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Is Jon Corzine “Too Big to Be Indicted?” Part IV

Posted by Larry Doyle on December 8, 2011 8:58 AM |

With most eyes and ears today fixated upon Brussels to see what version of “charades” will next be played by the European heads of state in an attempt to save their union and their euro, there should actually be a slightly more entertaining ‘show’ on Capitol Hill today.

What ‘show’ might this be?

The testimony provided by the recently humbled and one-time Wall Street titan and Democratic political bigwig Jon Corzine in the ongoing saga of MF Global.

What really happened at MF Global? Who knew what and did what? 

When did they know it and when did they do it?

Will MF Global’s CEO Jon Corzine embrace our highly prized Sense on Cents virtues of truth, transparency, and integrity? Will he invoke his right against self-incrimination by taking the 5th? Will he try to thread a needle and appear apologetic while truly yielding little of substance in his testimony?

Will any member of the House Agricultural Committee, which is holding this hearing to address the demise and bankruptcy of MF Global — and find out where a mere billion dollars of customer funds went — have the balls to truly press Corzine and demand answers?

I repeat my question highlighted in three previous commentaries, “Is Jon Corzine too big to be indicted?” (I, II, III).

Well, if the story that was released just prior to 7am this morning is any indication, I recommend you grab a large popcorn and a barf bag if you plan to watch this show because as The Washington Post highlights, Jon Corzine to Tell House Panel He Doesn’t Know Where Customers’ Money Went:

Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers.

In testimony prepared for delivery to Congress Thursday, Corzine says he was “stunned” to learn shortly before the firm sought bankruptcy protection at the end of October that MF Global could not account for the money.

I simply do not know where the money is, or why the accounts have not been reconciled to date,” the former MF Global chief executive says, according to the testimony.

After having read this story this morning, I thought I could hear off in the distance an echoing of people saying, “You have got to be f*&#!n kiddin’ me,” while others appeared to be clearing their throats in a muffling sound eerily similar to a call of “Blowjob”!!

If this MF Global situation were not so dire and serious, this leak of Corzine’s expected testimony may actually be fairly comical.

Is Jon Corzine a dunce? Are the members of the Committee? The media in our nation who do not fully pursue these bankruptcies? Or, are we, the American public, who allow ourselves to be fooled and compromised by those on Wall Street and in Washington who continue to engage in their incestuous relationships at the expense of our nation as a whole?

You cannot make this stuff up.

Do you think we might need an independent investigation led by somebody with unquestioned integrity? You think?

Does anybody think Harry Markopolos might be able to figure out where these customer funds went?

Questions, comments, constructive criticisms encouraged and appreciated.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.

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