Posted on July 8, 2012 11:11 pm by zandocomm
DAVID KOTOK: LIBOR-Gate Will Take Down Many More Bankers, And The Claims Will Spiral Into The Trillions
Federal Reserve Bank of NY, 33 Liberty Street (Photo credit: Wikipedia)
In Europe, post-ECB, credit spreads widened. Good-guy yields declined; bad-guy yields rose. See our updated EU contagion series at http://www.cumber.com. Note how Swiss yields are negative until the 5-year maturity (which is a whopping 7 basis points). For new readers, see our archives on why the Swiss 10-year government bond is now the de facto benchmark for the eurozone. The European Central Bank demonstrated too little, too late. This week’s Draghi Q&A did not help matters. We continue to underweight Europe. It is still too soon to bottom fish.
In the US, the employment statistics release shows an ongoing but weakening, very slow recovery. A plus 80 thousand nonfarm jobs is better than minus 80 thousand. We see nothing to alter this slow but marginally positive growth outlook. The Fed’s additional “Twist” is a whimper, not a shout. In fact, that is probably a good thing, since monetary policy has its limits, and we are near them. We expect no more from the Fed for the rest of this year unless there is a seriously negative event. In our US ETF accounts we are still holding a cash reserve. In managed taxable and tax-free bond accounts we are slowly bringing in duration and using tactical hedging where appropriate. Our newly launched US high-yield debt strategy is developing well.
Filed under: news | Tagged: And The Claims Will Spiral Into The Trillions, Barclay, DAVID KOTOK: LIBOR-Gate Will Take Down Many More Bankers, European Central Bank, federal reserve system, Jon Corzine, JPMorgan Chase, London Interbank Offered Rate, MF Global, united states | Leave a Comment »
Posted on March 26, 2012 4:41 pm by zandocomm
Email: Corzine directly ordered transfer of stolen customer funds
Paul Joseph Watson
Monday, March 26, 2012
The media has predictably leapt to former MF Global head John Corzine’s defense following the revelation that $200 million dollars in customer funds was stolen, “per JC’s direct instructions,” by regurgitating the talking point that Corzine was unaware of the fact that the money was taken from clients.
A memo released by the House Financial Services subcommittee contradicts Corzine’s claim, made under oath before Congress, in which the former New Jersey governor claimed, “I did not instruct anyone to lend customer funds to anyone.”
$200 million dollars in customer funds, part of a $1.6 billion in client money that disappeared, was sent to MF Global’s account with JP Morgan by direct order of Corzine, the email reveals.
Filed under: news | Tagged: $200 million, Corzine, Customer, Financial services, Jon Corzine, JPMorgan Chase, Media Runs Defense For Corzine After MF Global Revelation, MF Global, New York Times | 1 Comment »
Posted on December 8, 2011 6:00 am by zandocomm
Image by deb via Flickr
At House Hearing Thursday, Corzine Expected to Plead the Fifth
Former MF Global CEO Jon Corzine will not answer questions from a congressional committee seeking to get to the bottom of the brokerage firm’s collapse, The Post has learned.
Corzine, who has been subpoenaed to testify before the House Agriculture Committee tomorrow, is expected to plead the Fifth Amendment in response to most hard-hitting questions, sources said.
That means the one person who may know the whereabouts of the $1.2 billion in missing customer cash will not be giving up much.
One source close the committee said while he might provide a limited statement, Corzine — the former New Jersey Governor and CEO of Goldman Sachs — was not expected to “say anything of substance” during the hearing.
Filed under: news | Tagged: At House Hearing Thursday, Bill Singer, Corzine, Corzine Expected to Plead the Fifth, Goldman Sachs, Jon Corzine, MF Global, New Jersey, United States House Committee on Agriculture, United States Senate Committee on Agriculture Nutrition and Forestry | 2 Comments »