{"id":14359,"date":"2012-06-05T15:22:39","date_gmt":"2012-06-05T19:22:39","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=14359"},"modified":"2012-06-05T15:22:39","modified_gmt":"2012-06-05T19:22:39","slug":"new-poll-do-you-think-jon-corzine-should-go-to-jail-for-mf-globals-bankruptcy","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2012\/06\/new-poll-do-you-think-jon-corzine-should-go-to-jail-for-mf-globals-bankruptcy\/","title":{"rendered":"New Poll: Do you think Jon Corzine should go to jail for MF Global's bankruptcy?"},"content":{"rendered":"<p><a href=\"http:\/\/club.ino.com\/members\/blog\/wp-content\/uploads\/2012\/04\/rubiks_solved.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-329\" title=\"rubiks_solved\" src=\"\/\/club.ino.com\/members\/blog\/wp-content\/uploads\/2012\/04\/rubiks_solved.png\" alt=\"\" width=\"114\" height=\"120\" \/><\/a>Here's the story:<\/p>\n<p>Things got worse for Jon Corzine and MF Global when it was discovered that over a billion dollars in client money was missing. There\u2019s still roughly $1.6 billion in client funds that have yet to be recovered.<\/p>\n<div id=\"polls-100\" class=\"wp-polls\">\n\t<form id=\"polls_form_100\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_100_nonce\" name=\"wp-polls-nonce\" value=\"f90f5489ba\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"100\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Do you think Jon Corzine should go to jail for MF Global\u2019s bankruptcy?<\/strong><\/p><div id=\"polls-100-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-322\" name=\"poll_100\" value=\"322\" \/> <label for=\"poll-answer-322\">Yes<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-323\" name=\"poll_100\" value=\"323\" \/> <label for=\"poll-answer-323\">No<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-324\" name=\"poll_100\" value=\"324\" \/> <label for=\"poll-answer-324\">Not sure at this time<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(100);\" onkeypress=\"poll_result(100);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(100); return false;\" onkeypress=\"poll_result(100); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-100-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>Basically, management under the direction of Jon Corzine and employees of MF Global used customer money that should have been segregated for \u201cthe extraordinary liquidity drains elsewhere in their business, including margin calls on the European sovereign debt positions.\u201d<!--more--><\/p>\n<p><span style=\"color: #ff0000;\">Here is what the Trustee had to say:<\/span><\/p>\n<p>\"Under the personal direction of Corzine, MF Global began trading European sovereign debt securities. Those investments peaked at nearly $7 billion in October 2011, and the exposure was more than four-and-a-half times the firm\u2019s total equity \u2013 a level of risk that was orders of magnitude greater than the relative exposure at other, larger institutions.The Trustee\u2019s investigation shows that a risk analysis conducted by MF Global in September and October 2011 examined the likely sources of losses and demands for funding if the company suffered a significant financial disaster, including a downgrade, but seriously underestimated both the speed and extent of demands on liquidity. The total underestimating was between $600 million and $1 billion, which was the approximate amount of customer funds released from segregation and not returned during the final days of the firm\u2019s operation.The investigation found that a customer \u201crun on the bank\u201d and unwinds of repo counterparty and proprietary positions, all within a three-day time period, overwhelmed MF Global, which one former MF Global executive called the \u201cliquidity asphyxiation\u201d of the company\".<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Here's the story: Things got worse for Jon Corzine and MF Global when it was discovered that over a billion dollars in client money was missing. There\u2019s still roughly $1.6 billion in client funds that have yet to be recovered. Basically, management under the direction of Jon Corzine and employees of MF Global used customer [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4389,1136],"class_list":["post-14359","post","type-post","status-publish","format-standard","hentry","category-general","tag-john-corzine","tag-poll"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Poll: Do you think Jon Corzine should go to jail for MF Global&#039;s bankruptcy? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2012\/06\/new-poll-do-you-think-jon-corzine-should-go-to-jail-for-mf-globals-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Poll: Do you think Jon Corzine should go to jail for MF Global&#039;s bankruptcy? - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"Here&#039;s the story: Things got worse for Jon Corzine and MF Global when it was discovered that over a billion dollars in client money was missing. There\u2019s still roughly $1.6 billion in client funds that have yet to be recovered. 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