November 15, 2012
Exactly one year ago today, Infowars Nightly News reported that, days before financial broker MF Global filed for bankruptcy, the company quietly wire transferred approximately $900 million in client funds without so much as an explanation. A total of $1.6 billion in customer accounts just vanished.
In a furious interview with Alex Jones, top trends forecaster Gerald Celente, who was robbed of six figures in the pillage, laid the blame on MF Global CEO Jon Corzine for betting on highly risky European bonds with customer money.
Under Corzine, the company exposed itself to $6.3 billion in European nations’ debt.
As Infowars reported last year, funds in accounts owned by billionaires like the Koch Brothers were “coincidentally” withdrawn just in time prior to the withdrawal, while customers with smaller accounts who relied on their money for business collateral and living expenses were wiped out. Evidence surfaced suggested the company knew bankruptcy was imminent, so bigger clients were given advance notice ahead of the unexplained withdrawal. After the funds were withdrawn, MF Global didn’t inform the Commodity Futures Trading Commission until the day after, seemingly in an attempt to avoid detection. The majority of the funds were later found at JP Morgan Chase.
At the time, Corzine testified to Congress he “simply did not know where the money is” and that he did not instruct anyone to transfer any customer funds. Corzine’s denial came regardless of an email from an MF Global assistant treasurer noting the transfer was “per JC’s direct instructions.”
Even with the vast preponderance of evidence of Corzine’s direct involvement in the theft, the mainstream media remained mostly mum, running defense for CEO Corzine. Both The New York Times and TIME Magazine claimed the email was “not a smoking gun” and reiterated that Corzine said had no idea the money was taken from customer accounts. Corzine was, after all, a former Goldman Sachs boss, U.S. Senator, chairman of the Democratic Senatorial Campaign Committee and governor of New Jersey who worked to help get Obama elected to both the Senate and the presidency. He was as close to a Washington insider as someone can get without actually being in Washington.
A year later, the House Financial Services Oversight and Investigations subcommittee is now placing the majority of the MF global looting blame squarely on Corzine’s shoulders.
Just as Celente and Infowars reported a year ago, the panel’s report cites Corzine’s risky strategies as the prime reason for the brokerage firm’s fall. To this day, only 80 percent of the customer funds have been returned.