Corzine Testifies

I Believe Jon Corzine..... (0.00 / 0)

...my sense is that he was duped and used by people who wanted to exploit his reputation, and they "succeeded".  I suspect he was used as a "front" for some nasty chicanery.

That doesn't let him off the hook as he should have been suspicious of the whole "opportunity.

Clearly, some people did something illegal here and I do hope that those individuals get caught out and prosecuted.

And if it turns out that this is another case of a financial firm not breaking the law but just being wildly incompetent and misleading etc.....then the case for radical changes in the law becomes that much more urgent.

This on the day that Republicans blocked the appointment of a consumer watchdog whose job would be to protect investors against these kinds of losses.

Again, I can't believe that Corzine would ever be so stupid as to consciously/intentionally break any of the rules/laws.    

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by: Nick Lento @ Fri Dec 09, 2011 at 04:52:23 AM UTC

Just how stupid was he then? (0.00 / 0)

Again, I can't believe that Corzine would ever be so stupid as to consciously/intentionally break any of the rules/laws.

But he was stupid enough to be "duped and used?" Coming as he did from Goldman Sachs, he wasn't exactly a novice, was he?

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by: Alex @ Fri Dec 09, 2011 at 14:53:34 PM UTC

[ Parent ]

Intelligence Alone Doesn't Immunize From Making Mistakes... (0.00 / 0)

or from hubris....if that were the case we would simply use IQ tests to determine who got to make laws and be in charge etc.

Corzine's operation failed, and failed miserably...and, as usual, it's the smaller investors that will get the shaft and have their lives impacted the worst.

It would be tragically ironic if the only top level person to go to jail as a result of the systemic lack of serious regulatory oversight of the financial services industry was Jon Corzine.....and I dare say that that's what's in the Republican script.

It's pretty clear that the coporate media is painting this as a simple case of Corzine "takng reckless risks" at best and of Corzine maybe being a crook at worst......but that's a distraction from the reality that the whole industry remains essentially as unregulated as it was before the crash....and that REPUBLICANS have done all they can to obstruct even the bare minimum of paltry regulation that is represented by Dodd/Frank and by the Consumer Watchdog law that is can't be enforced because Republicans won't allow President Obama's nominee to be voted on.

All of this crap vis a vis Corzine is a distraction.   It wouldn't surrise me if he was set up for this from day one.......and mind you, that wouldn't let him off the hook morally.......at best he's gulty of terminal hubris, greed and fooishness......but, I do not believe he's consciously intentionally done anything criminal.   Of course, I could be wrong, let's see how the process plays out.

The bottom line is that the whole global capitalist SYSTEM is broken at the core and needs fundamental radical restructuring.  

We must find ways to harness mankind's competitive/acquisitive nature so that it creates real products and services in a free and fair marketplace......what we have now is basically legalized organized criminality in which the most greedy and most aggressively ruthless scumbags legally rip off 99.9% of the world's population....and each other.

Unbridled capitalism is pathological and unsustainable as it corrodes the human spirit and destroys our souls.

Jon Corzine is still young enough and healthy enough to make substantial and positve contributions to humanity....I'm not ready to give on the guy.

We all live in glass houses, eh?

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by: Nick Lento @ Fri Dec 09, 2011 at 17:28:17 PM UTC

[ Parent ]

the accident aged him too much (0.00 / 0)

That is what I mean when I say that sometimes a person needs to realize when it's time to retire, or at least to take some time off.  It's not a matter of being stupid.  I also believe he was innocent.  He was just too old and frail from the accident to be able to take charge of a corporation full of young eager beavers.  He should never have run for re-election and he should never have gotten involved in this venture.  Some university teaching would have been a safer route.   Perhaps running a nonprofit foundation.  

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by: proud2Bliberal @ Sun Dec 11, 2011 at 05:52:38 AM UTC

[ Parent ]

Give me a break (4.00 / 1)

it's reaching to suggest that not wearing a seatbelt in a car driven by a state trooper is an indicator that someone will lose billions of dollars off stupid bets in the financial market.  

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by: huntsu @ Fri Dec 09, 2011 at 12:46:35 PM UTC