|
|
|
What the MF-- Global? By Ron Hart
http://www.JewishWorldReview.com |
"I simply do not know where the money is."
Jon Corzine, Democrat of NJ and ex-Chairman of MF Global.
These words from the top businessperson in the Democrat Party just about say it all. After he bankrupted, in 20 months, his brokerage firm (the eighth largest in history), $1.2 billion in customers' - not the company's - money has gone missing.
As he did when he was Governor of New Jersey (and apparently at MF Global), Corzine spent other people's money until he couldn't any more.
In fact, "MF" is what the customers of the firm said when they learned their money was missing. It was supposed to be in "segregated" accounts, but to be fair, Democrats have long opposed segregation. Perhaps, in the name of equality and fairness, Corzine bused some of the segregated money to another school district to achieve what he viewed as "best" for them. With Democrats, anything done under the guise of "fairness" cannot be questioned.
The news of MF Global's demise came on the heels of some purportedly good economic news for the Obama regime. Somehow, they said the unemployment rate dropped to 8.6% last month, gaining 120,000 jobs. But this does not account for 301,500 people who quit looking for work last month. In total, six million people have given up looking; some economists say the real un- and under-employment rate is 20%.
The unemployment rate of 8.6% under Obama is a number that looks so Democratically massaged that Al Gore instinctively dropped his towel in front of it.
The news came at a bad time for Democrats, and it is the most embarrassing news Corzine has suffered since he held his last job, Governor of New Jersey. Even though he spent millions of his money trying to get re-elected, Corzine lost to rotund Republican Chris Christie, a guy you really want on your side unless you are in a canoe.
Who would be dumb enough to lend money at .02% to Corzine and MF Global and then allow them to get leveraged 40 to 1? Why, our very own Federal Reserve. And who was supposedly regulating MF Global under the watchful eye of Sheriff Joe Biden? I thought Obama had cleaned all this up?
For those keeping score at home on "regulation" in Washington, here is the latest. George Bush, who Obama says "gutted regulation" in Washington, hired 90,000 additional regulators, tripled the budged of the SEC after Enron collapsed, and passed Sarbanes-Oxley. Democrats then passed Dodd-Frank and layer upon layer of regulations when they controlled the all three branches of government from 2008. Then we had the housing meltdown, Madoff, and now MF Global.
Solyndra, with Obama campaign bundler Kaiser as its chief investor, wasted over $500 million of our money. Now Obama refuses to approve the Keystone pipeline, which would mean tens of thousands jobs in middle-America and would help us toward energy independence.
Years ago, a King and Spalding attorney friend, "Lawyer Steed," recommended me to writer Lewis Grizzard to help him invest his money. Divorce-prone Grizzard, who famously said, "Next time, I think I'm going to find a woman I don't like and just give her a house," was not good with money. He bumbled and stumbled trying to ask me his net worth but could not find the words. Then he asked, "If I had to leave town tonight, how much money could I put in a coffee can?" It seems neither our regulators nor Corzine can answer that simple question. We have plenty of "regulations" on the books, yet we cannot prevent these debacles?
Regulation upon regulation confuses the simple things (like where the money is) and makes it easy for slick crony-capitalists to game the system.
I worked at Goldman Sachs when Corzine started running the place. Back then, it was a private partnership and a great place. He cashed out for himself and others by going public, and the firm has gone downhill since. Do we understand the difference between a real entrepreneur, who is creative and risks his or her money to create a big company that employs a lot of people (like a Bernie Marcus of Home Depot), and a Jon Corzine or Jeff Immelt of GE, who claws his way to the top of an old, established company? A monkey could have run Goldman Sachs in the 90s; apparently one did.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
• The GOP Primaries: The Adultery of Hope • No Thankfulness at Thanksgiving for the OWS Crowd • Cain Mutiny, or a ‘High-tech Lynching?’ • Slipping into an Envy-ocracy • An honest, if unconventional, assessment of those vying to wipe that smirk off Obama's smug mug • The Unwashed Masses Descend on New York City • Obama ‘pivots to jobs’ --- his • Washington: Blame No One. Do Something! • Our Debt Problems: Politicians Extend and Pretend • No Child Left --- To the Left • Dems' debt ceiling demagoguery • Golf Summit --- I Like Spike(s) • Nancy Pelosi Finally Demands a Weiner Probe • The porkulus political payback project • An ILL Wind for Business --- Boeing, Boeing Gone? • Osama's 72 Virgins --- and Obama's 72 Versions • Bin Laden was taken out by seals and now sleeps with the fishes • Trump: Got 99 problems, but rich ain't one • Why you should see the ‘Atlas Shrugged’ movie • Why The Donald trumps the Bamster • O-Bomb-A • Mid-East Megalomaniacal Despots on the Run • Facebook ‘Un-friends’ Our Increasingly Regulation-burdened Capital Markets • Hold 'em liable --- the colleges, that is • Follow your Hart in a look back at 2010 • WikiLeaks --- Danger or Disinfectant? • Where We Let Terrorists Really Hurt Us • Time to starve the spending beast • The TSA: We Do Chicken Right! • Capitalism in Time Saves Mine • The Broader Picture of What These Elections Mean • Dem-moralized: ‘Dead Fish’ taken to the trash cant • Obamanomics continue to add up . . . for Republicans • She had Tiger by the tail: If Elin did not get Tiger's money, Obama would have
© 2010 Ron Hart
|
|
Arnold Ahlert | ||||||||||||||||||
Click 
