…saw the other day where Jon Corzine had vanquished the latest in a parade of suits and complaints against him. You remember Jon: Goldman Sachs CEO, turned New Jersey Senator, turned New Jersey Governor.
Fresh out of office, the Governor needed a new gig and took up shop at MF Global.
MF Global was a major global commodities and derivatives brokerage where farmers came to hedge their crop and city slickers came to shoot the moon.
Jon must’ve fancied himself a gunslinger of sorts and in 2011, MF Global made a $6.3 billion dollar bet – on its own behalf – on some rickety European Sovereign debt. When the bonds defaulted, MF Global melted down and management raided the customer’s accounts to cover the firm’s losses.
Sometime after the Feds wrapped big chains around the front door handles, Jon was called to testify before (his old friends in) the Senate.
When asked ‘where all the (!@%ing) money went?’ Jon (Goldman Sachs CEO, University of Chicago MBA) confessed: “I honestly don’t know.”
As the roar of this election dies down, you’ll undoubtedly hear our elected officials pine and weez about ‘income inequality,’ ‘rigged systems,’ and the like.
When you do, think of Jon …and change the PIN on your debit card.