The Chump of the Week is: Jon Corzine!

Hello all, It’s the Angry Webmaster, back from accidentally wrecking the blog. (Oops!) We were fortunate to get this back up and running or I would be the Chump of the Week. Instead, we found a far more suitable clod for you make fun of.

For those of you with poor memories, Jon Corzine was the governor of New Jersey before Governor Christy sent him packing. To say that he is a typical arrogant liberal elitist would be a bit of an understatement. His policies as governor basically drove New Jersey into the ground.

However, I’m not here to talk about Corzine’s antics as Governor. No, in this case, I’m talking about his running a multi-billion dollar brokerage called MF Global right into bankruptcy.

The news is still coming out, but from what I’ve been reading Corzine thought he was a super financial genius.

From CNBC.com:

“At a very deep level, Jon believes that he can spot opportunities overlooked by markets—and make a fortune,” the person said.

In particular, Corzine believed—according to two sources familiar with the matter—that credit markets in Europe were suffering from “market dislocation.” Sovereign bonds backed by various rescue facilities were trading at levels that implied a swift default—even though it appeared that European regulators would act to prevent default.

Gee, I’m no financial wizard, but there is no way I would be risking big bucks anything coming out of Europe right now. But then I’m not an over-educated arrogant nitwit. But it gets even better!

From the New York Times: ((Yes, even they will do some good reporting once in a while))

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

Uh Oh!!

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

Yeah, if I were looking to buy a business in big financial trouble, I too would shy away from one that appeared to be engaged in embezzlement. I wonder if Bernie Madoff is in the market for a cellmate? Still, it’s early yet. The accountants are still digging through the wreckage.

The discovery that money could not be located might simply reflect sloppy internal controls at MF Global. It is still unclear where the money went. At first, as much as $950 million was believed to be missing, but as the firm sorted through its bankruptcy, that figure fell to less than $700 million by late Monday, the people briefed on the matter said. Additional funds are expected to trickle in over the coming days.

Shouldn’t that read “We hope that additional funds will be located over the coming days.”? It looks like Corzine, and make no mistake about this, Corzine was the one running this fiasco, violated the Prime Directive of Wall Street. Customers’ funds must be kept separate from company money. One of the basic duties of any brokerage firm is to keep track of customer accounts on a daily basis.

As I said, it’s early in the bankruptcy process and the accountants are going to be very busy for a while. I do hope that Corzine wasn’t so foolish as to mix client’s cash with the company’s money. Even if he didn’t do that, he still managed to create one of the biggest bankruptcies in history.

So, for doing his part to really screw up the economy even worse than it is, Anger Central nominates former Governor Jon Corzine,

CHUMP of the WEEK!!

 ~The Angry Webmaster~

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