Today, former Wall Street big shot/democrat hack John Corzine will appear before the House Agriculture Committee, apparently to offer an apology, but no explanation, for the missing $1.2 million of client funds from his bankrupt and bizarrely named MF Global. From his prepared statement, via CBS News:
“I want to emphasize that, since my resignation from MF Global on November 3, 2011, I have not had access to the information that I would need to understand what happened. It is extremely difficult for me to reconstruct the events that occurred during the chaotic days and the last hours leading up to the bankruptcy filing. I simply do not know where the money is, or why the accounts have not been reconciled to date.”
All righty then. Case closed. Not exactly. Corzine and three other MF executives are being sued personally. No doubt the litigation will also delve into some of MF’s creative accounting:
MF Global didn’t list its European debt on its balance sheet for all to see. Instead, those holdings were shifted to an “off-balance sheet,” deep in its financial statements. Some separate filings with regulators excluded the European debt entirely.
European debt? Yes, MF had a brilliant investment strategy, that involved putting its clients cash into European economies on the verge of collapse. Apparently, they rejected investing in green energy is too risky.
Speaking of Solyndra, which I just was in case you missed that reference, a well-known beneficiary of Obama’s crony capitalism, I couldn’t help but think of Mr. Corzine when I heard the Dear Reader utter these words 48 hours ago in Kansas, during his latest one-man show, “Barack: I’m Every President Except Myself”:
Inequality also distorts our democracy. It gives an outsized voice to the few who can afford high-priced lobbyists and unlimited campaign contributions, and runs the risk of selling out our democracy to the highest bidder. And it leaves everyone else rightly suspicious that the system in Washington is rigged against them – that our elected representatives aren’t looking out for the interests of most Americans.
John Corzine was not only one of those evil Wall Street fat cats, but more important an Obama bundler, who raised $500,000 for the president’s campaign. Of course, ethical politician that he is, Obama has said that he will return the $5000 that Mr. Corzine personally contributed. I eagerly await his critique against MF’s special treatment, which we can all rest assured has absolutely no connection to his very helpful assistance getting Barry in a position to “remake” America.
Remind me again why Martha Stewart spent five months in jail.
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