Friday, October 31, 2014
   
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Corzine support not funny

Out of curiosity, I took the largest cities with poor high school graduation rates (in my last letter) and compared them to a map of the 2008 presidential election. I was not surprised to see that 34 of these top 40 dumbest cities, voted for Obama. We are seeing students who did graduate from these liberal indoctrination centers, “occupying Wall Street” because they furthered their education in basket weaving, etc., then couldn’t find a job. Unfortunately, some in past generations went into finance and law and did get jobs.

After two decades with Goldman Sachs, Jon Corzine was ousted as CEO, taking $400 million with him. He spent a record $62 million getting elected to the New Jersey Senate. He then spent $73 million getting elected governor. He was voted out after four years, because of a looming $8 billion budget deficit. In March of 2010, Corzine became a CEO at MF Global, a brokerage firm that traces its roots back to 1783 England. By Oct. 31, 2011, MF Global Inc. filed the eighth largest bankruptcy in U.S. history. Corzine bet $6.3 billion on European bonds and went belly-up. He violated requirements that clients’ collateral be kept separate from the firm’s accounts. As much as $1.2 billion in customer money is missing. Testifying at a House Committee hearing, Corzine said “I simply do not know where the money is...” Does any of this sound familiar?

President Barack Obama has referred to Corzine as “our Wall Street guy” and “...one of the best partners I have in the White House.” He used Corzine to tap the finance industry. Banks and financial firms were among the largest contributors to Obama’s campaign. Goldman Sachs raked in nearly $1 million. Citigroup, JPMorgan Chase, UBS and Morgan Stanley brought in more than $500,000 each. Obama has received more money from Wall Street than any other politician over the past 20 years. Isn’t it strange that Obama bad-mouths banks and Wall Street daily?

Vice President Joe Biden said “Jon Corzine helped craft the Recovery Act. It’s not coincidental that the things he did here turned out to be the exact same things the recovery act has, because way back in the transition period before we were sworn in, when Barack Obama and I were literally sitting at a desk in a high rise in Chicago beginning to plan how we would try to get this economy out of a ditch, literally the first guy I called was Jon Corzine. Not a joke. Not a joke. Because first of all, he’s the smartest guy I know in terms of the economy and on finance.” “...look at the recovery efforts of New Jersey and you can mirror them, they just fall right on top of what we’re doing.”

Now stop laughing and watch the video here. www.youtube.com/watch?v=une165UP3Ng

Neil A. Davis, Gothenburg

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