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December 09, 2011

Corzine: If I Told My Employees To Raid Client Accounts To Cover Risky Trades Made On Behalf Of The Firm, That Was a Misunderstanding

Sounds pretty clear to me. But maybe he's just a highly-ironic person who inserts irony into unexpected situations, like directives about stealing client money for his own use.

Jon S. Corzine, the former U.S. senator and governor who presided over the collapse of the commodities brokerage MF Global, told lawmakers Thursday that he never intended to authorize a transfer of customer funds to the firm’s accounts and that if he did “it was a misunderstanding.”

As previously covered here, Corzine served as Obama's liaison to Wall Street, and, while serving in this capacity, lobbied hard against additional rules that would make it more difficult for him to use client funds for trades for his own accounts. He claims that is not a case of his using undue influence, and the media takes his word for it, because he's a Democrat.

He probably did all this as a goof.



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posted by Ace at 11:20 AM

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