Did MF Global Commit Fraud?

Did Jon Corzine's MF Global do more than misuse investor funds in its final days?  The Bankruptcy Trustee's Investigation Report alludes to fraudulent valuations in a graph on page 6 of Annex F.  The graph shows MF Global consistently priced above industry prices for repo and reverse repo transactions:

The body of the report mentions this only in footnote 59 on page 63.

Did MF Global fraudulently value its holdings as it robbed customers?  That may or may not be answered in a court of law.

Ex-President Bill Clinton and  Former Prime Minister Tony Blair can breathe a sigh of relief as Teneo was not mentioned in the MF Global Trustee's investigative report.  Jon Corzine, disastrous gambler or pathological criminal? The press pushed the gambler meme to date.

5-21-17:  Corzine is starting up a hedge fund to trade the Trump Presidency and expected chaotic market swings.  Even when caught these guys don't go away.

Update 7-17-19:  The SEC blessed Corzine's new levered $600 million hedge fund. 

Update 8-3-19:   “Why on earth should the SEC allow him to have a license to handle customer money once again?”  Couldn't have said it better.  Corzine is back!

PEU's to "Churn On" Says Rubenstein

Dow Jones PENews reported:

Private equity will take its licks during the U.S. presidential race, but the asset class will churn on, Carlyle Group founder David Rubenstein said.

Not only will PEU's churn, they'll bleed, monetize, liquefy, fornicate and suckle on.  PEU ex-President Bill Clinton sees wealth potential everywhere. 

The PEU stench is ubiquitous but will explode in public health care, infrastructure and education.  The Government Corporate Monstrosity ensures it   Churn on....

Clinton Sees "Wealth Potential Everywhere"

President Bill Clinton won't criticize Mitt Romney's Bain Capital experience.  That's because Clinton is also a private equity underwriter (PEU).  Clinton started as a advisor for Ron Burkle's Yucaipa and is currently Chairman of Teneo Capital's Advisory Board.  Britain's Tony Blair also advises Teneo.

Clinton won't slam private equity, as he is one.  Also, Clinton's Global Initiative counts on political and corporate heavyweights.  PEU's are ubiquitous across the globe.  President Clinton knows privatization and the politics of fellow back scratching.  That will be on display this week in Chicago, where Mayor Rahm Emanuel pushes his infrastructure bank.  That's one example Clinton offered to Maria Bartiromo during their CNBC interview.

We've got a Democratic mayor of Chicago who's working with all the Republicans in banking and finance there to give America its first urban infrastructure bank, something that used to have bipartisan support in Washington.  

Rahm will show up at Clinton's CGI America.

Chelsea worked for Avenue Capital and sits on IAC's board of directors.  Her annual board compensation is roughly $262,500. 

CGI America starts tomorrow, which helps explain Clinton's handling Romney's PEU background with soft gloves.  The new model of capitalism is colored Red and Blue.  It sees wealth potential everywhere, something not felt by most Americans.

Update 6-7-12:  Mayor Rahm Emanuel has a video out on Tax Increment Fund.  It follows a different video on Chicago's use of TIF's..

Update 6-16-13:  Hillary Clinton's favorite advisor Huma Abedin worked full time for the government and received big bucks consulting for Teneo.  Further evidence of the Government-Corporate Monstrosity.

Update 8-14-13:  The NYT finally noticed the sleaziness of the Clinton corporafornication model.   But they gave it short shrift, so the institutionalization solution could be proffered. 

Update 8-15-16:  ZeroHedge shared Huma Abedin also worked for the Clinton Global Initiative while also a government employee and Teneo consultant.  

PEU Reputation Rehab: Romney et al

Private equity framing went into overdrive this week. WaPo ran a number of pieces.  One focused on Carlyle Group co-founder David Rubenstein and his heavyweight business and political connections

"Value Added: David Rubenstein and the art of the ‘get'

Another dealt with the PEU lobbying group

"Romney’s run motivates group to defend private equity’s image 

Forbes reported how Bain co-founder Mitt Romney is a minor player compared to his peers, like Carlyle's Rubenstein::

If the former governor’s goal was to accumulate as much money as possible, he certainly made a huge mistake in calling it quits at the dawn of private equity’s so-called golden age, when buyout funds raised by Bain and its rivals ballooned from the hundreds of millions to the tens of billions. But the more likely scenario is that Romney had a pretty good sense of the momentum the private equity industry had gathered and simply wanted to focus on family, philanthropy and, of course, public life.

Mitt was more valuable to the greed/power boys on the government side of the equation.  It's all about new capitalists shaping our world.  That means PEU...

Update 6-6-12:  President Bill Clinton and Rep. Steny Hoyer professed their PEU love.  

Mitts on Bilderberg

The quadrennial Bilderberg pilgrimage for U.S. Presidential candidates continued with Red Team Mitt Romney's 2012 appearance, according to The Guardian.  Blue hopefuls Barack Obama and Hillary Clinton visited the very hotel in 2008.  Reports show Syrian up next for Western intervention, a la Libya.  Otherwise, Bilderbergers talked of their favorite thing, money.  The greed and power class made private equity underwriters (PEU's) ubiquitous the last decade. Next up, one of two CGI meetings, The Clinton Global Initiative or the Carlyle Group Investors meeting.  Red and Blue love PEU.  Global elites' calendar, anyone?

Virginia Ports PEU Privatization Resurfaces

FT reported on a new unsolicited proposal submitted to Virginia's Transportation Secretary Sean Connaughton.  The Commonwealth of Virginia considered port privatization prior to Governor Bob MacDonald's election.

The Carlyle Group and Goldman Sachs' Goldman Capital were bidders in 2009.  They are expected to reenter the unsolicited proposal race, which ends July 12.  Virginia Ports could be privately operated as soon as January 1, 2013. That would be a sizable get.

Update 6-21-12:  People in Virginia's port cities are waking up to the privatization scam. Recall infrastructure is where PEUs expect to make 20% annual returns, virtually risk free.  Take Gov. Bob McDonnell's Dulles Toll Road.  "Tolls on the Dulles Toll Road could triple by 2018. Tolls for a one-way trip could jump from $2.25 to $4.50 next year and go up to about $7 by 2018."  It sounds like Chicago Parking.

Bilderberg Grease: Spooks, Wankers and PEU Bankers

The Guardian cites the Bilderberg Group's CIA and big money roots.  I prefer to focus on more recent stories between Bilderberg's reported attendees.

Two years ago White House OMB Chief Peter Orzsag and BP's Bob Dudley teamed up to vastly underestimate the flow of toxic oil from the Deepwater Horizon blowout.

Former Fannie Mae Senior Executive Tom Donilon served during Fannie's spate of fraudulent accounting, which enriched top executives like Donilon. Will he and Jerry Speyer yuck it up over Tishman-Speyers defaulting on $2 billion in Stuyvesant Town debt held by Fannie Mae and Freddie Mac

The usual list of non-media media types are attending, WaPo's Donald Graham, softball tosser Charlie Rose, WSJ's Peggy Noonan and FT's Martin Wolf.  Two reporters from The Economist are listed.  I take it their job is push Bilderberg meme's as reporting on the meeting itself is taboo.

I'd love to see Saif Gadhafi crash this party.  What might he say to Lord Mandelson, who worked hand in hand with Tony Blair to get the Lockerbie Bomber released, in return for BP access to Libyan oil.  Saif's attendance is not possible.  The same intelligence people behind Bilderberg likely broke Gadhafi the Younger long ago.

I do get a kick of the private equity underwriters (PEU's) at Bilderberg, many of them ex-politicians.  KKR's Henry Kravis and Red Ken Mehlman (KKR) join Blue James A. Johnson, Jr. (Perseus), Vernon Jordan (Lazard), Roger Altman (Evercore), Bob Rubin (Centerview), Steve Rattner (Willett) and Peter Thiel (Clarium).  The list is surprisingly consistent.

Fran Townsend sits on the board of DRS Technologies, which has a presence.  The Carlyle Group is there by extension, joint venture partner Mustafa Koc.  Fran did Carlyle a huge risk management favor after Hurricane Katrina.  She omitted affiliate LifeCare's 25 patient deaths from the White House Lessons Learned report.  Carlyle closed on LifeCare weeks before Katrina's landfall.

Fry up a big fat, greasy Bilderberger for global power/greed addicts.  How will they rehab the PEU image?  "Private equity capital knowledge executed responsibly" is abbreviated PECKER.

Update 6-4-12:  WaPo ran a number of pro-PEU pieces.  Did Donald Graham deliver a Bilderberg message?  Meanwhile, Bilderberger Charlie Rose interviewed Carlyle's Olivier Sarkozy as part of a series, "New Capitalists Shaping Our World."  It's underwritten exclusively by UBS.

Update 11-26-17:  Charlie Rose came under fire for sexually harassing eight women.  Just like Bilderberg, it's something he never reported about.  Gadhafi's son Saif is now free and making his way back into Libyan politics.  What stories about President Barack Obama and the West's take down of his father is he willing to tell?