Saturday, December 10, 2011

Corzine the Crook

Check out the testimony of Jon Corzine, former Democratic Governor and Senator of New Jersey, whose company, MF Global went bankrupt and stole about $1.2 billion from client accounts. His prepared remarks make him sound like an honorable and innocent bystander in all this. MF Global was "well within" risk parameters at the time of bankruptcy (kind of a funny statement in itself) and he had no idea where the client money was (if only the committee gave him another month to look!).

Of course, once the questions start, you learn that his Chief Risk Officer, who Corzine had fired, was opposed to the bets on sovereign debt that drove the company into bankruptcy. We also learn that Corzine threatened to quit if the board didn't go along with him. Anyway watch the whole thing. It's amazing that just a few months ago there was a lot of talk about Obama selecting Corzine to be Secretary of the Treasury (I guess so he could drive us into bankruptcy and steal taxpayer money):

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