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Forum Post: Friends in High Places and the Art of Ka-Ching!

Posted 12 years ago on Nov. 1, 2011, 7:47 p.m. EST by nikka (228)
This content is user submitted and not an official statement

Former New Jersey Gov. Jon Corzine is out of a job now that the Wall Street firm he headed, MF Global, has gone bankrupt, but don’t worry. He’ll be just fine.

Corzine has a couple of things to keep him out of the unemployment line. First, he’s a “great friend” and “ally” of President Barack Obama, as the president himself has said.

And second, he’s expected to receive a $12.1 million severance package — the kind of things that critics of Wall Street excess, like Obama, often call “golden parachutes.”

In a 2008 campaign ad, Obama attacked then-GOP presidential candidate John McCain for his ties to campaign adviser and former Hewlett Packard CEO Carly Fiorina, who was paid a little more than $20 million in severance.

“You’ve got corporate executives who are giving themselves million dollar golden parachutes and leaving workers high and dry,” Obama said in the 2008 ad. “That’s wrong. It’s an outrage.”

In February, 2009, Obama pledged to take “the air out of golden parachutes” by capping executive pay of companies receiving federal bailout money at $500,000.

But don’t expect President Obama to take the air out of Corzine’s sails any time soon

Read more: http://dailycaller.com/2011/11/01/obamas-great-friend-and-ally-gets-a-golden-parachute/#ixzz1cV6JH1qP



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[-] 1 points by sudoname (1001) from Berkeley, CA 12 years ago

I feel like Obama might actually be turning around and ending the reneging, risking the loss of support from his own party to do the right thing... but he could just be saying it too. Guess only time will tell.

[-] 0 points by nikka (228) 12 years ago

He always "only says it". Since day one. Pfffft. That's all he does is flap his mouth.

[-] 1 points by thebeastchasingitstail (1912) 12 years ago

He's just another "Guy from Government Sachs"