Jon Corzine is the essence of what is wrong in America, the immoral culture on Wall Street, the Street of Shame. He represents the hubris in national politics, addiction to credit and debt. Corzine represents the cowboy gambler in finance, who bet the firm on one slot on the roulette disk, and the ball in the largest Casino in the world, Wall Street, the ball fell in the wrong hole, $6.2 Billion in one miserable hole, a black hole.
His father on his small farm where Jon grew up in Illinois abhorred debt, survived the great depression, as a hard working farmer, a legitimate businessman. His son built a career on debt.
As CEO of Goldman Sachs, Jon Corzine lost about $150 million on trades, then unwound the loss by brokering other deals. One of his colleagues at Goldman (Noguchi) said Corzine managed Goldman through 1994 when massive losses and defections threatened its existence. He backed a risky bailout of hedge fund Long-Term Capital Management. He was ousted from Goldman by a coup, and the firm was rescued from his cowboy capitalism. Corzine was not rational, he was not systematic, nor a quantitative analyst and trader. He winged it with other peoples money, dangerous to the firm, and to the public who invested in the firm.
Dan Neidich worked at Goldman Sachs for 26 years. He says, "What motivates Corzine is neither money nor ego. Mr. Corzine's real problem is he is addicted to gambling. The whole industry has proven to be unethical."
Where is the $1.2 Billion that is missing from MF Global? Suspicious wire transfers before the bankruptcy filing? Yes, is the money in Switzerland, in Latvian banks? 200 FBI agents do not know yet. Several hundred FBI agents and hundreds of government investigators are looking for it.
To make a $6.2 Billion long bet on euro zone sovereign debt, you would need ego and hubris, as well as lust for the greenback, right out of a Mark Twain novel. Neidich's statement sounds like pure cronyism, to protect Corzine, without knowing any of the facts of MF Global's bankruptcy meltdown.
Corzine spent several hundred million$ to get elected to the US Senate, as well as governor of New Jersey. His biggest bonehead move as governor, besides being a "yes man" to lobbyists from the world of finance, was allowing his state trooper driver to hit 90 mph, on a public highway, endangering the citizens of New Jersey, and he failed to wear a seat belt. He was the top cop of New Jersey and should have arrested himself as well as the trooper for violating state law. He could have saved himself from horrific injuries and the troopers well being and reputation. Are you above the law if you are the governor?
If Jon Corzine had listened to Kyle Bass from Hayman Capital, in Dallas Texas, he could have avoided his dumb bet. Bass' hedge fund made a massive wager against the subprime mortgage bond market. His wager paid off large. He said at the time, "The financial crisis wasn't over. It was simply being smothered by the full faith and credit of rich western governments." That is exactly where Corzine was wrong. He thought the western governments would not let European central banks and governments fail, so he bet long on euro zone sovereign debt. The debt went the opposite direction. Had he ever heard of diversification? He was a small town banker a long time ago, and didn't pay attention to that common advice.
Jim Rogers a successful commodities investor said after the MF Global bankruptcy filing, "My how the mighty are fallen, it is inconceivable to me he would do this after Refco. He has referred to himself as a recidivist banker."
Many power brokers in Washington and Wall Street, said he was vying for Secretary of the Treasury. Vice President Joe Biden called Corzine once a week for advice during the US meltdown crisis. God help us!! No wonder were still in this permanent Category V financial hurricane.
Jon Corzine also speculated millions in Telluride Ski Area real estate. According to LandMan, he paid $53,000 per acre on approximately 500 acres at West Meadows, across from the ski area entrance to the Mountain Village. This was documented at the San Miguel County courthouse records. Joe Zoline, the original developer of the ski area, had paid $225 per acre for the same land. That's a 235 bagger. Corzine alienated the public in Telluride by spending 3 years to get the land subdivided. He marred one of the most pristine views of the Wilson Range, in the region. The land was pastureland, not a tree in sight, lousy for development. He should have created a conservation easement on the land, and planted thousands of native trees, and downzoned to one home per five hundred acres, hidden from view. He had paid too much, a foolish offer, for the land, and made the Zoline family very wealthy. Then he paid way too much for 2200 acres on Specie Mesa, built a road to the ranch at a cost of over $2million, and listed the ranch for $42million. He never sold one acre on Specie Mesa. The ranch according to LandMan was never worth more than $7 million, if that. It had marginal access, no access to the pristine National Forest land on Little Cone mountain, and should also have been turned into a conservation easement, which would have allowed huge tax benefits, and kept the mesa pristine like the last of the real cowboys, Clyde Duroy, envisioned in his late 80's.
Corzine's clients at MF Global lost hundreds of millions of their money, several thousand investors. His friend who hired him at MF Global immediately lost $50 million with the bankruptcy filing. "What happened to MF Global on Corzine's watch was not just incompetence. It was spectacular recklessness", Henry Blodget writes. He writes that it was like running a 747 jet filled with people straight at the side of a mountain and hoping that, just before you smash into it, the prevailing winds will shift and enable you to pull up. Corzine knew the mountain was there.
Jon Corzine will have an honored place, a statue as The Judas Duck of the Century, at the lake in North Platte Nebraska, along with the other jerks. He may end up working at the laundry at Sing Sing prison in New York state. Why aren't there other Judas Ducks from the Street of Shame, working in the laundry? The jury is out on this mess caused by a Judas Duck financial nitwit, Jon Corzine.
His father on his small farm where Jon grew up in Illinois abhorred debt, survived the great depression, as a hard working farmer, a legitimate businessman. His son built a career on debt.
As CEO of Goldman Sachs, Jon Corzine lost about $150 million on trades, then unwound the loss by brokering other deals. One of his colleagues at Goldman (Noguchi) said Corzine managed Goldman through 1994 when massive losses and defections threatened its existence. He backed a risky bailout of hedge fund Long-Term Capital Management. He was ousted from Goldman by a coup, and the firm was rescued from his cowboy capitalism. Corzine was not rational, he was not systematic, nor a quantitative analyst and trader. He winged it with other peoples money, dangerous to the firm, and to the public who invested in the firm.
Dan Neidich worked at Goldman Sachs for 26 years. He says, "What motivates Corzine is neither money nor ego. Mr. Corzine's real problem is he is addicted to gambling. The whole industry has proven to be unethical."
Where is the $1.2 Billion that is missing from MF Global? Suspicious wire transfers before the bankruptcy filing? Yes, is the money in Switzerland, in Latvian banks? 200 FBI agents do not know yet. Several hundred FBI agents and hundreds of government investigators are looking for it.
To make a $6.2 Billion long bet on euro zone sovereign debt, you would need ego and hubris, as well as lust for the greenback, right out of a Mark Twain novel. Neidich's statement sounds like pure cronyism, to protect Corzine, without knowing any of the facts of MF Global's bankruptcy meltdown.
Corzine spent several hundred million$ to get elected to the US Senate, as well as governor of New Jersey. His biggest bonehead move as governor, besides being a "yes man" to lobbyists from the world of finance, was allowing his state trooper driver to hit 90 mph, on a public highway, endangering the citizens of New Jersey, and he failed to wear a seat belt. He was the top cop of New Jersey and should have arrested himself as well as the trooper for violating state law. He could have saved himself from horrific injuries and the troopers well being and reputation. Are you above the law if you are the governor?
If Jon Corzine had listened to Kyle Bass from Hayman Capital, in Dallas Texas, he could have avoided his dumb bet. Bass' hedge fund made a massive wager against the subprime mortgage bond market. His wager paid off large. He said at the time, "The financial crisis wasn't over. It was simply being smothered by the full faith and credit of rich western governments." That is exactly where Corzine was wrong. He thought the western governments would not let European central banks and governments fail, so he bet long on euro zone sovereign debt. The debt went the opposite direction. Had he ever heard of diversification? He was a small town banker a long time ago, and didn't pay attention to that common advice.
Jim Rogers a successful commodities investor said after the MF Global bankruptcy filing, "My how the mighty are fallen, it is inconceivable to me he would do this after Refco. He has referred to himself as a recidivist banker."
Many power brokers in Washington and Wall Street, said he was vying for Secretary of the Treasury. Vice President Joe Biden called Corzine once a week for advice during the US meltdown crisis. God help us!! No wonder were still in this permanent Category V financial hurricane.
Jon Corzine also speculated millions in Telluride Ski Area real estate. According to LandMan, he paid $53,000 per acre on approximately 500 acres at West Meadows, across from the ski area entrance to the Mountain Village. This was documented at the San Miguel County courthouse records. Joe Zoline, the original developer of the ski area, had paid $225 per acre for the same land. That's a 235 bagger. Corzine alienated the public in Telluride by spending 3 years to get the land subdivided. He marred one of the most pristine views of the Wilson Range, in the region. The land was pastureland, not a tree in sight, lousy for development. He should have created a conservation easement on the land, and planted thousands of native trees, and downzoned to one home per five hundred acres, hidden from view. He had paid too much, a foolish offer, for the land, and made the Zoline family very wealthy. Then he paid way too much for 2200 acres on Specie Mesa, built a road to the ranch at a cost of over $2million, and listed the ranch for $42million. He never sold one acre on Specie Mesa. The ranch according to LandMan was never worth more than $7 million, if that. It had marginal access, no access to the pristine National Forest land on Little Cone mountain, and should also have been turned into a conservation easement, which would have allowed huge tax benefits, and kept the mesa pristine like the last of the real cowboys, Clyde Duroy, envisioned in his late 80's.
Corzine's clients at MF Global lost hundreds of millions of their money, several thousand investors. His friend who hired him at MF Global immediately lost $50 million with the bankruptcy filing. "What happened to MF Global on Corzine's watch was not just incompetence. It was spectacular recklessness", Henry Blodget writes. He writes that it was like running a 747 jet filled with people straight at the side of a mountain and hoping that, just before you smash into it, the prevailing winds will shift and enable you to pull up. Corzine knew the mountain was there.
Jon Corzine will have an honored place, a statue as The Judas Duck of the Century, at the lake in North Platte Nebraska, along with the other jerks. He may end up working at the laundry at Sing Sing prison in New York state. Why aren't there other Judas Ducks from the Street of Shame, working in the laundry? The jury is out on this mess caused by a Judas Duck financial nitwit, Jon Corzine.
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