Obama Bundler and Economic Adviser Corzine Unlikely to be Charged for MF Global Looting

Posted by on Aug 16, 2012 at 9:43 am

Well, I suppose this free Jon Corzine from his shackles and he’s free to resume his big bucks fundraisers for the failed president.

Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.

The New York Times is reporting this morning that after ten months of investigation by federal prosecutors, sources say there isn’t even enough evidence to charge any of the firm’s executives in a criminal probe. The company may have failed spectacularly when it came to oversight and risk management, but the losses cannot be chalked up to outright fraud.

The company placed a grossly outsized bet (more than $6 billion worth) on the health of the European debt market last year and when it went south, the firm “borrowed” money from the accounts of its customers to try and salvage its own losses. Most of the blame for those trades fell on its CEO (and ex-New Jersey governor) Jon Corzine, and while his reputation and firm are ruined, it seems he will escape any legal sanction. He could still face massive civil lawsuits or fines from regulators who have a lower standard than a criminal prosecution, but jail isn’t in the cards.

Geez, what do these criminal Democrats have to do to wind up behind bars? Then again, consider who’s running the Justice Department and it’s not hard to figure out.

Hit it, Gaffemaster Joe:

Tags: , ,

2 Responses to “Obama Bundler and Economic Adviser Corzine Unlikely to be Charged for MF Global Looting”

  1. SteveAR on 16/16/12 at 10:42 am

    I work at a large, publicly traded corporation. Every freakin’ year, we have to go through the onerous Sarbanes-Oxley (SOX) rigamarole that costs millions of dollars lost in pointless costs and lost productivity. And as expected, Corzine, the Obama bundler who should have been handcuffed the minute after he gave his congressional testimony for violating SOX (he is required by law to sign documents knowing what is going on at the firm he ran; in his testimony, he claimed he didn’t know) or committing perjury, along with manipulating regulators (he called the SEC to keep them from enacting a rule that would have prevented these trades), will get off by Obama’s (In)Justice Department. A politically motivated exoneration? You bet it is.

    I’m guessing bribing the Obama regime is a lot less expensive than actually having to follow the law.