Monday, October 31, 2011

Corzine Implodes, New Jersey Narrowly Averts Disaster...

Hey, we in Jersey saw Jon Corzine was a crook, a thief and a liar (on his best days - on his worst, he was trading sexual favors with union leadership in exchange for fat, taxpayer-raping contracts), and turned his sorry ass out.  But there's a sucker  born every minute, and just as many are whelped on Wall Street as on Main Street.  MF Global gave Dirty Jon the reigns, and promised their investors extra payoffs should their exalted CEO leave to attain his true calling, that of Treasury Secretary of the United States.

Well, the investors will get the extra payoffs, because it looks like Corzine is leaving.  But they'll just as likely get paid in chickens, because Jon's leftist economics left the cupboard bare:

Besieged broker MF Global is expected to file for bankruptcy today after a frantic effort over the weekend by CEO John Corzine to strike an out-of-bankruptcy appeared to come up came up short, The Post has learned.

It is expected that MF Global’s holding company will file for bankruptcy while other units, including one that clears fixed-income trades, will open its doors for business this morning, sources added. Early this morning, MF shares were halted in trading, with news pending.

The bankruptcy and planned sale to a rival would end one of the most harrowing weekends on Wall Street since Lehman Brothers on Sept. 15, 2008 imploded on worries that it was choking on toxic mortgage debt.

Corzine is not expected to stay on at MF Global — an embarrassing outcome for a Wall Street titan who led Goldman Sachs before being ousted in 1999.

The whole Corzine/MF deal was odd from the start, and I have very little sympathy for any investors that came in on his name recognition.  Remember how, in Atlas Shrugged, Sebastian D'Anconia mocked those who invested in his copper properties strictly based on the value of his name only?  Well, I mock the" MF'ers", for falling into the same trap...

What does this say about Obama judgement?  Nothing you didn't already know, I suppose.  The fact that the man who almost destroyed New Jersey was first in line for a Treasury position is bad enough, but add to the mix  that Obama made this guy his "man on Wall Street" - his #1 bundler and fundraising rep - and you have a case of the blind leading the naked.  Or maybe, after all, it was just Chicago politics - raise enough cash for me, I'll get you back on the government payroll will a nice title and a permanent taxpayer-financed pension.  But apparently, Corzine was so without influence - and Obama so hated - that he couldn't even scratch up the required duckets for Obama to pull his sorry ass out of the fire.

Hey - make fun of us New Jerseyans all you like.  But we know a carnival barker when we see one - shit, even Snooki is a Republican.  When is the rest of "Blue America" going to catch up with her?

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