Former Gov. Jon Corzine (D-NJ), formerly US Senator and the head of financial behemoth Goldman Sachs, was the head of MF Global, a Wall Street trading house up until it declared bankruptcy. Corzine stepped down in November. The firm was suffering from a crisis of confidence, and investors began a run on their accounts, essentially demanding the money back, it surfaced that up to $1.2 billion of their funds were missing.
Gone. The money just pulled a Keyser Söze. Gone with the wind. So, in this situation, I would expect that the putative boss, a former Senator and governor, also the head of the foremost investment firm on the planet, would be able to clearly and definitively explain what happened to the money, right? I would. But as it turns out, Corzine has no clue whatsoever.
There’s a revolving door between the corridors of power and the financial markets in this country. The financial elites in the US have largely rigged the economy in their favor, and the government has signed off on it. The reason is because there isn’t much of a distinction between Wall Street and Washington any more. For all intents and purposes, they’re one in the same. And that $1.2 billion has gone missing on the watch of one of the most sophisticated financiers alive will be just one more page out of the book ‘How Wall Street is Screwing America.’
Jon Corzine ought to be hung out to dry. I’d love to see a federal prosecutor of the likes of Patrick Fitzgerald be tasked with a new job, namely, the Chief of Enforcement of the Securities and Exchange Commission. Because it’s events like this that are undermining public confidence in our government. Get a new sheriff, give them some teeth, tell them to bite and to chomp down hard.