Corzine not an Accountant

Submitted by rkoreto on Mon, 12/19/2011 - 11:53

Testifying in front of the senate, Jon Corzine of MF Global was asked if "we should reexamine the accounting treatment of repo-to-maturity transactions."

He replied: "To the extent that people believe that the disclosures that we made were not adequate, and they believe that more disclosure is better, that certainly should be considered." He continued: "I'm probably not the one who should speak to this--I'm certainly not an accounting expert.

As noted in the New York Times, "the firm filed for bankruptcy on Oct. 31 after it was discovered that about $1 billion in customers’ money was missing."
 

 

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Corzine and Skiling

Submitted by Bill Tracy, CPA (not verified) on Thu, 12/22/2011 - 14:44.

Isn't he special? Deja vu.

This reminds me of Jeffrey Skilling lecturing Congress that he wasn't an accountant.
In addition, Corzine's risk officer was repeatedly overridden by the non accountant on questionable transactions with other people's money.

How does this guy avoid prison?

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