“I simply do not know where the money is, or why the accounts have not been reconciled to date.” Let’s translate that Jon Corzine quote into Latin, engrave it in stone, and make it the official motto of Congress. Anybody remember that this Wall Street Democrat used to sit on the Senate committees on banking and the budget?
Question: Why should we believe that the motives of people in (cough, cough) “public service” are different from the motives of people in the for-profit sector? Was Jon Corzine a rapacious self-seeker at Goldman Sachs, then a public-spirited man when he was in the Senate and in New Jersey’s governorship, only to revert to form when he went to MF Global? If you doubt that this is true, and suspect that Jon Corzine was the same guy all along, why would you want to give government more power?
~ Kevin Williamson, from ‘I Simply Do Not Know Where the Money Is’
Grouch: The only good thing about the MF Global meltdown is that the government did nothing, and finally let a financial firm reap the consequences of its poor decision making and lack of risk management. This is the way Capitalism is supposed to work.