Image via CrunchBase
Wall street affiliated media continued on aCapitol Hill march not unlike he #OWS movement as Jon Corzine , in the reins at MF Global and Hank Paulson, in the reins at 10, Bailout Treaury in 2008 turned up bad eggs by the dozen to start the US morning.
MF Global exposure to $11. bln, $200 mln in client accounts
Image by Getty Images via @daylife
MF Global chief Corzine, seems to have overseen a large subterfuge operation even as investors sue the banks selling down the MF global funds. Under Jon Corzine, MF Global is now said to have traded into a $11.5 bln position in European sovereigns , double the $6 bln disclosed to investors (Bloomberg TV / Inside Track)
Also like the $600 mln last month another $200 mln of MF Global has turned up in a JP Morgan account. The Trustees however may or maynot get back thse funds to distribute to investors from whose accounts almost all money had disappeared prompting the exchange to revoke the firm’s Primary dealership. Wihout the $200 mln in the JP Morgan accounts around $900 mln has till now been discovered and awaiting redistribution to clients by the Trustee
In which Hank Paulson needs advice from GS alumni
Image via Wikipedia
At somewhere during the beginning of the crisis unfolding in 2008 in July, just after Bear Stearns was committed to a dustbin at JP Morgan /WaMu , the new Treasury Secy discovered a new advisory team for himself when he called on 5-6 Hedge fund managers including GS Alumni, Och of Och Ziff, Eric Mindlich of Eon Park, Dinakar Singh of TPG Axon at Eton Park offices and discussed the plans to recapitalise Freddie and Fannie with the Treasury, discussing in detail how the current equity would fall and preference shares wiped out . (Bloomberg)
Though given the stellar work he has done, one might feel the need to overlook this trifle, Goldman Sachs employees are being roped in by the dozen to also testify against their part in the insider trading ruminations in which ex McKinsey chief Rajat Gupta is facing trial Rajat Gupta was a respected Director at Goldman Sachs and was in touch with many at the firm
Related articles
- Charles Gasparino: Jon Corzine’s Lesson for Wall Street Risk Takers (huffingtonpost.com)
- Jon Corzine’s gamble on European bonds backfired (guardian.co.uk)
- FBI to probe MF Global’s use of client money (hosted2.ap.org)
- Henry Merritt „Hank” Paulson, Jr. (einflussreicheleute.wordpress.com)
- Goldman Sachs: After the Fall (Fortune, 1998) (features.blogs.fortune.cnn.com)
- DealBook: In Corzine Comeback, Big Risks and Steep Fall (dealbook.nytimes.com)
- Al Lewis: Why can’t we tell Henry Paulson is a hero? (marketwatch.com)
- Corzine Pushed Europe Bet to $11.5 Billion as Board Balked (businessweek.com)
- Felix Riley: Nothing Has Changed On Wall Street (huffingtonpost.co.uk)
- The White House, Goldman Sachs and a very unusual Key Man Event (telegraph.co.uk)
Related Reading:
Investment Banker in salesclothes
[...] Goldman Sachs alumni under the gun! Corzine and Paulson (advantages.us) [...]