Ya wonder why we are a little skeptical of ObamaPolitics? How about the fact that Jon Corzine, the Ex-Democrat-Senator and the Ex-Democrat-Governor of New Jersey and the Ex-CEO of the now bankrupt MF Global (8th largest Bankruptcy in US History) is listed on the Obama Campaign Website as a ‘Bundler’ who has raised over $500,000 for Obama’s Campaign! (A bundler is someone who can strong arm contributions out of donors) And this is all the while no one at MF Global, including Corzine, can find a missing $1.6 BILLION DOLLARS!
So, instead of Corzine helping the Bankruptcy Trustees, that include Ex FBI director Louis Freeh and James Giddens, Corzine is out hustling bucks for Obama. Hey, who knows when you might need a pardon from the old President and what better way to insure a quick pardon than to bundle $500,000 for the Pres… This would be bad enough but it is merely a continuation of Corzine’s flaunting his Democrat power position to further his personal net worth. Unfortunately, he is not good at what he does. The bad news, it was not his money he lost!
Corzine was not only the CEO of MF Global, he was the firm’s top trader of volatile European BIIPS debt – Belgium, Italy, Ireland, Portugal and Spain. Guess how those investments went! In essence, Corzine bypassed good management practices by tearing down the wall between a CEO looking out for the interests of the company and its stockholders to being the one betting the farm and risking the entire company. Corzine took the firm’s position on idiotic European BIIPS debt from approximately $500 million when he was hired to $8.1 billion. Since he was the CEO, risk management within the company could not say much. Who would they turn Corzine into?
Obama’s fingerprints are all over MF Global and Corzine’s rise to power at that firm as the Financial Industry Regulatory Authority waived the requirement for Corzine to retake the Series 7 and Series 24 exams when he took over MF Global in 2010, even though people who have been out of the financial business for more than two years are required to retake the exam. The agency’s website stated that the reason for the waiver was “These waiver requests are based on the applicant’s experience in the securities industry and/or in related investment fields such as investment banking, securities trading on behalf of a financial institution, securities research, portfolio management, investment advisory services, or securities activities in a foreign broker/dealer.” I guess Corzine’s experience did not help much…
There are many other questionable practices and waivers surrounding MF Global and Jon Corzine but those are a topic for a different article. I have given a hat tip to a couple of articles below that you should read to get more of those details. In total, they show a pattern of continued political favor to allow a few to run fast and easy with other people’s money at the risk of damaging the economy for all.
The bottom line is that Corzine and Obama are attached at the hip politically. Obama was considering Corzine for the Secretary of the Treasury position at one point. President Obama has hailed Corzine as an ‘honorable man’ and one of his ‘best partners’ in the White House.” Well, you can bet the house, use your own money, that Corzine will skate free and clear of this debacle and if he does trip up the Obama machine will be their to help him back on his feet.
Welcome to Campaign 2012…