 |
From the movie "Three Dumb Clucks" |
USA Watchdog
I watched in amazement today at the Senate Hearing on the collapse of MF Global about 6 weeks ago.
The three top executives testified about what they knew and when they knew it. CEO Jon Corzine, COO Bradley Abelow and CFO Henri Steenkamp all sat there and, essentially, said none of them knew where $1.2 billion of segregated customer money went.
It might as well have been Moe, Larry and Curly testifying.
As I watched these three, the basic theme was none of these guys knew what was going on in the company they were paid to run.
I guess they have proof they didn’t know what they were doing because the company they were running went bankrupt. Corzine said repeatedly, “I never gave any instruction to anyone at MF Global to misuse customer funds.” If that is not a well-rehearsed legal answer, I don’t know what is.
Other legal words and phrases I heard from the three MF Global executives include: “To the best of my recollection, to the best of my knowledge, I do not recall, and no reason to believe,” just to name a few.
When COO Bradley Abelow was asked the simple question of where did the money go? Mr. Abelow said, “I do know what happened, and I am awaiting results of the investigation to inform us all.” What? So we are awaiting the results of an investigation to find out what these three stooges were paid to know?
The CFO testified that when he knew the company was going down, the regulators were called at around 2 am. My question is what number did they call?
Read Full Article
No comments:
Post a Comment