Sen. Corzine's Wall Street Sleaze

NewsMax.com ^ | 7/17/02 | Carl Limbacher and NewsMax.com Staff

[kattracks]

Sen. Jon Corzine, one of the loudest Democrats trying to blame others for corporate corruption, led an investment banking firm that stands accused of inflating stock prices in the 1990s and contributing to the market crash.

"Goldman Sachs, the firm that Mr. Corzine left as chairman in May 1999, has been a target of class-action lawsuits and accusations by a former broker who complained to the Securities and Exchange Commission that the investment house engaged in a scheme to force unwitting investors to pay artificially high prices for certain stocks," the Washington Times reported today.

Ignorant

The red-faced Corzine claims to be totally ignorant about such schemes when he ran the firm from 1994 to 1999.

"I don't believe there is ever going to be anything that sticks about us at Goldman Sachs forcing anybody to buy anything," said the senator from New Jersey, one of 16 Democrats who took off for Nantucket last weekend on a money-grubbing corporate junket after voting to close debate on corporate-accountability legislation.

"Goldman Sachs never forced anyone to buy anything when I was chairman, I can tell you that," he insisted.

However, "Nicholas Maier, who was syndicate manager of the Wall Street firm Cramer & Co. from 1996 to 1998, told SEC investigators in the spring that Goldman Sachs routinely forced him to buy stocks at inflated prices if he wanted to purchase shares of an initial public offering," the Times reported.

'Worst Perpetrator'

"Goldman, from what I witnessed, they were the worst perpetrator," Maier said. "They totally fueled the bubble. And it's specifically that kind of behavior that has caused the market crash. They built these stocks upon an illegal foundation — manipulated up, and ultimately, it really was the small person who ended up buying in."

Maier told the SEC that Goldman Sachs would offer him shares of a new company's IPO at the initial, low price of $20 a share only if he agreed to buy "aftermarket" shares of the same company at $100 each. And he would sell the shares of the higher-priced stock to small investors.

"None of these aftermarket orders had anything to do with what I honestly valued a company to be worth," Maier said. "Goldman created the convincing appearance of a winner, and the trick worked so well that they seduced further interest from other speculators hoping to participate in the gold rush.

"The general public had no idea that these stocks were actually brought into the world at unnaturally high levels through illegal manipulation."

As President Bush noted Monday, Wall Street went on a "binge" in the 1990s and now has a "hangover."

Corzine, by the way, bought his Senate seat with $60 million of the $320 million he received after taking Goldman Sachs public. (What does he do when his fellow congressional Dems, many of whom are also multimillionaires, start droning on about how much they hate "the rich"?) Now he's scrambling to explain himself to the public he claims to represent.

"What we had was a breakdown in corporate ethics and corporate responsibility that I don't think has anything to do with anything other than excessive focus on share price and managed earnings," he said.

Read more on this subject in related Hot Topics:

DNC

[big bad easter bunny]

Lets start a list of corrupt CEO's by party denomination, shall we?

[Vidalia]

Unlike the attorneys of a past Administracion de Los Sleezos, the Business Oriented folk from the Executive office know what to tell their investigators to look for, rather than run out and begin spewing hateful lies and innuendo that the American political market is so damned tired of.

You know that the Congressional Liars and Cheats of the Liberal, National-Socialist, and Communist Parties masquerading as members of the House and Senate are beginning to recognize that they have wandered into the wrong Port-A-Can to dump in, since it is already running over with their own "bodily evacuations" accumulated over at least the past 40+ years.

When they try to sneak out of that "Outhouse for the Elite", regardless of the shoe size or make, they are leaving tracks that you shouldn't need a Bloodhound to follow...

But they keep going in and before long..."Slloooing!"... it's gonna hit the outhouse fan.

Let's count the days.

[jigsaw]

Bravo! Very descriptive writing there.....

I'll bet you could produce a beautiful watercolor with just a black magic marker!

[ExSoldier]

Isn't Corzine the multimillionaire that spent like FIFTY MILLION of his own money to buy the election? It was one of the most expensive races in history as I recall.

[Antoninus]

Just a matter of time until this came out. How on Earth can the CEO of a corp like Goldman-Sachs be such an out-and-out socialist and still run a successful corporation? Answer? Fraud.

I think the Dims are going to end up being very sorry they opened this can of worms...

[Freemeorkillme]

Yep, same guy. Wouldn't even approach me for my vote while campaigning during my wait for the train ride. Elitist scum for sure.

Side note: The Dems have been setting foot in all the wrong bars in town since mayor Dubya came to town.

[Trajan88]

I believe it was closer to $60 mil.


Trajan88; TAMU Class of '88

[Diddle E. Squat]

Hmmm, where is Larry?! Klayman's suit over this?

[backhoe]

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[Freemeorkillme]

Thank you Libloather:

From Rush - Democrats open door, hit face Hold Senators Chris Dodd and Jon Corzine responsible for their place in this current stock market debacle. They were so anxious to tie Bush to this that they failed to recognize how dirty their own guys are. They're so anxious to paint the GOP as a bunch of rich guys, that they forget that their richest U.S. Senator could buy and sell the richest GOP senator more than 13 times. Here are Roll Call's Senate Richie Riches:

1. John F. Kerry (D-MS) $675 million

2. Jon Corzine (D-NJ) $400 million

3. Herb Kohl (D-WS) $300 million

4. Jay Rockefeller (D-WV) $200 million

5. (tie) Lincoln Chafee (R-RI) $50 million - Dianne Feinstein (D-CA) $50 million

7. Peter Fitzgerald (R-IL) $40 million

8. Edward Kennedy (D-MS) $30 million

9. Sen. Mark Dayton (D-MN) $20 million - Sen. Bill Frist (R-TN) $20 million

10. Sen. John Edwards (D-NC) $15 million - Sen. Maria Cantwell (D-WA) $10 million

The money isn't an indication of guilt, but the facts are. Former Goldman Sachs CEO John Corzine (D-NJ) ran a stock scam, as we cover in Corzine Ran Stock Chophouse. Chris Dodd (D-CT) was the one who relaxed all these accounting standards (See Dodd in Accounting Scam Sandwich.) This lack of regulation, combined with Clinton-era lack of morals and the 1993 Tax Act that encouraged CEOs to inflate stock prices, led to our current scandal. I'd like to see the stock transactions for the $675 million of John F. Kerry and his wife Teresa Heinz, the $200 million of Jay Rockefeller or the multimillion-dollar Ted Kennedy. Let's see what kind of shape their portfolios are in. In the spirit of Daschle's rhetoric (though not his actions, since he refuses to release his tax returns so we can see which corporations are paying his wife's million-dollar lobbyist salary), I say, "Let 'em all release their tax returns and their stock transactions."

In the spirit of Henry Waxman, who's demanded that Dick Cheney take all of his Halliburton earnings and give them to ex-employees, I say Corzine and Kerry and Daschle and Cantwell should give the money back. Cheney cashed out of Halliburton at the demand of the Democrats and liberals in this country, did he not? Yes, and the stock was worth $36 million. But guess what? Almost $15 million of that money went to the IRS! That's just federal taxes.

No one ever talks about this, or about how Bush could've doubled his money if he'd held on to his Harken stock for a few weeks. Terry McAuliffe, chairman of the DNC, should give back the $18 million in profit he made off a $100,000 deal with bankrupt Global Crossing. Hillary? She turned $1,000 into nearly $100,000 in a short ten-month period by trading cattle futures. Let the investigations begin, and let's expose the sleaze and hypocrisy that is the Democratic Party today, shall we?

That says it all