Wednesday, April 25, 2012

A Man Without Shame

Jonah Goldberg points out that Jon Corzine's MF Global lost about a billion dollars of their customers' money:
Under Corzine, MF Global lost well over $1 billion, and I don’t mean in the profit/loss sense. I mean it was physically misplaced and Corzine cannot account for where it went. The Justice Department is investigating, and news-media accounts suggest a criminal prosecution is likely. 
So what is Corzine doing these days, since, of course, he isn't in jail?  As this article at Real Clear Politics explains, he is doing something very important:

Jon Corzine -- under federal and congressional investigation following accusations that the securities firm he headed illegally took clients' funds before collapsing -- is among President Obama's top re-election campaign bundlers, raising at least $500,000, according to the campaign’s filing Friday with the Federal Election Commission.
Corzine, the former New Jersey senator and governor, and former head of Goldman Sachs, is among 127 individuals (dubbed “volunteer fundraisers” in the parlance used by Obama’s Chicago campaign) credited with raising more than $500,000 through the first quarter of 2012.'
You would think the President who screeches about how rich people aren't playing by the same rules as the rest of us would be embarrassed by this.  But why would he be?  Who is going to make a fuss of it?  I found this interesting piece over at Democratic Underground, where Democrats write who are so far left that they actually believe Obama's rhetoric:
After all, I learned all about MF Global and Corzine right here on DU. Obama gave money back but now he's taking the money from him? Democrats talk about this everywhere. Who's money is this? It's workers! Why is this going on? There are several sources for this, but dems are getting attacked for asking about this. One dem I know wrote this back after being attacked for sending out "right wing" news sources! 
...
Democrats were told in the Fall Obama was going to return the bundled money from Corzine..it is obvious by Obama's own "current " financial report..the money was not returned! 

This ABC story is the first I have seen from any MSM ! 
And yet anyone can go to Obama's web site..and look at the campaign finances..and scroll down to the highest bundlers...and see Corzines name on the 1/2 a million dollar bundler list! 
When one has an open investigation for fraud and lying to congress..and having lost 6.3 Billion Dollars of investors money..there damn well should be questions about this!! 
Money lost was pensioner's money..farmers money..and it was illegally gambled! 
There are new emails produced ..and under investigation..of Corzine lying to congress! 
The Reason I have always been a democrat..is because we "USED to be different " than Republicans..we didn't steal pensioner's money..we protected it!  
 I think this guy was deluding himself thinking that there used to be a big difference there.

Over at Rolling Stone they are comparing Corzine's ability to get away with this to George Zimmerman...but not a word mentioning that Corzine is a major Democratic fundraiser and politician, which might explain why he is getting away with it.

4 comments:

Anonymous said...

Did they lose the money? It looks like they stole it to me...

Eric said...

He's trying to go the Marc Rich route without having to live overseas for umpteen years.

And the guy who recommended the Marc Rich Pardon to Clinton was some deputy attorney general...named Eric Holder. Wonder what ever happened to him?

tkc said...

The scary part is that what Corzine did may actually be legal. Banking law is not a sexy, headline topic. Most of it is more along the lines of a cure for insomnia.
That said, the TBTF banks have a lot of sway in congress and pretty much get to write the laws that govern them. They get away with it because it is a boring topic.
It is hard to explain but do a search on MF Global, Corzine, and 'rehypothecation'.

Here is a short explanation:
http://articles.businessinsider.com/2011-12-13/wall_street/30510869_1_mf-global-collateral-customer

tkc said...

Here is the long version:
http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/

Sorry for the lack of a summary but it is not something that can be easily summarized.