Tag Archives: Jon Corzine

Japan's Money-Printing Frenzy and Today's Other Important Financial Stories

By John Maxfield, The Motley Fool

Filed under:

After a rough day yesterday, financial stocks are generally higher this morning. The financial stories below help to explain why.

1. Bank of Japan: Let the printing begin!
What’s the best way to get an economy up and going again? According to Japan‘s central bank, the answer is to print copious amounts of money. In the first policy statement since Haruhiko Kuroda took over as the head of the institution, the Bank of Japan outlined what’s being claimed as the most aggressive monetary policy since the Weimar Republic:

The Bank will achieve the price stability target of 2 percent in terms of the year-on-year rate of change in the consumer price index (CPI) at the earliest possible time, with a time horizon of about two years. In order to do so, it will enter a new phase of monetary easing both in terms of quantity and quality. It will double the monetary base and the amounts outstanding of Japanese government bonds (JGBs) as well as exchange-traded funds (ETFs) in two years, and more than double the average remaining maturity of JGB purchases.

Policymakers in Japan have been struggling for nearly two decades to find a solution to the deflation that’s hung over the country’s economy since the early 1990s. In the most recent election, it was a central facet of the new prime minister’s economic policy. And following his inauguration last December, he’s set upon accomplishing this objective by selecting Kuroda to chair the central bank.

According to the bank’s president, “Incremental steps of the kind we’ve seen so far weren’t going to get us out of deflation. I’m certain we have now adapted all policies we can think of to meet the 2 percent price target.” To read more about this, check out The New York Times article here.

2. MF Global Report
Thought you had heard the last about former New Jersey governor Jon Corzine and MF Global’s astonishing collapse? Think again.

This morning, the trustee for the failed commodity company’s bankruptcy issued its long-awaited report on what led to the collapse and how significant the damages were. As The Wall Street Journal noted, the bankruptcy trustee laid the blame squarely at Corzine’s feet, saying that a risky business strategy, inadequate systems, and “negligent conduct” contributed to the company’s unraveling.

“Corzine and his management team failed to strengthen the company’s weak control environment, making it almost impossible to properly monitor the liquidity drains on the company caused by Corzine’s proprietary trading strategy,” the report said. You can read the 124-page report here.

3. Jobs Data
According to data released today by the Labor Department, the number of Americans filing for unemployment benefits last week hit a four-month high. For the week ended March 30, the advance figure for seasonally adjusted initially came in at 385,000, an increase of 28,000 applications over the prior week. According to Reuters, economists had expected the …read more

Source: FULL ARTICLE at DailyFinance

Jon Corzine Avoids Lifetime Trading Ban As Regulator Punts To Feds

By The Huffington Post News Editors

NEW YORK — A private market regulator refused to ban former MF Global chief Jon Corzine from trading with other people‚Äôs money Thursday, rejecting a motion brought before that body’s board of directors to do so.

The National Futures Association’s decision is a blow to a vocal group within the commodities trading world who — noting that Corzine has not been held accountable by the government for alleged crimes — wanted to see him publicly upbraided by his peers in the market.

Corzine was CEO of commodities broker MF Global in October 2011, when the firm collapsed, causing about $1 billion in losses to consumers whose money should have been safely guarded in separate accounts. In spite of congressional testimony accusing Corzine of breaking the law in the firm’s final weeks, he has not been charged with any crime and is rumored to be raising cash to start a commodities-focused hedge fund.

Read More…

…read more
Source: FULL ARTICLE at Huffington Post

MF Global payout plan approved for creditor vote

The sign marking the MF Global Holdings Ltd. offices at 52nd Street in midtown Manhattan is seen in New York

NEW YORK (Reuters) – A bankruptcy judge on Tuesday approved the outline of a plan by liquidators and creditors of failed brokerage MF Global to repay the company's creditors, a key step toward ending its $40 billion Chapter 11 bankruptcy. At a hearing in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn green-lighted the outline, which was amended to address minor concerns Glenn had raised in refusing to approve an earlier version of the outline last week. MF Global, which had been led by former New Jersey Gov. Jon Corzine, is liquidating after declaring bankruptcy in October 2011. …

…read more
Source: FULL ARTICLE at Yahoo Business