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Title: Corzine's ungrateful exit
Source:
Market Watch
URL Source: http://www.marketwatch.com/story/co ... 11-11-04?reflink=MW_GoogleNews
Published: Nov 4, 2011
Author: David Weidner
Post Date: 2011-11-04 11:42:30 by Fred Mertz
Keywords: None
Views: 3377
Comments: 8
EW YORK (MarketWatch) — Jon Corzine is sad. He’s also no longer the chief executive of MF Global, for whatever its worth. He won’t be seeking severance from the bankrupt trading firm.
“I feel great sadness for what has transpired at MF Global MFGLQ -15.47% and the impact it has had on the firm’s clients, employees and many others,” he said in a statement announcing his resignation.
Everyone feel a little better? Didn’t think so.
Corzine’s botched tenure at the company demands more than “sad” feelings. Client money is still missing. Warnings about the firm’s leverage or risk were ignored or fought. Corzine’s positive statements about MF Global's solvency should merit scrutiny from regulators.
In the aftermath, Corzine is being used by conservatives to sully President Barack Obama who supported the former Goldman Sachs Group Inc. executive when he served as New Jersey governor. Everyone, it seems, is getting tainted by Corzine and the mess he made on Wall Street.
That’s why Corzine needs to not only express sadness, but regret. He needs to own up to strategic mistakes. He needs to explain himself and take the fall. Corzine did at least say he would assist in MF Global’s bankruptcy process. But employees and investors shouldn’t give him too much credit. The CEOs who don’t help clean up? That would be the likes of Bernie Madoff and Allen Stanford.
Corzine could go a step further and turn all of the money he made during his stint at MF Global — including $14.25 million last year — over to bankruptcy trustees. He’s rich enough from his Goldman days that it probably wouldn’t knock him out of the “1%.”
But if Friday’s resignation is any indication, Corzine won’t even consider it. Why would he? He didn’t consider the mounting evidence that MF Global was going up in flames.
— David Weidner
Poster Comment:
Perp walk?
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Perp walk?
Probably a new job on K street.
"our blacks are so much better than their blacks" - (M)ann Coulter
#2. To: Fred Mertz (#0)
Blood brothers...
Those who seek should not stop seeking until they find. When they find, they will be disturbed. When they are disturbed, they will marvel...
#3. To: Fred Mertz (#0)
And you can thank DOn Corzine and his Stealing....
wait for it....
$1.45 Billion
from his Customers' Accounts.
Why isn't Don Corzine in jail now?
#4. To: Fred Mertz (#0)
Know the difference between an Initial and Maintenance Margin?
Everyone with contracts on the CME Chicago will find out Monday,
when they have until 1PM to get their margins up or their accounts liquidated....
$1.45 Billion is alot of margin to be made up....;}
ZH:
". It is critical, because not only is this announcement a direct consequence of what happened with MF Global several days ago, but because also it confirms one of our biggest concerns: systemic liquidity is non-existanet. We confirmed interbank liquidity in Europe was at an all time low earlier today, and can only assume the same is true for US banks. But what is very disturbing is that this is just as true at the exchange level, where it appears the aftermath of the MF collapse is just now being felt. "
#5. To: mcgowanjm (#3)
Why isn't Don Corzine in jail now?
It's probably because of who he knows and blows......
Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3.......... That means I'm doing my job correctly !!!!!!!!! "CHANGE" you can step in..... 
My dogs have created more shovel ready jobs than the self appointed Messiah!!!
#6. To: CZ82 (#5)
It's probably because of who he knows and blows......
But his Masters didn't step in to save his MFGLOBAL.
Which means they're not going to step in to save anyone else:
". It is critical, because not only is this announcement a direct consequence of what happened with MF Global several days ago, but because also it confirms one of our biggest concerns: systemic liquidity is non-existanet. We confirmed interbank liquidity in Europe was at an all time low earlier today, and can only assume the same is true for US banks. But what is very disturbing is that this is just as true at the exchange level, where it appears the aftermath of the MF collapse is just now being felt. "=ZH
$1.45 Billion is alot to steal from your fellow 1%ers...
and you get heart attacks in swimming pools/hot tubs pulling shite like that... ;}
#7. To: mcgowanjm (#6)
But his Masters didn't step in to save his MFGLOBAL.Which means they're not going to step in to save anyone else:
Guess he didn't do enough to earn his masters gratitude.....
Oh well that's the way Socialists/Communists/Fascists treat their supporters...
Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3.......... That means I'm doing my job correctly !!!!!!!!! "CHANGE" you can step in..... My dogs have created more shovel ready jobs than the self appointed Messiah!!!
#8. To: mcgowanjm (#4)
Know the difference between an Initial and Maintenance Margin?
No I don't, not at all.
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