Thanks for everything Jon Corzine

I find it more than a bit curious that they were loading up on sovereign debt at a very late stage in the cycle.

Why not approach the "patsy" angle?

 

To attach a clause like the one I suggested to a contract is the only way to stop golden parachutes. Right now, performance is not tied to pay at the CEO level. That has to change. If the CEO runs her company into the ground, she gets no money.

 

You need clawbacks.

 

if mf global goes bankrupt... the bankruptcy trustee should attempt to clawback most of corzine's money.

Former Goldman people know this well.
It is why former goldman guys sounded the alarm and got taxpayers to foot the bill for AIG. If AIG went into to bankruptcy... the billions it paid out to Goldman and SovGen would have been at risk for clawback. IMO.

so as a former gs guy corzine will also expect democrats to protect him from clawback.

 

I think Corzine was counting on the bailout and didn't expect the haircuts.

 

It would appear Corzine is just another greedy POS.

 

I think clawbacks are ambitious and will pay a lot of lawyers and cost the company millions of dollars in litigation.

Simpler I think would be to just build into the contract that if you are the pilot of the plane then you must land the plane.

 

Holy shit, Corzine is going to go to prison.

NYT reporting:

Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.


The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.

As for the details:

What began as nearly $1 billion missing had dropped to less than $700 million by late Monday. It is unclear where the money went, and some money is expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said.

But regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money.

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/?hp

 

I agree, similarly if you're a nurse and your patient dies. You're taken out back and shot.

 

I just don't get it. Vic N. has blown up twice but people still give him money.

Why did I say that?

Because if you are simply honest about what is going on, if you made money for people in the past, they will trust you again. Trading is risky and most big money folks do know that. Why hide?