Where Is Jon Corzine? Why Is He Not In Jail?

The saga of MF Global has faded from the headlines a bit, what with the end of the world approaching in 13 months or so, and societal and economic collapse prior to that.  But one big question I have is why have I not heard any talk about either the US DOJ or some States Attorney or anyone threatening criminal charges against Jon Corzine?  Motley Fool wrote a piece about possibilities for the $600Million or so of CUSTOMER funds that are still missing.

Let us briefly review Mr. Corzine’s history.  Head of the giant squid – Goldman Sachs – from 1994 to 1999.  Not sure how his tenure there was regarded but he was forced out as Paulson took control of the firm.  Next he went on to help destroy the United States as a Demunist Senator from New Jersey.  Not content to inflict pain and death at the national level, he then decided he had to further destroy New Jersey as its governor.  After his maladroit stewardship there, he was put in as the Key Man at MF Global, considered so important to that firm that the codicil to a bond offering by the firm provided for penalties to be awarded to bond holders in the event he left MFG for the US Treasury.  Yep, he was on his way to further destroy the US.  Fortunately for the country, he crashed MFG first.  Unfortunately for everyone who had any nexus with MFG, it seems the firm had the temerity to misuse client funds, leading to the missing $600Million or more.  Democrats are destroyers, but Corzine has a particular knack for it which has now crossed the line, probably, into outright illegality, to the extent that crimes by politically connected and powerful people are any longer considered wrong (see, Congress enriches itself by insider trading).

In the Percy Jackson series of books, the demigods have some kind of Mist they use to confuse mere mortals into seeing something other than what is real.  Somehow guys like Corzine get people to think they are a person to be entrusted with authority instead of sent straight to the nearest prison.  Amazing really.

What is not reported are the consequences for thousands upon thousands of people.  For one thing, all of the employees of the firm have been cashiered, losing any equity they had built up and without severance or benefits.  But more pernicious is what is happening to the clients of the firm.  And though I have never had any dealings with MF Global it has even affected me personally.  One of the clients of MFG, who probably had hundreds of millions of dollars parked there, is an interesting character who gives traders a chance to make their own fortune by sponsoring an account for them.  This persons business is now dead in the water.  But not only is his business dead in the water, all of the people employed by the more than 50 CTAs sponsored are also dead in the water, at least to the extent they depended on the funding they had via this program.  I was set to get some money via this program, literally as MFG was imploding.  That is now gone.

Maybe these people will get their money back and maybe they will not.  If not, and it turns out that MFG misused the customer segregated funds, as seems likely, it boggles the mind how it could be that Corzine is still free, unless his political connections are keeping it that way.  In any event, if that turns out to be the case, Corzine and anyone who shields him ought to be in the set of those that “just needs killing”  (see Consequences of Kerffufluous Tomfoolery below).  Full stop.

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