Jon Corzine: Ego Only Outweighed by Stupidity?
Posted by Larry Doyle on October 24, 2012 9:28 AM |
“Jon Corzine is the smartest guy that I know. . . “ VP-elect Joe Biden
Jon Corzine’s lawyer yesterday made the case that his once high-flying financial and political heavyweight client could not have participated in a fraud at MF Global because as reported by The Wall Street Journal,
“. . . just two months before the company collapsed, he bought over 50,000 shares of MF Global stock on the open market.”
Need we remind Mr. Corzine’s attorneys that just because an individual might be stupid and not fully understand the operational risks within a firm and the liquidity risks within a marketplace DOES NOT preclude said individual of engaging in fraudulent and criminal activity.
While Corzine’s attorneys and those representing large Wall Street banks are requesting the dismissal of a civil fraud lawsuit, let’s turn the tables on this situation and reiterate the demand put forth at this blog this past May, MF Global: Independent Investigation Required . . . NOW.
If we needed the independent investigation last spring, we certainly need it now. Where is Eric Holder? Oh, that’s right. He is another member of the crony cabal. God help us.
A year has passed since the downfall of MF Global. The lives and livelihoods of countless individuals and families have been derailed AND still America waits for the truth.
Corzine may float the prospect of launching a hedge fund in an attempt to regain a degree of professional credibility. What a farce. Crony capitalism stems from a lack of meaningful regulatory, legal, and moral integrity. We need look no further than the failures of our regulators, legislators, and legal officials to properly address and adjudicate this MF Global debacle as evidence of this cronyism.
Why is America still waiting to hear once again, “Mr. Corzine, et al, please raise your right hand and repeat after me . . .”
AMERICA NEEDS THE TRUTH!!!
While castigating Mr. Corzine and those officials who have failed to properly pursue this scandal, let’s not forget to support those individuals and families impacted by the MF Global fiasco. We have not forgotten you!!
Related Sense on Cents Commentaries/Jon Corzine (review the many shots we have taken at this speedbag over the last year)
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 so that investor confidence and investor protection can be achieved.