Wednesday, November 16, 2011

Jon Corzine Scandal Exposes Liberal Ponzi Scheme

By Wayne Allyn Root

We’re all in trouble when the joke is on our most connected politicians. Jon Corzine is the former CEO of Wall Street powerhouse Goldman Sachs. Even God shudders when the CEO of Goldman walks in the room (or so Goldman executives think). Corzine left Goldman with a half-billion-dollar fortune and became a United States Senator. Soon he was a Governor of New Jersey. His friends are the most powerful people on Wall Street and in Washington, D.C. Only months ago he was a strong bet to be appointed to a major position in the Obama administration. He is the type of guy the media calls “the smartest guy in the room.” But obviously brains and connections aren’t enough to prevent a bankruptcy. Corzine just presided over one of the biggest disasters in Wall Street history; he just resigned as Chairman and CEO of MF Global, one of the most powerful Wall Street bond and futures trading firms. MF Global just filed for bankruptcy. Billions have been lost, hundreds of millions are missing, over 1,700 employees just received pink slips, and Corzine has hired a criminal defense lawyer. [more...]

Wednesday, November 2, 2011

MS Global: I Smell a Rat or Just Bad Decision Making?

After making a risky bet in a tumultuous market, MF Global filed for Chapter 11 this past weekend. Recently, the firm revealed that it had $6.3 billion of sovereign debt in troubled countries like Italy and Spain. The position was nearly five times the firm’s equity of more than a billion dollars. But how can a company such as MS Global go out and invest in something as toxic as European sovereign debt? According to the WSJ, a person familiar to the situation said FBI officials have decided to examine the discrepancy to determine if customers' money is missing. What is the importance and impact of the nation's largest financial institution collapse?