Thursday, April 4, 2013

MF GLOBAL -- JON CORZINE -- DEMOCRAT CONTROL OF FINANCIAL INDUSTRY

 

MF Global Trustee's Report Blasts Corzine

A risky business strategy, failure to improve inadequate systems, as well as "negligent conduct" by former Chief Executive Officer Jon S. Corzine and others contributed to the unraveling of MF Global, a new report said.
The report, released by Louis J. Freeh, the trustee for MF Global's parent company, laid much of the blame at Mr. Corzine's feet, accusing him of implementing trading strategies with minimal oversight and exceeding board-approved limits for some European trades the company made under his stewardship.

MY VIEW 

NO SURPRISE HERE! On November 18, 2011, I posted my own analysis of Jon Corzine and the collapse of MF Global, as well as reports of others with more experience in the financial industry than I have. It was an ugly story and today's WSJ report shows just how ugly. It remains so and shows both ineptitude and corruption on the part of Corzine. But he will skate free without punishment. Why? He's a friend of the Obama administration and a longtime activist in funding the Democratic Party, as most in the financial industry are. Until the MF Global scandal broke, Corzine was showcased as a coming part of the Obama administration. Biden heaped praise on Corzine publicly as he was about to become a part of the administration.

Corzine was CEO of Goldman Sachs investment bankers, who have long had operatives inside government in Washington DC. There's an old adage in the financial industry, "government according to Sachs." As governor of New Jersey he was a typically high tax Democrat.

I post this, not so much to inform readers about MF Global, in which I have no interest, rather I do so to focus on one more key person from the financial industry who has ties to the Obama administration and to give readers some sense of why nobody in the financial industry has paid a price for the financial meltdown. The government, starting with Clinton's executive order in 1994 to promote sub-prime mortgages and continued under Bush, and the financial industry were, and are, partners in the crime. 

BTW, a huge majority of people in the financial industry are Democrats and fund them in large amounts. Goldman Sachs gave $4.5 million (80% of donations) to Obama's first election. Get the picture??

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