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Halliburton Company Message Board

  • larrymountianmankiwihero larrymountianmankiwihero Feb 10, 2013 7:57 PM Flag

    Remind you of how our country is being run?

    And why not? Jon Corzine is Obama's money man.

    And the real funny thing is he's worth more than Romney.

    From the "You Just Can't Make This Stuff Up" file

    After only 20 months on the job, former
    Goldman Sachs CEO Jon Corzine managed to run
    MF Global, a firm that traces its roots back over
    200 years, off a cliff. What was the cause of MF
    Global’s downfall? Hubris and leverage—what
    did you expect something different from a former
    Goldman CEO? When Corzine took over as MF
    Global’s CEO he thought the business was too
    sleepy and needed to take more risk. Apparently,
    Mr. Corzine believed troubled euro-area sovereign
    bonds were a winning ticket for MF Global. So
    with only $1.3 billion in equity capital, Mr. Corzine
    took a $6.3 billion position in the sovereign bonds
    of Ireland, Italy, Spain, Belgium, and Portugal. He
    essentially bet the firm on a successful resolution of
    the euro-area debt crisis.
    MF Global’s regulator, FINRA, became concerned
    with the euro-area bond positions in June 2011
    and prodded Mr. Corzine to raise capital. But in
    traditional Goldman Sachs fashion, J.C. tried to use
    his influence to persuade regulators that his firm
    had enough capital. He claimed regulator concerns
    about Europe’s debt crisis were overblown (clearly
    they were not).
    One has to wonder where Mr. Corzine has been
    the last five years. He made a massive leveraged
    bet funded with short-term loans and a thin cushion
    of equity. Did he not appreciate the role that
    high leverage and short-term funding played in the
    downfall of Bear Stearns and Lehman Brothers,
    and the near collapse of Merrill Lynch, Morgan
    Stanley, and his former employer, Goldman Sachs?
    Even more troubling than Corzine’s reckless sovereign
    debt wager is that almost $600 million in
    customer funds cannot be located. There are allegations
    that MF Global commingled client funds with
    the firm’s own assets—a truly frightening scenario.
    When you invest with folk of Jon Corzine’s ilk,
    this is apparently the stewardship that is provided.

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