Wotka World Wide

Wednesday, October 26, 2011

While people camp in the streets in protest over the actions of Wall Street, the links to our political classes that cause so much actual inequality of outcomes continue to be ignored. Just in the news today, former Democratic Senator and New Jersey Governor John Corzine made headlines for bringing derivatives broker MF Global to the brink of collapse, apparently by buying large tranches of European banking debt earlier this year. Perhaps that wasn't the smartest bet to be making? Not to worry though, Corzine has a $12 million golden parachute that pays out if the firm gets bought out, as well as an interest as an operating partner in investment firm J.C. Flowers. So he should be ok. Those who used MF Global to manage their money? They might be in a little more trouble. This should be no surprise though, given Corzine's track record managing the state of New Jersey, which was billions in debt after his four years of leadership.

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