The weekend that MF Global was going down the Wall Street toilet, the Democrat Corzine tried to sell the company. The company with which MF Global was attempting to make a deal couldn't find about $1.2 BILLION dollars that were supposed to be in customers' accounts and so backed out of the deal.
It seems that in order to cover its bad bets, MF Global (headed by former Democratic Senator and Governor Jon Corzine) took money from customers' accounts who had no knowledge of this activity and had no interest the bets' successes or failures.
This was, as I understand it, like the head of your branch bank taking money out of your checking account and betting it on a camel running in a race in Dubai.
MF Global was declared bankrupt. Trading in its shares were halted.
Remember: Corzine. Democrat. Enron. Sarbanes-Oxley. CEO Responsibility for his (or her) firm.
Yesterday Jon Corzine was hauled in front of a Congressional Committee to explain just how he could have allowed money in customers' accounts to have been used as collateral against "repurchase and reverse repurchase transactions to maturity."
He didn't know. He didn't know what happened to the money. He barely knew what the term "Wall Street" meant or where New York was located.
I have no idea whether Jon Corzine will be found criminally liable for what went on at the firm he headed. I DO know that when he was a holier-than-thou member of the United States Senate he was an outspoken advocate of exactly that.
My guess is the customers of MF Global will be lucky to get a fraction of their money back.
I know this demonstrates my ignorance of big-time finance, but I'm having a really tough time finding much difference between Jon Corzine, Democrat; and Bernie Madoff, crook.
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