Friday, June 8, 2012

Food Network offers Jon Corzine new series.

Book-Cooking with Corzine is the catchy title of the new series, in which celebrity guests will appear (such as Bernie Madoff via satellite).  "After all the mail we've gotten from farmers and pensioners left holding the MF Global* bag," said a Food Network exec, "we're thinking for the series finale we may be able to convince Satan to appear and pull Mr. Corzine into the Real Hell's Kitchen.  A spinoff series, perhaps." 

Actually James Stewart gives a good recap today in the NY Times, which includes this: 

Contrary to vague and self-serving assertions that MF Global’s affairs in its last week were so chaotic that no one really knew what was happening, some people at the firm obviously knew only too well, and took desperate measures that ignored clients’ interests.

And this, as to how the firm carried out its deceptions: 

None of this would have been possible if regulators actually required firms like MF Global to keep customer funds safe. Instead, the commodities commission allows firms to use an alternative method for calculating customer funds in foreign accounts that vastly understates what belongs to customers. Cash, for example, doesn’t count.

Here's the link: http://tinyurl.com/88s9owy

* Appropriate title for the firm, n'est pas?

No comments:

Post a Comment