The Corzine Rule

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Came across this article on May 29 that talks about the continuing saga of MF Global and Jon Corzine. It’s amazing that this epic financial scandal gets no consistent main stream media coverage. Over a billion was stolen. Corzine is in Madoff territory.

Here is the proposed rule,

Futures brokers would need to get approval from a top executive before making big withdrawals from customer accounts under a rule now pending and referred to in the industry as the “Corzine rule”, after MF Global’s former CEO Jon Corzine.

Why is this stupid? Because it wasn’t a lack of rules that allowed Corzine to steal from customer accounts. It was a lack of ethics on the part of one person. Corzine stole the money to margin bad trades he made through his MF account. He invested in European bonds, chasing yield and seeking to make big proprietary profits for MF Global. Their earnings were under huge pressure because the operations of the company weren’t particularly efficient, and the yields on US Treasury debt are so low that they weren’t able to earn a projected return on excess deposits.

The MF Global fraud is just another blip in the continuous waterfall of events that further erodes the general public’s confidence in the public markets. Nothing that government, regulators, the Fed, or exchanges have done since the crash of 2008 has done anything to shore up the spirits of the public.

Enron, Worldcom, Fannie and Freddie, Madoff, Flash Crash, Corzine and MF Global, the Facebook ($FB) IPO. It doesn’t end and I am sure I am forgetting a few. It’s no wonder the public considers a mason jar as an acceptable place to put money. The ultimate risk off trade!

If we go back to 2001 and Enron, the efforts by regulators look even worse. Sarbanes-Oxley has done nothing. Dodd-Frank is horrible legislation that should be repealed in its entirety. The SEC and CFTC are woefully behind the curve when it comes to regulating electronic markets; dark pools, payment for order flow, trading against customers, front running customers, are all encouraged. The government bailed out banks, Fannie and Freddie, that took too much risk. Instead of allowing the marketplace to work to penalize bad behavior, we have codified it and endorsed it through “too big to fail” and other methods. No doubt, the market has a ticking time bomb somewhere and certainly another cataclysmic financial event will happen again. You back it up with your tax dollars.

Jon Corzine stole from his customers. Until Corzine is put on trial in a court of law, no one will be able to get to the truth. He is being protected by the party in charge. The political waters are so virulent that they don’t want to see him tried. The event happened last October. Surely there is enough information available to convene a grand jury and begin indicting people. The public is being played. We are schmucks.

My supposition is that there is a very minute percentage of bankers on Wall Street that engage in the same behavior but haven’t been burned yet. They aren’t excited about seeing a Corzine trial either. Transparency has a way of showing who has clothes on, and who is naked. A simple rule isn’t going to change people that are bent on engaging in bad behavior. Better for the free market to penalize them, if we are willing to let it happen.

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tip of the hat to Instapundit, thanks for the link.

Thanks for the link Real Clear Politics

For more on the collateral losses Corzine inflicted, click here.

thanks for the link, Hot Air.

128 thoughts on “The Corzine Rule

  1.  OWS is AWOL on this issue for the same reason the media are AWOL.  Their agenda is to help leftists get and hold power.

  2. Besides being a Democrat scumbag and thief, he’s a huge bundler for the 
    Øbummer regime. It will be impossible to get Eric ‘The Coward’ Holder to effect prosecution.

    1.  As has already been discovered, much of it was paid off to J.P. Morgan.  J.P. Morgan couldn’t possibly eat the loss from Corzine’s foolish activity – they forced payment on their debts.  Out of the customer accounts.

    2. Sorry but the only money that was safe was the money held in the clearing houses of CME, ICE and the other exchanges. And BTW, Terry Duffy from CME has been out in front letting everyone know what a liar Corzine is.

    3. The CME didn’t steal anything.  As a matter of fact, if you had your account fully margined with no excess cash, you lost nothing. It was responsible traders that left extra cash in their accounts that got burned.  CME was slow to respond, but have responded and taken care of the end customers.  Now it’s time for the legal system to respond.  

  3. At this point Barry couldn’t care less. Between the Jim Jones Kool-Aid drinking supporters, Malfeasant Media, corrupt Union thugs, groups like ACORN & the black panthers and voter fraud machine in-place, Ø doesn’t care who knows what.

     “It’s not who votes that counts, it’s who counts the votes.” – Joseph Stalin.

  4. It seems the current administration is sending a message with their reluctance to investigate MF Global, and their great joy at investigating Gibson. 

    “Donate to us, and we promise to not prosecute no matter how illegal your actions.  Donate to our enemies, and we will audit you and regulate you and drag you through court until your company dies.”

  5. AMEN! Jamie Dimon lost a bunch of money through dumb, but LEGAL means. Yet they immediately dragged him before a Congressional committee. Didn’t see him taking the 5th, like Obamabundler Corzine, did we.

  6. If we had a free press in this country, they would certainly be interested in a person who stole $1.2 billion, don’t you think?

    1. We do have a free press.  They are biased, and have chosen to ignore the story.

      1. We do have a free press.  They are free to ignore the story because it’s inconvenient to their agenda.

  7. MF Global and John Corzine stole $1.6 billion of customer assets.  The customers did not authorize the use of their assets as collateral for failing trades.  The customers would have received no benefit if the trades actually worked out (except for the benefit of getting their money back). 

    There is no way that Corzine and MF Global are not guilty of theft.  Corzine should be under indictment by now and all of assets should have been confiscated and used to reimburse the customer losses. 

  8. ‘Stole’ is a strong word 🙂 My understanding is that the fine print in the contract
    allowed investment in England, under English rules which include a lovely loophole
    called ‘rehypothecation’; Why US law allows this is a question to which everyone
    here knows the answer, but just in case some naif is reading this: The money-men
    bribed the politicians to pass a law which made their ‘theft’ legal. Nothing new there.

    1.  Y, you are correct: “Re-hypothecation occurs when a
      bank or broker re-uses collateral posted by clients, such as hedge
      funds, to back the broker’s own trades and borrowings. The practice of
      re-hypothecation runs into the trillions of dollars and is perfectly
      legal. It is justified by brokers on the basis that it is a capital
      efficient way of financing their operations much to the chagrin of hedge

      99% of the time, the broker’s trades don’t blow up and no one is the wiser.  In this case, Corzine made a really bad bet which crashed and burned and took the clients’ collateral (legally posted without their consent) with it.  This episode illustrates why it is a terrible practice that should not be allowed, but don’t count on anything changing as long as politically-connected banks and brokers benefit. 

    2. You are correct.  But, I don’t know any clearing firms that used customer seg funds and put them into anything other than US Treasuries earning overnight repo rates.  Corzine was buying Spanish and other risky debt.  I wouldn’t trade that with your money.  But he would.

  9. The usual reason people are not prosecuted for committing crimes like this is in order to allow the victims to recover the most possible from the perpetrators. If the latter are prosecuted they will spend millions defending themselves, which money will be unavailable to the victims. If convicted, that will help the victims in no way. If they are sued by the victims, with all their properties frozen, when a settlement is made or they lose in civil court, prosecution might be appropriate. 
    It is not clear that this is the motivation for the lack of prosecutorial action so far, but attorneys usually seem to advise fleeced clients to sue rather than initiate prosecution.

  10. Corzine should be doing a perp walk for the theft of Customers money.  The Segragated Funds rule for brokerage houses is very direct.  The brokerage is not allowed to use Segragated funds for it’s own trading/margin purposes.  That and the fact that every CEO is supposed to be completely responsible for the finances of his company (Sarbanes-Oxley) and sign off on said finances point that Corzine should be on trial.  I have been amazed that Corzine is getting away with this and still bundling for Obama.  You are correct in your wonder regarding how the MF Global theft has been off the radar of the MSM for all of these months.  Thanks for the article.

  11. The only good thing about the MF Global fiasco is that taxpayer money wasn’t used to bail them out.

    The last two sentences of your article are key: we need to get rid of Sarbanes-Oxley, Dodd-Frank, and other regulations that cost honest companies billions while doing nothing to prevent dishonest companies from committing fraud. And we need to get rid of the “too big to fail” idea. If a company screws up, let it go bankrupt, and let its healthier competitors pick up the pieces.

    1. Agree.  I don’t like Occupy Wall Street solutions at all, but on those points I agree with them.  

  12. Oh and he left the State of NJ a big mess when he left as Governor here as well!

  13. Our rule of law is missing.  Eric!  Where did you leave our rule of law?  Did you try to flush it down the toilet, again?

  14. Liberals and Godless pagans have removed God and his commandments from our public schools.  There is a reason why God and his words were placed there.  The result of breaking any one of the ten commandments are inevitable and those results almost always include suffering, and it gets worse.

    Many people may see Mr. Corzine operating with no impunity, taking whatever he wants, doing whatever he wants, and getting away with it.  This is a man that is devoid of goodness and therefore of truth, because of his choices.  He has already entered into his punishment, and it will get far worse for him unless he turns back.  The same can be said for America as a Nation.

        1. That’s a murky subject.  I’d say the rule of law, which some think is based on the Bible.  Others don’t.  Non believers might even say that markets create ethics.

  15. Its not just Corzine.  the system is nearing collapse . Its rotten to the core. The pending global collapse will reset and allow for things to start over

  16. Can you spell  C O R R U P T I O N ?!

    The Obama administration is rife with it—-top to bottom. Sure didn’t BO long to pivot from Healer-in-chief to Fixer-in-chief.

    Pays to be a friend of the left. 

  17. You would think the “99%” OWS crowd would demand a trial…oh yes, they are just a liberal/progressive front group that would never dream of prosecuting a “liberal” icon.

  18. The idea that a billion dollars of customer deposits were withdrawn to cover margin calls on MF Global’s Euro Crapshoot without the knowledge of John Corzine is ludicrous.  Corzine continues to bundle huge money for the Obama campaign in the hope that if Eric Holder remains at DoJ he won’t be prosecuted.  Sure, you will not find a memo or an email with Corzine’s name on it – he’s not that stupid.  But the paper trail can be found, and when one starts calling to a grand jury the middle management employees who actually made these transfer payments, prosecutors then either indict middle management or enter into plea agreements in exchange for their assistance.  They will implicate their immediate bosses who will then ultimately provide the evidence one needs to convict him.  Prosecution of these crimes requires eating one’s way up the food chain.  But that process has to begin early and diligent effort has to be expended.  If Obama is reelected, no such effort could begin until 2017, and Corzine will likely get past the statute of limitations.

    The depth of the Obama/Holder corruption is astonishing.

    1. Great article.  Imagine if Obama refused Corzine’s (and his bundled) campaign contributions to seize the moral high ground.  Well its nice to dream.

  19. So let’s see: Jamie Dimon loses 2 billion of “his” money and we’ve got to investigate, legislate and pontificate; but Jon Corzine steals 2 billion of his customers’ money and no one gets upset –  he’s good bundler for BHO?

    1.  Actually, Dimon was a pretty good bundler for BHO as well. Dimon actually made money that quarter, he lost on one deal, but made more on others. Corzine crashed the company using money that was was promised to be secured. Entirely a different matter of ethics and law.

    2. 1.  It’s not $2B – in the end it will be more like $5B.  Dizon is playing accounting games in order to fiddle his balance sheet.
      2.  It’s not Dizon’s money – it belonged to the shareholders of JPMorgan Chase – if you have mutual funds or have any retirement fund or plan you may have lost money because of the fiasco.
      3.  Banks have capital requirements in order to remain solvent and lend money.  When a publicly traded bank loses huge money it affects the bank’s solvency.  When a huge bank’s solvency is threatened, guess who is asked to bail out the bank?  (If you guess the American taxpayer, take the blue ribbon.)

      This is not to minimize the sheer hypocrisy and corruption of Obama and Holder, but investigation of JPMC’s trading losses is entirely appropriate.  Unfortunately, the big guys who were responsible for approving these irresponsible gambles will never be properly held to account.

        1. Commercial banks are not just privately owned businesses.  Their deposits are insured by the FDIC and by the trick of fractional reserve banking and the Federal Reserve, they are allowed to create money out of thin air.   When they gamble with “their own” money they are relying on the United States taxpayer to bail them out if the bet goes sour.  Allowing commercial banks to trade in securities on their own account creates a moral hazard because any profits go to pay obscene executive bonuses and large losses are eventually laid on the taxpayers.  Who do you think will ultimately have to recapitalize JPMC if the losses threaten their reserves?  Answer:  The U.S. taxpayer.

          1. The question is not whether a commercial bank must always make a profit,.  The question is whether a commercial bank ought to be risking its capital in the derivatives markets.  One assumes that you would oppose allowing JPMC to make huge bets on video poker, but there is no qualitative difference between trading in credit default swaps and betting your children’s college money on roulette.  With fractional reserve banking (they literally get to write checks on the Federal Reserve in large multiples of their deposits – creating money from thin air) why does a commercial bank need to trade on its own account in such a fashion other than greed?  Commercial banks are supposed to make their money by lending to credit-worthy borrowers.  The risks banks take in playing in derivatives are asymmetrical because the egotistical “geniuses” who take those risks will make huge bonuses if the bet wins and will face very little adverse consequence if the bet loses.  All the risk is on the shareholders (i.e., the public) and the taxpayers (who will ultimately pay for emergency recapitalization).  The current system is both insane and immoral.

      1.  We know where Dimon’s bad investing went. Corzine’s simply cannot be found. Truth is being covered up by buddy and pal Eric Holder

        1. We know where MF Global’s customers’ money went – it paid the margin calls on Corzine’s bets on the direction of European sovereign debt yields. But there won’t be any public findings or announcements until after the election. After all, it wouldn’t do to allow Obama’s BFF to be embarrassed during the campaign.

    3. Ya’ll kill me.
      How much did this same unit make/lose for the bank to date in 2012? Take this loss into account and where are they YTD 2012?
      Come on all you know it alls. Give me hard numbers

  20. White collar criminal can almost always point to some ambiguity in governing regulations arguably making their actions “legal” or more precisely, not clearly illegal.  Weak prosecutors, afraid of being beaten in court by very good and very high powered lawyers (although they would never admit it) and afraid of the political fallout of such prosecutions (occasionally even being explicitly discouraged by higher ups) decide non-prosecution is the better part of valor.
    Why does this happen?  Well, here is some truth from a former government lawyer:  the truth hurts.   Well, dear members of the financial industry, it is you that cause most of the troubles.  You chafe against regulations and strong, enforcement minded regulators because they interfere with your ability to make money.  They interfere with your ability to hide fleecing the customer and manipulating the market (which members of the industry always claim can’t happen).  You lobby against regulations, push against regulators, argue against transparency and reporting obligations, and claim that no one really needs regulation, the industries can regulate themselves.  You claim that no reputable firm or executive would engage in such fraud or allow risky trading.  All of these claims are false.  Lies.  But by: (a) giving LOADS of money to politicians of all stripes; (b) lobbying legislators and regulators; (c) cloaking yourselves in “freedom” and the American Dream; and (d) exploiting the fears of regulators, you win. 

    What Jon Corzine did might be technically not illegal under some view of the law.  But if it operated as a fraud on his customers, it can be prosecuted.  And prosecuted successfully.  How?  By hiring really good, experienced lawyers who want to prosecute.  Having truly independent regulators who are enforcement — and that means lawsuit and prosecution — oriented, and by having judges appointed who don’t believe that just because a lot of people do it, it is legal.

    1. Close, however, Racist Eric Holder is a monster and has blood on his hands from Fast & Furious.  Corzine is a criminal and incompetent liar.   Holder is worse.  Both belong in prison.

    1. Thanks. I appreciate every link I receive.  Real Clear Politics is a great website.  I didn’t intend for this to get political.  No politician is perfect, and no political party is perfect.  However, Corzine is a liberal Democrat from southern Illinois.  He is similar to Dick Durbin.  

      For people in power, rules are for the little people.  Many politicians and big time execs think they are above the law, and codes of conduct.  That’s how Corzine is acting, and he is getting complicit treatment from the various agencies that police marketplaces, and the various Attorney General’s that are supposed to uphold the integrity of marketplaces.

  21. Why Is Jon Corzine Not on Trial?

    Because he is being protected by the corrupt Obama administration.  If you donate enough to Obama, the rule of law does not apply to you.

    1. I smell a Presidential Pardon coming in December, But a question,,,can someone who has not yet been convicted get a pardon in anticipation?

  22. Sarbanes-Oxley was made to punish a badguy after the fact. When the Asst. treasurer took the 5th on a cash management process question her silence said volumes. There was an obvious breakdown in internal controls and those don’t just happen; they tend to be cultural, i.e., they happen all the time. While I wasn’t there then, I’ve been where she was.

    Corzine affirmed the internal controls were effective in their 10-Q and his auditors swore to it. So where the heck is the SEC??? This is there job and they have lots of tools available to investigate this. My other question is where the heck are all the talking heads who are such experts in corporate finance??? Maybe they just don’t get it!

  23. Simple, he is connected to the administration, anyone else would be wearing a pinstriped pajamas in jail by now.

  24. Corzine is a liar and a thief. These progressive scum are about to lose their political cover and the first turncoat conservative that tries to give these thieves political cover will be swiftly ejected in the next election cycle. The American people are coming for these despicable douchebags. Progressives have enriched themselves from what is basically a political theft ring (Frank, Gore, Dodd, Holder come to mind) and there will be no mercy. Thanks Obama, conservatives will be in power for the next 20 years.

  25. Why is Corzine not on trial?

    “You’ve had an honorable man, a decent man, an honest man, at the helm of this state. One of the things you’ve got in Jon Corzine is somebody who tells it to you straight.”

    President Barack Obama
    New Jersey Rally (Oct 2009)

    “Jon Corzine is the smartest guy I know”

    VP Joe Biden (May 7, 2009)
    Speech in New Jersey

  26. All you posters blaming Obama or Eric Holder obviously are racist.  It’s Bush’s fault.

    1. I think they that certainly they view life through race colored glasses. But it’s really Woodrow Wilson’s fault.  He came up with the idea of progressiveism.

  27. corzine’s
    buddy Obama the traitor

    pays to shut
    up the rev wright

    assault on
    anne Romney and at home moms.

    supreme court again

    over seeing kill lists

    agrees to
    gender murder

    use of drugs at young age

    gay debacle

    assault on
    corporate energy

    uses tax
    money to campaign

    uses military
    successes to campaign

    voter’s don’t
    have to identify themselves

    kids can’t
    work on farms

    no budget
    from senate in over 1000 days

    Service debacle

    teenagers assaulting citizens on the streets

    GSA debacle

    surveillance of American citizens


    panthers threaten white America, again

    Obama ocean
    power grab

    TARP debacle

    cozy with
    commies in Russia


    Pipeline debacle

    n korea
    laughs in our face

    laughs in our face

    Syria laughs
    in our face

    Iran laughs
    in our face

    insults us after we die for them

    literally owns our debt and laughs at us

    Cuba insults
    us daily

    opinion calls to citizens

    five wars

    assault on

    insurgents on American soil

    morale at all time low

    agents murdered in America

    The socialist
    communist r^pe of the middle class


    climate fraud

    Oil in gulf

    Obama care

    government by czars

    Union thugs
    in the streets

    molested lawfully in airports

    selecting victims for pat downs

    Real estate
    fanny mae Freddie mac fiasco


    Teacher lying
    on camera

    given to muslims by Obama

    Public school

    Doctors lying
    on camera

    Paying for
    insurgents to go to college

    espousing socialism

    constitutional law blatantly

    Class  warfare



    Insulting the
    supreme court justices publicly

    Traitor eric
    holder fails to defend constitution

    Acorn fiasco

    opposing opinion publicly

    socialist news outlets from tax coffers

    as socialist factories of propaganda

    pigford frauds for fictional victimization

    Using every
    available form of media for political propaganda


    Housing price


    Un employment
    at 11.5

    Traitor van
    jones espouses communism

    Ignoring   election results

    warming fiasco

    terrorists using sharia on our own soil

    You think
    this list is done………..?

    5$ GAS AND

    five dollar gas
    going up

    15 trillion
    in debt going up

    betrayal of

    ows goons on
    the street

    union goons
    on the street

    assault on
    the catholic church

    betrayal of american sovereignty…

    teenage thugs
    on the streets

    electric car

    industry fiasco


    about to explode

    media rampant

    black muslims
    threatening voters

    filth from hollywood

    filth on  TV

    will not hold
    Iran responsible for attacking America

    tells illegal
    Mexicans American citizens are the enemy

    Occupy Wall Street

    and faux victimization as political weapons

    declares war
    on texas with voter registration refusals

    The military
    disarmed, insulted in front of the entire world

    presents no budget for over a thousand days

    prosecutors frame senator stevens conceal evidence

    hypocritical double standards for Mahre Daley and cobert olbermann

    Part III AND




  28. Perhaps a more telling question would be why is practically no one in the lamestream news media aggressively investigating this?  Are they all too busy looking into what Romney may have done when he was in high school that they can’t spare a couple of reporters for this?  Or Solyndra?  Or Fast and Furious?  Ot the ‘stimulus’?

  29. Corzine doesn’t want to wind up like Blagojevich; I am sure The Obama reelection campaign got a big check from Corzine’s bundlers. Corzine was the CEO of MF Global, and he claims he doesn’t know where $1+ BILLION went? The Obama Justice Dept does nothing.

  30. What is even more outrageous, is that he is allowed to “bundle” campaign contributions for an administration that should be prosecuting him; only a liberal could fail to see the massive conflict of interest in this activity.

  31. He isnt on trial or in jail because

    a.  he is a democrat
    b.  he is an Obama crony

  32. Holder is completely corrupt.  I hope an investigation of him is one of the top 50 things on Romney’s agenda.  Without honesty and justice at the top, we don’t have rule of law and anarchy will follow.

  33. Just like no one was charged in the banking collapse…. put up the money and you will be protected.

  34. Jon, I want you to bundle 5 million dollars and rest assured you won’t have any legal problems.

  35. This is why the MSM cannot be trusted. Why isn’t this getting any air time? We all know why. Obama. He can’t have any scandals. The MSM is protecting him and therefore they are complicit in all of this. They should be dragged through the streets and beaten with sticks.

  36. Nothing will change until it all comes tumbling down. The current administration makes Nixon look like a Boy Scout. Most corrupt, ignorant, and arrogant ever. Lyin’ sacks of sh*t, from the top on down. What a bunch of fools that elected this jerk.

    1. I disagree that Nixon looks like a Boy Scout.  Nixon was a bad President that abused his power.  Obama has also abused his power, and is similar to Nixon.  Both didn’t care about anything but power.

  37. MSM is not allowed to publicize any news articles that could be considered bad for our President

  38. Well, because Eric Holder has more important things to worry about like all those pesky Florida alien voters being purged from the voting rolls.

  39. Why is Eric Holder, Mr. Fast & Furious, not seeking an indictment against this sleazebag, Corzine? As Dick Vitale would say, “It’s the campaign donations, baby!”

  40. Simple: Because Obama is President. If Corzinne had GOP after his name he’d already be in jail. This is simply the most corrupt administration I’ve ever seen. From Holder not prosecuting blacks who blocked polls to Corzine these people will be corrupt until they’re voted out.
    It shows you how absolutely dumb those who voted for Obama are. By any and every measure Obama has been a dismal failure, yet blacks to the tune of about 95%, and young people will vote for him. A second term will be a disaster for America. 

  41. He’s not on trial yet because Attorney General Eric Holder also lacks ethics and is doing a terrible job for this country.

  42. Corzine will never face trial as long as Obambi is pree zee dent.
    Holder? You have to be kidding?
    I am just praying 2012 brings BIG change and Obambi, Corzine, and Holder all go to jail

    1. Obama doesn’t need to go to jail.  He needs to go build his library.  Holder is a horrible attorney general, the worst since John Mitchell.  Don’t think he will get jail time though.  Corzine may or may not, but I’d like to see an evidentiary proceeding in a court of law.

  43. Sunshine is the best disinfectant, but the crooks involved in this mess will never let it shine. Corzine was a member of the good old boys club and that makes him immune from justice. Look at how the lawyers screwed up the Edwards case so he could walk. The people in this country have not only lost confidence in the banking community but in the justice community too. People can understand greed but dishonor is hard to swallow. 

  44. So the DOJ pressures a Fla temp prosecutor to have G Zimmermans’ bail revoked because he wasn’t sure what he could do w/the 200k donated to his defense. The ADA knew of this website and donations at his arraignment, which would have been the time to argue GZs’ claim of indigence. But better to wait a few weeks and smear him as a liar. But Corzine claims his dog ate a billion dollars, donates 500k to barry…and we’re supposed to be OK w/this. I didn’t want to bring the Trayvon thing into this, but since it’s all under a corrupt DOJ, it seemed relevant.

  45. I know this from experience. These types of cases take a very long time to prepare. That being said, There may be some pressure on the US Attorney from the Attorney General to slow down. It won happen until after the election, no matter who wins.

  46. Corzine is not on trial (or better yet, in jail) because he is a DEMOCRAT.  The Democrats are CORRUPT.  The only people prosecuted are those who are NOT Democrats.  Otherwise, stealing $1billion of investors money is fine by Obama.

  47. I’ve asked the question many times as to why Corzine is not in jail.  Not only did he blatantly and knowingly steal from the customers, he also committed FRAUD against the residents (I’m one) of New Jersey when he signed Union pension contract agreements that he KNEW the residents of the State could NOT PAY. 

  48. As long as holder and the narcissistic brat are in positions of power, nothing will be done to Corzine. He is one of their top bundlers. Money talks; everything walks. 

  49. So true! If Corzine was no Choom Choom bundler, he would have faced justice, but they are pulling the chain, until the elections are over, and if they lose, too bad, let the ext guy deal with it, the rackateer Holder, is not touching this stuff.

  50. Corzine and Bill Clinton were brought on because they were “made guys.” A billion and one-half were stolen and nobody could do anything. Corzine was not employed because of trading savvy, it was for political protection.

    Beautifically planned and executed.

    Madoff did not pay off the right people.

  51. We know where Dimon badly invested. Coezine says he is clueless about the loss of 1.5 Billion. Facts are being hidden by fellow Obama buddy, Eric Holder.

  52. The Corzine rule is simple: be one of the Clinton leveraged finance cronies, and you’ll get away with anything. Obama is just the sequel.

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