Well, well, well, Save Jerseyans!
The common defense of former Governor Jon Corzine during his 2009 reelection campaign was that he “wasn’t corrupt, just kind of an incompetent jerk.” I’m paraphrasing, of course, but your Blogger-in-Chief knew better even back then. Save Jersey made it a point throughout 2008 and 2009 to chronicle Corslime’s numerous dirty dealings with notorious party bosses and crooked union thugs. The end result of his far-left policies and GE-style corporate cronyism was a ruined economy and an extremely poisonous business climate. “Failure” doesn’t even begin to describe what he did to us.
Now it looks like the law MAY finally catch up with the derisively nicknamed Wizard of Wall Street. His company, MF Global, filed for bankruptcy today and is apparently the subject of a federal investigation (via NYT):
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone
missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.
The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.
It gets better. Keep reading…
But regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money.
Such a finding would move the discussion from sloppy internal controls at MF Global to something more troubling. While the investigation is in its early days, it raises the specter that regulators could sanction the firm or the employees responsible.
This is what happens when your business strategy involves leveraging your own company 80 to 1.
Yes, 80 to 1!!!
Wall Street is stunned as to how Corzine could possibly screw up so badly. Wall Street also thought Barack Obama was a good investment. New Jersey taxpayers, on the other hand, won’t be the least bit surprised by this news. He had the Garden State leveraged to the hilt, too, and we’re still digging out! And if MF Global does manage to survive liquidation, they may want to see if the Christie brothers are available and willing to pick up a side job. They’re well practiced in cleaning up Corzine’s messes.