Sunday, December 11, 2011

He misplaced the money ... check the sofa cushions

$1.2 Billion

Let that number sink in for a moment. And then consider this statement from the former governor of New Jersey:

I simply do not know where the money is.

That is what Jon Corzine told Congress on Thursday, Dec 8, 2011. Can you imagine?

We are not talking about investments that failed. We are not talking about risk-capital put into play with the potential for reward. This is money that was simply ... lost.

And this not just a couple hundred thousand dollars. This man lost more money than the total output of 15 countries! Countries like Saint Lucia (GDP of $985MM in 2010), Grenada (GDP of $674MM in 2010), and Gambia (GDP of $1.08B in 2010).

The clients of MF Global may never get the restitution they are due. But Mr. Corzine deserves, at a minimum, to live some portion of his future days in abject poverty. He should have no fiduciary responsibility for any firm or government agency. And he should be convicted of criminal negligence.

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