Posted by
Steve on Monday, November 14, 2011 11:55:45 AM
John Corzine is in deep doo-doo. He was the CEO of MF Global. They filed for bankruptcy on October 31, 2011. The reason they filed for bankruptcy is that they are missing billions in customer account money. The business account is 100% accurate, but many, if not most, of the customer accounts are empty. They should have large sums of money in them, but there is nothing. The last person who had this problem was Bernie Madoff. Bernie Madoff ran a Ponzi scheme. It is a little early to call MF Global a Ponzi scheme, but all the early signs are there.
Who is John Corzine? He is a former Goldman-Sachs executive who made his fortune on Wall Street. He took that fortune and bought a Senate seat from New Jersey. I say bought, that may be a little strong. He just put huge sums of his own money into his campaign and overwhelmed an underfunded opponent. Then, he set his sights on the Governor’s chair in New Jersey. So, he self-funded his campaign and defeated his underfunded Republican opponent.
At that point, he was running pretty high. But, when you are a Governor, you have to actually do things. As a Senator, all you have to do is talk and vote on bills. Governors have to govern. That was his downfall. New Jersey became a cesspool of corruption and liberal ideas. People voted him out of office after only one term. That was despite the fact he outspent the current Governor, Chris Christy by about 10-1.
After losing the Governor’s race, he and some investors started up this MF Global. It appeared to be successful for some time. But, the wheels started to come off MF Global this year. By the fall, everything was exposed and John Corzine resigned in disgrace. That will not save the company or John Corzine from their liability in this scheme to bilk investors out of money. Bernie Madoff went to prison and I expect that John Corzine will do the same if this is determined to be a Ponzi scheme as well.
When John Corzine ran for re-election, Joe Biden came and campaigned for him. He touted the exceptional financial ability that John Corzine had in his endorsement. Joe Biden said that when he and Obama first took office they called John Corzine because he understood the problem better than anyone else. So, now we know why the Obama administration has run things into the ground. They got financial advice from John Corzine a probable Ponzi scheme manipulator. At least, that is how it looks on the surface. I know that what things look like on the surface and what they really are can be two entirely different things. But, in the case of Ponzi scheme’s if it looks like one, it usually is one.
We have to remember that John Corzine is a Democrat. He has always been a Democrat. When news stories come out about this financial company, they will not mention his political connection at all. They might mention that he had been a Senator and a Governor, but they will never mention that he was a Democrat. If he had been a Republican, that would have been the lead. Because he is a Democrat, no mention will be made on the news. Those of us who remember history have to remind the world just who this individual is and what he represents. The news media never will mention those facts to anyone.