Tuesday, November 22, 2011
Jonny Pulling a Madoff
We saw this one coming! As a Senator, Jon Corzine not only spent his own money on that particular seat, but he spent other people's money, through his liberal, big-spending, redistributionist policies. He continued this trend as Governor of New Jersey, bankrupting the state and then getting beat by Governor Christie. Now his securities firm, MF Global, is filing for bankruptcy. But there's more...
In order to keep the company's head above water, customer funds were diverted to support the company's trades. This is a big no-no and as a result of this Enron-esque cooking of the books, investigations are commencing.
It will be interesting to see how far this goes and how this is reported, knowing who is in power and knowing Corzine's political persuasion.