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Gasparino on Corzine: “What He Did Was Not Criminal, What He Did Was Stupid”

Justin Maiman
Daily Ticker
Gasparino on Corzine: “What He Did Was Not Criminal, What He Did Was Stupid”


"Corzine Off the Crook" - that was the attention-grabbing headline in The New York Post. Federal investigators had confirmed to The Post what many had assumed, and in some cases reported, for a long time - that former MF Global CEO Jon Corzine will not face criminal charges over the firm's improper handling of customers' funds before it collapsed in 2011. At the time MF Global's was the eighth largest bankruptcy in U.S. history.

Corzine still faces civil charges related to the handling of client funds. He has denied any wrongdoing.

"No surprise here. What he did was not criminal, what he did was stupid," says Fox Business senior correspondent Charlie Gasparino. He thinks the bigger scandal was that federal investigators spent two years wasting time on pursuing fruitless criminal charges. Gasparino came by to talk about his new book: "Circle of Friends: The Massive Federal Crackdown on Insider Trading-and Why the Markets Always Work Against the Little Guy."

Related: Should Wall Street Fear A "Comptroller" Spitzer?

The Daily Ticker also asked Gasparino what he thought of Eliot Spitzer's comeback bid.

"I don't know if Wall Street should be concerned but I think the general public should be concerned... I don't think he deserves a second chance."

And who he thinks will be the next Fed Chair: "I still give the edge to Janet Yellen because I think the economy's weak and Obamacare's gonna make it weaker. And I think President Obama is gonna put a real dove in there, someone that's just going to keep printing money."

For more on what Gasparino thinks are the biggest stories on Wall Street right now, watch the video above.

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