Jon Corzine will not face criminal charges over MF Global

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John Corzine with Obama: file photo.

If you are a billionaire former Goldman Sachs CEO, ex-governor, and one of Obama’s biggest donors and steal $1.2 billion directly from the accounts of your customers and cover-up that theft, then you are not a criminal.

If you reveal the un-Constitutional spying on all American citizens by the government, you are a traitor and face life imprisonment.

This is your American Republic in a nutshell. Anyone that doesn’t believe we are a corporate fascist oligarchy run by the ultra-wealthy for the benefit of the ultra-wealthy, just isn’t thinking. And the beat goes on.

There will be no criminal charges for former New Jersey Governor Jon Corzine over the use of customer funds leading up to collapse of MF Global.

The criminal probe into whether there was wrongdoing on the part of Corzine by the Department of Justice will now be dropped due to lack of evidence, said a report in The New York Post, citing a person with knowledge of the matter.

But the former CEO of Goldman Sachs is not out of the woods.

Corzine is facing civil charges by the Commodities Futures Trading Commission for illegally using customer funds in the last few days of MF Global to help keep the company afloat. The firm’s former assistant treasurer Edith O’Brien is also caught up in the scandal and charged by the CFTC for making the transfers.

Ultimately Corzine was charged by the regulator for failure to segregate and misuse of customer funds and failure to supervise diligently. O’Brien was charged with one count failure to segregate and misuse of customer funds.

To support the allegations, the CFTC used a recorded telephone conversations to support their charges that Corzine was fully aware of the transfers.

Both Corzine and O’Brien have denied any wrongdoing.

SEE ALSO:

– Jon Corzine charged by regulators in connection with MF Global collapse

– Congressional report blames Corzine for MF Global’s collapse

– PFGBest = MF Global part 2; $220 million in segregated client money has disappeared as founder attempts suicide

– Jon Corzine, the man who stole $1.6 billion from customers for JP Morgan

Source: http://www.theburningplatform.com/?p=57341

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BIN LADEN, OBAMA, CORZINE AND “THE CLIQUE” BY Dr. Steve Pieczenik

Dr. Steve Pieczenik: America is Held Hostage by The Military Industrial Complex

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Alex talks with psychiatrist, former State Department official, author, and publisher Steve Pieczenik. Former intelligence, Black Ops, he overthrew Governments. He is the author of several books, including State of Emergency, Terror Counter Terror, and The Mind Palace.

MF Global sold assets to Goldman before collapse: sources

By Lauren Tara LaCapra and Matthew Goldstein

(Reuters) – MF Global unloaded hundreds of millions of dollars’ worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions. But it did not immediately receive payment from its clearing firm and lender, JPMorgan Chase & Co (JPM.N), one of the sources said.

The sale of securities to Goldman occurred on October 27, just days before MF Global Holdings Ltd (MFGLQ.PK) filed for bankruptcy on October 31, the ex-employees said. One of the employees said the transaction was cleared with JPMorgan Chase.

At the same time MF Global, which was run by former Goldman Sachs head Jon Corzine, was selling securities to Goldman to raise badly needed cash, the futures firm was also drawing down a $1.2 billion revolving line of credit it had with JPMorgan, according to one of the former MF Global employees.

JPMorgan spokeswoman Mary Sedarat said the bank did not withold money because of the line of credit. She declined further comment on details of the transactions.

JPMorgan has fought aggressively in bankruptcy court to protect its interests, and received a lien on some of MF Global’s assets in exchange for granting the firm $8 million to fund its bankruptcy costs. The lien puts JPMorgan’s interests ahead of MF Global customers who have not yet received an estimated $900 million worth of money from their accounts, which remain frozen as regulators search for missing funds.

The hastily crafted transactions and the seeming inability of MF Global to recoup some of the money in the sale to Goldman may start to explain why so much money remains unaccounted for at the futures firm.

It is unclear what type of assets Goldman bought from MF Global, but the securities were worth hundreds of millions of dollars, the former employees said. The sources spoke on the condition of anonymity.

QThe Wall Street Journal previously reported that George Soros’ fund was a buyer of securities sold by MF Global, scooping-up some of its European sovereign debt at a deep discount. Panic among investors and clients about MF Global’s $6.3 billion bet on European sovereign bonds led to its demise.

Corzine, who was CEO of MF Global at the time of the collapse, headed Goldman Sachs from 1994 to 1999 before being ousted after a power struggle with co-CEO Henry Paulson.

Corzine and other top MF Global executives reached out in desperation to Goldman Sachs Group Inc (GS.N) and JPMorgan, as well as Jefferies Group Inc (JEF.N) Barclays Plc (BARC.L), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE), Macquarie Group Ltd (MQG.AX), State Street Corp (STT.N) and Wells Fargo & Co (WFC.N), as potential buyers in its final days as the firm teetered toward collapse, Reuters earlier reported.

(Additional reporting by David Henry; editing by Martin Howell and Andre Grenon)

Clinton Collected $50K Per Month From MF Global

By Neil McCabe

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William J. Clinton, John S. Corzine CEO of MF Global

A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution.

“They were supposed to be helping Corzine improve his image as a CEO—I guess you can tell how that went,” he said. Corzine resigned as CEO and chairman November 4.

Before Corzine joined MF Global in May 2010, the firm was a smart and well-run commodities broker, a culture that was turned upside-down by his leadership style, he said.

“The traders would be shaking their heads,” he said. “They would come back to their desk and say, ‘Well, I thought we were going to do this—but Corzine would come by and do something else all by himself,’” he said.

The Teneo contract with MF Global lasted at least five months, he said. “The board cancelled it after Corzine resigned.”

The source, who is no longer associated with MF Global, said Teneo is a dual-track company with one side devoted to merchant and investment banking and the other side set up to provide image and strategy consulting services.

Clinton is the chairman of the company’s advisory board. His duties and compensation have not been released. The other member of the board is former British prime minister Tony Blair.

Two of the three founding partners are very close to the former president and his wife, Secretary of State Hillary R. Clinton. They are Douglas J. Band, who is the former president’s counselor and has served on his personal staff since 1995 and Declan Kelly, who earned the “Hillraiser” status in the secretary’s 2008 run for president for bundling more than $100,000 for the campaign.

Another prominent member of the Clinton political family is Tom Shea. Shea is a senior vice president for Teneo Strategy and served as Corzine’s chief of staff, when Corzine was the governor of New Jersey.

Kelly sold his public relations firm Financial Dynamics in 2006 to FTI for $340 million, and stayed with that company until July 2009, when he joined the State Department as the Economic Envoy to Northern Ireland.

The source said, “Kelly was given a job they created out our whole cloth.” The job did not exist previously.

“He basically got to ride around developing a book of business, while he waited for his non-compete clause to run out,” he said.

Kelley and the former president traveled together networking and making introductions at international conferences and events, he said.

The Secretary of State also traveled with Kelly, including the October 2010 U.S. – Northern Ireland Economics Conference, which Kelly organized and at which the secretary was the featured speaker.

The secretary announced that she accepted Kelly’s resignation May 11.

Teneo landed its first major client June 1, when the Rockefeller Foundation gave Teneo a $3,447,150, six-month contract to help plan the foundation’s 2013 centennial.

The foundation is another member of the Clinton’s extended family. It gave Clinton its Lifetime Innovation Achievement Award July 27 and the foundation is listed as a between $1 to $5 million contributor to the William J. Clinton Foundation, along with several members of the Rockefeller family who are listed as individual contributors.

[In the preparation of this story, several emails and phone calls were placed to Teneo, MF Global and the State Department for comment. In each case, there was no response.]

(Source: human events )