NY Times Says They Saw an Email that Says Corzine Did Not Know, Was Apparently Misled

Now it starts to get really interesting.

Of course Jon Corzine did not know. He's only the CEO.

Leak, and counter-leak.

He said.  She said.

Check your closet floor, Edith. What were you wearing that day?

You look like the designated patsy.

One thing that the email seems to indicate, however, is that at least $175 million of the customer money was never missing or vaporized, but was sitting in an account at JPM in London. And they never received back confirmation that the money was NOT customer funds.

That account was MF Global's account. Did JPM seize the money when MF Global went bankrupt? Their rationale would be that it was a settlement, and therefore exempt from laws against fraudulent conveyance based on a 2005 law.

NYT
E-Mail to Corzine Said Transfer Was Not Customer Money
By BEN PROTESS and AZAM AHMED
March 25, 2012

Jon S. Corzine, the former chief executive of MF Global, was told during the brokerage firm’s final day of business that a crucial transfer of $175 million came from the firm’s own money, not from a customer account, according to an internal e-mail.

The e-mail, sent by an executive in MF Global’s Chicago office, showed that the company had transferred $175 million to replenish an overdrawn account at JPMorgan Chase in London. The transfer, the e-mail said, was a “House Wire,” meaning that it came from the firm’s own money. The e-mail, sent at 2:20 p.m. on Oct. 28 to Mr. Corzine and two of his assistants in New York, says the transfer came from a “nonseg” account, industry speak for a noncustomer account.

But the e-mail, a copy of which was reviewed by The New York Times, did not capture the full story behind the wire, which turned out to contain customer money. MF Global employees in Chicago had first transferred $200 million from a customer account to the firm’s house account, people briefed on the matter said. Once it was in the firm’s coffers, the people said, Chicago employees then promptly transferred $175 million of the money to the MF Global account at JPMorgan in London — the account that was overdrawn....

Miloš Kopecký and the mainstream media financial cold war boogie woogie.

Gold Futures Daily Chart - Intraday With Key Support and Resistance

The short term trend is downwards and in red.

The longer term trend is upwards and in green.

The very long term trend is steep and pointing to much higher prices.

The support and resistance on the chart is rather easily seen.

I would put the key levels in blue.

JPM's Asia-Pacific CEO Leaving the Firm

The spokesmodels were crying insipid crocodile tears for Gaby this morning. "With all this regulation, it's just not fun anymore."

Yes, even plunder can become tedious.

Except I think this is part of a greater trend.

The American derivatives dealers and agents of fortune are leaving Europe and Asia, as the currency wars intensify, and the Banksters are sent home.

WSJ
J.P. Morgan's Asia-Pacific CEO Leaving
By ALISON TUDOR
March 26, 2012

HONG KONG—J.P. Morgan Chase & Co.'s chairman and chief executive officer for the Asian Pacific region, Gaby Abdelnour, is leaving the bank after 14 years and the building up of the bank's platform in China.

Mr. Abdelnour, 58 years old, will leave the New York-based bank this summer to pursue personal interests, according to a memo signed by Chief Executive Officer James Dimon and investment-banking head Jes Staley and circulated internally. The bank hasn't named a successor...

Bernanke Spurs Stock Market with Pledge to Inflate the Currency

The problem with this approach is that only the wealthy can gain the greatest benefit from it, and the real economy picks up the scraps.

The banks can borrow at almost zero, and buy treasuries paying two or three percent, and the wealthy can continue to buy income producing assets and other companies to strenghten their monopolies.

There will be no sustainable recovery until the system is reformed. The greater fault is of Obama and the Congress, since they control fiscal policy and enforcement of the law, although the Fed as regulator does very little to reform the financial system and the Banks.

The limit of this current quantitative easing policy is the value of the dollar in international trade, or the spontaneous action of the people to demand change.

Reuters
Wall Street gains after Bernanke comments
By Ryan Vlastelica March 26, 2012

NEW YORK (Reuters) - Stocks rallied on Monday after Federal Reserve Chairman Ben Bernanke suggested the central bank would continue supportive monetary policies even as the unemployment rate improves.

The economy needs to grow more quickly if it is to produce enough jobs to bring down the unemployment rate further, Bernanke told a gathering of the National Association for Business Economics.

"Further significant improvements in the unemployment rate will likely require a more rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies," he said.

Leo Grohowski, the chief investment officer at BNY Mellon Wealth Management in New York, called the remarks "the best of both worlds..."