Just imagine if disgraced former New Jersey Governor had an “R” after his name. He’d be the top story on every network nightly, televised hearings would drown out all other news, protesters would be storming his mansions and every other Republican who ever dealt with him would be tarred and feathered.
Instead, mostly silence from the media. Sure, when stories like this come along it’s newsworthy, albeit temporarily, but when he comes to testify (or take the Fifth) at hearings this week, see how much coverage it gets. To give you an idea how disinterested the media is, has Barack Obama or Joe Biden even been asked a question about MF Global?
Special added bonus: You can play Name That Party.
Two former employees are seeking class-action status on behalf of any current or former MF Global worker who bought company shares through stock purchase plans since mid-2010.
Corzine, the former New Jersey governor and Goldman Sachs chief who resigned as MF Global’s CEO on November 4, is one of 12 defendants in the lawsuit, filed on Monday in federal court in Manhattan.
Former head of retail Randy MacDonald, Chief Operating Officer Bradley Abelow and Chief Financial Officer Henri Steenkamp were also named in the filing.
MF Global, a commodities broker that had been transitioning to a full-fledged investment bank under Corzine, filed for bankruptcy on October 31 after losing on about $6.3 billion worth of bets on European debt.
The employees say Corzine and fellow executives “did not disclose the crippling effect” of those bets. Steenkamp said in a May conference call that the positions carried only “minimal” risk, according to the complaint.
Compounding Corzine’s problems, he ignored internal warnings, according to the Wall Street Journal.
I wonder if the White House is giving Corzine advice since he’s trying to delay Congressional hearings?
“The trick is to figure out how Corzine can say something—anything—so he won’t have to plea the Fifth but doesn’t get himself in trouble,” said one prominent white collar attorney who had worked as a senior investigator at the Securities and Exchange Commission, but is barred from commenting because he represents a party in the MF Global bankruptcy.