Back in ’09, Biden said Jon Corzine was right;
in ’11, Corzine’s company loses $1 B in customer money
“The reason why we called Jon,” the Vice President said (at about 0:44 above), “is that we knew he knew about the economy, about world markets, about how we had to respond unlike anyone we knew.” Later, the Delaware Democrat reports (at 2:00) that they talked with Corzine a “long time about what the elements of a national package should be.”
Indeed, Biden wanted to start a mantra about where “Jon was right.” Doesn’t look like the defeated Democrat of a pretty blue state was right about this: MF Global Trustee Says Shortfall Could Exceed $1.2 Billion. According to the New York Times,
The amount of customer money missing from the collapsed trading firm MF Global may be more than $1.2 billion — double previous estimates — the trustee dismantling the firm’s brokerage unit said on Monday.
. . . .
Regulators currently suspect that MF Global — at the time run by Jon S. Corzine, the former Democratic governor of New Jersey — improperly used customer money for its own purposes in the days before filing for Chapter 11 protection on Oct. 31.
Well, $1 billion is chump change to the Obama-Biden Democrats whose failed “stimulus” cost the country about 800 times that. Can you imagine how much coverage the above clip would get if a top Republican had said this about a fellow partisan who led his company into a (possibly) billion-dollar bankruptcy?
Well, now we’re getting a better idea of what the “stimulus” failed; just look at the economic knowhow of some of the folk who designed it.
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