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(BBC) Followup Stunning explanation given for bankrupt US brokerage firm missing $1.2bn: "I simply do not know where the money is," adding "Seriously, we looked behind the couch and everything"   (bbc.co.uk) divider line 251
More: Followup, MF Global, US House of Representatives, Jon Corzine, brokerage  
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11376 clicks; posted to Business » on 08 Dec 2011 at 3:45 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



251 Comments   (+0 »)
   

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2011-12-08 01:51:09 PM
Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.
 
2011-12-08 01:54:31 PM
1.2 billion dollars. let that sink in for a moment. 1.2 *billion* dollars. He lost 1.2 billion dollars and he's still walking around as a free man.

lets change gears for a moment. if you went to your boss and told him that you couldn't find...oh lets say $50k. So you go to your boss and say [insert giggle] 'hey boss, I lost $50k. gonna take an extra hour for lunch. want me to grab you a snack on the way back?' what do you think your boss would say to you? I can say that that my boss wouldn't be very happy about it. I'd also be in a jail cell so fast it'd make your head spin.

But Corzine lost $1.2 billion dollars. 'lost'. can't find it. when money goes missing in a bank, the default assumption isn't that aliens came and beamed the cash to alpha centauri....it's that someone high up the banks' food chain STOLE THE GOTDAMN MONEY!!!! you shut down the bank and send a legion of forensic accountants into the bank to find the money and gather evidence to see if you need to press charges. Why are we not doing this!?
 
2011-12-08 01:57:19 PM
Lighten up you guys. Maybe he left in his pants and his wife took them to the cleaners without checking the pockets.
It's happened to us all.
 
2011-12-08 02:01:03 PM
I don't care if you are right wing, left wing, Republican, Democrat....Corzine should be sitting in a jail cell right now, not tooling around the country and free as a bird. if a large pile of cash just evaporated I want to know how and why that happened and where the money went. Corzine needs to explain where that money went...and if he can't find it, then shut down the bank and go over his books with a microscope. if evidence pops up that he stole that money, then he should be charged accordingly.

THIS is why people Occupy wall street. This is why people are mad as hell.
 
2011-12-08 02:09:15 PM
Weaver95: THIS is why people Occupy wall street. This is why people are mad as hell.

The notion that this isn't just about hippies who hate bootstraps working hard and more bootstraps doesn't fit in with my preconceptions.

I choose to go back to thinking that Occupiers are just lazy and jealous of success of others.
 
2011-12-08 02:19:08 PM
Probably invested it in greek bonds. So yeah, thats where the money probably went. Paying for lazy people to do nothing
 
vpb [TotalFark]
2011-12-08 02:20:53 PM
BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.


It sounds like he is a Republican at heart.
 
2011-12-08 02:28:49 PM
BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.


Bill's got to get that in at the start, because he knows no Democrat on here is going to defend Corzine. Unlike how the GOP rallies behind their criminals.
 
2011-12-08 02:31:54 PM
I used to develop financial systems like General Ledger, Tax Compliance and Remittance, etc. It is simply unacceptable to say it's lost. There has to be an audit trail somewhere. And if there isn't, then it's because someone either covered their tracks or removed the trail. And regular audits should have caught this well before it got into the billions.
 
2011-12-08 02:34:32 PM
Weaver95: Why are we not doing this!?

They probably are. The article mentions that he faces possible indictment. They're probably trying to make sense of his books right now, which by his statement "[I don't know] why the accounts have not been reconciled to date," indicates to me that the company's accounting system is in tatters.

Give it a week. If nothing happens, then you can vent your copious, bilious outrage.
 
2011-12-08 02:35:57 PM
Hm. I just read the article, and I didn't see anything about tents, protesting or camping in a park after hours, so I have to conclude no crime was committed.

If I am wrong, of course, pepperspray and arrest everyone involved. Preferably as violently as possible.
 
2011-12-08 02:37:25 PM
Shostie: the company's accounting system is in tatters.

My business users would have cried bloody murder and called for a full accounting if one of my systems was $10 off. This is too big for a tech error. Something very fishy happened/is happening.
 
2011-12-08 02:38:41 PM
Diogenes: Shostie: the company's accounting system is in tatters.

My business users would have cried bloody murder and called for a full accounting if one of my systems was $10 off. This is too big for a tech error. Something very fishy happened/is happening.


Oh, I agree.
 
2011-12-08 02:44:44 PM
Weaver95: Corzine should be sitting in a jail cell right now, not tooling around the country and free as a bird. if a large pile of cash just evaporated I want to know how and why that happened and where the money went. Corzine needs to explain where that money went...and if he can't find it, then shut down the bank and go over his books with a microscope. if evidence pops up that he stole that money, then he should be charged accordingly.

I agree with you but I don't see why that evidence is even necessary. How does this article not read as an admission of guilt? "Yeah, you gave me $1.2 billion but it's gone now. Where? I dunno." Presumably the argument goes something like - that money was given in anticipation of services rendered. Those services were never rendered. He either has to render said services or pay the money back. Or else it's theft.

He should absolutely be in jail right now.
 
2011-12-08 03:10:13 PM
Whoa.... all you hippy libtards need to settle down.

We can't just start jailing job creators because of a minor accounting discrepancy.

That'll upset the markets and then there will be no jobs left for anyone.

I'm sure that the money will turn up eventually.

....in the Caymans
 
2011-12-08 03:28:53 PM
images4.static-bluray.com

Wanted for questioning.
 
2011-12-08 03:49:45 PM
The dog ate 1.2 Billion.
 
2011-12-08 03:50:34 PM
where is the MFing money!?
 
2011-12-08 03:50:35 PM
Hi.

I'm a NJ liberal, and I believe this asshat should be in jail with everyone else who perpetrated this fraud.

Ok, Republicans... we're turning on our rotten apples. You turn on yours.
 
2011-12-08 03:50:50 PM
lennavan: I agree with you but I don't see why that evidence is even necessary. How does this article not read as an admission of guilt? "Yeah, you gave me $1.2 billion but it's gone now. Where? I dunno." Presumably the argument goes something like - that money was given in anticipation of services rendered. Those services were never rendered. He either has to render said services or pay the money back. Or else it's theft.

He should absolutely be in jail right now.


Really, running a company that can't account for more than a million dollars of client money should be a felony. Even if they can't prove the money was stolen, it should still be a crime to simply lose a million dollars. Much less one thousand two hundred million dollars.
 
2011-12-08 03:50:56 PM
A lost dollar here, a lost dollar there and pretty soon you're talking real money.
 
2011-12-08 03:51:29 PM
The only way this corruption will end is if people are finally thrown into jail for this. And I don't mean the cushy country club jails but the real ones where these soft as dough, white collar, yacht club boys and girls will finally get to be someone's biatch.
 
2011-12-08 03:51:36 PM
You got to admit though, he's got some impressive moves with those tap shoes.

"Oh, so we made this huge gamble that no one trusted, and everyone at the exact same time lost confidence in our bank due to decisions previous managers made, but the gamble hasn't entirely failed yet, and is breaking even, so that can't possibly be it. Those confidence losing bastards."
 
2011-12-08 03:51:39 PM
lennavan: Weaver95: Corzine should be sitting in a jail cell right now, not tooling around the country and free as a bird. if a large pile of cash just evaporated I want to know how and why that happened and where the money went. Corzine needs to explain where that money went...and if he can't find it, then shut down the bank and go over his books with a microscope. if evidence pops up that he stole that money, then he should be charged accordingly.

I agree with you but I don't see why that evidence is even necessary. How does this article not read as an admission of guilt? "Yeah, you gave me $1.2 billion but it's gone now. Where? I dunno." Presumably the argument goes something like - that money was given in anticipation of services rendered. Those services were never rendered. He either has to render said services or pay the money back. Or else it's theft.

He should absolutely be in jail right now.


for the same reason you don't throw the CEO of McDonald's into jail because a manager at a McDonald's in Omaha is selling meth from behind the counter unless there is evidence that the CEO was in on it.

If he broke the law, put the farker in jail. Let's find out if he broke the law first though.
 
2011-12-08 03:52:07 PM
Everybody makes mistakes. Yeesh. Give the guy a damn break.
 
2011-12-08 03:52:39 PM
Someone at my job "lost" $2 million dollars. They "forgot" to bill clients for it yet it still turned up on the books to be able to be listed as "missing" or whatever alerted them to it. They couldn't prove that he took it but he sure did have a lot of nice things after that until he quit three months later.
 
Juc
2011-12-08 03:52:42 PM
BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.


I really don't care about political alliliation. People shouldn't get to royally fark with the finances of the world without consequence.

I can't believe pot smokers get more time in jail than these crooks. At least the pot potatoes are only a threat to my household snack fund and the world oreo supply.
 
2011-12-08 03:53:21 PM
Eh, probably just a rounding error. Math is hard, guys.
 
2011-12-08 03:54:17 PM
Weaver95: I don't care if you are right wing, left wing, Republican, Democrat....Corzine should be sitting in a jail cell right now

Yes.
 
2011-12-08 03:54:31 PM
skullkrusher: Let's find out if he broke the law first though.

At the very least he needs to be sued into the poor house along with a lot of other people at the company. There's absolutely zero excuse for not being able to keep track of money.
 
2011-12-08 03:54:41 PM
Juc: BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.

I really don't care about political alliliation. People shouldn't get to royally fark with the finances of the world without consequence.

I can't believe pot smokers get more time in jail than these crooks. At least the pot potatoes are only a threat to my household snack fund and the world oreo supply.


THE WORLD OREO SUPPLY IS IN DANGER?!

SOMEONE GET ON THIS, STAT.
 
2011-12-08 03:55:12 PM
Diogenes: BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.

Bill's got to get that in at the start, because he knows no Democrat on here is going to defend Corzine. Unlike how the GOP rallies behind their criminals.


Like..............?

Remember the Florida congressman who sent suggestive chat messages to an underage page? The Republican leadership told him to get out, and NOW (He did).

The Democrats has a congressman actually sexually abuse a page, like Sandusky, and he is considered a minor hero and trailblazer for the Democrats.
 
2011-12-08 03:55:32 PM
Wow a few years ago they fired someone at work for using the mail machine for posting personal mail. They way they acted it was as if the person broke into everyone that worked for the companys home and robbed them. If they lost 1.2 billion (billion with a B) their head would probably explode.
 
2011-12-08 03:57:11 PM
why do so many headlines these days sound like they should have come from The Onion, but didn't?
 
2011-12-08 03:57:26 PM
Maybe he put it in his wife's name.
 
2011-12-08 03:57:48 PM
The proper way to lose a billion is to stack it on a pallet and drop it in to a war zone. They'll call you a hero.
 
2011-12-08 03:58:28 PM
I've got a blowtorch and a pair of pliers that say I can find out where the money is within five minutes.
 
2011-12-08 03:59:28 PM
Strange how JP Morgan just ended up with another $1.2 billion in assets...

Must be a coincidence.
 
2011-12-08 04:00:08 PM
BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.


Banker criminality knows no race, creed, or religion. All it knows is insatiable greed and extreme sociopathy.
 
2011-12-08 04:01:21 PM
Weaver95: 1.2 billion dollars. let that sink in for a moment. 1.2 *billion* dollars. He lost 1.2 billion dollars and he's still walking around as a free man.

lets change gears for a moment. if you went to your boss and told him that you couldn't find...oh lets say $50k. So you go to your boss and say [insert giggle] 'hey boss, I lost $50k. gonna take an extra hour for lunch. want me to grab you a snack on the way back?' what do you think your boss would say to you? I can say that that my boss wouldn't be very happy about it. I'd also be in a jail cell so fast it'd make your head spin.

But Corzine lost $1.2 billion dollars. 'lost'. can't find it. when money goes missing in a bank, the default assumption isn't that aliens came and beamed the cash to alpha centauri....it's that someone high up the banks' food chain STOLE THE GOTDAMN MONEY!!!! you shut down the bank and send a legion of forensic accountants into the bank to find the money and gather evidence to see if you need to press charges. Why are we not doing this!?



ts4.mm.bing.net

The bigger the lie, the more they believe.
 
2011-12-08 04:01:29 PM
You Farkers conveniently forget: Corzine is an Obama crony, therefore he will get off scot--free.

Thanks to the tireless efforts of the same Attorney General who smuggles illegal guns into Mexico to kill Americans.

\\\ must be an or-what, I have seen plenty of fuc-dup situations, they were all better than this.
 
ZAZ [TotalFark]
2011-12-08 04:01:45 PM
OldManDownDRoad: I've got a blowtorch and a pair of pliers that say I can find out where the money is within five minutes.

You're welcome to try, but he might have offloaded the detailed planning to subordinates so he could make carefully worded denials without subjecting himself to successful prosecution for perjury. If he did all you get for your effort is a burned and twisted ex-politician.

Like I said, you're welcome to try.
 
2011-12-08 04:01:53 PM
OldManDownDRoad: I've got a blowtorch and a pair of pliers that say I can find out where the money is within five minutes.

I'll get you the hacksaw for after.
 
2011-12-08 04:02:42 PM
WhyteRaven74: skullkrusher: Let's find out if he broke the law first though.

At the very least he needs to be sued into the poor house along with a lot of other people at the company. There's absolutely zero excuse for not being able to keep track of money.


I am sure the lawsuits will be coming. Unfortunately our corporate protection laws probably prevents him from actually anything out of pocket unless he's found to be personally criminally negligent
 
2011-12-08 04:03:53 PM
olddinosaur: You Farkers conveniently forget: Corzine is an Obama crony, therefore he will get off scot--free.

He'll probably get off because our laws governing this shiat have been completely neutered by both parties.

Thanks to the tireless efforts of the same Attorney General who smuggles illegal guns into Mexico to kill Americans.

Guns don't kill people, amirite?
 
2011-12-08 04:04:26 PM
JohnAnnArbor: Diogenes: BillCo: Damn Republicans and their money grubbing cronies, They should all be....'

What's that? You say he's a Democrat? Oh, never mind.

Bill's got to get that in at the start, because he knows no Democrat on here is going to defend Corzine. Unlike how the GOP rallies behind their criminals.

Like..............?

Remember the Florida congressman who sent suggestive chat messages to an underage page? The Republican leadership told him to get out, and NOW (He did).

The Democrats has a congressman actually sexually abuse a page, like Sandusky, and he is considered a minor hero and trailblazer for the Democrats.


[citationneeded.jpg]
 
2011-12-08 04:04:31 PM
Weaver95: 1.2 billion dollars. let that sink in for a moment. 1.2 *billion* dollars. He lost 1.2 billion dollars and he's still walking around as a free man.

lets change gears for a moment. if you went to your boss and told him that you couldn't find...oh lets say $50k. So you go to your boss and say [insert giggle] 'hey boss, I lost $50k. gonna take an extra hour for lunch. want me to grab you a snack on the way back?' what do you think your boss would say to you? I can say that that my boss wouldn't be very happy about it. I'd also be in a jail cell so fast it'd make your head spin.

But Corzine lost $1.2 billion dollars. 'lost'. can't find it. when money goes missing in a bank, the default assumption isn't that aliens came and beamed the cash to alpha centauri....it's that someone high up the banks' food chain STOLE THE GOTDAMN MONEY!!!! you shut down the bank and send a legion of forensic accountants into the bank to find the money and gather evidence to see if you need to press charges. Why are we not doing this!?


any post after this is irrelevant
 
2011-12-08 04:04:57 PM
ZAZ: OldManDownDRoad: I've got a blowtorch and a pair of pliers that say I can find out where the money is within five minutes.

You're welcome to try, but he might have offloaded the detailed planning to subordinates so he could make carefully worded denials without subjecting himself to successful prosecution for perjury. If he did all you get for your effort is a burned and twisted ex-politician.

Like I said, you're welcome to try.


www.demotivationalposters.org
 
2011-12-08 04:05:47 PM
BLOOD FOR THE BLOOD GOD.
 
2011-12-08 04:05:54 PM
We hired this guy Bob, from accountemps. Turns out he had a gambling problem and went to the casino every night. So basically its gone, sorry.
 
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