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December 15, 2011

MF: Corzine Made Lots of Calls To The Fed As His Company Was Losing A Billion of Client Money

By the way, when we say "losing client money" in this particular story, we don't mean that Corzine put money into investments that failed to pay off.

He did do that. But that's not even what we mean when we talk about "losing the money."

We mean he... lost the money. He doesn't know where it is.

Oops.

I know I left that one point two billion dollars around here somewhere...

Lots of phone calls between Corzine and his buddies at the Fed, even as he was putting out statements that failed to disclose the problem.

This article is worth reading at least to the 3/4s point, but I can't excerpt that much. Here's a good taste.

Yet MF Global documents and telephone and email records obtained by Fox News show that on the morning of Oct. 26 -- not even a full day after the optimistic statement he released -- Corzine was contacting top officials at the Federal Reserve Bank of New York, including New York Fed President William C. Dudley. The records, supplied to congressional investigators by the New York Fed, show that over the next five days -- at which point MF Global filed for bankruptcy protection -- Corzine and Dudley spoke at least 10 times, and exchanged emails twice. There were still other contacts between Corzine, MF Global CFO Henri Steenkamp, and other New York Fed officials in the same time frame.

Jack Gutt, a spokesman for Dudley, said the New York Fed had no comment. But sources with knowledge of the substance of these conversations told Fox News that Corzine already knew MF Global's collapse was imminent, and had reached out to Dudley for two reasons: first, to see if the Fed could help find a buyer for MF Global; and second, to assist the Fed in its efforts to minimize the fallout from what both men now realized was shaping up as a Wall Street catastrophe, the eighth largest bankruptcy in American history.

Speaking of phone calls... The RNC has a great ad about phone calls!


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posted by Ace at 06:13 PM

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