Was Corzine even investigated?

It borders on journalistic malpractice to float this out there as a reasonable expectation without broadly laying out the facts of the case. This together with the overall assertions of the story makes this doubly suspicious as it leads to the perception that Corzine will not only escape criminal prosecution, but that he will walk away from the episode free to pursue opportunities in the space as if nothing happened.

The story went on to point out, “Typically in white-collar cases, investigators start their interviews with lower-level employees and build up to the top executives of a firm. In July, when Federal authorities first approached Mr. Corzine’s lawyers, it was not clear whether he would agree to an interview.”

Agree to an interview! Who is calling the shots? What about a subpoena? And was it really July, a full eight months after MF Global declared bankruptcy, that Federal authorities first approached Corzine or his lawyers?

The story then agrees with its own dubious premise, by stating, “Even with the worst behind him, Mr. Corzine’s reputation has suffered lasting damage.”

Who says the worst is behind him? And what worst. He is off in the Hamptons and apparently hasn’t even faced questioning from authorities. And we are 10 months into this.  The one lower level official — the only one — who apparently knows anything isn’t talking. Edith O’Brien is still waiting on an immunity deal. One that for some strange reason is not forth coming.

MF Global violated rules of customer segregation. Jon Corzine was not only the head of the firm but the person who directed the trading activity that caused its downfall.

Too many people have lost too much and an industry has suffered too much damage to its reputation for this to simply fade away, regardless of what is leaked by "people involved in the case."

James Koutoulas, co-founder of the Commodity Customer Coalition (CCC) knows this and is taking his case to individual states by asking the Attorney Generals of various states to take up the case. 

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About the Author
Daniel P. Collins

Editor-in-Chief of Futures Magazine, Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange. Dan joined Futures in 2001 and in 2005 he was promoted to Managing Editor, responsible for overseeing all the content that went into Futures and futuresmag.com. Dan’s incisive reporting and no-holds barred commentary places him among the most recognized national media figures covering futures, derivative trading and alternative investments.

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