Report: Obama Crony Jon Corzine Won't Be Prosecuted For Losing Billions in Private Investments

Katie Pavlich
Posted: Aug 17, 2012 12:10 PM

It's good to be friends with President Obama and Vice President Joe Biden, who are friends with Attorney General Eric Holder. Former New Jersey Governor Jon Corzine helped dream up and craft the $1 trillion taxpayer funded stimulus program which turned out to be a $1 trillion boondoggle riddled with fraud, waste, abuse and payouts to President Obama's union buddies.




Corzine is also the former CEO of MF Global, a now bankrupt company under Congressional and Department of Justice investigation for losing billions in private investments. According to the New York Times, Corzine won't be prosecuted for the loss of those private funds by Holder's DOJ.

Federal prosecutors do not expect to file criminal charges against the former New Jersey governor. Mr. Corzine has not yet received assurances that he is free from scrutiny, but two rounds of interviews with former employees and a review of thousands of documents have left prosecutors without a case against him, say the people involved in the investigation who spoke on the condition of anonymity.

The good news is, Corzine could still face consequences for the loss of funds through the civil side of the legal system.

While the government’s findings would remove the darkest cloud looming over Mr. Corzine — the threat of criminal charges — the former Goldman Sachs chief is not yet in the clear. A bankruptcy trustee on Wednesday joined customers’ lawsuits against Mr. Corzine, and regulators are still considering civil enforcement actions, which could cost him millions of dollars or ban him from working on Wall Street.

So, without the worry of facing prison, what's Corzine's latest project? He wants to be a hedge fund manager.  

Mr. Corzine, in a bid to rebuild his image and engage his passion for trading, is weighing whether to start a hedge fund, according to people with knowledge of his plans. He is currently trading with his family’s wealth.

If he is successful as a hedge fund manager, it would be the latest career comeback for a man who was ousted from both the top seat at Goldman Sachs and the New Jersey governor’s mansion.

What could possibly go wrong?