Why Isn’t Jon Corzine in Prison?
December 9, 2011
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I listened to snippets of Jon Corzine‘s testimony before the House Agriculture Committee yesterday. This guy is another arrogant, clueless, greedy financial wheeler-dealer who contributes nothing to the clients he is supposed to serve. And he ought to be in jail. Mr. Corzine told the Committee:
“I simply do not know where the money is, or why the accounts have not been reconciled to date.”
As CEO of a securities firm managing billions of dollars of other people’s money, Mr. Corzine had a legal fiduciary obligation to more or less keep an eye on that money. Simply saying “I kind of lost tract” of $1.2 billion isn’t an adequate explanation of what happened. If I’m driving along the highway, as CEO of my car, and I get distracted and kill a pedestrian, it’s manslaughter and I go to jail. “I wasn’t paying attention” isn’t an adequate defense.
So Mr. Corzine and the other Wall Street crooks like him should be watching soap operas in their cells and mopping floors for a few years. And their personal fortunes should be liquidated and the monies returned to shareholders.