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Not Everything Is Jon Corzine’s Fault, You Know

His lawyers would like you to know this.
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Suffered enough.

While one local ex-governor continue to tidily resolve his disputes, another is still struggling to put a really bad 19 months behind him four-plus years after the fact. It’s not that he doesn’t want to: Jon Corzine earlier this month longingly spoke of a time when he’d be able to “go on with his life,” give the world all he has to offer to talk a little more freely about his time at MF Global, the futures brokerage over whose demise he presided following the demise of his own political career. And while he’s making progress in that area, he just can’t shake the CFTC, which irritatingly continues to insist that it has an open-and-shut case that, as MF Global’s CEO, Corzine is personally responsible for all of the bad shit that went down in spite of Corzine’s own open-and-shut case that he was just a figurehead who stupidly—but not in any civilly-liable way—trusted people a little too much. If they’re looking for the guy who really screwed MF Global’s customers, they should like at the guy the court hired to look after them.

According to Mr. Corzine’s lawyers, he never directed, authorized or encouraged the use of funds in segregated accounts, and wasn’t even aware of the transgression until Oct. 30, 2011….

In his letter seeking summary judgment, Mr. Corzine said it isn’t his fault customers had to wait to reclaim their money. “Machinations” by James Giddens,the trustee who found and returned the missing customer money, are to blame….

As MF Global’s chief executive, he had a general level of control, but not the type of grip that would entitle the CFTC to summary judgment in the suit, Mr. Corzine’s lawyers contend.

Countering allegations he was lax in his oversight, Mr. Corzine’s lawyers say he delegated tasks to competent personnel and “no principle of law or logic” supports the CFTC’s position that he should be held to account for everything that went wrong.

Corzine, CFTC Duel Over MF Global Collapse [WSJ]


Jon Corzine Knew This Day Would Come

He showed you...he showed all of you!

By US Federal Government [Public domain], via Wikimedia Commons

The CFTC Will Never Have To Hear The Name ‘Jon Corzine’ Ever Again

Jersey Jon ponies up $5M to just go away...probably.