Jon Corzine of MF Global fame (OTC:MF) is stunned and apologetic about the missing billion dollars. After running Goldman Sachs (NYSE:GS), being a US Senator and then Governor of New Jersey (why did New Jersey have to suffer him twice) he proceeded to ignore his risk officer and make bets he did not understand. The risk officer resigned after he went to the board and was ignored and pushed aside.
There is a concept of reckless endangerment. It fits Jon Corzine like a bespoke suit with matching accoutrements. If Obama is serious about cleaning up Wall Street, start with rogue members of the Democratic party who have raped, looted and pillaged the most effectively.
After that we need a damn good witch hunt, to identify the foolish investors who backed him. When you lose billions it has to be institutional. What Wall Street again? Yep its Wall Street again. What were the terms and conditions of the investment? How can professional money managers condone such huge bets?
We need to know which institutions had such bad judgement as to give Jon Corzine carte blanche. What were they thinking? You will probably find that a lot of public sector unions are absorbing losses. They will report the debacle as investing losses and not egregious errors in judgement. Pension regulators will be hard pressed to discipline stupidity but they should try anyway.
Finally you have state governors and mayors of all political persuasions with guaranteed public sector pension plans which now have bigger unfunded liabilities. Tax payors have to cover the losses on the back-end. Hard to blame unions on this point.
Thank you Jon Corzine. Apologies and being stunned does not do it.
George Gutowski writes from a caveat emptor perspective.
- Americans slumber while MF Globals Jon Corzine goes before the U.S. House of ill Repute (theworldawakens.wordpress.com)
- Corzine Isn’t Even Testifying Yet And The Goldman Sachs Comments Are Already All Over The Place (businessinsider.com)
- MF Global: Jon Corzine Receives Third Subpoena From Congress (tarpon.wordpress.com)
- Will This Be the Fall of “Key Man” Jon Corzine? (unmasker4maine.wordpress.com)
- At House Hearing Thursday, Corzine Expected to Plead the Fifth (newsworldwide.wordpress.com)
- Corzine: ‘I don’t know where the money is’ (politicalticker.blogs.cnn.com)
- Corzine: No idea where the money is (politico.com)
- What To Expect From Republicans At Tomorrow’s MF Global Hearing (businessinsider.com)
- Senate panel to subpoena Corzine on MF Global (seattletimes.nwsource.com)