l****z 发帖数: 29846 | 1 by Jammie
You may have vague memories of this guy. He went from New Jersey Governor to
Obama bundler to a guy who made over a billion dollars disappear. Then the
media completely ignored him since he’d make their God King look bad during
his re-election campaign. Well, at least some financial regulators won’t
be dealing with him any longer.
The future is murky for former NJ governor and fallen financial titan
Jon Corzine.
Two directors of the National Futures Association will move tomorrow to
ban Corzine from the multibillion-dollar futures trading industry in light
of the scandalous collapse of MF Global — the commodity futures brokerage
firm Corzine once headed.
If the motion is approved, NFA would hold hearings to determine whether
Corzine, MF’s former CEO, deserves a “lifetime ban” from the industry.
Such a ban could hinder his reported plans to launch a hedge fund.
“He [Corzine] doesn’t need to be near anyone’s money ever again in
the futures space, and we want to make sure of it,” John Roe, an author of
the proposed ban, told The Post.
Roe and James Koutoulas, who helped recover money for MF’s jilted
customers, plan to present the proposed ban as their first action as NFA
directors. Both were elected in January.
MF’s 2011 downfall led to regulatory probes and hearings on Capitol
Hill after it was discovered that Corzine’s company improperly tapped $1.6
billion in customers’ funds leading up to its bankruptcy filing.
The shortfall also triggered a Justice Department probe — although no
charges have been brought.
The Justice Department is too busy cooking up schemes to disarm the public,
so they’ll get back to us at an unspecified date.
Corzine, who declined to comment on the proposed ban, is reportedly
looking to set up a hedge fund. An NFA ban would limit his ability to trade
futures in any fund with outside investors, experts said.
It could also hinder his ability to raise money from pension funds and
other large investors, experts said.
Corzine could also be asked to fork over as much as $250,000 for each
violation, according to NFA rules. The proposed ban cites nine rule
violations, which could ding the disgraced Corzine for as much as $2.5
million, Koutoulas said. |
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