Jon Corzine’s ‘Global’ Disaster
There was a breaking development that occurred on The Hill today. A member of the financial sector made a poor decision, bankrupted a company, and was formerly an elected official. No, it wasn’t Mitt Romney – it was former Democratic Governor of New Jersey Jon Corzine. Corzine, who hedged against the European debt crisis, incurred losses in the billions, which lead to the collapse of MF Global.
One mystery that plagues this investigation is Mr. Corzine’s David Copperfield act that wiped $1.6 billion from Global’s client fund, which occurred days before the whole firm crumbled. Dina ElBoghdady of The Washington Post reported about this episode in financial malfeasance that cost people their jobs, and their savings – but it wasn’t too important since they relegated the piece to page 18 in today’s edition.
Furthermore, it took Ms. ElBoghdady six paragraphs to even mention that Mr. Corzine was a Democrat because they party of progress doesn’t dabble in such unscrupulous activities like this. The report about Mr. Corzine’s epic failure at MF Global was released today by the House Financial Services oversight subcommittee, but didn’t mention any felonious activity conducted on behalf of the former Democratic governor. They’re going to leave that to other prosecutors, who have launched their own investigations. In all, “farmers, ranchers, and ther customers may never get back over $1 billion of their money as a result of [Corzine’s] decisions, Rep. Randy Neugebauer (R-Tex.), the House panel’s chairman, said in a statement.”
So, if Democrats and liberals hate Mitt Romney for being a rich man who devours companies, then shouldn’t they be picketing outside Corzine’s residence castigating him for his negligence? If any Republican acted as horribly as Corzine has done in managing a firm, like MF Global, this would be on the front page – and dominating the news cycle for weeks on end.
Jon Corzine is worse than a vulture capitalist. He’s an incredibly incompetent manager of people’s resources, which explains his failure as a governor.