We have an ex-senator/ ex-governor from New Jersey,… a big money, big finance guy. Jon Corzine. Personable, from all accounts. Well-liked by his peers. I’ve heard him speak,– he seems like a nice guy. Intelligent. Full disclosure,– a Democrat.
His firm, MF Global, just declared bankruptcy because of some (what turned out to be) terrible european monetary investments that failed miserably. An example of the “risk-takers” the republicans are so in love with, and want to totally deregulate. They don’t need to be watched. They always do the right thing,… and when they don’t do the right thing, (even though we know they always do the right thing),…. the “Market” will correct things for them. A republican mantra.
Apparently, the way that the Market corrects these things is by having investors bear the brunt of the results that happen when these people just kinda ‘misplace’ large sums of money.
There’s some small matter of there being around 1.2 billion dollars of their investor’s money missing. 1.2 BILLION,— with a B.
I don’t think I like this market correction thing.
Anyway, back to Mr. Corzine. He seems to feel really bad about what has happened. He says he’s sorry. He says he has no idea where that 1.2 billion dollars went. It’s as much a surprise to him as it is to his investors, he says. I think I saw him tearing up in one of the videos. I believe that he feels bad.
My question here,—- the point of this post,—————– is—————— does anyone who is reading this believe for a second that this man, or any of his employees, will see one day of jail time, or much of a penalty at all, for “misplacing” 1.2 billion dollars of other people’s money?
We’ll have to see,… to be continued. But I’ll give my guess right now, and say no. I think he’ll get some sort of fine, (which, with his money, won’t amount to anything that would hurt him), and go back to one of his houses in the Hamptons and regroup. Feeling badly about things, of course.