BACKSTORY
(a) Then-US Sen Jon Corzine (D- NJ), used elected office to pass a special tax exemption for a Japanese bank he owned----G/S crony Christopher Flowers---adminstrator of Corzine's "blind trust"--- used Corzine's assets to takeover the Japanese bank. Corzine said he "did not know" the legislation he sponsored benefited him. (God only knows the insider deals he made with other Senators to get the bill passed.
(b) FAST FORWARD---Now Sen is Gov Corzine. He and G/S crony Brad Abelow---who Corzine appointed as NJ Treasury Secy---formed a private investmnent firm. The two financisl geniuses said they "did not know" that move was illegal for govt officials.
(c) Several NJ agencies went bankrupt with huge pots of money under Gov Corzine. $8B went missing from the Schools Bldg fund.
(d) Corzine, Abelow and Flowers---G/S cronies---all ended up at MF Global and presided over the disappearance of $1.2 billion.
All of this is no coincidence. Self- serving Corzine has always been about using public office to personally profit.
1. When Congress asked Bradley Abelow about "previously working with Corzine," close- mouthed Abelow reluctantly mentioned being Gov Corzine's COS.
2. Abelow MADE NO MENTION of Corzine appointing him to head NJ's Dept of the Treasury--- where the two con artists controlled ALL of NJ's tax assets.
3. Abelow and Corzine SHOULD have been pressed about their formation of an investment company while they were principals of NJ govt and controlled its assets. The two "financial geniuses" said they did not known this was illegal.
4. Abelow also failed to disclose his current position---as chairman of the EPA's Financial Advisory Board. NOTE: The current EPA head also served in Gov Corzine's adminstration.
5. Abelow 's financial activities at EPA need top to bottom investigations. We need to know why Abelow is witholding crucial info. What does he have to hide?
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POINTS TO PONDER
<><>Bradley Abelow, an MBA from Yale School of Management, served as chief of Staff to the Governor of New Jersey in the Cabinet of Gov. Jon Corzine.
<><>Corzine first appointed Abelow Sevy f the Treasury.
<><>Abelow and Crozine were top executives at Goldman Sachs.
<><>Abelow was MF Global Chief Operating Officer; Corzine was MF's CEO.
<><> G/S alumni Chris Flowers controlled Corzine's "blind trust" while Corzine was in public office Flowers is also an MF principal.
ANALYSIS It defies imagination and common sense that these "financial geniuses" told Congress they can't figure out where the missing $1.2 billion is. Monies transferred in and out of MF Global continually.....all done by wire transfer------called EFT's. There's a clear record of when, where, and how much for EACH wire transfer......like your cell phone bill. Each call is listed, the number dialed, the time of the call, and the duration.
Corzine and Abelow are making a huge mistake by underestimating the anger of those they left holding the bag----they socked NJ with massive debt, bankrupt state agencies, and a state pension fund 25% lighter, Billions of NJ tax assets are unaccounted for.