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MF UNTOUCHABLE: Corzine Wins Again

January 10, 2013
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Source: Daily Bail

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MF Global Judge Nixes Customer Group's Bid to Depose Corzine

Reuters

A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine.

In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case.

The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the company went under.  But the coalition itself is merely a "'watchdog' entity with its own independent goals," hoping to depose Corzine "in furtherance of its own interests" rather than those of the MF Global estate, Glenn said in his decision.

Koutoulas, reached by phone on Tuesday, dismissed that reasoning as "the most minute technicality imaginable.  I could have filed 10,000 versions of the motion, one on behalf of each customer we represent," Koutoulas said, adding that the coalition is considering appealing the decision.

Most commodities customers have recovered about 80 percent of the value of their accounts through payouts by James Giddens, the trustee in charge of finding as much of the money as possible and liquidating MF's broker-dealer unit.

The coalition has said Corzine should face criminal charges for his role in the company's fall, though the exact nature of that role has been unclear. Many officials, including the Department of Justice and the FBI, have been investigating the case and have spoken to MF Global executives.

The coalition in November sought permission to depose Corzine, Chief Financial Officer Henri Steenkamp, former Chief Operating Officer Bradley Abelow, General Counsel Laurie Ferber, former Treasurer Edith O'Brien, and Christine Serwinski, former finance chief at MF's North American brokerage.

Continue reading...

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Corzine congressional testimony:

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Reaction from Bob Knight that Corzine will not go to prison.

PG version:

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Adult version.  Profanity warning.

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More Corzine stories:

NYT UPDATE: 'No Criminal Case Likely Against Jon Corzine'

Biden: "Literally, The First Guy I Called Was Jon Corzine"

Meet Jon Corzine's Daughter

Letter From Satan: Dear Brother Corzine

Gasparino Reports MF Global CFO Told Investigators 'Corzine Should Go To Jail'

Raise Your Hand If You Would Like To Invest In Jon Corzine's New Hedge Fund

Corzine Complains To Judge That MF Global Trustee Actions Are Hurting His Defense, Louis Freeh Nods In Agreement

"Corzine And Blankfein Could Put On Masks And Stick Up Fruit Stands All Over Manhattan, And Get Away With It Because Of The Difficulty In Prosecuting Crimes Like These"

Now We Know Which Senior MF Global Employee Told Investigators That Jon Corzine Had Direct Knowledge Of Customer Funds Being Stolen

Rick Santelli On Jon Corzine And The MF Global Customer Heist: "I Walk Away Thinking, If You’re One Of Those Elites, You’re Above The Law"

Independent Trader Talks About Losing Everything In MF Global Theft: "My Life Savings Are Now Frozen, Thanks To The Snake Jon Corzine"

MUST SEE - Lawyer James Koutoulas Tells Rick Santelli: 'We Plan To Pursue Criminal Charges Against Jon Corzine In All 50 States' (CNBC)

 

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