Forum Post: Jon Corzine - MF Global/Goldman Sacks - Let's Get this Crook!

Last week three government financial watchdog agencies (including the SEC), which apparently had been fast asleep, moved in on MF Global, which is run by Jon Corzine, past CEO of Goldman Sacks. At Mr. Corzine's direction the company put on an approximate $6.5 billion bet with 44/1 leverage, on European bonds. It turned out that they took the wrong side of the bet. According to the WSJ, Mr. Corzine spent all of last weekend trying to sell the company, but was not able to reach an agreement with a buyer because there was in excess of $600 million of depositor funds which were unaccounted for. It is expected that the depositor funds were used for margin requirements, which is illegal. At start of business Monday morning, MF Global filed for bankruptcy. This is the 8th largest bankruptcy in US history! Friday morning, Mr. Corzine abruptly resigned and hired a high powered attorney, obviously getting ready to protect his personal fortune.

This is clear proof of the failed policies of the financial bailout and the current administration! This illustrates the widely understood principle that the brokerage houses, which this administration allowed to turn themselves into banks, are still the same fiscally insane gambling houses that caused the collapse. This latest collapse was orchestrated by one of the commanders from Goldman Sacks and shows that he and his crony capitalists haven't learned a thing from the collapse!

Goldman Sacks paid some token fines for its illegal behavior and important part in the financial collapse, but CEO Lloyd Blankfein didn't pay a penny personally. This effort was politically expedient and the Obama administration was happy to put it behind them. Mr. Corzine happened to not be on the playing field during the collapse, so his personal fortune is still intact.

Now is the time to make sure Mr. Corzine is left in personal bankruptcy (as Warren Buffett has recommended for the CEO's of the organizations which needed to be bailed out by the taxpayers). If there was mixing of depositor funds, it will be time for the newly bankrupt Mr. Corzine to join Bernie Madoff in taxpayer provided accommodations!

Rise up Occupy Wall Street! Lets put an end to these Wall Street thugs and get our money back! Write the President, your congressman, the newspapers...everyone! Let's march on the SEC and the Fed and let them know that if this individual is not stripped of the $100's of millions that he stripped the 99% of while at Goldman Sacks, that their jobs are history!

Gary Moyer Occupy Baltimore