November 1, 2011 by staff
Jon Corzine, Well, this is up to CEO’s most spectacular disasters. Yesterday, 18 months after Jon Corzine took over MF Global in order to build a real investment bank, who flew to the company on a mountain.
Why? Because part of becoming a real investment bank, it seems, is betting the company.
Jon Corzine womb to world market tables, MF Global’s bet and lost.
Specifically, their authorized dealers and scarf Corzine to $ 6 million in bonds issued by Spain, Italy, Portugal, Belgium and Ireland. The bet was probably that the powers-that-be in Europe would bail out the bondholders of these and other worth 100 cents on the dollar, because in our global bailout spree, that’s what the powers-that- are made.
Suddenly, the powers-that-be decided to force bondholders to take a Greek haircut of 50% of Greece’s debt, which increased the risk that bondholders from Spain, Italy, Portugal and other countries lost-case may actually be responsible for their loans idiot, too.
And when customers of MF Global, traders saw that Corzine had bet the company and lost, fled screaming.
Moody And even scared.
And that was that, poof. No more MF Global.
As we noted yesterday, Jon Corzine, the pilot took the plane and flew into a mountain MF Global, contract and is entitled to shield 12 million, which would presumably be very ease your sorrow. We hope that decency, which is waived.
If you do not give it up, you can get in a long line of creditors, including CNBC, which bought Corzine MF Global (not paid) and some 845,000 of advertising. And hopefully, if there is any justice in the world, Corzine will be the end of that line.
Because it really should not get a dime.
What happened to MF Global Corzine’s watch was not just incompetence. Recklessness was spectacular. Point was the equivalent of a 747 full of people directly to the mountainside and hope that, just before crashing into it, the winds will change and allow you to upload.
And it’s not like Corzine did not know that the mountain was there.
All of Wall Street CEOs who bet their businesses in the years before the financial crisis – most of which were saved in this way at the 11th hour by the government – at least had the excuse that he had never seen markets as the accident.
Jon Corzine had seen and market crash.
In fact, just to see the markets as the accident. Just three years ago. Along with others on the planet who was not comatose during the financial crisis.
However, the first thing Jon Corzine pilot did when he took over the controls of MF Global was pointed directly at the mountain!
Given this, we just have a question for Corzine:
What the hell were you thinking?
What the hell were you thinking?
If the financial crisis alerting you of the risks of betting your company and put all that money and all the jobs at risk, what on earth would you have?
Since regulators are already crawling all MF Global in search of customers’ lack of resources, we assume Jon Corzine will not be able to answer that question in a timely manner. We also assume that, when he does it respond, in half a century, when all the litigation is over, will blame a thousand years of floods or impossible to predict any other act of God.
And this is just an excuse absurd and appalling as it was the CEO other times have been blamed for thousands of years of flooding for their stupidity and recklessness. (Used to be that, on Wall Street, and the floods came 1000 years every 10 years. Now, it seems, come every 2-3 years).
For Corzine, the excuse will be even more staggering.
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