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Chris Wysocki
Caldwell, NJ
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Thursday, 15 November 2012
Remember the MF Global debacle? Yeah, it was totally Jon Corzine's fault
Like you couldn't see this coming, right?
Congressional unit blames Corzine for MF Global collapse
Jon Corzine's decision to ramp up risky bets at MF Global while ignoring the need to improve its systems for protecting customer money were two of the key mistakes he made that ultimately caused the firm to collapse and more than $1 billion in customer funds to disappear, according to a summary of a congressional report to be released Thursday.
The report, by the investigative arm of the House Financial Services committee, will place the blame for MF Global's historic failure squarely on Corzine, who took over as its chief executive and chairman in 2010 after losing his bid to be re-elected governor of New Jersey.
"This failure represents a dereliction of his duty as MF Global's chairman and CEO," the subcommittee wrote in a summary issued today, referring to the firm's failure to maintain systems for protecting customer money.
Tough talk, followed up by … nothing?
But lawmakers will stop short of recommending any legal sanction against Corzine, or any other current and former MF Global officials, according to a summary of its findings released today.
Huh? Oh, right, Corzine is a big-time bundler for Barry. And Eric Holder used to be his lawyer. He's got friends in high places. So of course he goes scot free.
And we still don't know where the money went. I guess because nobody could figure out how to lay the blame on George Bush.
UPDATE 16 Nov 2012 09:01:
Linked by Larwyn's Linx. Thanks!
Posted at 09:32 by Chris Wysocki
[/democrats]
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