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Posted on 11/03/2011 12:50:44 PM PDT by NormsRevenge
WASHINGTON (AP) -- The lead regulator investigating the collapse of Jon Corzine's securities firm, MF Global, worked alongside him for 18 years at Goldman Sachs Group Inc. The two later collaborated to pass a law intended to prevent accounting scandals.
Gary Gensler, chairman of the Commodity Futures Trading Commission, rose to become Goldman's co-head of finance before leaving in 1997. Corzine left Goldman in 1999, after serving as chairman and CEO.
The two later collaborated when Corzine was a senator and Gensler worked on Capitol Hill. As a key staffer for Sen. Paul Sarbanes, D-Md., Gensler advised Sarbanes on the accounting law that bears his name. At the time, Corzine was a Democratic senator from New Jersey.
Several experts in corporate governance said Gensler should recuse himself from the investigation to avoid the appearance of a conflict.
(Excerpt) Read more at finance.yahoo.com ...
Jon Corzine will soon be leading the “Occupy Jail Cells” bunch.
MF Global and Obamah friend/fundraiser Jon Corzine are two reasons the MSM is focused on Herman Cain.
Not. Gonna. Happen. He's too connected.
Someone on one of the talk shows quietly pointed this out the other day: There will be no violations because these are the guys who WROTE the law.
MF Global, which filed for bankruptcy protection on Monday, is the biggest US casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets
Here Are The Biggest Winners & Losers From MF Global’s Bankruptcy
MF Global’s CEO, Jon Corzine, may walk away the biggest winner after making risky sovereign debt bets that went bad. Jon Corzine’s contract calls for a $12 million in severance pay, bonuses, and other benefits. However, it is unclear if he will receive this hefty pay package if there is a takeover of the firm.
Yes it is huge but as I noted, this is one of the guys who passed the legislation dealing with these type firms...one can bet they did not put a noose around their own necks.
Sooner or later all these crumbs are going to drive the rest of those in the country into the OWS crowd...this cannot keep up....on the one side we have the cronies milking the system and the nitwit for all the money they can on any scam they can dream up and on the other, the banksters getting bailed out either by the government or the bankruptcy courts. I am beyond tired of the heads I win tails you lose senarios and I am sure others are too.
Bernie Madoff was pretty connected too.
Someone will be going to jail in 2013.
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