Tim Geightner Out, Jon Corzine In–Please say it isn’t so!

Neil Cavuto yesterday (August 7th, 1011) asked several of his guests who were chairpersons or CEOs of the major exchanges and rating agencies, whether they though Jon Corzine would be a good replacement for Tim Geithner.  He would be a perfect replacement if you wanted to continue the failed policies of this administration and drive this country into an even greater Depression! 

Corzine is the ex-CEO of Goldman Sachs and is a true Wall Street Insider.  Just what we need is to have an individual brought in to fix economic problems that were partially created by Wall Street, and Goldman Sachs specifically, during Corzine’s and his wonderful successor, Henry Paulson (Sec of the Treasury under G.W. Bush),  tenures at Goldman Sachs.  Goldman Sachs and their Wall Street counterparts helped to create the Sub-Prime Mortgage Crisis that led to the 2008 Depression. 

It is bad enough to have the tax evader Geithner, a former New York Fed Chairman, who was responsible for overseeing and regulating such notable successes as Citigroup and AIG, as the Secretary of the Treasury; now we are going to have the CEO of a Company who was selling worthless mortgage bundle securities out of one door to unsuspecting investors while selling those same investments SHORT out the other door.  TALK ABOUT THE WRONG STUFF!  Maybe Corzine was not the CEO of Goldman at the time this double-dealing took place but he was certainly in bed with James Johnson at Fannie Mae while Johnson ramped up the buying and repackaging of worthless mortgages into investment securities.  This people should the subject of serious investigations and not be considered to become the Secretary of the Treasury of the greatest nation on earth.

To add to Corzine’s lack of fiscal credibility is his wonderful tenure as the Governor of New Jersey.  He pretty much presided over the bankrupting of New Jersey as it Governor. 

Cavuto and other should stop promoting the idea that Corzine is or should be considered to replace Geithner.  While someone like Corzine would be the obvious choice for Obama, it would be the obvious bad choice for America and indeed the global economy.

RD Pierini

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