Jon Corzine almost sent New Jersey into bankruptcy. By a narrow margin, Chirstie defeated him in the last election. He left Christie a lot of work to do. By doing the work, Christie has become one of the most popular politicians in America.
Corzine was an early Obama backer. He was on an Obama economic advisory committee.
He went on to become the CEO of MF Global. In record time, he has bankrupted MF Global, leaving thousands of investors poorer and creating an FBI investigation. He will leave with a huge cash payoff.
He bankrupted MF Global by doing exactly what Dodd-Frank was supposed to prevent. Used the firms own money to trade. Trade in European bonds. Corzine believed Europe was too big to fail and that somehow money would appear and raise those investment values.
Are you surprised that a governor who couldn’t govern would be a poor choice for a CEO? If Obama were to be an one-term president and went to a CEO position in a large corporation, would you buy their stock? Hell no, you wouldn’t.
Obama has been silent on this issue, just as he has been on the bonuses to the executives of Freddie and Fannie. Why is this different than AIG? Why would the president, with the Occupiers he praises up in arms, allow Corzine to take a bonus for wrecking a once-proud company? Just as he allows a fool to run the Department of Homeland Security, early backers of Obama have immunity.
Just as Corzine made it easy for Christie to find problems to fix, so will Obama’s successor find it easy to do the same.
