Jon Corzine

I just finished watching the tape of Jon Corzine’s testimony to the Congressional Committee….

For those of you who don’t follow to closely what is going on, he is a former senator, former governor of new Jersey and former CEO of Goldman Sachs.  He was CEO of MF Global - a hedge / investment fund.  MF Global just filed for bankruptcy.  MF Global had customer money and its own money.  When investments in their own account started losing money MF Global stole $1.2B from their clients’ accounts, transferred that money into the firms account, and lost it all.

Not even Bear Stearns or Lehman Brothers did that……So what have we learned since the crisis?

When asked by a panel member if he ever transferred or knew of a transfer from client’s accounts into the firm’s account Corzine replied, “It was not my intent to use segregated customer accounts….” He was asked twice and gave the same answer.  He used the “intent” word 5 times during his testimony.

This is really pissing me off…..Like cutting open an old wound…..The United States of America almost fell into the abyss in 2009, luckily backed away from the edge, but now we are right back there looking down again. Debt is exploding globally, jobs disappearing, middle class shrinking, etc.   And for those of us who think we cannot go the way of a 3’rd world county meaning paper dollars everywhere, civil disobedience, etc.,  I suggest you re-evaluate that belief.

And I am struggling with what to do about it.

Michael