said, has until June 1 to accomplish changes sought by the government, or it will be in bankruptcy. The 60-day deadline should be enough time, but if it becomes evident that the [...]
In this economy, would you pay $149.99 for a Bernie Madoff action figure? Would your answer be influenced if you knew it was a limited edition action figure? Herobuilders.com is no stranger to controversy, brazenly giving G.I. Joe collectors the meanest enemies possible to wage war on — Saddam, Osama, Hugo Chavez.Â Without bad guys, [...]
At his new Culture11 digs, John Schwenkler points to a Washington Post article about the impending February 10 National Bankruptcy Day, about which I have written prolifically in recent days. One of the few saving graces with respect to this legislation, which will devastate small, medium and domestic businesses in numerous industries, has been a [...]
Hello Donklephants! I’m Mark, and I regularly blog at (and run) the site Publius Endures. Ostensibly I self-identify as a libertarian, although I’m not terribly dogmatic and tend not to write much on the more common libertarian themes, focusing instead on taking a sober look at the relationships between interest groups (which I define broadly) [...]