Behind NFA's Push to Ban Corzine for Life

This transcript is automatically generated

-- thanks.

And breaking news the bigger they are the harder they fall vote now under way there FCC I think it -- the ban former senator in New Jersey former governor Jon Corzine.

From trading commodities and futures for the rest of his life.

We get the bottom line a closing dollars -- following the story and also happened but the -- is -- and it's yet.

It's the national futures association which is -- that's fine it's SRO -- some predatory body of the CFTC.

-- the here's what's behind the push right to board members to band Jon Corzine -- life.

Number one these guys are worried that he's gonna basically be running money including offshore and they're saying John broad support everything.

Sixteen months after MF global collapse and cost investors one point six billion dollars -- still haven't alphabet -- regret federal agencies but not report anything against Corzine has not been sanctioned.

This is unprecedented 160 years of commodities futures trading.

We want to hold them accountable but there has to be consequences that's John wrote that John rose joining another -- -- -- -- who are two new board members they also run money they're clients have lost money.

We can be brought contacting SEC -- -- declined comment.

It's yet to see officially declines come up a look at what is the active that you see if -- -- official tells Fox Business.

We are closely watching this board meeting which is now under way this is a developing story.

I don't see us overturning a decision by the NFA to -- Jon Corzine for life so that is breaking news right there.

I think it's the Phyllis is saying look we do have majority support at the and it bank to ban Jon Corzine for like -- -- -- interesting stuff.

So two members of the board -- members of the many members of this board -- -- 282 out of what so they wanna come out and because regulators are lame and haven't done anything we think it was his band this guy for like now let's -- -- Corzine.

He was stupid apparently he was reckless I think like hundreds of millions of -- client money disappeared.

But he was not criminal right he has yet it.

No criminal that's correct there's no criminal charges against him we only have a congressional probe that found that he was based relax -- its internal controls.

At MF global that's that's.

-- and right now there continue to be regulatory probes but you know chance that -- is saying essentially tip Fox Business that the NFA has -- dozens of members.

With lifetime ban since 2008 and so they're -- They want this to be an impediment to him if he tries to go in the Cayman Islands to get money they want -- to be able to force -- it gets closer regulators and future investors.

That he does have this so called you know problem with I think -- sanction.

All that -- client money that might be a great obstacle to him ever raising money from anyone again he -- and media big impediment -- -- write a thank you -- the numbers did try I would Jon Corzine regularly ring.

-- a right to be breaking news on the throughout the day.

All right -- thank you very much -- snow --

Watch Live

Behind NFA's Push to Ban Corzine for Life

Details

Clips

Latest Video

New Controversial Character on Sesame Street

How Specific Does Bernanke Need to Be?

Uncertain European Markets

Fed Wraps Up 2-Day Meeting

Is the NSA Surveillance Program Needed?

Nicknames to Characterize the President’s Scandals

NYSE Bomb Plot Thwarted by NSA Surveillance?

Did Snowden Face Reprisals if He Stayed in U.S.?

Government Data Requests Running Amok?

RNC Chairman on Border Security, Immigration

RNC Chairman: The President Isn’t Leading

Can Obama Provide Meaningful Defense of NSA?

Transcript

Recommended