New Jersey caught a break when Corzine lost the Gubernatorial election, and, if you will notice, Christie does not demonize his predecessor.
MF Global’s loss is New Jersey’s gain.
Corzine is the former NJ Governor whom Biden called when he needed financial advice, which could help explain why Biden was the poorest member of Congress.
One of Corzine’s campaign slogans was “Obama & Corzine, One Voice.”
The WSJ reported today that the MF Global Chief Risk Officer, Michael Roseman, raised serious concerns about investing in European bonds on a number of occasions to Jon Corzine himself.
Corzine’s response was that Roseman’s scenarios were unlikely or too extreme. Corzine even suggested he would leave the company if they didn’t trust his judgment. They should have jumped on that.
Instead of heeding Roseman’s advice MF Global increased their exposure to European debt from $1.5 billion to $6.3 billion in one year’s time.
Why did they hire a risk officer if they weren’t interested in what he had to say? Was Corzine’s ego ahead of his common sense or is there something more sinister at work?
Corzine has been subpoenaed to speak before the House Agriculture Committee. Maybe we will get some answers.
More information here: abcnews