Corzine Ordered $200M Moved to JP Morgan Days Before MF Global Collapse

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Phil Mattingly and Silla Brush
Bloomberg
March 23, 2012

Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.

Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.

O’Brien’s internal e-mail came as the New York-based broker found intraday credit lines limited by JPMorgan, the firm’s clearing bank as well as one of its custodian banks for segregated customer funds, according to the memo, which was prepared for a March 28 House Financial Services subcommittee hearing on the firm’s collapse. O’Brien is scheduled to testify after being subpoenaed this week.

“Over the course of that week, MF Global (MFGLQ)’s financial position deteriorated, but the firm represented to its regulators and self-regulatory organizations that its customers’ segregated funds were safe,” said the memo, written by Financial Services Committee staff and sent to lawmakers.

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11 Responses to “Corzine Ordered $200M Moved to JP Morgan Days Before MF Global Collapse”

  1. Fact! Get a glue, tiier is no God that will destroy Evil, you will have ti kill it yourself…

    Super Duper Man 1776 Reply:
    March 23rd, 2012 at 3:59 pm

    WAITING FOR THEIR IMAGANARY TO COME BACK AND SAVE THEM ( HE HE HE HE )

    IS LIKE WAITING FOR CUSTER AND HIS CALVARY TO RETURN AND SAVE YOU.

    IT’S NOT GONNA HAPPEN PEOPLE.

  2. DOD typo, their is no God that will destroy Evil, you will have ti kill it yourself…

    exexpat11 Reply:
    March 23rd, 2012 at 3:58 pm

    Who mentioned God? I mean the Sky Cloud Bearded One… LOL. I think you were trying to post somewhere else perhaps?

    DOJ instructions… hands off Obama’s buddy.

    VanHelsing Reply:
    March 23rd, 2012 at 4:06 pm

    Who is this God that deceives the hearts of the innocent for only tyranny of minds sake? Does this God of power do not love the innocent that I cherish? Then the God of power is not truly the God of mr heart….

    VanHelsing Reply:
    March 23rd, 2012 at 4:10 pm

    And so I rage against the gods this day for perhaps a chance for another day of battle against the gods….

  3. What did the money go Jon? Where did it go?

    This guy ran a State. This guy was worse than Mafia. How many Grannies got taken to the cleaners? Why isn’t he in jail? Where is Fat Boy Chrissy? Who else knew?

    Sounds like he is making his resume to join the Obama cabinet. Another failed, financial crook – all aboard!

  4. WHY DO WE HAVE MIDDLE MEN, IN OUR MONEY SYSTEM ?

    I MEAN THEY’RE IN THE MIDDLE OF EVERY TRANSACTION THAT OCCURES NOW.

    AMERICA NEEDS TO GO BACK TO GOLD STANDARD CASH ONLY ISSUED BY THE STATE THEY LIVE IN.

    CASH FROM OTHER STATES CAN BE RECONSILED MONTHLY AND RETURNED TO THE STATES .

    THIS JEW INFESTED MONEY CHANGER SCUM SYSTEM HAS TO BE ROOTED OUT OF AMERICAN LIFE.

  5. I thought Corzine testified to congress a few months ago that he had no idea where the money went. Maybe he remembered a Christmas savings account he forgot about. I hate it when I misplace hundreds of millions of dollars.

  6. Wow, a billionaire who turns out to be a thief. Shocking. Wake me up when he’s actually charged with something or he witnesses a murder.

  7. god is real, you have to have him show you he is . if he has not yet .he will get to you before you die , count on it

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