MF Global went belly up one month ago, and its former leader has no idea where over a billion dollars of capital entrusted to the company has gone.
Sitting before his former colleagues in Washington D.C., disgraced CEO Jon Corzine for the life of himself cannot account for the bad accounting which led to the eighth-largest bankruptcy in United States History.
I am still amazed that such a man was permitted to serve as the chief executive of the wealthiest state in the Union. No wonder the tax rates of the Garden State were raised over one hundred times. No wonder New Jersey lumbered under the greatest rate of debt to gross domestic product in the country.
A former financier should have had the sense to hedge his bets before pledging the money of third-party investors on failed investments -- I speak not just of the defrauded clients of MF Global, but also the tax-payers of New Jersey.
I hope that the residents of the Garden State are counting their blessing, that they got rid of an arrogant money man and elected a man who puts his money where his mouth is, and knows how to handle other people's money.