Cough it up, Corzine
Investor demands payback for lost funds
- Duration 4:05
- Date Apr 23, 2012
Investor demands payback for lost funds
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More than a billion dollar still missing after the brokerage firm NF global when Boston while former CEO Jon Corzine.
It's still free from charges 8000 -- are out a whole lot of money.
Here's a Corzine had to say when asked whether he'd -- -- of his own cash to pay back those clients -- My question for you on behalf of these people who are largely small farmers small businesses co ops all over the country.
Assuming that that they're not made a hole.
Are you and other executives of your company willing to withstand the loss with your personal fortunes and allow them to to be compensated made -- Congressman I'm.
Either yes or no it's fairly simple.
I don't think that and this will go unresolved.
Now is the man leading the crusade to retrieve customer funds the president of -- capital management Stanley argue morning Stanley.
Good morning and it's nice to be always nice to see you can you invested about ten million go -- clients' funds and about 700000 dollars of your own funds.
What does this mean now that.
Is bundling more than half million dollars for -- Obama what does that do for him.
Well you know I think that first of all my my reaction when I saw the news on Friday.
Was really that this is just another kind of -- reminder.
Of the cronyism and corruption which which just -- our whole financial system.
And political system and is going damage the economy.
But I think actually from his point of view he hasn't always been known as a very savvy trader he lost a lot of money.
If we're being booted out Goldman Sachs and he obviously lost a lot lot of money on his European bond that's an MF global.
But for him I think this is probably the best investment he's ever made it seems to have earned him -- get out of jail free card from the Obama administration.
The other one Amazon hypocrisy here Wright is loses all -- -- money but he's able to somehow find money and raise it for President Obama I have to ask you though.
You're leading this crusade try to get back these investors' dollars that that Corzine ad MF global have lost.
Where you on that and how exactly are you trying to get this money back.
Okay first of all part of a group which is really come together spontaneously action a lot of people that work.
That we're competitors of each other I'm not really the leader of the group but I've been active -- it.
But you know we're pursuing all avenues we have representation in bankruptcy court which is a big part of the problem now because the way the bankruptcy was structured.
Makes it difficult for us for customers who should have priority in these situations to recover -- money.
And -- one job that I've had taken off myself.
Is trying to brief congressman.
So that they can stay on -- as well because that the CFTC.
Which is the regulatory body of the government that should be looking out for us and the Department of Justice.
Have largely been missing in action through this whole thing.
Which I think is is itself a scandal and deserving of further investigation.
Fortunately you know we've had we've had some people help us.
Mainly from the house financial services committee has stayed on the case.
And we at a hearing coming up this Tuesday in the senate which hopefully we'll make some progress as well.
Their last thirty seconds after the Bernie Madoff scandal -- the federal government stepped in quickly and move done it.
Why don't we see movement with regard to senator Corzine and really one of the biggest collapses we never seen in this country.
Absolutely well I mean you know you can draw your own conclusions I don't have a smoking gun to give you here today.
But the fact that Obama has received millions of dollars of campaign money over the years.
Either from Corzine directly or bundle by him.
The fact that the Obama administration apparently -- -- -- strategy a cornerstone of it.
Is to paint the Republicans as being the corrupt fat cat wall streeters well if it turns out.
That that the biggest most corrupt fat -- on Wall Street is none other than Jon Corzine.
A prime supporter of Obama and major fund -- that kind of blows up their strategy a little bit and may explain the reason they've been dragging their feet.
Stealing cars president of -- capital management going half trying to get this money back in part Stanley good luck to you thanks for sharing your thoughts this morning we appreciate.
Thank you very much and.