Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

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!!

Navigate accordingly.

Related Sense on Cents Commentaries/Jon Corzine (review the many shots we have taken at this speedbag over the last year)

Larry Doyle

ISN’T IT TIME to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook?

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.

  • Andrew

    LD-
    Thanks. I marvel at how short-term the focus on important issues is in this country. Yet, if Comrade Corzine had some sort of Spitzer downfall, it would be discussed endlessly.

    Keep up the good work.

  • fred

    LD,

    Corzine obviously went all in on his bet and lost, this explains his stock purchase and the use of customer funds to buy some time so the market could “get it right”.

    He lost and got caught with his hand in the “cookie jar”. All that remains is that he be “kicked to the curb” like every other smuck in the same circumstance!

    The gall, even well connected CEO’s should not be allowed to use ignorance as a defense. Afterall, doesn’t someone have to be ultimately accountible in a public corporation?

    At the very least, Corzine should be banned from any and all industry participation for life; at most, he should get a nice long jail sentence and suffer personal asset forfeiture.

    Corzine being allowed to start a hedge fund, with no repurcussions, is nothing less than a slap in the face of the American public.

    Where are our regulators who’s only “real” purpose is to protect the public interest, where is the public outrage that our regulators are failing us?

    Our government never even provided us with a good explanation as to what happened at MF Global. How are they ever going to be able to effectively handle something as complicated as Obamacare!

    Politicians/Regulators must think we have the attention span of 2 yr olds, are they right?

    LD, If you want to know what’s wrong with America, look no further than the Corzine-MF Global case study, it touches on so many different “facets” of business, government and our society. We “badly” need to purge our national conscience; can we really afford not to get this one right?

    Well, got to go, Fedex is at the door with my new Apple V.

  • Steve Miller

    “At the very least, Corzine should be banned from any and all industry participation for life; at most, he should get a nice long jail sentence and suffer personal asset forfeiture.”

    This is a simple crime. Are you a simpleton? Is that your remedy for a thief? Get out of your trance.

    • fred

      Steve,

      One thing that is pretty simple, even to a simpleton like me, simply put, your simple-minded reply isn’t even worth this simply stated response.

  • Steve Miller

    Eric Holder is the crook who pardoned Marc Rich for Clinton. Holder is protecting Corzine.

    What a stupid lawyer Corzine has. Only the entire nation of American imbeciles could fail to grasp that buying stock is more of an incentive for Corzine to steal the money.

    All you people are in a deep trance.

  • Peter Watts

    History tells us that when an influential person is not prosecuted it is because he has information relevant to his accusers which he has threatened to divulge.

  • http://www.libertasfin.com Don C.

    This whole story sickens me. It just further proves that in this country, if you rob 200 bucks from a liquor store – you’re going to jail. BUT, if you know the right people, and steal a few hundred million…….

  • GG

    Keep up the crusade. There are many people, reading your writings, who are encouraged that there is a voice for their frustrations. GG






Recent Posts


ECONOMIC ALL-STARS


Archives