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Feature
The Collapse of Jon Corzine
All of it made possible by his close ties to Democrats and the world of Goldman “Government” Sachs.
On December 15, Jon Corzine (D-NJ), former CEO of the suddenly bankrupt commodities and futures brokerage firm MF Global, finished three days of testimony before the House Financial Services Oversight and Investigations Subcommittee. This followed the December 2nd decision of the House Agriculture Committee to subpoena Corzine after a request for a voluntary appearance went unanswered. Two other congressional committees subpoenaed Corzine in the next several days. To say that it is unusual for Congress to issue a subpoena to a former United States senator (and, in this case, governor) is an understatement. As an Associated Press article noted, “Congressional historians and Capitol Hill insiders can’t recall another time when a former member of Congress was summoned by his former peers to testify about a matter under federal investigation.”
In fact, the move was so rare that even the New York Times, Washington Post, and Politico—each of which had reported remarkably little on the eighth largest bankruptcy in our nation’s history and America’s biggest financial failure since Lehman Brothers—had to take notice.
The bankruptcy was caused by Corzine’s decision (if I may borrow a phrase from Corzine’s good friend, President Barack Obama) to fundamentally transform MF Global from a sizeable but relatively staid commodities brokerage firm into a gambling enterprise. MF, which was spun off from the British firm Man Financial in 2007, not only risked the firm’s own money but then used customers’ funds to plug the holes when Corzine’s massive speculative purchases of European government debt went south. Fundamentally transforming something that was already working pretty well is perhaps not the best strategy for success.
In testimony before a House committee on December 15, 2011, Terry Duffy, chairman of the Chicago Mercantile Exchange—which, as MF Global’s first-line regulator, is intensely focused on protecting its own reputation—said, “A CME auditor also participated in a phone call with senior MF Global employees wherein one employee indicated that Mr. Corzine knew about loans that had been made from the customer segregated accounts.” Not surprisingly, Corzine denies all knowledge of these transfers.
WHY ANYONE WOULD HAVE expected a different outcome from Corzine management is a good question. Corzine, who had been a trader at Goldman Sachs, became the company’s chairman and CEO in 1994. As a 2000 New York Times hagiography of Corzine noted, “While he helped build the bond trading department of Goldman Sachs into a wildly profitable arm of the company, he was admittedly careless as an administrator and was forced out of the firm because several senior partners were angered that he made major decisions without consulting them.”
That is a charitable description of a man who ran a firm that had a nasty reputation (including when I was a trader on the Chicago Board Options Exchange) for “front-running” its customers’ orders, most famously the collapsing positions of Long Term Capital Management (LTCM). As Roger Lowenstein described in his seminal book When Genius Failed, “translated, this meant that when…Goldman got wind of which way its customers were running, it often ran there too—and fast. This was why Goldman’s previous stewards had refused to get involved in proprietary trading; the possibility of conflicts of interest was just too great.”
Corzine aggressively courted Nobel laureate-founded LTCM as a client for Goldman, structuring a deal that allowed Goldman some knowledge of what LTCM was doing, and then copying LTCM’s strategies for Goldman’s own accounts. As LTCM was collapsing, Goldman posed as a potential white knight while trading in a frenzy for its own accounts; after all, since they had copied LTCM, that firm’s losses were turning into Goldman’s losses. Lowenstein quoted Corzine: “[Goldman] did things in markets that might have ended up hurting LTCM. We had to protect our own positions. That part I’m not apologetic for.” Does anyone now believe Corzine’s crocodile tears over protecting MF Global’s positions by putting at risk roughly a billion dollars of its customers’ money?
In the end, Corzine’s LTCM-related activities cost Goldman about half a billion dollars. In other words, he wasn’t forced out of Goldman because he didn’t “consult” with other partners. It was because he was, and obviously remains, an out-of-control gambler—and I say that as a professional trader inclined to give other traders the benefit of the doubt.
IT WASN’T JUST HIS Goldman activities that should have given MF Global second thoughts before hiring Jon Corzine. His financial management of the State of New Jersey while serving as its governor from 2006 to 2010 was little short of professional misconduct.
Perhaps the best description of Corzine’s mismanagement came, not surprisingly, from his successor, Chris Christie, in a February 2011 speech at the American Enterprise Institute:
When I came into office we confronted a $2.2 billion budget deficit for fiscal year ‘10. The one that had five months left. The one that Governor Corzine told me was just fine, cruise path into the end of the fiscal year; Governor, don’t worry about it, everything is fine. $2.2 billion…Imagine that. The state that has the second highest per capita income in America had so over-spent, over-borrowed, and over-taxed—that it would not meet payroll in March of 2010. So we acted immediately to use the executive authority of the governorship to impound $2.2 billion in projected spending…without raising taxes on the people of the state who had had their taxes raised and fees 115 times in the eight years preceding my governorship. 115 tax and fee increases in eight years.
Corzine has given nearly $3 million dollars to Democrats, mostly through donations to the Democratic National Committee, as well as serving as major “bundler” for Barack Obama’s presidential campaigns.
So it should come as no surprise that two of Jon Corzine’s biggest supporters are Barack Obama and Vice President Joe Biden. At a Corzine campaign rally in Edison, New Jersey, in October 2009, speaking of the administration’s quandary regarding how to deal with the banking turmoil in 2008, Biden made it clear why, in retrospect, the Obama administration’s economic policies are so reckless and confused:
I literally picked up the phone and called Jon Corzine and said “Jon, what do you think we should do?” The reason why we called Jon is because we knew he knew about the economy, about world markets, about how we had to respond, unlike almost anyone we knew.
Biden went on to say that Corzine gave the administration the framework for a national economic recovery plan. Thus, the Obama stimulus, which wasted a trillion dollars of our children’s future earnings, was inspired and perhaps designed by an inveterate reckless gambler and financial mismanager.
About the Author
Ross Kaminsky is a self-employed trader and investor and is a senior fellow of the Heartland Institute. He is the host of The Ross Kaminsky Show on Denver’s NewsRadio 850 KOA at 11 AM on most Sundays. You can reach Ross by e-mail at rossputin(at)rossputin(dot)com.
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Richard Baker| 2.15.12 @ 6:41AM
What can be said of Corzine's Financial Circus is: sic transit gloria mundi. And, as per Tom Wolfe, Corzine was also a Master of the Universe. Not so masterful, was he?
Jack in Wi.| 2.15.12 @ 7:28AM
Goldman Sachs is the biggest contributor to both Obama and Romney. Tell me Ross how is Romney any bettter? Wall Street is being held up by trillons in Federal Reserve bail outs. Meanwhile they want to cut social Security, Medicare and food stamps for everyone else. The housing bubble, the Nasdaq bubble, the stock market bubble can all be put on the feet of Wall street and the Fed. Who is the only guy running who wants to do something about it?
Ross Kaminsky | 2.15.12 @ 12:20PM
Jack, I do not and never have supported bank bailouts.
Everywhere in the economy, including banking and investment banking, we need to limit the government's ability to pick winners and losers.
How is Romney better? He's probably not much better. I'm not a Romney cheerleader. I only like him to the extent that I think he can beat Obama, and I still think he's more likely able to do that than the other candidates are.
darcy| 2.15.12 @ 4:04PM
Terrific article, Ross; I'm pleased that TAS has someone on board (you) who's knowledgable in this area and can deliver the goods, so to speak, to clarify and report on this important story.
I saw in your statement, "Fundamentally transforming something that was already working pretty well is perhaps not the best strategy for success," an idea that transfers equally well to the hatched job Obama and his cronies are performing on our great republic.
However, I disagree about Romney. And I'll tell you why: Obamacare MUST be repealed by our incoming president; it is both the superstructure and the foundation of the socialist state, the un-free state, the kind of state that our founders warred against. If you agree with that, and if you earnestly believe that Romney WILL repeal it and NOT try to replace it with Republican-favored crony statist health care, then I want to see you argue the point. Please.
Orlan| 2.15.12 @ 4:09PM
Thank you, Ross. Thanks for this example of great reporting, plus the insight and knowledge to make the story lucid.
"What a tangled web we weave ..."
Dave Williams| 2.15.12 @ 1:02PM
Let's see, would that be Lyndon Larouche....Harold Stassen...Pat Paulsen....or some 75-year old hack who's crazier than all of them put together?
Pwned, Wacky Jacky!
RichardM73| 2.16.12 @ 3:11PM
B I N G O!!!! Ron Paul for 2012!!!!!!!
Bill Hussein O'Stalin| 2.15.12 @ 11:41AM
Inside the beltway a merry-go-round of corruption has grown and thrived and I wonder if anyone can stop it.
TrueBlue | 2.15.12 @ 4:52PM
Only with mass replacement and a huge increase in constant public scrutiny. I posted something on it awhile back here on AmSpec, but I doubt anyone but me takes the idea seriously. Moved it over to my blog at the end of the year.
http://truebluevigilance.blogs.....dream.html
Shamus| 2.15.12 @ 7:06AM
I wonder whether Corzine will face criminal charges?
Laws the Democrats passed after the Enron scandal would apply to Corzine, but since he's a Democrat there's a fair chance no charges will be considered. Democrats like having shelves full of laws and regulations, but they never enforce them against their favored people.
Old Soldier| 2.15.12 @ 7:39AM
I suspect the lawsuits will quickly burn through MF's D&O insurance and eventually drain him off his personal fortune.
The best punishment would be strip Corzine of every ill-gotten dollar, every mansion, and put him in a Newark public-housing project.
fckewe| 2.15.12 @ 10:17AM
of he might take the Skilling amendment, so his kids fortune is untouchable.
I 45 caliber volunteer to HELP!
RichardM73| 2.16.12 @ 3:14PM
No! The best punishment for these types of scumbags, is jail time!!!!!!
Mike| 2.17.12 @ 12:55AM
Corzine will be convicted of a crime right after Charlie Wrangle, Maxine Waters, Adolphous Townes, Chris Dodd, and Barney Frank. In a word, NEVER!
Donkey crap is thicker than blood or water.
POST American| 2.15.12 @ 7:25AM
"The KEY here I think is NOT
to think of death as an end, but
think of it more as a very effective
way of cutting down on coasts."
-Woody Allen
'LOVE & DEATH'
AS we contemplate the rounding off
of the broad daylight Globalist handover, TREASON and EUGENICS OP --in ALLLL
its aaspects
Unaccountable, inter-generational,
PSYCHOPATHIC, capstone USURY
-----IS----- DEVIANT ECONOMY.
Law of GOD
------Lips of Moses
-----------Figure of Christ
EVEN the most deluded porch 'MAY-SINS'
and clueless of 'A'---theists should be catching
on to this ---3 decades ago.
Timothy L. Pennell| 2.15.12 @ 8:57AM
"In fact, the move was so rare that even the New York Times, the Washington Post, and (Obamas' Official Web Site) Politico", who IGNORED it, "had to take notice".
Can anyone imagine, where we'd be today, if the Press, actually did their job?
Did you know that Gasoline is UP 83% since the Black Perons came to power? Did you read it in the Paper? Was it the lead story on the Television "News"? Or, were they DUTIFULY still making the case for covering over the 1st Amendment with Electrical Tape, so they could get on with forcing the CHURCH to pay for the MURDERS of Innocent Babies, in their WHORE Mother's Wombs?
Did you know that our Pharaoh plans on getting rid of 80% of our Nuclear Force? Did you know that? It's the LEAD STORY on Drudge. Was it the Lead Story on CBS? ABC? What about NBC? Did Was it in the SCRIPTS that Media Matters wrote for them?
Somebody tell me how this is any different than Hugo Chavez' Venezuela. How is this different from Jordan or Zimbabwe or Nicaragua?
Once the Media becomes the Official Mouth Piece for any Regime, Freedom is over.
A little girl in North Carolina had her Lunch INSPECTED by a Government Agent. The Government Agent determined that the Little Girl's Lunch, packed for her by her LOVING MOTHER, did not meet Czarina Michelle's standards for a State Certified Lunch.
She had a Turkey and Cheese Sandwich. She had a Carton of Milk. She had a Banana.
The Government Agent said: "NEIN! Das lunch ist VERBOTEN!" The child's Lunch, made by her Loving Mother, was CONFISCATED by the Government Authorities, and she was given a Government Approved Lunch, and her Mother was given a BILL for said Lunch.
SIEG HEIL!
That's what they do. It's in their DNA. They made her Family PAY for the Lunch.
Mao Tse Dung used to do that. The Greatest Mass Murderer of his own people, of the 20th Century, used to put a Single Bullet in to the HEADS of his Victims, and then Charge that Man's FAMILY, for the Cost of the Bullet.
Pol Pot, the Monster of Cambodia, responsible for the Million Skeletons in his Killing Fields, used to charge the FAMILIES for the Bullet in their Loved Ones' Head.
Today, it's Chicken Nuggets.....................
We have a SOCIOPATH, with a GOD Complex, in the Oval Office. He is Shielded by a Sycophantic Press, who, through outright Lies, and Lies of Omission, give him Cover, while attacking his Foes with Slander and Innuendo, whenever they attempt to shine a light on his CRIMES.
Does anyone believe that a Republican President could GET AWAY with Running Guns to Mexican Drug Cartels, without the Mexican Governments' knowledge, leading to the Murders of Hundreds of Mexican Men, Women, and CHILDREN with no Permission from the Mexican Government, and American Agents? Do you think that there would be the TOTAL NEWS BLACKOUT, if this were President Republican, that it is for President Black Democrat?
Does anyone believe that a Republican President could get the Media Invisibility Cloak, that's been draped over all of President Black Democrats' DONORS' Companies, such as: Solyndra, and Global Crossing, and Fister, and the NO BID Anthrax Vaccine with the Zero Shelf Life?
Imagine if the White Republican got 98% of the White Vote. Imagine if, under President Republican, Black Unemployment was 17%, and Black Youth Unemployment was over 50%. Imagine if the Price of EVERYTHING WE NEED - Food - Fuel - Clothing - was going up, and there was no end in sight.
"ARBEIT MACHT FREI"
It's right around the corner. It's 4 Years away.
Remember where you read it.
Cause you'll never see it anywhere else.
Corzine is a DISTRACTION, to take our eyes off of the Gulags, under Construction, as this Man shreds our Constitution, with IMPUNITY.
SIEG HEIL!
albert constantine jr.| 2.15.12 @ 9:25AM
A suggested adjustment:
As "Arbeit Macht Frei" basically translates as "Work will set you free", I am not certain that the current regime would adopt it as a motto*, since it's laser like focus on jobs has proven so unsuccessful ( unless one manipulates the numbers of the workforce).
Might I suggest instead "Regierung Macht Frei", or "Government will set you Free" as what should be on the signs over the gates of this administrations "lagers".
* On the other hand, "Work Will Get You Free (Contraceptives)" does seem to be a part of Obama's campaign to appeal to the liberal women's vote.
USSAlabama| 2.15.12 @ 9:30AM
I've decided. I'd rather have toothpaste.
Robert| 2.16.12 @ 4:18PM
"Arbeit Macht Frei" is the 20th century NAZI's functional equivalent to the 21st century NAZI's "Affordable Health Care" - a fundamentally transformed moniker meant to sugar coat the legislation of slavery by use of another colossal euphemistic abomination.
They share kinship as typical liberal efforts to try to sell slavery as something liberating.
In our country and century, it falls upon the Supreme Court to lay bare this final time, the naked perversion of morality that is Libspeech. My only question: Why and how did it get this far, and will that body of law - the last remaining hope we have - be up to the task of stripping our emperor of his clothes - a task which Germany failed to accomplish with her Fuhrer before it was too late?
Maxwell| 2.15.12 @ 9:51AM
I wish I could write as well as you can! Yes, I did see the headlines on Drudge Report this morning. Reading that Barry's poll numbvers are up today, I just cannot believe it.
SUBVET| 2.16.12 @ 11:19AM
MAX.............don't beleive it......it's part of their plan to make you believe there is nothing you can do....it's over so why fight it.
I say "dame the torpedoes full speed ahead".
squalis| 2.15.12 @ 10:06AM
Exactly right! The only silver lining I see is that when the Republican's (more to the point, Conservatives) are in power, if the MSM tries to throw stats like that back in our face (and I think the stats will be better in that instance), and if we have politicians with any chutzpuh, they will have plenty of ammo with which to fire back.
Mike| 2.17.12 @ 12:58AM
Boehner will lead them in a good cry after losing the next election.
fckewe| 2.15.12 @ 10:22AM
If the pres did their job, Rupert Murdoch would be in jail. So would ann coulter, rush cheeseball, willie O'REALLY, Hannity, Ludlow and all the other knowing liars.
Did I mention Obermenn?
Timothy L. Pennell| 2.15.12 @ 10:45AM
Yes. In your Liberal Utopia, all of Der Fuhrer's enemies would be in Jail. They'd be in the Gulags. They'd be in the Concentration Camps. They'd be in the Gas Chambers, and the Killing Fields.
Ladies and Gentlemen: I give you the One Constant, in the Universe: The Imprisonment, Torture, and MURDER, of everyone who would DARE Speak their mind, in any LEFTIST UTOPIA.
And we just got Confirmation, straight from the Horses' Ass. Mr. fckewe.
Even his name, suits him to a T.
Tim the Enchanter| 2.15.12 @ 12:20PM
I'm guessing, by his handle, that he's into farm animals- sheep in particular?
spike59| 2.15.12 @ 2:41PM
they are, apparently, the only creatures docile enough for him to overpower; little boys tend to kick him 'where it hurts'
jstwndring| 2.15.12 @ 4:14PM
He lives where the sheep are nervous.
jstwndring| 2.15.12 @ 4:11PM
In jail for exercising free speech? You are allowed your opinion, but, we aren't allowed ours? So, your just another democrat hypocrite. You are making a mockery of yourself.
RichardM73| 2.16.12 @ 3:21PM
What many 'useful idiots' fail to understand is that the free speech argument is used when it's convenient for the socialists/marxists in our govt to use it when it's useful to their arguments. All other times, they crap all over our Constitution. Taking your rights away 24/7. A little bit here, a little bit, so you don't notice it right away.
Is it free speech or is it subverting our way of life? You make the call.
DRed| 2.15.12 @ 11:19AM
Timmy, that little girl's lunch was confiscated by an agent of North Carolina. That's a state issue. It's ridiculous, obviously, but it's not the fault of the federal gubmint.
J.C.Eaton| 2.15.12 @ 11:26AM
Maybe no,maybe so....Who do you think inspires this kind of bull---t?
Dick Nome | 2.15.12 @ 2:58PM
Fed money pays for it and is directed by Moochelle, My Butt, Obama.
Bob Grant| 2.15.12 @ 7:12PM
This has Barry and The Mooch's rather large hands all over it.
RichardM73| 2.16.12 @ 3:23PM
But I'm sure if it was a fed issue, do you think the feds would be on the side of the mother and her daughter? WTFU!
David B.| 2.15.12 @ 12:34PM
Boy you are one angry dude. Had your blood pressure checked lately? It might go down if you realize that most of what you say can also be attributed to your GOP too. Government in your bedroom will make you free....? Huge tax cuts followed by two useless wars and no money to pay for them? Totally unfunded Medicare Part D giveaway to the drug companies? All brought to us courtesy of your currently dysfunctional GOP. No thanks.
P.S. Gas prices were lead story yesterday on....gasp...ABC News.
Todd S| 2.15.12 @ 2:15PM
The Democrats want to be in your bedroom by demanding insurance companies pay for birth control and abortions.
jstwndring| 2.15.12 @ 4:24PM
I believe the over-arching problem in this country is because both parties are taking this country politically to the left. The most obvious culprits are the Democrats, but, even under Republicans, the size of the federal government continues to grow. I'm sick of it, as are a lot of others in this country, which is why the Tea Party showed up. It formed because the Republicans refuse to be the party of limited government. The Republicans do indeed exhibit behavior that is very similar to the Democrat Party. So, the problem is not that when the Republicans are in charge the country suddenly lurches too far to the right. The problem is that when they are in charge, nothing much changes--which is why we need the Tea Party movement to clean out the Republican Party of phonies.
SUBVET| 2.16.12 @ 11:37AM
David........ when are you going to learn GOP-DNC are the same so quit using party's to prove your point.......it's all the same. THEY want you think it's the party's fault so every 4 yrs. we elect the other guy to fix it. THEY have been playing the people for jerks for some time.
Just as TRUBLUE'S blog says clean house and set term limits.
I don't post here much because the knack with words fail me......some like TLP can get the point across....but to read the same dumb views by the same dumb people week after week just tells me most have no clue. I am not saying DAVID you are dumb but, do some research and THINK and have an educated response based on knowledge not just some response SPIT out of your mouth to follow the rest of the sheep.
America need not fear so much the enemy at the gate, but high vigilance must be paid to the enemy's from within.
Todd S| 2.15.12 @ 1:05PM
Yes Timothy but Corzine is not a distraction, he is emblematic of what is wrong with the Wall Street-DC crony capitalism that has infected our market system and pushed our economy in the gutter. Obama is not the end all be all, he is a product of the corrupt system of big government liberalism feeding on the public till to enrich themselves. I would say there is nothing more important to understand than knowing how companies like Goldman Sachs and especially Fannie Mae and Freddie Mac have corrupted our system for their gain at everyone else's expense. Who was the company that pushed hardest for a carbon trading system to make billions that would cost us trillions? That would be Goldman's and they have not given up on it yet and a second term for Obama would make that a reality.
Timothy L. Pennell| 2.15.12 @ 4:11PM
Hussein is ATTACKING the 1st Amendment Right of the Free Practice of Religion.
He wants to ELIMINATE all but 300 of our Nuclear Warheads. Russia has more than 1,500, and China has more than 300.
CORZINE IS A DISTRACTION!
Todd S| 2.15.12 @ 5:13PM
Why should telling the truth about the Wall Street-DC liberal corruption schemes distract from other important issues? You know Obozo is going to try to use his populist Wall Street shtick in the coming election and his closeness of this crook Corzine to his administration will expose it for the fraud it is. Also Warren Buffet needs to be exposed for the fraud he is as well now that his Secretary is being used as prop for Obama's plan to punish investment. Most certainly not a distraction Timothy! Well said Ross, keep on it.
c. j. acworth| 2.15.12 @ 7:25AM
I haven't checked the share price of MF Global, but if Mr. Kaminsky is correct and it is less than a dime, then I wonder if the Republicans could buy them up and distribute the actual stock certificates as souveniers during the campaign, while pointing out the connections between Corzine and Obama.
Ross Kaminsky | 2.15.12 @ 12:21PM
Great idea, C.J. Stock is 7 cents right now. Problem is who's going to pay transfer agent to issue the certificates!
Timothy L. Pennell| 2.15.12 @ 4:11PM
You're an Idiot.
Maxwell| 2.15.12 @ 7:50AM
Yup, the money just 'vaporized', I think that is the term that was used to describe the loss of 1.3 BILLION! If I just vaporized that amount I'd be Bubba's 'wife' somewhere.
Will anything happen to Jon? I doubt it. Matter of fact, I'd bet a beer and a shot of Jack that nothing more will be either said or done.
Timothy L. Pennell| 2.15.12 @ 9:29AM
And, yet, Hussein has Vaporized 5 Trillion, and he's leading in the Polls.
What a Country.
fckewe| 2.15.12 @ 10:23AM
If it has been 'vaporized' you vapid varmint, then is is no longer a debt you dumbass!
fckewe| 2.15.12 @ 10:25AM
The books would be clear n you would have nothngto say becaus the other 10 trillion is a RED menace Bush era debt.
Try not to scratch your rectum with you tongue while you clean up your lies.
jstwndring| 2.15.12 @ 4:32PM
"Try not to scratch your rectum with you tongue while you clean up your lies."
I wonder where you came up with that imagery? In your fantasies, I presume?
You really should stop telling on yourself.
fckewe| 2.15.12 @ 10:23AM
If it has been 'vaporized' you vapid varmint, then is is no longer a debt you dumbass!
fckewe| 2.15.12 @ 10:26AM
What HE said, in spades!!!!!!!
Timothy L. Pennell| 2.15.12 @ 10:34AM
Four tries, and you still couldn't get it right.
Anyone surprised?
Dumbass.
junkyard infidel| 2.15.12 @ 12:04PM
no, not at all. the sheep fornicator is a special kind of stupid !
Fred Farkel| 2.15.12 @ 12:56PM
That guy(??) has a real fecal fetish. Probably has the same for brains.
jstwndring| 2.15.12 @ 4:39PM
"If it has been 'vaporized' you vapid varmint, then is is no longer a debt you dumbass!"
Your grasp of fiscal policy is..........questionable.
RichardM73| 2.16.12 @ 3:31PM
What about the billions of dollars the Pentagon just seemed to lose track of in Iraq during Bush's term. See a pattern here?
I've never trusted politicians. I had no interest in politics when I was younger. Now that I've seen my country going to hell in a hand basket, now that we have a certified marxist lover occupying the White House, now that we have absolutely no accountability or leadership anywhere to be found in D.C., well, I became concerned and got interested. I'm a little late to the party, but, I see the party's still going on, and nobody is stopping it!
Sheriff Joe's Cold Case Posse? What's really sad is when the good sheriff said (paraphrasing), "what if we do find something on Obama, whose going to do anything about it?" Wow, is that demoralizing or what?
Von Mises Jr.| 2.15.12 @ 8:08AM
Great article Ross. Simply put for those spinning from all the facts and figures: This was REDISTRIBUTION OF WEALTH ON STEROIDS.
Middle class wealth and your children's future tax burden has been redistributed through the Treasury, Wall Streeet and Congress.
And the lesson learned from a political science perspective, is that you have just witnessed a perfect example of how fascism works. Corrupt, tyrannical government colludes with business cronies at the expense of the common man. All while the elites and their drones drivel about "social justice."
Roger| 2.15.12 @ 8:08AM
Great points made. Too bad filled with partisan distractions. Takes away from otherwise sound arguments. Party system concentrates power, the are all rotten and play the same game. Not an OWstreeter, but that "movement" never claimed it is a GOP problem. Does not matter who is in "power." Thieves are in power. Both parties changed rules over last 25 years to allow it.
Todd S| 2.15.12 @ 1:18PM
What partisan distractions? Ross points out Paulson was a Republican but his first allegiance is to Goldman Sach's. It is not partisan to point out Corzine's connections with the President and other prominent Democrats and how he used those connections to affect legislation in his favor.
Corzine's record displays he is irresponsible, immoral and corrupt but until this happened, he was the first choice to replace tax cheat Timmy. Let us be honest, Occupy is organized by the left for their own objectives. That is why you never heard anything about the massive corruption of Fannie Mae and Freddie Mac from Occupy because those companies were run by the left. Open your eyes Roger
SUBVET| 2.16.12 @ 12:02PM
DAVID.........Roger gets it...."thieves" are in power.
Melvin| 2.15.12 @ 8:27AM
Corzine isn't going to be charged with anything. Corzine himself said, "I didn't break any laws." Technically he probably didn't. Even if he did break laws he's protected by the very corrupt system that allowed him to steal the money in the first place.
For someone to stand up in-front of Congress and tell them, "I don't know where a billion and a half dollars went." That is a pretty major political giving Congress the finger. Corzine damn well knows where this money went to. Come on!! he's a thief, pirate, thug, white collar criminal. To be sure when a person steals that amount of money, he knows exactly where he put it and so do other well placed people who will run interference for him, when the heat starts getting applied.
A good thief will tell you, "No one gets paid, if I go to jail." Corzine is no different. The only difference is Corzine wears a suit.
RichardM73| 2.16.12 @ 3:36PM
Hmmm, kind of reminds me of the charade with Holder over at the DOJ. Issa and Grassley, are you going to hold Holder responsible for perjuring himself, are you going to really investigate this puke who just happens to be the highest law enforcement office in the land (what a friggin' joke that is), is he above the law?
America, I think we've lost our country. The foxes are guarding the hen house!
JulianusRex| 2.15.12 @ 8:46AM
I bet the voters of New Jersey are feeling pretty good about themselves.
Moe Blotz| 2.15.12 @ 1:53PM
Right, many of us here in New Juhsey feel good that we dumped that crook Corzine and elected Chris Christie. Maxwell would probably agree. Next we have to get rid of Menendez and Lautenberg.
cuban pete| 2.15.12 @ 9:08AM
Corzine was injured in an auto accident and I'm glad he recovered. But his accident illustrated the hypocrisy of the nanny state left.
You wear seat belts but I don't have to.
You drive at 55 MPH but I don't.
You drive a small car that gets 35 MPG but I drive an eight mile per gallon SUV.
You live in a small energy efficient house while I live in a multi-million dollar mansion.
I'll fly all over the world in a private jet to warn about global warming but you take a commuter train,etc, etc, etc.
As Mel Brooks said, It's nice to be the king.
John| 2.15.12 @ 9:11AM
Jon Corzine's net worth is estimated to have plunged from about $350 million a decade ago to about $50 million today. Perhaps American Spectator could organize a fund raising campaign to help out this unfortunate man. After all Corzine is responsible for the success of the Obama Administration's economic policies. Joe Biden claims that he "literally" (as opposed to figuratively) picked up the phone and called Jon Corzine asking him, "Jon, what do you think we should do?" The reason why they called Jon is, "because we knew he knew about the economy, about world markets, about how we had to respond, unlike almost anyone we knew." Biden claimed that, "he's the smartest guy that I know in terms of the economy and on finance, I really mean this." Why was Corzine the smartest guy that Biden knew? Wasn't Franklin Raines, former Obama economic advisor smarter? After all he left as CEO of Fannie Mae with a "golden parachute" of $240 million. Now that's what I call smart.
Cuffs| 2.15.12 @ 9:18AM
Corzine belongs in jail, period!
hardcard| 2.15.12 @ 9:43AM
corzine got caught, what of soros,buffet,imelt,paulson, et al ?
fckewe| 2.15.12 @ 10:16AM
Before, during or after Henry Paulsen? Did he work in concert, was he a co conspiritor with, Henry Paulsen?
Elephant in your anus, please don't poop your truth.
Mike Hawk| 2.15.12 @ 10:46AM
You have an anal fixation don't you. You must be a Democrat.
Anthony| 2.15.12 @ 10:26AM
The Feds in control of the Danbury Connecticut prison will soon be adding a new zoo-like feature to their prison.
It will be called Democrat Park, where tourists will be able to come and see Democrats like Corzine, Holder, Reid, Pelosi, Edwards and Obozo, in their natural habitat, wander the grounds in search of finding ways to screw America.
However, until construction is completed, tourists can still visit the Dismal Swamp known as Washington D.C. to see these creatures lurking about.
RichardM73| 2.16.12 @ 3:39PM
LOL!!! Great comment Anthony!
Al Adab| 2.15.12 @ 10:43AM
The sheepherder is making it difficult for us to engage in any meaningful discussion. Perhaps that is his purpose.
albert constantine jr| 2.15.12 @ 12:16PM
He does pop in under that name or one of his aliases, spread his demented vitriol, and then move on to do it elsewhere. If he is paid to do so, his instructions must read like the label on a shampoo bottle: “Post. Annoy. Repeat”
He does, however, serve the important function of reminding the conservative base here of why we hold him and his ilk in low regard, as a result of his obnoxious, illiterate, illogical emotionally unbalanced responses to the posts at this site, and presumably, to all of life in general. To the extent that he does that, perhaps he unintentionally serves another purpose.
buckeyeman| 2.15.12 @ 11:13AM
So a super-uber smart financial guy is just plain deaf, dumb, blind, and stupid on a basic common sense judgement issue? Sounds like Ross and his immigration stance.
Martin Owens| 2.15.12 @ 11:54AM
A brilliant article, but I must take exception to your characterizing Mr. Corzine's activities as " gambling".
No casino in America would permitted to get away with half of what the Goldman gang pulled. Such things as credit default swaps and mortgages sliced up into into different derivatives , would never be approved as gambling games- the rules are too vague and the risks unknown. No Gaming Control Commission would dare license them.
The cry today is that " Wall Street is run like a big casino". If only that were true- we wouldn't be staring into the abyss today!
Ross Kaminsky | 2.15.12 @ 3:53PM
Martin, take it from a trader: there's gambling, and then there's GAMBLING. At least players in casinos are using their own money.
Martin Owens| 2.15.12 @ 5:54PM
And at least they have a chance- my point exactly.
Martin Owens| 2.15.12 @ 10:58PM
Also, what would happen if a casino boss said " $1.2 billion? Got no idea where it went"?
I'll tell you what: they'd be throwing nooses over the lamp posts before he finished speaking....
valwayne| 2.15.12 @ 12:19PM
Why is anybody surprised. We knew we were getting a "Chicago Way" President and his cronies when the nation voted in 2008. "The Chicago Way" means corruption. So why is anybody surprised that we have Solyndra, Ener1, John Corzine, Obama's go to guy for the economy. Hundreds of Billions gone with garbage like Solyndra, $5.6 Trillion in additional borrowing and debt in just 4 years. Weknow the money didn't get spent repairing and building new bridges and roads folks? So why is anybody surprised?
Matt Logan| 2.15.12 @ 7:19PM
I'm not sure if am the only US History teacher that does this, but I liken Obama to Boss Tweed. Obama is Tweed on a national scale. I believe it is a fair analogy. Sadly, we never seem to learn the lessons of history.
RichardM73| 2.16.12 @ 3:44PM
Well, hopefully by this time, nobody is surprised anymore.
Yes, Obama's got to go, but whose gonna do that? There'll be voter fraud on a massive scale the like of which you've never seen, in this upcoming election. Obama is king, and nobody's going to unseat the king. Nobody.
Obama successfully accomplished a blood-less coup of our govt. His marxist, Chicago-style politics knows no bounds. When the head predator is occupying the WH, everbody else knows Obama the king will look the other way.
MissouriConservative| 2.15.12 @ 12:34PM
But, but, but this is the go to guy in economics, the expert of experts for Barack and Joe Biden. If they were wrong about him, then our economy could go in the tank.........
Oh yeah, it is already and no wonder.
WillianInWien| 2.15.12 @ 1:07PM
Why isn't Occupy Wall Street supporting a sub-group called Occupy Corzine? I am sure his estate could handle 50+ tents easily.
Dick Nome | 2.15.12 @ 2:53PM
Simple. Corzine give them money and free stuff.
Randog| 2.15.12 @ 1:16PM
Preemptive pardons will be handed out like Halloween candy next January 19, the eve of when the Obamination leaves office.
PattyMor| 2.15.12 @ 1:28PM
When you have no moral compass or no ethics, then the rules aren't a deterrent. Pass all the laws you want, but the criminals don't abide by them.
They never will. Not only did Corzine bankrupt the company, he stole the customers' cash. Know what this guy was doing the week before the crash? Looking for a chateau in France. Isn't it typical. His real crime? Not running a big enough company into ground, so that "big daddy" government would come to the rescue.
cicero| 2.15.12 @ 1:43PM
While everyone is distracted by the Corzine flap, I would like to know what happened to the Congressional investigation into the lack of an accounting for Tarp I, Tarp II, the stimulus packages, and , while they are about it, the auto company bailouts. All of the treasure was shovelled out of Washington, and we have yet to see a "use of proceeds" for any of it. For God's sake, we have overspent the budget by $1.3 Trillion for the past 3 years without a budget - read accounting. And we are worried about $1.3 Trillion of investor money? They can always sue the company they invested in, along with its officers and directors. Who can we, the taxpayers sue?
Here in Michigan, the Democrats are castigating Romney because he said that GM and Chrysler should not have gotten the government bailouts, but gone into a programmed bankruptcy. What happened to the bailout money? Could it possibly have gone to fund the union pension plans, and pay the bonuses of the executives who were slinking away after having driven the companies into the ditch? After all of the billions that were used to "bail out" these automakers, what happened. They were put through a programmed bankruptcy. The shareholders lost ALL of their money. The bondholddeers lost almost ALL of their money. The union received the lion's share of the NEW company that bought all of the viable assets of the bankrupt companies, with the government getting the rest. The takpayers were hosedd again. And this is being touted as a good thing by ex-Gov Granholm, Senator Levin, and his idiot brother Congressman Levin. The world as we knew it has gone mad.
jeee| 2.15.12 @ 2:34PM
Some woman was in the back seat of that SUV when it crashed. Yet to be revealed whether the Gov was really in the back seat too.
Quote from Star Ledger:
Corzine was sitting in the front passenger seat of the black Chevy Tahoe, alongside his driver, Trooper Robert Rasinski, according to New Jersey State Police Superintendent Rick Fuentes. In the back sat Samantha Gordon, 25, an aide who typically accompanies Corzine when he travels beyond the Statehouse.
tomnh| 2.15.12 @ 3:31PM
If you consider Corzine's path into politics, this too is another angle showing his ethics. He basically wrote checks to state, county and local democratic parties. Nothing was earned. As for the Obama administration and their decision to listen to him - they deserve what they get/got. Personally, I think lumping in Paulson and Rubin is somewhat unfair mainly because Corzine is singularly a huge failure and his connection to Goldman Sachs is noteworthy, but by no means par for the course at Goldman - no? Paulson and Rubin are for the most part generally respected men, no?
RichardM73| 2.16.12 @ 3:49PM
There are hardly any respectable men in Washington, D.C. these days. Ron Paul and perhaps a few of the Tea Party candidates who've assumed office. That's about it. We already know the Democrat Party has been totally co-opted by the Socialists/Communists. The Republican Party has their RINOs. We have a criminal marxist occupying the WH. What's respectable about that? N O T H I N G!!!!!
Big Bob| 2.15.12 @ 3:52PM
Why oh why isn't Jon Corzine in jail? It says more about us than it does him.
Drek| 2.15.12 @ 6:30PM
Give it time yet Big Bob.
Building this type of case is enormously complicated. It takes time just trying to put the pieces together, to figure out what MF did, what Corzine actually sanctioned, and of course most important to many whose savings took a shot, ---- finding where the money went.
This isn't a case of a convenience store being knocked over, by a guy on video tape, with a big old "born to lose" tattoo all across his bicep.
It doesn't get much more complicated than these kinds of cases.
RichardM73| 2.16.12 @ 3:54PM
What it says about us is the fact that when the citizenry of a country fails in it's duties to keep watch on your govt., the govt will and does commit mischief. Our Founding Fathers knew that. "The tree of liberty needs to be watered from time to time by the blood of tyrants and patriots."
America never in their wildest imaginations ever foresaw or even contemplated that our great nation would be sacrificed in a blood-less coup by America haters (Communists) and liberals who've come to love big govt and whatever feebies they can get. Obama's the head of the snake. We're in big, big, trouble, as I've come to realize that Obama is akin to the Teflon Don (mafioso). Nothing sticks to Obama. We all know he's dirty, but nothing sticks!
Crassus| 2.15.12 @ 4:07PM
Put Corzine in a cell with Bobby Lowder. They'd make such a cute couple.
Drek| 2.15.12 @ 5:30PM
I've spoken to several senior Congressional staffers about the importance of unraveling the Goldman/Democrat thread. They all concurred.
But none had much confidence that Republican leadership would make much of an issue of it.
Sure, they might zero in on Corzine. But will they zero in much more than what they have? Will they go beyond Corzine to the relationship between Goldman, the Democrats and others on Wall Street.
Remember GW's Treasury Department was staffed by Democrats. A joke on the Hill at the time was that for the Treasury Department, "No Republican need apply."
Todd S| 2.15.12 @ 5:52PM
If the Republican leadership had any balls, they would be exposing Buffet for the fraud he is. Make Warren explain himself on why he is fighting the IRS on a billion dollar tax bill from years ago and why he had put a great majority of his money in a trust the government can't touch? Shouldn't he want the government to get his money when he dies so they can do all the wonderful things that he says he supports? Also what exactly were his dealings with TARP and why did such a high proportion of the money go to companies he had large investments in? Sadly they do not have the balls for it, they won't even touch a financial criminal Democratic operative by the name of Franklin Raines. Ken Lay was a piker in comparison to the fraud he engineered at Fannie Mae and Enron was nothing compared to the devastation caused by Fannie Mae and Freddie Mac. I like Timothy and his righteous indignation but this is no distraction, this is the heart of the corruption of the Democrat Party.
J Robert Giles | 2.15.12 @ 5:39PM
Strip away the power of their arguments by making them unpopular. The left can't help themselves when it comes to chasing that which is popular or trending. Let's watch them short circuit as they realize they're chasing morality. Please read and share!
http://jrobertgiles.blogspot.c.....untry.html
paarl of Rhodesia| 2.15.12 @ 8:37PM
Hello
A member of the Beacon Hill Tennis and Skate Club in Summit , NJ superbly characterized the personality of Jon Corzine with a very brief statement...to whit: "To know Jon Corzine is to dislike Jon Corzine" He told me this right after Corzine was elected to the US Senate
Paarl of Rhodesia
James G. Long | 2.15.12 @ 10:03PM
Old Story
With all due respect to Mr. Kaminsky and his excellent article, this is not an original idea. In fact I have read it twice before, though Mr. Kaminsky, to his credit, does put real names on the various criminal characters in this sordid story.
The first time I read it, the unidentified protagonists were described thusly:
"These corporate collapses have gathered pace in recent years, especially in the western world, and have culminated in the Global Financial Crisis that
we are now in. In watching these events unfold it often appears that the senior directors involved walk away with a clean conscience and huge amounts of money. Further, they seem to be unaffected by the corporate collapses they have created. They present themselves as glibly unbothered by the chaos around them, unconcerned about those who have lost their jobs, savings, and investments, and as lacking any regrets about what they have done. They cheerfully lie about their involvement in events are very persuasive in blaming others for what has happened and have no doubts about their own continued worth and value. They are happy to walk away from the
economic disaster that they have managed to bring about, with huge payoffs and with new roles advising governments how to prevent such economic disasters."
This quote is from Australian psychologist Clive Boddy, and Boddy was talking about "Corporate Psychopaths" in a short article entitled, "The Corporate Psychopaths Theory of the Global Financial Crisis."
http://www.scribd.com/doc/7431.....ial-Crisis
A much more elaborate description is contained in the book, "Snakes in Suits" by professors Robert Hare and Paul Babiak. Dr. Hare is considered the world's leading expert on psychopathy, having devised the Hare Psychopathy Checklist - Revised (PCL-R) to grade and label the degree of personality disorder in psychopathic personalities. The book contains real case histories, interspersed with clinical explanations of psychopathic behavior.
Elsewhere, Professors Board and Fritzon have identified successful psychopaths in positions of power and responsibility in corporations and unsuccessful psychopaths who are typically in prison or on the lam. Illinois Governor Rod Blagojevich was a successful psychopath before he became an unsuccessful psychopath. The common factor in Hannibal Lecter and Jon Corzine, and in all psychopahs, is a total lack of human feeling: no sympathy, no empathy, no remorse, no guilt.
Interestingly, all the professional psychologists referred to above are British, Australian, or Canadian. Their ideas seem not yet to have caught on in the USA, but I think they soon will, in self-defense if nothing else. Americans tend to think of psychopathic personalities in terms of John Wayne Gacy, Ted Bundy, or Casey Anthony, though Corporate, Political, and Military (Captain Holly Graf) Psychopaths do immeasurably more damage.
Psychopaths are thought to be approximately one percent of the population, and about half of the working population will be in direct contact with a psychopath on the job at some point in their careers. They're everywhere, they're everywhere. I was just lucky to have worked for four of them early in my career.
http://mandynamerica.com/blog/.....-inaction/
Richard D Bailey | 2.16.12 @ 12:42PM
Yet no one ever examines the fact that FINRA which regulates all broker dealers waived the testing requirement for Corzine to regain his securities licenses - without which he would not have been able to run MF and subsequently make the investments which caused MF's bankruptcy.
How does that not get scrutiny?
One of my registrations lapsed by 30 days and I had to retake the exam. Corzines lapsed by 10 years during a time in which the securities industry changed dramatically yet his licenses were reinstated.
All this was avoidable if Finra had simply applied the rules equally to Gov. Corzine as they do to the rest of us serfs.
It was all avoidable. But the playing field isn't level.
RichardM73| 2.16.12 @ 3:09PM
What's the latest with this Corzine investigation? This is why I read the article. I guess I'll have to do some 'googling' to find out.
As an aside, this entire govt. is dirty from top to bottom. I read a book probably 20/25 years ago, and I'm going out on a limb here, but I think it had the word 'Pretoria' in it's title. But, in this book, the author made the point that these NWO elites in the future would get the United States to give up on their elected officials, due to uncontrolled corruption. After this, the people will be more inclined to accept a One World Govt with the UN at it's head. Interesting isn't it. It looks like I'm seeing this happening as I write this.
danshanteal| 2.16.12 @ 3:16PM
SEVERAL COMMENTS: 1...I DON'T HAVE TO TELL YOU YOU'RE A DAMN FINE (AND INTERESTING) REPORTER; 2...I BLAME THE REGULATORS BEING A FORMER BANK EXAMINERAND BANKER; 3...THE PLOT IS STILL PLAYING OUT RIGHT NOW ON THE VOLKER RULE JUST AS IT DID RULE 1.25; 4...YOU LEFT OUT BILLIE BEING PAID TO ENHANCE D(J)ON CORZINI'S REPUTATION; 5...BEN STEIN CAN'T TO THIS DAY FIGURE OUT HOW PAULSON BECAME SACH'S CEO; 6...LET'S MOVE O AND TIM AND FRIENDS OUT THE BACK DOOR OF THE WHITE HOUSE PRONTO.
RichardM73| 2.16.12 @ 4:10PM
Do you think it's outside the realm of possibility that the U.S. govt has been co-opted in a blood-less coup? Most reasonable people can conclude that Obama has been raised from childhood in believing in marxist principles. His grandparents in Hawaii were Marxists. Obama comes out of nowhere, with undeniably questionable issues surrounding his eligibility to be qualified to be POTUS. His claim to fame (according to the MSM) was as a community organizer. What, excuse me. A community organizer. That's it? Wow, did I miss something here?
Obama takes office and the economy goes immediately into the tank on his watch. I've heard the arguments before that it's Bush's fault. Well, imho, all presidents since Reagan, have been on a mission to dismantle America. Finally, with Obama, they got their man! This man Obama has spent more money in his first term, than ALL former presidents from Geo. Washington to G.W. Bush, COMBINED! Is it too far fetched to imagine there might be a contrived imaginary 'emergency' in regards to our economy. Remember, the Hegalian Dialectic? Govt creates the problem, offers the solution? And who suffers from that? We do. The American people. We always get the short end of the stick! War is a racket, politics is a racket, the communists are celebrating as they watch America fall from within, and we've been played the biggest fools in front of the entire world! The final death knell for America began when Obama the Marxist was 'placed' into power!
Random Blowhard | 2.17.12 @ 10:22PM
Where is the $1.2 Billion of customers money?
According to Zero Hedge, JP Moran took it as part of a "hypothecation" agreement they had with MF Global. When the bottom fell out, they vulture swooped and hoovered up ALL the cash.
As for jail time, Corzine along with Goldman Sacks, Citigroup, Bank Of America, JP Morgan and big campaign contributors are TBTF.
Remember being TBTF means YOU get the shaft when MY luck goes stale.
As for the policies of TBTF, considering that BOTH sides of politics support endless BAILOUTS it will only end in 1 of 2 ways -
1) Armed revolution against the Obama Administration, Congress and Wall Street OR
2) Hyper inflationary collapse ala Wiemar or Zimbabwe.
Both of those options are change...
Louis Nardozi | 2.18.12 @ 1:29PM
NOT just Democrats. It's EVERYWHERE. Is it any wonder people are clamoring for Ron Paul to such an extent that massive voter fraud is required to keep him from winning.
What are you willing to pay to have an honest man in charge again - someone who will clean out the corruption and restore free markets?
Scot| 2.19.12 @ 10:09AM
Better late than never. I guess naive voters need naive writers. Not only has MF Global gone unreported, but so has Tropos, the Foreclosure settlement, the real reasons behind Middle East/N. Africa (petrodollar), the head of the snake/vampire squid (The Fed), the marginalization of Ron Paul, ALL the unprosecuted fraud, etc. etc. etc.
I'm 52 and been a registered Republican all my life. You may try to paint OWS as a Liberal manifestation, or Rs are not as guilty as Ds , even though it was Rs that repealed Glass-Steagall, and TBTF banks are the big backers of Romney.
The folks are slowly but surely learning who and what's at the heart of this countries problems and they will ultimately hold those to account - not only the perpetrators, but also the collaborators, and the silent.
What I don't get is you are also a tax payer and have a brokerage account, right? Then you do realize you're also going to be bent over by the very people you're afraid to expose.
There's only one reason that the LARGEST frauds in US history go unreported. You may not want to bite the hand that feeds you, but you're going to get seriously violated while you eat. Why you think you're immune from the consequences of what you fail to report is beyond me.
It's the unreported and unprosecuted fraud that is eroding trust and is causing capital to flee.
Look into the Tropos fraud by the Feds. Here are further reports that are eroding the trust (which is all you have in a fiat world).
The guilty party in a fraud against taxpayers has their 'punishment' paid for by the innocent taxpayer who had the crime committed against them? http://www.zerohedge.com/news/.....beyond-law
MF Global Bankruptcy Fraud: CLIENTS WILL NOT GET THEIR $1.6 BILLION BACK - http://www.zerohedge.com/contr.....sh-part-ii
Scot| 2.19.12 @ 10:43AM
One more thing that is becoming increasingly understood by the folks on all sides (witnessed by the military's huge support for Ron Paul), and to the detriment of Rs is the truth behind our military incursions (like trying to "bring peace to the Middle East").
You know this - http://www.youtube.com/watch?v....._embedded, but now the folks are learning.
The irony of course is that it is not the Germans but the TBTF banks and the global money changers that have perfected and employed this modern financial warfare, again and again, around the world for at least forty years. They have been using debt, money, and the subversion of democratic law to take down whole countries, wage wars of plunder and aggression, create puppet governments, and reduce people everywhere to misery.
Scot| 2.19.12 @ 11:02AM
Corzine will likely get thrown under the bus by Obama, and articles like yours, which FINALLY report the unavoidable, paves the way for this, but the real questions are:
What about all the other unprosecuted frauds where bankers never are forced to face the music (i.e. Jefferson County, AL bankruptcy)?
How are they going to keep Corzine silenced when he gets sacrificed?
rbblum| 2.20.12 @ 1:58AM
Great article . . . that reasonably raises the question as to whether La Mafia has more sensible rules and maintains more stringent enforcement in overseeing their financial interests than the federal governmnet.