Jon Corzine, the former head of bankrupt commodities brokerage firm MF Global, has been subpoenaed to testify about his role in the collapse before a congressional committee.
Corzine hasn’t been heard from publicly since
MF Global imploded in October, the result of bad bets on European sovereign debt, a risky gamble reportedly pushed by Corzine himself.
I don't hold out much hope for anything being fruitfull unless Ron Paul is conducting the hearing and performing a colonoscopy on this dirt bag.
ReplyDeleteI'm with Chin on this. I don't have much hope either. One I don't think either side wants the dirt to come out into the light.
ReplyDeleteThere is a good chance that he will take the 5th or just not answer truthfully.
ReplyDeleteI want to third their statements. I also want to apologize for outburst Dan. It got the best of me. I wont do it again. This is specific to croney capitalism, like Obama's Job Czar,GM's Chevy Volt, investigations into Border gun problems,CPI stats, U-6 stats...etc.etc.
ReplyDeleteWhite Wolf;
ReplyDeleteI certainly appreciate your apology as that is the mark of a person of character and integrity. We all get ticked off at times and sometimes get hasty in what we say or write. I have done it far too many times myself!
Believe me when I say that I am just as disgusted as you are with this crony capitalism (fascism) and corruption that is so epitomized by the likes of Corzine. It reminds me of watching a rotten apple in a barrel as it spreads and contaminates everything else in its vicinity.
Most of our economic data releases are not worth the paper they are printed on. More and more it seems as if an increasing number of traders are realizing this.
We have a gargantuan federal budget deficit but I think we also have a correspondingly enormous deficit of trust in our institutions, in our monetary authorities and in many of our political leaders.
Short term Potential Bear Flag forming? Also long term cup and handle? Pitchfork looked ominous. Miners not doing well. QE to infinity, or does the retreat to sounder monetary/fiscal policies start with Germany? We will see. Really want to see handcuffs,but appears to me with appointees like all of O's Ecomonic advisers, Frank, seems like rats are running faster from the ship. Love to see all GS men planted across the globe have to high tail into obscurity.
ReplyDeleteThank you for your acceptance. I know my outburst was not in good taste. Recently I started accumulating beautiful coins that date back to 1800's unless they become lost if FDR days return. I am still in Miners, as I cut my teethe on mining equipment and their markets. Short term trends look ominous so your site has helped me get a very good understanding of technicals. You are truly doing a service trying to help people. We need it.
ReplyDeleteMy guess is Jon Corzine will pay civil charges and go off a free man. It's already been stated that the use of customer funds to gamble on sovereign CDS is not a criminal offense. Understand that when they write the rules, they write the loopholes too!
ReplyDeleteAs for the metals—Comex is a complete criminal enterprise and the data we've all been analyzing is completely irreverent now that there are zombie positions standing in the open interest.
So forget it, that exchange is a right-off.
Watch Kyle Bass explain his experience with Comex and reveals that it's just a fractional exchange that never delivers more then 1% of its physical bookings.
Go to 42min. http://www.youtube.com/watch?v=5V3kpKzd-Yw&feature=player_embedded
Prepare accordingly cause global looting just kicked into 5th gear.
If Corzine takes the 5th, then lock his dried up carsass in the hole like they did Armstrong.
ReplyDeleteOnly this time it would be for good reason, not for some mythical few missing millions that never existed.
Kyle Bass certainly gave the BBC networks all they could handle. I wish Corzine was handcuffed and led out in shackles with an Obama sticker on his head too!! Straight to a correctly fashioned french guillotine! I think the latest Stability Fund? is another gimmick as well. History is getting made in front of our eyes and most of the American Public is fast asleep, put that way by the MSM. I really appreciate the Vets, and have a few special coins from 1941 in their honor that I will never sell. Long live the REAL AMERICANS!!
ReplyDeleteVery interestingly that today the Chinese State Council took some precautionary measures to avoid excessive speculation on its new metals exchanges. I believe they've noticed a sudden rise in local exchanges and are suspecting foreign speculators joining to take advantage.
ReplyDeleteArticle here: http://www.china-briefing.com/news/2011/12/02/state-council-restrictions-could-hurt-chinas-exchanges.html
It's going to be very difficult for Western traders to accept and understand that the metals game is no longer played in their backyard. Price discovery will slowly phased-out and go into Asian exchanges.
Deny it if you want, but that's where its going.
Silver. I am not convinced as currently we (USA) are the largest holder of gold in the world. Also, as bad and corrupt as we are; are the Chinese really less corrupt? I don't think so. We need to hold leaders accountable! We need to shrink government. We as a people need to become Financially Independent. My life as a laid off small business lender has been greatly affected. I am attempting to get myself back off the ground and motivated. I am upset but I have to keep moving. We all do. Dan is providing us information. We all complain and moan and it is positive if we can all use information to hold leaders accountable;demand transparency. Stop the government and Banking thefts. But we also have to rebuild somehow? I cannot afford to waste any more time. If we just say they win, we have already lost. I am not going there.
ReplyDelete@White The Fed's gold holdings is 8,000 tonnes—world's above ground gold supply is estimated at 170-175,000 tonnes. Take a wild guess who's been buying all the gold over the past few decades...
ReplyDelete