To: Road Walker who wrote (111530 ) 3/23/2012 9:27:23 PM From: RetiredNow Read Replies (1) | Respond to RW, more proof that these Wall Street firms are lead by criminals and are heavily involved in criminal activity. They now have the smoking gun that Corzine was involved in literally stealing segregated customer funds. Are you ready to admit I have been right all along about these criminal banksters and that our government should not be bailing out criminals and that we should be putting them in jail instead? How long will the Democrats support this kind of thing? And you guys wonder why I've turned against this Administration. I can't abide crony-capitalism. It's that simple.MF Global E-mail: Corzine Authorized Use Of Customer Funds To Cover MFGLQ Overdraft gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.Memo: Corzine Ordered MF Global Customer Funds Moved To London Account to a memo (pdf) from the House Committee on Financial Services, which is scheduled to hold a hearing next week about the spectacular collapse of MF Global.As The Wall Street Journal reads the memo , the $200 million transfer "contributed to an estimated $1.6 billion shortfall in customer funds when the securities firm collapsed."Corzine has insisted he did not order customer funds moved . Bloomberg explains: "The money transferred came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds. "Corzine testified that he never intended a misuse of customer funds at MF Global, and that he doesn't know where client funds went. "'I did not instruct anyone to lend customer funds to anyone,' Corzine told lawmakers in December." In a prepared statement , Corzine added, "I simply do not know where the money is, or why the accounts have not been reconciled to date."Update at 7:10 p.m. ET. Corzine Stands By His Testimony: "As Mr. Corzine testified before Congress, he asked that the overdrafts with JP Morgan be corrected. As he also testified, he never gave any instruction to misuse customer funds and never intended anyone at MF Global to misuse customer funds. He further testified that he didn't believe anything he said could reasonably have been interpreted as an instruction to misuse customer funds. He stands by that testimony. "He never directed Ms. O'Brien or anyone else regarding which account should be used to cure the overdrafts, and he never directed that customer funds should be used for that purpose. Nor was he informed that customer funds had been used for that purpose. To the contrary, as Mr. Corzine testified, he recalls having received written material indicating that the funds used to cure the overdrafts were appropriate for that purpose."
