The MF Global Gamble and Jon Corzine's Lost Weekend

Discussion in 'Media' started by hvactec, Nov 2, 2011.

  1. hvactec

    hvactec VIP Member

    Jan 17, 2010
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    New Jersey
    How about that Jon Corzine, eh? It seems New Jersey’s finest self-bought ex-Senator bet heavily on European debt, got walloped by a cavalcade of AIG-style collateral calls streaming in from outraged creditors, and tried to stave off the inevitable by commingling client cash with his own account.

    From what I gather, Corzine essentially reached into the company cash register to pay off his gambling debts. He didn’t have enough money of his own to fight off the wolves, so he took the money he had access to, in a desperate, insane hope that his bets would eventually turn around and he could replace the missing cash later on.

    This is the kind of crazy, stupid, panicked, extreme-short-term thinking you might see from someone at the tail end of an epic, Ray-Milland-caliber alcohol binge – when nothing matters anymore, and even concealing the crime effectively is too much of a burden, and the only thing that matters is getting through the next few minutes.

    read more The MF Global Gamble and Jon Corzine's Lost Weekend | Matt Taibbi | Rolling Stone

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