John Thomas Financial Chief Economist Mike Norman on RT Capital Account 4-12-2012 Part 2Video Rating: 0 / 5
Watch more Capital Account @ www.youtube.com twitter.com twitter.com Today MF Global’s former executives, the CFO and the COO, along with Jon Corzine, the former CEO, testified before the senate agriculture committee. They told the committee that they don’t know how an estimated 1.2 billion dollars in customer funds went missing. Unfortunately, all three of them could not offer an explanation, with both Henri Steenkamp and Bradley Abelow saying that they have no idea where the money is. Jon Corzine, former CEO of Goldman Sachs, danced around the question. If you feel like you’ve heard this before, that’s because you have. You heard it last week when former MF Global CEO Jon Corzine testified on the hill — before the house agriculture committee. Remember, this is the former CEO of Goldman Sachs, the former governor of new jersey and a former united states senator. He was at the helm of MF Global when it disclosed a more than 6 billion dollar bet on european sovereign debt that was part of an entire portfolio that counter parties started to run from in droves as the firm headed towards illiquidity and bankruptcy. How does all this sit with MF Global customers? Well, we speak with one of those customers, Gerald Celente, who was stopped out of his gold futures positions because he was unlucky enough to be a customer with MF Global. He had a segregated account, but apparently, that was no viewed as sacrosanct by Jon Corzine et al. On Nobember 14th, Gerald Celente was on …Video Rating: 4 / 5 John Thomas Financial Chief Economist Mike Norman on RT Capital Account 4-12-2012 Part 2
Watch more Capital Account @ www.youtube.com twitter.com twitter.com Today MF Global’s former executives, the CFO and the COO, along with Jon Corzine, the former CEO, testified before the senate agriculture committee. They told the committee that they don’t know how an estimated 1.2 billion dollars in customer funds went missing. Unfortunately, all three of them could not offer an explanation, with both Henri Steenkamp and Bradley Abelow saying that they have no idea where the money is. Jon Corzine, former CEO of Goldman Sachs, danced around the question. If you feel like you’ve heard this before, that’s because you have. You heard it last week when former MF Global CEO Jon Corzine testified on the hill — before the house agriculture committee. Remember, this is the former CEO of Goldman Sachs, the former governor of new jersey and a former united states senator. He was at the helm of MF Global when it disclosed a more than 6 billion dollar bet on european sovereign debt that was part of an entire portfolio that counter parties started to run from in droves as the firm headed towards illiquidity and bankruptcy. How does all this sit with MF Global customers? Well, we speak with one of those customers, Gerald Celente, who was stopped out of his gold futures positions because he was unlucky enough to be a customer with MF Global. He had a segregated account, but apparently, that was no viewed as sacrosanct by Jon Corzine et al. On Nobember 14th, Gerald Celente was on …Video Rating: 4 / 5
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