DUmabsses once again on the wrong side of history

[SSG Snuggle Bunny]

And by the wrong side I mean like how the dog scoots the bottom-side of his ass across the carpet because it's irritated.

First:

ChairmanAgnostic  (1000+ posts)        Fri Nov-04-11 04:19 PM
Original message
Jon Corzine is a thief. 
 It must be something they teach in Goldman Sucks.

A little history. M(other) F(ucker) Global was a small player, never making big news, never taking big risks, until they reached out and hired Corzine as their top exec.
Under his direct orders, they embarked on one wild ride. But, they needed help, the kind that Corzine was perfectly suited to give.
--
"The proposed rule would have restricted a complicated transaction that allowed MF Global in essence to borrow money from its own customers. Brokerage firms are allowed to use customers’ money to earn interest, not unlike banks, but this rule would have outlawed using customer funds for a loan to the firm itself.

While such financing is not unknown on Wall Street, it carries substantial risk. An outside lender would require a firm like MF Global to produce strict accounting for a loan. Without that oversight, regulators worried that firms could use such internal customer money inappropriately, including bolstering the business in hard times. The proposed rule would have affected several dozen other financial firms.
--
http://dealbook.nytimes.com/2011/11/03/as-regulators-pr... /


The rest was history. He raided customer accounts, used their funds to pay for his high risk gambles, mainly in investments based on Euro-debt.

---
Jon S. Corzine has resigned from his posts at the embattled brokerage firm MF Global, the company announced on Friday.

Mr. Corzine, the firm’s chairman and chief executive, will not seek his $12 million severance from MF Global, which filed for bankruptcy on Monday, according to the company’s statement.

The resignation capped a disastrous week for Mr. Corzine, as he saw MF Global lose two-thirds of its market value, file for bankruptcy and face a handful of federal investigations into more than $600 million in missing customer money. The decision also signaled a rapid downfall of what was supposed to be Mr. Corzine’s grand return to Wall Street — a comeback that began in early 2010, after a roughly 10-year sabbatical that he spent in politics.
---
http://dealbook.nytimes.com/2011/11/04/corzine-resigns-... /

How sweet of him. He refuses a severance package from the company he drove into bankruptcy. After stealing his clients' money and risking it in gambles so crazy that it is doubtful that his clients would have given him permission. Luckily, he beat up on the federal regulators to prevent having to report on his risk taking.

It is pure and simple. Jon Corzine is a thief. He got caught. And he just lawyered up.

Hint, hint, Wall Street. THIS is why we occupy.

Carolina  (1000+ posts)      Fri Nov-04-11 04:23 PM
Response to Original message
1. and to think he was the
 DEMOCRATIC Senator from NJ.

Too bad the near fatal car crash in 2007 didn't humble him!

Rat bastard thief. He, Dems like him with all those Goldman Sachs tentacles are THE PROBLEM!

tularetom  (1000+ posts)        Fri Nov-04-11 04:26 PM
Response to Original message
3. All true but the Obama WH is crawling with his old golfing buddies
 So I don't really expect any consequences to him for his actions.

Too bad all those 99%ers with liberal arts degrees are too busy destroying peoples' places of employment in the name of job creation, otherwise they could be protesting the corruption of corporations and politics.


Now, a walk down memory lane:

Fat Che's Little Brother  (1000+ posts)        Wed Oct-07-09 04:28 PM
Original message
Poll finally shows Corzine ahead of Christie!
 You wouldn't know this one, since the media seems to be doing their best to bury it. In my inbox this morning was the latest campaign screed from the Corzine/Weinberg campaign.  blah blah blah

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6717300

And others:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6665431

http://upload.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3908560

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8686755

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6875762

[Karin]

Oh, I love the walks down memory lane!  Here's curious post.  They're discussing a Rasmussen poll, showing Christie ahead:

bluestateguy (1000+ posts)        Thu Jun-04-09 09:49 PM
Response to Original message
5. Rasmussen cooks his numbers
 The 2008 election is over. There should be no more polling. 

   Obama won, so we should have no more opinion polling?  No more elections at all?  Obama is king of all the land?  I see.