After ignoring polite attempts to get our former Governor before the House Agriculture Committee, members of the committee have now voted to compel the appearance of Jon Corzine to testify under oath on the $1.2 billion that went missing from investor’s funds under his watch at MF Global. In what I am sure will be a tense hearing, we may finally get to hear just how badly Jon Corzine screwed up, again. I’d wager that we will hear the phrase “I assert my fifth amendment right to avoid self-incrimination” more than once during his questioning.
Corzine resigned as CEO from MF Global after leveraging over $3 billion on European debt, a gamble that only the greatest of fools would make when news reports out of that continent are filled with doom and gloom on a daily basis, whether it be Greece, Italy, Spain, Portugal, or elsewhere.
MF Global was allegedly co-mingling funds (a big SEC no-no) and lost a tremendous amount of money when the euro crisis took a turn for the worse, causing the firm to file bankruptcy and Corzine to retain a lawyer for the impending legal troubles he is about to face.
Well, it looks like Governor Corzine will finally have to answer for his poor management skills, arrogant decisions, possibly extra-legal activity, and total lack of understanding when it comes to economics. It is only a shame that he couldn’t have been exposed before driving New Jersey’s finances deep into the ground in only four short years.