By Wayne Allyn Root
Newsmax.com Feature Article
We’re all in trouble when the joke is on our most connected politicians. Jon Corzine is the former CEO of Wall Street powerhouse Goldman Sachs. Even God shudders when the CEO of Goldman walks in the room (or so Goldman executives think). Corzine left Goldman with a half billion-dollar fortune and became a United States Senator. Soon he was a Governor of New Jersey. His friends are the most powerful people on Wall Street and in Washington D.C. Only months ago he was a strong bet to be appointed to a major position in the Obama administration. He is the type of guy the media calls “the smartest guy in the room.”
But obviously brains and connections aren’t enough to prevent a bankruptcy. Corzine just presided over one of the biggest disasters in Wall Street history. Corzine just resigned as Chairman and CEO of MF Global, one of the most powerful Wall Street bond and futures trading firms. MF Global just filed for bankruptcy. Billions have been lost, hundreds of millions are missing, over 1700 employees just received pink slips, and Corzine has hired a criminal defense lawyer.
Corzine, for all his brains and connections, didn’t get the joke. God blessed Jon Corzine with everything- except common sense. He is emblematic of why our economy is collapsing. The joke is on the brightest guys in the room.
These liberal Ivy League “masters of the universe” are actually delusional. For all their smarts, many of them can’t see the blinking red danger signal right in front of them. They think government spending is the way to get out of a debt crisis. They think government creates jobs. They think government can protect us all from cradle to grave. They think $100 trillion in debt and unfunded liabilities is no big deal. They obviously think ponzi schemes last forever.
Leftist politicians like Corzine live in a delusional dream world where money grows on trees and pigs can fly. The Corzine scandal proves that their views are a danger to all of us. Jon Corzine is the poster boy for how our entire country has been led down the road towards insolvency and bankruptcy.
MF Global was destroyed because Corzine decided to invest billions in European sovereign debt. Oh my gosh. You cannot be serious? I’m just a small businessman and home-school dad, but I’ve been publicly warning for 3 years now that the EU is facing financial disaster. Even I knew that Greece, Italy, Spain, Portugal, Belgium and Ireland were completely insolvent (with France and UK are not far behind). The entire European economic system is crumbling under the weight of massive debt and socialist entitlement programs. It’s pretty simple, if you have common sense- you can’t give everyone a government job, promising early retirement, huge pensions, and free healthcare for the rest of their lives. Eventually if you give everyone a huge pension for 30 (or more) years of not working, your economy collapses under the debt. Eventually if you punish the rich for their hard work, discipline and financial risk-taking, the job creators and taxpayers will revolt and leave. That leaves you with gigantic bills, but not enough bill payers.
Anyone could see that. Anyone except leftist, politically-correct politicians like Jon Corzine. Silly me- I actually thought that deep down the Obamas, Pelosis and Corzines knew that what they are peddling was a toxic ponzi scheme. I actually thought the connected smart guys were in on the joke. I thought they understood that robbing Peter to pay Paul is a successful campaign strategy…it buys the votes to get you elected…but it eventually bankrupts the country. I actually thought they understood deep down that you can’t solve a debt crisis with more debt. That you can’t solve a sinking dollar crisis by printing more fake money. That if you target, blame, demonize, and tax the rich for everything, you eventually run out of rich people. I was wrong.
The Corzine scandal proves the leftists running our country actually believe their own lies. They are blind, deaf, and really, really dumb. Corzine the politician made big bets on debt. He spent New Jersey into insolvency- with among the highest debt, unsustainable future pension obligations, and property taxes in America. He did all that to bribe the typical Democrat voter and get elected. But I never imagined he actually believed in debt as a good investment.
Like Obama, Corzine obviously talked himself into believing that a ponzi scheme can go on forever. He actually thought he could invest profitably in the toxic debt of EU countries. He didn’t know that Greece and Italy are walking corpses? Billions of investor dollars were lost, and a giant global Wall Street powerhouse was destroyed because the ultimate Wall Street insider was the only guy who didn’t get the joke. A debt crisis cannot be solved with more spending. And a ponzi scheme does not last forever.
The Corzine saga proves politicians on the left are delusional. They cannot be trusted with taxpayer money. They are perpetrating the biggest ponzi scheme in world history with U.S. taxpayer’s money. It’s a deadly game. And as Corzine’s investors and partners at MF Global found out, it will blow up and destroy us all.
The moral to the story? Corzine ran MF Global the exact same way he ran New Jersey. The exact same way Obama is running the country. Eventually it will all end the exact same way.
Newsmax Feature Article
Wayne Allyn Root is a former Libertarian Vice Presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts.” His web site: www.ROOTforAmerica.com
Bruce Cohen: if Wayne Root is in cahoots with them, then how come he keeps blowing the whistle on ‘em?
Mr. Cohen shows his illiteracy. He seems not to know what a whistle blower is.
A whistle blower is someone who reveals “inside information,” often at great personal risk.
Root is not revealing anything. Nor is he risking anything.
Instead, Root is beating a very dead horse.
The right-wing has been attacking Corzine for years. So now Root shows up, late to the party, and gets in a few more kicks at Corzine.
However much Corzine may deserve it, Root’s behavior is not whistle blowing, nor heroic, nor courageous. It’s merely being a later joiner to a very crowded bandwagon.
The ponzi scheme is coming to an end…The EU will be the first to go…Japan next…then USA. This isn’t taught in your college economics class. Here are the facts. Read ’em and weep:
You have it exactly backwards, Wayne. Losing a few billions dollars is something speculators do. It’s no big deal except to the investors.
The first real problem is that funds were not adequately segregated — while it is still possible, few people take “misplaced” seriously.
The actual serious problem is that the Future Markets private insurance scheme has not functioned against losses it should have been able to cover, and people ahve money tied up.
This is a slow motion failure larger than Lehman brothers, and with far more serious consequences.
Incidentally, the folks who fairly bought one-year or two year Greek bonds and held to recent maturity made a real killing, because they paid off in full at huge profits to themselves.
You may be right about the Euromarket having catastrophic failures, just not the ones you list. Note that Greeks are ill-paid and work far more hours than the Germans do.
Now please don’t say such incorrect things. Pleaserefer to any and every article on the BK of MF Global…they all agree that MF under Corzine’s direction invested massive monies in the sovereign debt of EU countries. He thought it was a great deal. They paid high interest rates and were backed by “too big to fal” mantra of central bankers all over the world. There is no debate about this. The insolvency crisis of EU nations and banks drove MF Global into BK. No one- anywhere- is doubting this.
Separate from that…$600 MM is missing. It may have been stolen…or used to pay off margin calls (illegal)…or it may be sitting in a lost bank account at JP Morgan. All 3 possibilities are under investigation.
But that $600 MM theft or misplacement of money is small compared to the billions MF had under management. It did not cause the BK, nor does anyone anywhere suggest it did. $600 Mm is a “rounding error” to a firm this size.
More likely tens of billions were lost betting on Italy to survive…which she will not. and when the margin calls came…the money was “borrowed” in a panic by traders. A crime for which they will go to prison.
Thieving corporate banksterism is a separate problem from moronic liberals in government who think debt is good, money grows on trees, and debt can be used to save their country from…a debt crisis. LOL.
Corzine and Obama “right-wing Democrats”? Kind of like uh… er… Dick Durbin? Harry Reid? I am at a loss…
There are morsels of truth buried in Wayne Roots’ overly simplistic, and off-the-mark analysis. It is difficult to follow some of his logic, though.
Jon Corzine did not fail because he used progressive politics to spend money on needy, working class, or middle class Americans. Jon Corzine did not fail because he was too far to the left.
Jon Corzine failed because he was part of the greedy 1% who lined his own pockets and his own projects. Jon Corzine failed because he was part of a Democratic Party Ponzi scheme.
Jon Corzine is not connected to Obama because they are both delusional, or both giving away money to the masses. Jon Corzine and Obama are connected because they are both right-wing Democrats, who care more about corporations gentlemen’s agreements than any true philosophy or service to our country.
More Root nonsense.
The serious MF Global problem is serious evidence under investigation that private and corporate account moneys were not kept segregated.
That has nothing to do with what the money was invested in, and everything to do with the potential existence of thieving corporate banksterism.
I sure wish these comments had a “like” button.
If someone read this without reading the by line, they would probably guess it was written by a member of the RNC, not the LNC.
Corzine dumping is too easy. Goldman sachs dumping is too easy. Making a connection to Obama…priceless.
At least he’s leaving Joe Paterno alone!
Blind, Deaf, Dumb and very very STUPID! And if Wayne Root is in cahoots with them, then how come he keeps blowing the whistle on ’em?
Oh and for the record, former Green Party presidential candidate Cynthia McKinney is reporting getting death threats. As reported on Kevin Barret’s Truth Jihad radio show.
Cynthia McKinney gets death threats while Wayne Allan Root gets corporate media exposure. Not to mention David Cobb is getting the ability to do strictly scripted speaking tours with Move To Amend
You decide which side of the fence Mr Root is on.
He is a huckster- the same kind of political huckster that David Cobb is.
Working you over on his side of the fence while Cobb does on this side.
This idiot is your party’s spokesperson. Playing the same game as David Cobb did with the Green Party.
This is a warning from an ally on the so called “left.” Take it or leave it.
Are the OWS people demonstrating outside his estate yet?
By the way, I don’t think “hundreds of millions” are missing.” The missing money turned up as soon as all the trades were completed that were halted mid-trade by the bankruptcy filing.
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