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The Lessons Of MF Global

How do you misplace $1.2 billion and lose billions more? Jon Corzine and the lessons of the MF Global collapse.

Former New Jersey Gov. and Sen. Jon Corzine is sworn in on Capitol Hill in Washington, Thursday, Dec. 8, 2011, prior to testifying before the House Agriculture Committee hearing regarding the collapse of MF Global. (AP)

Former New Jersey Gov. and Sen. Jon Corzine is sworn in on Capitol Hill in Washington, Thursday, Dec. 8, 2011, prior to testifying before the House Agriculture Committee hearing regarding the collapse of MF Global. (AP)

Jon Corzine was governor of New Jersey, a US Senator, and CEO of Goldman Sachs. You might have thought those roles would wise him up. But last week he was sitting before a Congressional committee trying to explain how he took over MF Global – after all that experience – bet big and risky, lost billions, and misplaced – misplaced – $1.2 billion in client funds that were not supposed to be touched.

“I simply do not know where the money is,” he said. One point two billion dollars.

This hour, On Point: Wall Street, Jon Corzine, MF Global – and how to misplace a cool billion.

-Tom Ashbrook

Guests

Gregory Zuckerman, financial columnist and reporter for the Wall Street Journal.

William Black, University of Missouri Kansas City School of Law. He was a senior federal financial regulator during the Savings and Loan crisis.

From Tom’s Reading List

Wall Street Journal “Investor George Soros’s family fund bought about $2 billion of European bonds formerly owned by MF Global Holdings Ltd., the very debt that helped force the securities firm to file for bankruptcy protection Oct. 31, according to people close to the matter.”

Reuters “A U.S. bankruptcy court judge on Friday approved a $2.2 billion bulk transfer that would bring the recovery of nearly all U.S. commodities customers of fallen brokerage MF Global to about 72 percent of their accounts.”

Bloomberg Businessweek “Jon Corzine and four other former executives of bankrupt MF Global Holdings Ltd. were sued by a group of commodity traders seeking damages for lost funds.”

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  • http://freeourfreemarkets.org Steve Banicki

    Capitalism is here to help meet the needs of society. Society is not here to meet the needs of capitalism. Capitalism is broken and needs fixing. Occupy Wall Street deserves credit for bringing the problem to the forefront. Now OWS should recruit Alan Simpson to be its spokesperson and he should push to meet the following objectives.

    1. Prohibit Corporations and Unions From Financing Political Campaigns by Amending The Constitution 
    2. Enforce Anti-Trust Laws against Oligopolies & Monopolies!
    3. Bring Our Deficit Under Control and amend tax code! 

    The above are long term goals that will eventually bring more equally to the economy. The above goals will not be accomplished overnight and we need to do something that will bring the unemployment rate down now. A good start is President Obama’s jobs bill with some modifications brought about by sound ideas brought about by members of Congress and the Senate.
    The purpose of a jobs bill, or any stimulus package, is not to directly create jobs that will be long lasting. Instead, its purpose is to  create temporary jobs that will increase demand for goods and services. This in turn will create an atmosphere where the private sector will create jobs to meet the new demand created by the stimulus. Businesses will add to their work force because their profits will increase because they can sell more products.  More:  http://bit.ly/nHTA41

    • JUST CORY PLEASE!

      I still believe there is an “ism” we haven’t thought of yet that will suit the needs of people better than capitalism.  Can’t name it or even describe it.  I just know we can do better.

      • Drew You Too

        Humanism.

        • notafeminista

          In our world, if you claim not to be motivated by personal gain, you’re also a liar.

          • Drew You Too

            Don’t think that your personal motivations or bias toward untruth are what motivates the rest of the planet’s population. I know you cannot comprehend this but there are some (granted it’s few) who believe they should treat others better than themselves.

          • notafeminista

            All of us are self interested first.  And I didn’t say treat better…I said first.  As in before the other guy.  If you are unable to take care of yourself, then you darn sure can’t take care of someone else.

          • Terry Tree Tree

            In YOUR world, Modavations’ world, Gregg’s world, and several of the GREEDY rich.  Evidently you cannot understand that Everybody is NOT consumed by GREED?

    • notafeminista

      Nothing created by government is temporary

  • wauch

    So can I go out and blow someone else’s money and instead of paying them back just say “I don’t know” when asked where the money went? Yeah I thought not but this is just another example of how elites connected to both parties can basically say anything and get themselves pardoned. I really have so much contempt for both parties and to think Obama was actually thinking about replacing the slime ball Geithner with this equally if not greater slime ball, which unfortunately crystallizes all the right-wing – and legitimate at this point – questioning of his decision making skills.

    • nj

      It’s hard to sort out the criticism of Obama from the various segments of the right.

      The lunatic fringe (the Birthers, the idiots calling him a Socialist, etc.) seems mostly driven by racism and blind hatred.

      With the mainstream Cons, who only live for tax cuts as their main domestic policy goal, it’s harder to figure. These guys love their corporate donors as much as Obama does, so they have to resort to impugning his “decison making” or whatever other lame thing they can come up with, when, in fact, Obama is as much a company tool as they are. Yet the theatrics continue to create the impression there’s some real difference between the Dems and Cons on this.

      Note Obummer still denying that any real crimes were committed during the Wall Street debacle.

      “KROFT: One of the things that surprised me the most about this poll is that 42%, when asked who your policies favor the most, 42% said Wall Street. Only 35% said average Americans. My suspicion is some of that may have to do with the fact that there’s not been any prosecutions, criminal prosecutions, of people on Wall Street. And that the civil charges that have been brought have often resulted in what many people think have been slap on the wrists, fines. “Cost of doing business,” I think you called it in the Kansas speech. Are you disappointed by that?

      PRESIDENT OBAMA: Well, I think you’re absolutely right in your interpretation. And, you know, I can’t, as President of the United States, comment on the decisions about particular prosecutions. That’s the job of the Justice Department. And we keep those things separate, so that there’s no political influence on decisions made by professional prosecutors. I can tell you, just from 40,000 feet, that some of the most damaging behavior on Wall Street, in some cases, some of the least ethical behavior on Wall Street, wasn’t illegal.”

      http://www.cbsnews.com/2102-18560_162-57341024.html?tag=contentMain;contentBody

      • Modavations

        Every morning you are in flagrant disregard of the new NPR rule.The one that says no immature name calling before 10:00.They know you can’t resist,they just ask you to hold fire until 10:00

      • mary elizabeth.

        “Obummer denying that any real crimes were committed”.  Perfect example of skewing the statement.
        President Obama seemed to be referring to the fact that lack of regulation allowed events to proceed as they did.
        I doubt that he did not see this as criminal, but no laws in place to prosecute.

  • JUST CORY PLEASE!

    Wealth as a perversion has existed since man first established surplus through agriculture.  Can the perversion be overcome by free people in a democracy?  I’m not convinced yet.  When it happens we’ll know, because it will be a first in human history.

    By the way…  I love the portrait on the wall behind Corzine.  The only thing missing is the white stallion for the business suited knight to rest upon.

    • Modavations

      Russia tried to run a country without profit.I remember a Polish dock worker being interviewed during the Lech Walensa days.He said’They prentend to pay us and we pretend to work”

      • JUST CORY PLEASE!

        At no point in my comment did I say profit should be abolished or that Soviet style communism is he solution to our problem.  I speak more about the balance between Darwin and Marx.  Enough freedom to satisfy the human spirit, and enough restraint so that we don’t devour one another (especially the weak).

        • notafeminista

          The weak get devoured.  Didn’t you ever see Mutual of Omaha’s Wild Kingdom?

          • TFRX

            Or Somalia, the Libertarian paradise model? If you want to draw analogies, how about to a human society with no real government and no real tax structure?

          • notafeminista

            Well no Libertarian (or anarchist even) holds Somalia up as a model for anything, and for you to claim otherwise is dishonest and manipulative.   Any tax structure isn’t going to stop the “extra cultural” activity going on there and to pretend otherwise is equally dishonest.

          • TFRX

            Yes, let’s listen to Libertarians’ self-selection of models. That’ll always work.

          • notafeminista

            Ok, with which one would you like to begin?

          • nj

            Just give us your  best one. 

          • notafeminista
          • nj

            You’re right, using Somalia as an example isn’t fair. 

            The Shangri la of 2008 Wall Street is a much better case for the unregulated, “free market.” 

          • JUST CORY PLEASE!

            I hope we are more than lions and wildebeast, I guess.

          • notafeminista

            But we are all of us, each and every one of us on this little green rock, self interested first.

  • Winston Smith

    What it demonstrates, as if we didn’t already know, is that “compassionate Democrats” are just as inept, greedy, and/or corrupt as Republicans.  No matter what party is in power, government service is just a stop to going back into the private sector as a lobbyist (Tom Dashle and many others), financial wizard (Robert Rubin, John Corzine), “historian” (Newt Gingrich), or public speaker (Gerald Ford, Bill Clinton) to use your previous governmental position of influence to line your pockets. 

    • JUST CORY PLEASE!

      I’ll still choose an altruistic incompetent over a greedy one.

      • notafeminista

        Not a chance.  Besides, no one is altruistic.

        • JUST CORY PLEASE!

          I’ll still choose the pronouncement of altruism over the pronouncement of greed.  I don’t consider altruism an absolute.  A flawed individual can exhibit altruistic acts and behaviors.

          • notafeminista

            In order to achieve what you intend, your model would have to be absolutely altruistic (because in your model, the other side is absolutely greedy)

      • TFRX

        “Altrustic” isn’t the word I’d use.

        There must be a better description to separate people who actually recognize that government has to govern from the ones whose goal is “run it to ruin it”.

        Hell, someone used to have to be in office to get on that gravy train. This cycle we’re seeing a new bunch of right-wing grifters who pretend to run for president in order to get to suck on the wingnut welfare teat. No actual appointment or election to office, no pretense of actually having had to be a public service, necessary. Just a short-circuit.

      • Modavations

        Adam Smith’s” Self Interest”,has helped more poor then all the Philanthropists and Social Workers combined.

        • JUST CORY PLEASE!

          Your argument is false because it presumes all possible economic models have been tried.  It may be the best of what we know or have experienced (or not).

          • TFRX

            That sort picks and chooses what of Smith to believe. He had some real-world ideas about banking regulation, for instance, that his “fans” don’t like to own up to now.

            As I don’t trust people who do that with the Bible, maybe it’s not a good idea to listen too hard to such people.

    • Anonymous

      The sad thing is you are right. Money corrupts, as does power. 

  • Paul, Boston MA

    The real question is, “How the $#% does MF Global happen after the ‘lessons’ we supposedly ‘learned’ in the 2008 collapse?”

    • Paul, Boston MA

      Today’s NY Times article “A Romance With Risk…” notes that, “And for the first time it is now clear that ratings agencies new the risks [at MF Global] for months but, as they did with subprime mortgages, looked the other way until it was too late, underscoring how three years after the financial crisis, little has changed on Wall Street.” 

      (Exactly what the Occupy movements are protesting.)

    • Anonymous

      Are you kidding?  The obvious lesson from that experience is that if you cheat and get rich doing so, you will not be punished and no regulator will really be trying to control your excesses and crimes, you will be allowed to keep all of your ill-gotten gains, then be taxed on them at the lowest rate in history, and finally be held up as a “job creator” by the morons who worship “the markets” as some sort of god-like entity.  Corzine was just trying to be one of the boys.

    • nj

      The lesson is, get your operatives appointed to high positions in the ruling administration.

      Some of you are slow learners.

  • http://www.facebook.com/profile.php?id=1816544 Dan Trindade

    If ever there was an argument for increasing regulation on corporate finance and corporate America in general here it is. $1.2 Billion does not end up “misplaced” without a serious, dare I say criminal, lack of corporate and government oversight. This is all the more reason to approve a nominee to head up the Consumer Protection Agency and leave the powers already legislated to it (it is the law of the land after all) in place. Adequately funding and staffing the SEC would not hurt either. When will we learn the lessons already taught to us by history that Laissez-Faire economics is not compatible with a free and fair society?

    • notafeminista

      Concepts of free and fair are not compatible with each other.  Making something “fair” to you might well make me less “free”.

      • http://www.facebook.com/profile.php?id=1816544 Dan Trindade

        Are you saying that you support completely unregulated capitalism in America then?

        • notafeminista

          I’m saying the concepts of free and fair are at odds with each other.  Do we want liberty or security Mr. Franklin?

          • http://www.facebook.com/profile.php?id=1816544 Dan Trindade

            A balance then. Just as there are checks and balances in our government there must be the same in our daily lives and the economy we do business in. Black or white extremes such as liberty or security ignore the reality that life and governance in America for that matter are and should be viewed in shades of grey. But in an attempt to keep this discussion on point, I do not think that imposing regulations to support transparency and punish overly risky practices such as sub-prime loans on a financial system that is largely unregulated to begin with is going to inhibit your freedoms in any way. With your comments you seem to suggest that you support removing government regulations on financial markets as it would inhibit freedom Is this the case?

          • notafeminista

            No more than you would support removing lending regulations to inhibit freedom.

          • notafeminista

            Pardon me, adding (not removing) lending regulations.

          • http://www.facebook.com/profile.php?id=1816544 Dan Trindade

            “removing lending regulations to inhibit freedom.” 

            Maybe it is just the weak coffee at my office but I am failing to grasp where you were going with this. Were you trying to say that I would not support frivolous policy? or were you trying to say that I would not support removing lending regulations to promote freedom? If so, you are right. I do not support removing lending regulations so that payday lenders may have free reign to make loans with interest rates in the thousands to people living pay check to pay check.

          • notafeminista

            I did make a typo (since corrected).  Take it back one step.  Should people living paycheck to paycheck be able to get a loan at all?

          • http://www.facebook.com/profile.php?id=1816544 Dan Trindade

            Depends on the circumstances. Some do not have enough order in their fiscal house and should not be allowed to receive loans that they cannot reliably pay back. A lot of people just need a legitimate hand up from time to time though. Students just out of college or a mother working three jobs to help give her kids a better life. The loan they receive though should not be structured in a way that prohibits them ever being able to pay it back. Should those providing these loans be allowed to charge astronomically high interest rates on those loans?

          • notafeminista

            I continute the thread further up as this one is too narrow now.

          • Modavations

            No,no.You said unregulated free enterprise.

        • Modavations

          Everyone knows there is a need for anti-monopoly law and no one is objecting.Just enforce the laws!!!

          • http://www.facebook.com/profile.php?id=1816544 Dan Trindade

            Agreed.

          • TFRX

            “Just enforce the laws” on the financial sector?

            Good idea. The only problem is, I’ve watched enough Fox News to know that that makes you about the only right-winger who thinks that.

            Compare Fox’s shitestorm when the FCC doing some actual regulating of the AT&T and T-Mobile merger v. the four or five major telecom mergers over the last decade, as just a very easy to grasp example.

  • SteveV

    We can pass the most comprehensive regulations ever written; however, until they
    are strictly enforced by an adequate number of competent people, who are supported by their leadership, nothing will
    change.

  • Anonymous

    Did anyone bother to check his pockets?  Washington talks a tough game, and boy do they seem like they are getting to the bottom of this, but in the end, it is a  simple theory, that the NYPD White Collar Crime Division would think of first:  He stole it.

    So instead of asking how, ask where did he put the goods.  By misframing the question, we already exculpate him.

    • Modavations

      He lost the bet.The casino has it.

  • Currencyswapsaregood

    As great at it is to hear from a journalist and an academic, I think On Point can do better.  Couldn’t we get a regulator, a competitor, or a customer; that is, somebody who knows what they’re talking about.  How can we draw big conclusions, like some are below, when we have such a poor view of what’s going on? 

    • Modavations

      The public schools preach an animus to the legitimate business class.The business of America is business.Honest business ,that is.

      • JUST CORY PLEASE!

        By honest do you mean ethical?

        • Modavations

          affirmative.To me one leads to the other

  • Anonymous

    The typical CEO response to the question of why they have such large bonuses and pay is, Hey–I am responsible for mega-billions; pay is based on my accountability. But then after the doo-doo hits the fan the typical response then becomes, Hey–how do I know? It’s so freaking complicated!

  • Yar

    2H2 + O2 → 2H2OThis is an exothermic reaction with the end result of water.
    With sunlight and organic carbon in a plant the energy can be recovered.
    6CO2 + 6H2O (+ light energy)  C6H12O6 + 6O2
    Think of economics in the terms of these chemical reactions.  Where is the source of energy?  Is it on Wall Street? No, it on the farm, the mine, the well, and the factory floor.  Finance has a role to utilize energy for productive work, but left unregulated it destroys the very economy it was designed to support. As you discuss MF Global, think about the role of a governor on a steam engine.  Remember this is the part of the economic machine “conservatives” plan to do away with.

    • Steve

      Your analogy is interesting -

      here may be another –

      MF Global ( and other investment banks and commodity traders) without governors are similar to a virus that eventually kills its host.

      Is this a viable long term solution for the virus or the host?

      The fact that MF Global leadership is one in the same as the controling mechanisms does not bode well for the people.

      • Yar

        “The fact that MF Global leadership is one in the same as the controlling mechanisms does not bode well for the people.”

        The role is not defined by the individual, We need clearly defined separation when establishing roles.  The regulator must not be vested in the market. Stop the revolving door. Prevent office holders from taking or raising money. Measure what you want to change.  Cancer is unregulated cell growth, and it does often kill the host.

        • Modavations

          I am!!!!

        • Steve

          Thank you.  Yes.

          “So that they would have eyes to see and ears to hear.”

          I am not as optimistic as you with respect to defined seperation and roles.

          My own soultion has to been to opt out and establish community on a smaller scale with more direct lines of accountabilty.

      • tired of hate

        I like this analogy.  Another possibility…lie long enough and it becomes the truth, especially in the mind of the liar.  If you just lie to Congress, albeit a crime, all the while knowing your share of the money, or all of it is safe in Antigua.  You will get a chance to spend it.  As a country we still have not prosecuted many people who took the bailout and spent it on things not intended by the US taxpayers.

  • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

    I think he needs a truck to haul all of those money. Probably he and other friends,relatives,sons,daughters,wife and again best friends had the liberty invading the MF vault and taking any amount of money they can take and spend it. You know they never enter them on the accounting books. just like what we do when we are try to get some money from Dad’s wallet or Mom’s purse without telling them.

    • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

      Or getting a paper clip and trying to snatch some quarters from a small hole of a piggy bank.

  • AC

    boy. And i thought i was an idiot for misplacing $20….

  • Rob (in NY)

    Tom,  in my view one of the primary lessons of the MF Global bankruptcy is actually positive in that this clearly demonstrates that financial institutions can fail without bringing down the entire global financial system.   MF Global took large trading risks on European sovereign debt and the company failed as it was over leveraged and could not meet capital shortfalls.  The keys are

    1) MF Global was not “too big to fail”  
    2) MF Global’s depository activities were somewhat limited in that it had limited access to cheap capital from the Federal Reserve.   

    To the extent MF Global used customer accounts to fund shortfalls in its own proprietary capital this would clearly qualify as a criminal act by someone at this Firm.    

  • Worried for the country(MA)

    Lesson?
    Never trust a liberal Democrat with your money.

    • TFRX

      I’ve got 1000 shares of Enron stock, and 200 photos of Candidate Shrub on an Enron corporate jet, that say you’re not qualified to teach lessons on this subject.

      • Modavations

        Herr Krugman’s only job in the private sphere was as an appologist for Enron.

        • TFRX

          Technically true, collectively bullflop.

          • Modavations

            I never lie,I never impersonate

          • TFRX

            When you say “I never lie” and you are pulling crap out your bottom, does it count as lying when you’re not actually recognizing that what you say is recognized as being demonstrably false, to a coherent person?

            Hey, I love brain-teasers.

      • Worried for the country(MA)

        I’ll raise you $10,000

  • Modavations

    There was a rumor that Pres.Obama had intended to replace Geitner with Corzine.That was until Geitner showed the Pres.that he knows where all the bodies are buried.Corzine will escape for the same reason.

    • TFRX

      I’d say “that’s cute”, but on second thought, what you label “rumor” may well be more truthful than many of the things you state as “fact” hereabouts.

      • Modavations

        I never lie,I never impersonate

        • TFRX

          I’m sure when you “state a fact”, you believe it. So did the fictional George Constanza.

  • notafeminista

    Kind of explains why NJ was such a mess….

    • Anonymous

      Mindless dribble. 

      • Modavations

        Now that a laisserz faire guy has replaced a crony capitalist, we will be able to judge the difference.

  • Modavations

    Mr.Cox,head of SEC, actually married his daughter off to one of Madoff’s sons.There are regulations and anti monopoly laws up the yin yang,but everyone is bought off.Easy solution is Term Limits and the prohibition  of retiring solons to work in any capacity that involves lobbying, for ten years.Don’t get me started with Solyendra and Crony Capitalism.GE has actually afforded the Dem.PParty with 2 T.V.Networks.

    • Anonymous

      So.

      • Modavations

        It’s 10:00 my immature one.Let it rip

    • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

      You know too much gossips.

      • notafeminista

        The gossip part is fun.

  • Cime

    This kind of crap is exactly why our economy is in the tank!! Money disappears into pockets and well, what do ya know! Nobody seems to know where it went! Gee! Why am I not suprised!!

  • Deweng

    Asking the question”Have we learned nothing?” implies that there is something for these financial tycoons to learn.  The people at the top know the risks, they know how much there is to lose, and they know that it’s not them that’s going to lose it.  They benefit when their schemes succeed, by are insulated from loss when they fail.  What there is to learn is that the people at teh top have no interest in protecting the people at the bottom – we’re on our own, and it’s time to let them know we won’t take it anymore.

    • Modavations

      If the govt.would stop bailing out losers,the gamblers would disappear “toute de suite”.The banks,GM,et al, should have been allowed to declare bankruptcy .American Airlines has followed proper procedure in their bankruptcy.Bankruptcy is a natural phenomenom and essential to “laissez faire”.

  • Donomac88

    As the CEO Corzine is responsible but, the excuse of not knowing all the details is possible. What does the CFO of MFGlobal have to say?

  • Steve

    “ I’m shocked,
     shocked to find that gambling is going on in here! ”

    Sorry for the cliche.
     

  • Joe in Philly

    Could Jon Corzine be the real Gordon Gekko? Thank God we now have the appropriate checks and balances that can regulate Corzine and his ilk; NOT! We are Americans are fools; between the saccharine of reality shows and goat rodeos that play for a political process, we are being sold down the river!

  • mike

    When the Federal Reserve creates play money, more people become crooks,  and more crooks play more games………..eventually we all participate and look the other way………

  • http://twitter.com/FilipinoBoston FilipinoBoston

    WOW. I thought Marcos was corrupt. It took decades for Marcos and his Cronies to steal billion of dollars. MF was only founded in 2007 and He stole $1.2 Billion. Such a greedy world we live in. Where the hell is the money!!!!!

  • TFRX

    Good guest for this subject. “Criminogenic” is a word which should have been in popular use for Wall Street for over a dozen years.

  • miro

    We should not be bailing this company out. Why should those of us who have nothing whatsoever to do with the stock market casino pay for gamblers losses?

    Commodity traders are speculators, nothing more.
    Cozine should spend the rest of his life in jail.No one person should be able to control more than $100 million. The financial system needs to be decentralized and insulated from powerful wiseguys like Corzine.

  • Guest311

    As usual, NPR shows its bias. If he had been a Republican senator, they would have mentioned his party again and again. I guess they can’t do the same for Democrats. NPR has to try to be balanced, as we can’t trust either ‘party.’

  • Scott B, Jamestown NY

    The recent book by Ellen Schultz “Retirement Heist” might give a clue as to where some of it went.

     Clients, starting from the bottom up, had their investments basically raided to use to take big risks and prop up retirement funds and packages for big  firms’ exec. So the little guy got hurt first and worse.  I don’t know if it was because they figured the could start small and no one would notice, or because they figured that the small guy would just accept that their investments tanked because of “risk” or “market fluctuations” or whatever other BS could be fed to them, but that’s usually how it works.

  • Scott B, Jamestown NY

    Just put Glass-Steagall back in place. It doesn’t cost anything, for those critical of Dodd-Frank, and it served this country well for 66 years.

    • Modavations

      Replace Dodd-Frank with Glass Stegall.Dodd-Frank has cost 1.2 billion already and only 26 edicts have come into play.There’s another 1000 to come.

      • Scott B, Jamestown NY

        I don’t mind spending a billion or so dollars if it’s got some teeth that keeps that mess from happening again. But Dodd-Frank lost most it’s teeth and that dog is on a short chain because “no regulation is a good regulation” lobbyists and ideologues got their say in it, and the rest is being held up.

        • Modavations

          It doesn’t and it enshrines “too big to fail”.Last week Bank of America said it would lay off 35,000(?) TO DEFRray the costs of Dodd-Frank.What do the appologists of Fannie-Freddie know about finance

          • TFRX

            You believe Bank of America’s PR at this point?

            And there’s no history of our “Fighter pilots of capitalism” whining to the press about how many jobs they cut because of oogedy-boogedy regulations?

            There is no talking sense to you.

  • notafeminista

    Sorry Dan, I started this over.  If you give people more than a one time hand up as you refer to it, then they become dependent on it.  It happened with social security, and it is happening with unemployment benefits.  People say there are no jobs and yet there are stories written constantly about American employes not being able to find reliable employees. 

    • notafeminista

      You say students shouldn’t be not able to pay loans back.  Okay fine.  What are those loans financing?  Presumably their education.  So what is it worth to be a college professor?  The student loans pay the professors.  Should the professors accept less than what they feel they are worth?

    • TFRX

      “Anec” is not an acceptable prefix to the word “data”.

      Every time an American CEO gets themselves interviewed about jobs, they say “we can’t find people, nobody’s applying for this”.

      What they mean is “the market is great until it’s some part of labor that’s in short supply. Nobody’s applying for this job at the wages we wish to pay. That supply and demand thing is the star we steer our ship by, right until it means we have to list a job at a higher wage.”

  • Loribenz

    Could it be that the lack of prosecutions related to banking fraud that was rampant in Countrywide and Citi Group was message to folks like Corzine that no sanctions would be imposed? Why has the DOJ not aggressively pursued criminal action?

  • http://www.facebook.com/profile.php?id=100002398828995 James Scott

    Seek the top…Corzine is a leiutenant

  • Anonymous

    No one has been held accountable for anything:  no one fired over 9/11, no one in jail for lying about WMDs, no one in jail for the Iraq war crimes, no one in jail for the financial collapse . . .

  • Janna

    If Congress had approved the nomination of Elizabeth Warren (or any other consumer finance regulator) maybe we would have some regulation of these fat cat practices. But nooooooo, we can’t have banking and finance regulation!! That’s “UNAMERICAN” and “ANTI-BUSINESS”…what a load of crap.  It’s pretty damn obvious that we NEED some serious real regulations of these corporations and their actions.

    • Modavations

      Exciuse me.President Obama pulled the plug.The Reps. intend to cut all funding to this utterly useless,endevour

  • JMC

    Corzine will not expose the truth, it would be a vacum of consumers withdrawing from the major lenders. Many are still on board because they are convinced through talking points, show direct evidence of what we know to be true would bring down the financial institutions.

    • Steve

      The truth is hiding in plain sight -
      from time to time I suggest targeted withdrawal from large banks.

      I think we must through consensus and gradual grass-roots action pick a target (Citibank, JP Morgan, Goldmann Sachs…your elected representative).

      This will require short term sacrifice by the people who take action but I think that the alternatives are:
           -serfdom
           -violence
           -a larger snowball that is still headed downhill.

      I would, without invective, love to proven wrong.

  • http://twitter.com/FilipinoBoston FilipinoBoston

    I heard Newt Gingrich is top of the Poll. I hope he doesn’t come down there because it would be all for Newt if he wins the Republican presidential candidate.
     
    How can American trust a person who don’t have dignity to tell his wives that his married multiple times.
     
    I thought that is A Crime in America getting married multiple times without divorcing the first or second wives? What happen to your law? Is it bias for the poor and middle class Americans to exclude the rich people like Newt?

    • Anonymous

      This show is not about Newt. For the record he was legally divorced before remarrying.

  • Scott B, Jamestown NY

    If no one in the US has the cojones to charge anyone criminally, why doesn’t Ireland, UK, Greece, et al,  bring charges in the International Court for, if nothing else, the fraud that was involved in the bundling of bad paper and manipulating the books so countries with bad credit could get more? 

  • Michiganjf

    How can we prosecute the wealthy on Wall Street??!!!
     
    Do we really want to destroy the “job creators?”
     
    This is class warfare!!!!!
     
    Right Republicans???!!!
     
    These are the wealthiest one percent who shouldn’t be taxed any more, right Republicans??!!!

    • http://twitter.com/FilipinoBoston FilipinoBoston

      Wall Street don’t create jobs. the companies like Coke,Pepsi, Ford,Slinky maker, twinkies and etc are the once who creates jobs. They have stocks and handled by the Wall Street people. Even in Manila typical businessmen don’t Gamble in Manila stock exchange. they rather invest their money in new restaurants or any other forms of business that has nothing to do with stocks.

      • Modavations

        WallSt.invests money that opens the restaurants.Are you saying the financial markets have no merit?????????

        • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

          so go to Wall Street and kiss every shoes of the stock brokers and investment firms executives. If you Hail them like Kings and Queens!!!! Go!!! kiss thy shoes.

          • Modavations

            Do you have any idea of what Wall St.does with money.It invests  in busniess,whicin turn,puts you to work.Do you know of the Harvard endowment?

    • Modavations

      Cut the spending and leave us alone.To quote J.Carville,”it’s the spending stupid”

  • Wildhare

    Wall Street feels entitled to their high incomes and if they cannot “earn” these sums legitimately they will find ways to bleed investors. This entitled class feels no loyalty to customer or country. It is not money that is evil, it is the love of money that is the root of all evil. Small investors beware.

    • notafeminista

      Everyone feels entitled to their income, not just Wall Street.  The 99% however feels they are entitled to Wall Street’s income.  That’s a different problem.

      • Anonymous

        You’re not listening are you.

        • notafeminista

          Yeah I am.  That’s the scary thing. 

        • Modavations

          She is and you’re vastly outgunned

  • bill

    Tom, Let’s face it.  We live in a plutocracy, which means a dictatorship by monied interests.  Obama’s refusal to investigate, much less prosecute, Wall Street and financial criminals makes the point.  The Republicans are worse.  What can we do?  Ask Occupy Wall Street.  We can protest, and then get tear gassed.  That’s about all.

  • Gilscott-heron

    It is about time we begin to stop being polite with our Elected officials and the failure of our Congress and senate to protect the people from getting ripped off. They allow a MArk to whatever they want for reserves on the banks books this is the criminal loophole that allows the banks to continue to screw us.
    Time to stop being polite our revolutionary fore fathers would advocate for an armed revolt.
    How log do we allow them to shackle us with their debt and the debasement of the currency to pay for the bankers to get fat and rich?
    The legal system is broken  with out mark to market there is no regulation or integrity in our system now today. and into the future.

  • Drew You Too

    Greed in the Financial Sector will cease only when The Financial Sector itself ceases to exist.

  • tired of hate

    The attorneys general of several states have been working on a nation wide investigation for US taxpayers.  Several months ago the administration was proposing a settlement.  New York’s and other attorney generals dropped out of the task force because he had many people he wanted to prosecute.  The settlement was to be for 1.2 billion.  Those who were harmed would draw from the fund.  That leaves 600+ billion dollars that was loaned in the bail out.  Check out this website…http://www.sigtarp.gov/press.shtml

  • boston mom

    How is “I didn’t know” an excuse?! These CEOs should be held accountable for the criminal activity that occurs on their watches. They say they have to pay out humongous bonuses to keep “the best and brightest,” but none of them know what’s going on in their companies? The American public is sick of watching every big business CEO get away with bilking the world of billions because they say they didn’t know. BS. If there is widespread corruption of a police dpt, does the chief not get held accountable?

    • Steve

      Nuremburg

    • http://www.facebook.com/people/Wilson-Cannon/703758678 Wilson Cannon

      I think “I didn’t know” has become an unofficial version of pleading the fifth. It’s a clever defense in a way; even if it’s proven that a person did approve a criminal action they can claim to be responsible for so many decisions that they simply didn’t remember approving it and thereby avoid perjury. 

  • http://www.facebook.com/etoile Eliot Walter

    At Occupy Lexington Ky the conversation inevitably turns to restoring the Glass-Steagall Act and other regulations.  What is wrong with this country when the people who are trying to be patriotic and do the right thing are vilified while the bankers are rewarded?  Occupiers on the west coast and the north east are beaten and jailed for trespassing while the bankers get to keep their ill gotten bonuses?

  • Drew You Too

    Mr. Black you are one of my heroes, thank you for ALWAYS trying to serve the interests of your country.

  • TFRX

    “Real regulators running real regulatory agencies” should not have to be a fix-it point, but rather a background function of government. That we have to say we need this shows how askew the conversation has been dragged.

    Now, when we’re not in crisis mode, when there isn’t a four-alarm blaze and every firefighter and every hose truck and every ladder truck in the whole county is onsite fighting this inferno, who is still saying “real regulators running real regulatory agencies”, and who is saying “laissez-faire” and pretending (for example) that we have transparency and that people with an E-trade account get the same info that Wall Streeters do?

  • Agnostic

    “Don’t blame Wall Street. Blame yourself.”  Show me one candidate for president who does not agree with that implicitly.

  • Anonymous

    CONGRESS is broken.  And, unfortunately, only congress can fix it.  So much money is needed to get elected, that most of our senators and representatives have no choice but to seek big contributions – or have an almost unregulated PAC do their dirty work.  It is time for the people to rise up.  That’s much of the point of Occupy ….  We need a well-educated public.  How does that happen when k-12 schooling has to grovel beneath the testing industry and the conservatives whose push for “basics” crowds out critical thinking?  And most of the public gets the information to decide on their candidates (if they even vote) from the big money ads that distort, hid and obfuscate.  Even worse is the dis-information.  It’s a huge, uphill battle.  But we must take it on if democracy is to survive.

  • http://www.facebook.com/profile.php?id=100002398828995 James Scott

    The point I was hoping to make:  our government is not able to hold these banks accountable…they are global.  they are an oligarchy.  Someone has profited hugely on the destruction of America.  It is a form of terrorism – monetary terrorism is the worst of all. Look at the housing crisis…foreclosures haven’t even peaked.  The other point is they own our government apparently or else we would do something…right?
     

  • notafeminista

    I guess you could call these guys “CEOs” in the strictest definition of the word…
     
    http://www.nytimes.com/2011/10/05/us/farmers-strain-to-hire-american-workers-in-place-of-migrant-labor.html
     
    http://www.extremeskins.com/showthread.php?323519-The-Detroit-News-Landscapers-find-workers-choosing-jobless-pay
     
    On the other hand, maybe they’re just corrupt guys looking to make a buck.  Either way you can stick that snarky “anec” comment right in your back pocket.
     

    • TFRX

      The exploited immigrant labor (no matter the status–illegal workers depress the labor market for those who have their papers in order) goes away, and there is a labor shortage. That should not be a surprise.

      • notafeminista

        Ah so its true.  These are jobs Americans feel they are too good for.   (Unwilling to y’know….clean toilets, mow grass n so on.)

        • TFRX

          If people need higher wages to be induced to perform it, why should you argue with the whole “supply and demand” thing?

          • TFRX

            By which I’m not saying anything about the type of labor involved.

            But I’m already to the point where I’m answering the inane chatterings of a parrot with complete paragraphs, so…

          • notafeminista

            Well now the grump is that there are no jobs.  That is plainly a flat out lie.  That there are no jobs YOU LIKE…well.  That’s a different problem isn’t it.

          • TFRX

            Supply and demand: The thing that righties used to give a crap about.

            This is a normal reaction to removing the exploited labor: The price will go up.

          • notafeminista

            The jobs are there.  The NYT doesn’t lie right?  It is unskilled labor. Having a job YOU DON’T LIKE (or isn’t glamorous,fashionable, meaningful or otherwise suitable to what you think you ought to be doing) is not the same as not having a job. 

          • TFRX

            Yawn. When you want to invoke “supply and demand”, let me know.

          • notafeminista

            What if the farmer (or whoever) can’t afford to pay higher wages?   Offering more than $10 an hour will put him out of business perhaps.  Then what?

          • TFRX

            I don’t know. You’re the “invisible hand” guy. Maybe a dash of socialism is needed there.

            There’s a reason that, say, chicken parts or potatoes cost the same now that they did about a quarter century ago. And with those “Vere are your paperz” laws in Arizona, Alabama, and such, we’re seeing it: Exploited labor.

            Sounds like you have a problem with all those anti-immigrant sorts in RealAmerica(TM).

          • notafeminista

            It’s your choice.  We can employ the immigrants (of whatever variety) and grump about there being no jobs – or we can take the un-fashionable jobs and be employed.  The jobs are there.  It’s not someone else’s fault if you don’t like them.  It’s a tough ol’ world out there and there are no guarantees – except at the end of it all…we die alone.

          • TFRX

            Nothing will get you to clap yer yap about “unfashionable”. I don’t give a crap about it, don’t put words in my mouth.

            Yes, when supply and demand would seem to make a certain job pay more because exploitable labor isn’t hirable (because of some right-wing valuistas), you want to say “TAKE A JOB” rather than “SUPPLY AND DEMAND SHOULD BE LET TO WORK”.

            Maybe the invisible hand just caught up with this farmer, and he needs some government assistance because all those “law and order” types had no friggin clue about what these laws would do to the labor force. (A lot of white, rural people get gov’t assistance, you know. Or perhaps you don’t.)

            I’d love to get to ignorantly spout off about what you do and how you should be grateful that someone will pay you a pittance for it. But that requires a self-reinforced ignorance I’m just not capable of.

          • notafeminista

            The supply is there – as has been demonstrated.  The demand is not.  People would rather live off government unemployment than actually have a job.  When demand is low, prices are low.   Americans think they are too good to clean toilets, that why they permit the so called exploited labor market in a supposedly free country. 

            A lot of people period get govt assistance.  Such assistance is alluded to in the NYT article I provided.  Did you even bother to read it?

          • Modavations

            The advocate of Big Government complaining about big Brother.

          • Anonymous

            If his product isn’t worth what he has to charge to legitimately produce it, he SHOULD go out of business in a free market economy.  Isn’t that exactly what you’re preaching?

          • notafeminista

            I think so.  Do you?

          • Anonymous

            Absolutely.  But it all turns on what we determine to be “legitimate”.  A market with the costs and benefits included in the equation, and with reasonable access by consumers to that information, is the way to go.  We don’t have anything close to that in our version of an economy.  The argument is over how we react to that failure. 

          • notafeminista

            Well what who determines to be “legitimate”?  What may be legitimate to the business owner is not to the employee.   Since the business owner would be the one with “skin in the game” so to speak, he gets to dictate the terms of his business.

          • notafeminista

            Oh good grief.  Should read “Who determines what to be legitimate”

          • Anonymous

            “Legitimate” is whatever the law at the time requires and allows.  So, for example, having slaves forcibly do the work was legitimate during a time in the past, as was dumping whatever raw effluent created by your business directly into a river also legitimate in a more recent past.
             
            Legitimacy is a product of laws, not the discretion of either the employer or employee.  I hear others here refer to it a “the rule of law.” 

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            Did you see Warren Buffet’s son last night on 60 minutes. i didn’t see any laborers with him while he was planting corn on his land. he was using a HUGE tractor. PLEASE!!!!

        • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

          I will clean a rest room for $21.00 and hour or be a garbage man for $25.00 if they pay me less than that NO THANK YOU.

          • notafeminista

            Cleaning a bathroom is absolutely unskilled labor.  How on earth do you demand THREE times the minimum wage to clean the toilet?   You do realize you are demanding 43,000 a year gross to clean toilets?

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            Why not? cleaning a bathroom is an easy job. Did you try it on your building for once ask your Janitor to swap job for one day and clean your office restrooms? let me see how you feel after cleaning all of them.

          • notafeminista

            Yup.  Did it for 5 years. Next?

          • Modavations

            In Manilla a janitor get 7cents per hour

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            IS THAT A RACIAL SLUR AGAINST FILIPINOS MISTER ARROGANT AMERICAN?

          • Modavations

            I have pals in Cebu City and the locals make 5 bucks a day.

  • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

    Man Foundation Global is not the only company that’s missing billion dollars, Defence Secretary Donald Rumsfeld to account for 8.8 billion dollars entrusted to the Coalition Provisional Authority (CPA) in Iraq earlier this year but now gone missing and list goes on and on.

    • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

      Correction not this year but during the Bush Administration

      • Modavations

        You suffer from acute Bush Derangement Syndrome

        • Modavations

          Speaking of rubbish,didn’t you send a shout-out to Boston’s OWS.You were going on and on about how well they cleaned up the site ,before they left.Yesterday’s Boston Globe had pictures of Sanitation guys cleaning up.It was a friggin “Pig Pen”.

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            They cleaned it on Thursday but were not evicted and after 4 days after the cleaning it was messy again. Try not cleaning your house for 4 days let us see what happens. They cleaned multiple times. YOU NEVER Saw IT BECAUSE THEY NEVER SHOW THE GOOD PART OF THE OWS THEY ONLY SHOW THE BAD PART.

          • Modavations

            Keep your shirt on son and check the Sunday Boston Globe and quit with the endless excuses

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            Excuse me grandpa but I am sorry I was there. while your sitting on your ass full of bed soars and complaining about the government on MESSAGE BOARDS. AT LEAST I DID SOMETHING ABOUT MY FRUSTRATIONS AND I KEEP MY HEADS UP. You are just proud to be yourself even though there IS NO CLAIM TO FAME on your life except on NPR message boards. I PROUD TO DO SOMETHING ON THE STREETS OF BOSTON THAN DO NOTHING.

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            Pig Pen PLEASE!!!OBVIOUSLY YOU SEEN A PIG PEN IN YOUR LIFE. IF I SEE YOU AGAIN COMPLAINING ABOUT THE FEDERAL GOVERNMENT ON MESSAGE BOARD I WILL BE THE FIRST ONE TO BE AGAINST IT.

    • Modavations

      When Dr.Berman was on C-span a few weeks ago,he commented that up to 30% of the Medicare budget is lost to fraud,etc..That’s about 130Billion per annum.GAO said we lose 200 Billion to program duplication per year.Unbelievably we will spend 457 billion this year alone, on interest to the debt.Cut the budget across the board(no ifs and or buts),every year until unemployement reaches 5%

  • http://www.facebook.com/people/Wilson-Cannon/703758678 Wilson Cannon

    The question “what can be done?” kept coming up during this story. We know that the incentives and the lack of punishment enables this type of massive fraud, and that lobbying interests can slow or block changes to the law or even enforcement of laws that exist. So what do we do? Well, we use what we have left: our votes. We pay close attention everyday to what Congress, and the DoJ, and the SEC are doing or not doing and we let them know that they’ll be out if they don’t do better. Talk to your neighbors and co-workers and get them to do the same. Get people pissed off.
    Kudos to On Point for a terrific job and for keeping the focus on the facts we know about this case. Broadcasts like this should matter more than any political commercial, any debate, or any speech we may see in the upcoming months. 

    • Bruce

      Agreed, it would have been interesting to see what Dodd-Frank Wall St. Reform & Consumer Protection Act would have looked like if the Tea-Party dominated GOP and conservative Dems had not watered down or eliminated certain provisions. 

      Meaningful financial reform would have included not some, but ALL of the following:

      increasing consumer protection

      raising capital requirements on banks

      connecting executive compensation to performance (i.e. salary clawbacks & reduced pensions when their bad decisions lead to bailouts at taxpayer’s expense)

      reducing conflicts of interest (i.e. end to revolving door between Wall St. & Washington as well as perverse Rating Agency incentives)

      Restoring Glass-Steagall separation between commercial and investment banks

      Providing method of winding down banks ”too big to fail” when their collapse threatens the entire economic system

      Increasing transparency and regulation of derivatives

      Ending “proprietary” trading

      It’s obvious that Dodd-Frank addresses many of the above items, but could have gone further except for the stonewalling and obstructionism of conservatives in both parties, but especially the GOP whose agenda seems unduly influenced by laissez-faire, libertarian, paranoid, anti-government, conspiracy-theory zealots. 

      r

  • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

    Is it a sin to make $21.00 an hour to clean someone’s Kaka or
    or pick up someone’s Kaka? That is the problem with this world.
     
    The world dirtiest Jobs can be treated with respect but some Arrogant people think they have to be paid shitty because of a dirty job – that’s how GREED start.
     
    In order to be respected in this world you have to LOOK LIKE THOSE PEOPLE IN WALL STREET. SMELL LIKE EXPENSIVE cologne or perfume but IF A PERSON IS Janitor the respect is gone or does not exist at all.

    • notafeminista

      Fair point.  Then what do you pay a college professor in relation to a janitor making $43,000

      • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

        Tell that professor to clean a bathroom.

    • Modavations

      80% of american millionaires started at the bottom.Make something of yourself kid.Save some money and open a business

      • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

        “80 PERCENT” OF AMERICANS ARE MILLIONAIRE!!!! IF THERE IS 80 PERCENT OF AMERICANS ARE MILLIONARE WHY THERE IS 15 MILLION AMERICANS WITH NO JOBS OR PROBABLY MORE
        you probably TOOK SO MANY psycho pills today that you over medicated.

        • Modavations

          reread it son

          • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

            show me names of your 80% Americans that started from the bottom. WITHOUT ANY MONEY IN THEIR POCKETS WHEN THEY STARTED T NOTHING AT ALL NOT EVEN A DIME IN THEIR POCKETS.

  • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

    There is NO CURE OF corruption as long there is Money in this world evil and greed will be with us forever. There is no solution. Even if you create a graft and corruption laws. Greed will not go away it will stay with us.

    Money should go away and our world will be a better place to live but No. because we love seeing other people suffer and there more people suffering than enjoying life.

    • Modavations

      They tried that in Russia.

      • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

        Russian eradicated Money? PLEASE!!!!

        • Modavations

          and the work ethic

    • brad

      Do you think anyone cares what you right on this page?  We all see who you are and what you support, and it sure isn’t our Great Nation and everything we do well.

    • mikey

      Or we could just refund the Office of Thrift Supervision, Reinstate Glass Steagall, start funding the SEC and go back to the same set of laws that kept American finance safe for the 60 years after the great depression. I would also like to point out the Corzine would have nothing if this was a  60s era Wall Street firm because he would have to put up his own money. Those companies were partnerships not publicly traded corporations.

      Christopher Cox bragged about how few prosecutions he did at the SEC. Credit Default Swaps were illegal under Glass Steagall because everyone knew that banks underwriting insurance contracts would immediately destabilize banks. In fact if you do insurance underwriting without any capital to pay off the insurance contracts they put you in jail – UNLESS you call your bond insurance a Credit Default Swap. Then the FED bails you out. 

  • Modavations

    While I agree with NPR’s effete,elite that Heifetz is dandy,true genius resides in one, Joe Strummer(the Clash).May I direct you to his final “grand opus”,Je pense qu’on ce veut dire,”Global A Go-Go”.                 “J”

    • Modavations

      Sorry,sorry wrong story

      • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

        how can people BELIEVE IN YOU. We will never know what is right about you.

        • Modavations

          You presume that I care if you believe me

    • Anonymous

      ouy vay… what a maroon.

      • Modavations

        Please go to Fridays “Week in revue”.This utter hypocrite was just arguing with Gregg about name calling.The converstaion was 5 minutes ago

  • Pingback: Heads I Win, Tails You Lose: Perverse Incentives on Wall Street | Ethics By Design

  • http://profiles.yahoo.com/u/3ETFGMQ3B7VD4AAMILBBEVMCWE JasonA

    Corzine should be in jail for the rest of his life.And fined into poverty. Let his family live on food stamps or beg on the streets.

    • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

      He will survive with food stamps.

      • http://profiles.yahoo.com/u/3ETFGMQ3B7VD4AAMILBBEVMCWE JasonA

        I believe that my post suggested that Corzine be in jail, and his family on food stamps….

  • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

    We live in the world’s wealthiest nation. Yet 13 percent of people living in the United States live in poverty.
    Nearly one in four children live in households that struggle to put food on the table. That’s 16.7 million children.
    The most direct way to reduce hunger in the U.S. is through national nutrition programs. But while food assistance to hungry people is vital, it is not enough.

    • Modavations

      Poverty in America means 2 T.V.’s with cable,a car,3 air conditioners,2 cell phones,and 2 kids that are overweight.What you call America’s poor, are Manila’s ultra wealthy

      • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

        That’s your definition of poor. Go the suburbs of Georgia,Louissiana or East LA. You don’t know poverty BECAUSE YOU NEVER BEEN POOR IN YOUR LIFE.

        • Brandstad

          Statistics our government puts out show that more than 70%of the poor in the US, own at least one car, game system, flat screen TV, live in a house with 200 ft^2 more living space than the average person in Europe, have air conditioning…

          • Anonymous

            Shame on those poor people. They even have refrigerators I here.
            I guess all the poor folk should hurry up and start living in shacks and walk around with tin cups. Better yet we should put all their children to work in all them union jobs.

          • Modavations

            You guys have made a racket out of poverty

          • Anonymous

            and you have made a racket out of bloviating.

          • Modavations

            I tried Social Work,but bloviating pays more

    • notafeminista

      Why not just let folks go right into their local grocery stores and food markets and take food off the shelf to their homes?  Greedy grocer ought not be worrying about making a profit anyway.

  • Bin

    Corzine is regular CEO job creator, just like all the others behind the grass-roots Tea-Party… He deserves a tax cut for his good and patriotic work !!!

    The fault for the sorry state of our country is the 99% union-loving OWS and other muslim atheist communists.

    • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

      Such a racial slur. Go and kiss Corzine’s foot and tell him to give you money because you praise him because he got MONEY. did you ever say hi to your Janitors at work? if not you are not a human being.

      • mikey

        I think that was satire.

  • notafeminista

    Tying compensation to performance…novel idea.  Let’s start with the public school system!

    • Modavations

      Your on fire today

      • notafeminista

        Ate my Wheaties ;)

        • Anonymous

          Oh brother are you showing yourself to be nothing but a right wing thug.

          • notafeminista

            Right wing? I should think.  I’ve not been subtle in the slightest.  Thug?   Hardly.

  • Tina

    Having trouble getting comment to appear.

  • Tina

    Sorry!  I’m having trouble getting my comment to a posting to appear.  So, this is in response to Just Cory Please!’s posting at 5:40 AM this morning, December 12:

    I know I risk sounding like a broken record, but I believe the “ism” needed — worldwide — is the Social Democracy of the Scandinavian countries — NOT the Left of Britain, which sometimes has parallel programs, because the inner core of the UK is just NOT the same as the inner modus operandi of the Scandinavian countries.  I know, I know, I know that the Scandinavian countries have high taxes, BUT they have programs that almost every human being — or someone in almost everyone’s family — needs over the lifespan, and those programs are paid for and are reliable.  The countries constantly study how to improve their programs, etc.  I would not mind paying for what I need, but I do resent paying for programs that benefit lobbyists only, including armaments manufacturers. Also, please do NOT say that we have too much diversity for a Scandinavian solution:  our diversity makes it even MORE essential that we emphasize our common humanity!!I cannot believe that the Right has gotten so many people to believe that there is too much governmental oversight, when there is not enough governmental supervision over Wall Street and the oil and gas conglomerates, over corporations that often adversely affect our environment, etc., etc.!  A government that aligns with the needs of  its people, especially based on the normal processes of life like disease and catastrophes (catastrophes ARE normal across the population, if not per individual), and protects them from the ravages of greed and corruption would be a welcome government, in my opinion.  We need radical campaign finance changes NOW!

    • Modavations

      Madam,a country of 17 million white guys can be any ism it wants.

    • notafeminista

      You resent paying for programs that benefit all lobbyists or just some of them?

  • http://pulse.yahoo.com/_C2STBLZJK4VKQBV27DVQX3I6CU FAX68

    Poor in America has TV,cable, internet,a car and cell phone PER Modavations and Branstad. WOW!!!!

    I wonder where all those HOMELESS PEOPLE in Pine Street in China Town and across the nation. park their cars, Plug in their cell phones or lap tops at night time. Ya I know in their behind?

    SO SAD to see So innocent comment about the Poverty in America and I read poor people in America has tvs or cell phones. WOW!!!  You people are so naive and arrogant to say that the poor have all those luxury in their life even if they are poor.

    It is mind boggling and sad. how you define poor the homeless people.

    • Anonymous

      I am only putting the “poor in america” in perspective.  

      Since  I have been to more than a dozen foreign countries, I have seen what real poverty is, and American poverty is not comparable.

      • Anonymous

         Which makes the poverty here so much more acceptable.

        • Modavations

          It’s not poverty.I also have been everywhere and our poor are considered tycoons in most of the world.When you guys afford the ghetto kids school vouchers,I’ll take you seriously.Otherwise you’re just a poverty pimp.You keep your chattel in a ghetto,ministrated by the capos Jesse and Al..You purposely keep the so called poor,poor, so you can keep your Social Worker job

    • Modavations

      I differentiate between junkies and drunks and the legitimate poor.What you call a poor man in America, is a tycoon in Manilla.That my friend ,is not an attempt at levity.

  • Anonymous

    Isn’t it funny that the so called party of the rich has so few rich states voting for it?

    I think this proves that the Democrats are truly the party of the rich and the Republicans are truly the party of the common man!

    http://www.theblaze.com/wp-content/uploads/2011/12/Median-Income1.png

    • Anonymous

      No it’s not funny. Should tell you something about the people who are voting for the GOP.

    • Modavations

      Absolutely.The vast majority of the Wall St gang are Dems.and Obama has collected more from them, then all politicians combined.This is not a joke,after Barney Frank pledged solidarity with the OWS crew,he got on a jet and went to a Wall St. fund raiser

    • GlennBeckDupe

      Of course! Education is linked to income which are linked to voting.

      What the chart really says are the least educated vote Republican, which is why Brandstad believes what Beck is spinning.

  • http://pulse.yahoo.com/_OJF7CYDGDTVNOABKSYMSOV7NRQ Sien

    If this were feudal Japan, there would be no question that Corzine would know what he must do next.

    • Modavations

      Unfortuneatly,there is no shame any longer

  • at

    If vote America is for real then there is a chance for a Nader/Sanders ticket.  That is my dream team.  I could be done, especially now with no good choices in either the RepuloCrates or the DemoCans. I think this team could undo all the evil that was done in the name of national security, and “saving the economy”.

    • TweedleDumDee

      They’ll never get a majority. The big issue this time around isn’t capitalism vs. socialism- clearly a majority just will not go for socialism. The issue is outrage against the shenanigans of the financial elite across the board.

      Grassroots members from left to libertarian to right to independent can agree.

      There is bigger majority taking back our basic system from the banker class and their 2-party lackeys.

      The points of agreement between Ron Paul and Ralph Nader I think represent a greater grassroots movement than leftists will find.

      Nader:
      “Libertarians like Ron Paul are on our side on civil liberties. They’re on our side against the military-industrial complex. They’re on our side against Wall Street. They’re on our side for investor rights. That’s a foundational convergence,” he exhorts. “It’s not just itty-bitty stuff.” 

    • Modavations

      That ticket wouldn’t carry Cambridge Ma.Now Nadar-Paul is another story

      • at

        Bernie is not a crackpot.

        • at

          Sorry please disregard my response to you. I just realized who you are.

          • Modavations

            You mean Bernie Sanders the transplant from Brooklyn.Chief hack of the whitist of the American States.Vt.which has the highest percentage of Federal and state employees in the entire country.That Bernie.

  • mikey

    Can someone please tell me why William Black is not working as a regulator? Thank you, Mr. Black. 

    • Anonymous

      The answer, of course, is because no one with the authority to do so actually wants to solve the problems he would address as a regulator.

      • JohnDoeChicago

        Mr. Black spoke about the lack of FBI agents.   They are all working on “Homeland Security”.  And the Republicans want to cut funding to all regulators.  How is that going to help?

  • Patrick

    It still amazes me that financial managers are lionized by the right.  They produce nothing, and leave ruined economies (of all sizes) in their wake.  And yet, the fact that some poor people have the nerve -the nerve!- to own a car means that they’re the irresponsible ones.

    I was once a supervisor at a fast-food chain, and one of the working poor.  I didn’t make enough money for reliable transportation, so I bought a cheap car that, over time, siphoned my savings away.  I couldn’t afford auto insurance, but I paid for it anyway.  I lived with roommates, ate as cheaply as I could, had no cell phone, etc., and it was all I could do to to keep above water.  The stress of such an existence – the lack of a future, the insecurity, and the disdain from comfortably indignant blowhards such as can be found here – was immense.  Nobody should be surprised when people in this position turn to drugs, crime and nihilism.

    The fact is, the condition of the working poor has only been declining since I was among their ranks, and I can scarcely imagine how bad it is now.  There’s a huge swath of society that works full time at thankless jobs, for less money than previous generations, and is losing ground.

    Just think about it – the next time you’re at Starbucks, Applebees, McDonalds, Barnes and Noble, Home Depot; basically any store with a logo – there’s a very good chance that the people serving you are poor.  If they manage to do it with cheerfulness and dignity, then they deserve a medal.  What they get, instead, is abuse from a bunch of loudmouth jerks whose ideology gives them permission to spit in the tired faces of hardworking Americans.

    • notafeminista

      From the tone of your post, you are no longer among the ranks of the working poor. 

      1)How did you improve your lot in life?
      2)Shouldn’t human decency go both ways?  Or is it reserved solely for the working poor?

      • Patrick

        #1 – I didn’t do a thing; a family member gave me an opportunity to work in the family’s business, and I took advantage of it.  It was nepotism, plain and simple, and I don’t try to call it anything else (Contrast this with someone like Mitt Romney, who poses as a bootstrapper).
             Now I manage that business, and see things from the other side.  And yes, many of my employees are the working poor, and some of them will be for life, through their own fault.  But others are model employees – hardworking, reliable, responsible, competent.  And I do whatever I can to provide them with opportunities to advance their skills and command higher wages, but opportunities are often few and far between.     Sure, sometimes they need the benefit of the doubt, and sometimes they need a kick in the ass – in other words, they’re no less fallible than people in higher economic strata, and there’s a much thinner floor between them and rock bottom.     But of course, by virtue of being poor (particularly those with families), they fall under the umbrella critique lofted by some of the ignorant voices on this page.  They have people like Brandstad telling them to be ashamed of their car or their television.

        #2 – What are you saying here?  I don’t follow you.  That the working poor owe people wealthier than them some kind of sympathy?  That the working poor are unfairly assuming that financial managers, by not having to skip lunch 3-4 times a week, somehow have an easier time of it?  That in order to be spared the insult of having Brandstad question their right to a car or a television, they should prostrate themselves?  Please clarify.

        • notafeminista

          You say that the working poor get nothing but spit in their poor tired faces by indignant blowhards (presumably blowhards better off than they).  I’ve worked and still work in the service industry and know just how difficult humans of all stripes can be regardless of income, especially when under stress.  You want the working poor not to be treated badly by others and I fully agree – however let’s not assume simply because someone has money that
          A)His life is any better or happier (after all money doesn’t buy happiness right?)
          B)That ALL people regardless of income deserve to be treated civilly – not just the working poor.   That means stop demonizing those who are better off than someone else.  After all as you point out, a number of the poor employees you have are that by their own hand and not someone else’s.

          • Patrick

            Well, what you’re saying is not controversial, and we agree.

            I would only add that it’s supremely babyish for wealthy people to complain about being demonized.  From those to whom much has been given, much should be expected – wealthy people deserve basic human decency, but respect needs to be earned.

            For example, I don’t respect Paris Hilton at all, even though I’m sure that the sales taxes she pays on her gold leaf toilet paper more than outweigh what I pay on my meager income.

          • notafeminista

            The amount paid is not relevant and not your business!  I can think of half a dozen reasons why I might not respect Paris Hilton, but her income is not one of them.

            And you’re right – respect needs to be earned…income (or lack of) is not an immediate express pass to respect.

          • Patrick

            It is relevant.  As I said, from those to whom much has been given, much should be expected.

            If Paris Hilton was working a low-wage job, supporting herself or her family with the discipline of honest work, then I would respect her a great deal.  Instead, her income means that she doesn’t have to prove herself.  She’s the very antithesis of the American archetype that the right worships.

            Now, if she was distinguishing herself through philanthropy, or if she was working to promote a worthy cause, or if she was making any kind of effort to show humility or gratitude for her good fortune, then I would respect her.  I’m sure she doesn’t care whether anyone in my economic cohort respects her, but there you go.

          • notafeminista

            Interesting point you make:  “She’s the very antithesis of the American archetype that the right worships.”   …maybe, maybe not. 

            But she is exactly the example the left worships.  She’s living high off someone else’s money with little to no responsibility or accountability.

            Interesting.  Thanks for the thought experiment.

          • Patrick

            That’s the sound of you sticking your fingers back in your ears.

          • Modavations

            Send me some of those wheaties please!!!!

          • Terry Tree Tree

            Poor little $Millionaires and $Billionaires?  CRY me a RIVER!  I’ve seen the results of poor little $Millionaires!  They DON’T help the Volunteer Fire-Fighters and Volunteer Rescue Squads in MANY places!  They sure DON’T risk their lives and health working wrecks and fighting fires! 
                WHINE on someone else’s shoulder!  Poor little $MIllionaires, they have NO soul?

  • JG

    It’s interesting to hear people talk as if we’ll ever get control of Big Banking and Wall Street. To the contrary, there is no longer any group or entity in America that can counter the Big Business/Government nexus. They are one and the same. 

    You can thank Ronald Reagan for pulling down Glass-Steagall. 

    • Anonymous

      Actually it was Bill Clinton who drove the final nail into the Glass-Steagall act’s coffin.

      • JG

        No doubt. But, despite party affiliation, Brother Bill drank the same kool-aid. It’s the GOVERNMENT that’s in bed with Wall Street, not one party or the other.

        • Anonymous

          True, they are all in the hands of 0.01%.

      • JG

        Just an additional thought on parties. Keeping all of us bickering with each other over parties is how Big Business Government keeps us from gaining control of them. We fool ourselves into thinking one party is better than the other, or that one will correct the excesses or failed policies of the other. They are the same. They only sound different.

    • TweedleDumDee

      Good old Ron Paul makes the case every day. Those too cowardly to take on the Fed and its policies and corruptible grip on our economy, funding everything from wars to housing bubbles with unsound money, have only themselves to blame.

      Or take Nader for that matter.

      But crying in your milk and voting the status quo will continue to do nothing but further entrench our servitude.

      http://reason.com/blog/2011/09/28/ralph-nader-hearts-ron-paul-ha

      Can’t say “never” until we’ve actually tried.

      Enter DNC trolls….

    • Modavations

      Excuse me,Clinton rescinded Glass Steagal

  • notafeminista

    It is also the rule of law in this country to permit employees to dictate the terms of their employment and conditions to the one person who gave them the job in the first place and the one person who has the most invested and the most to lose.

    How is THAT anymore legitimate than slavery?

    • Anonymous

      Not where I work.  What a load of poppycock.
      You do have very warped view of the world.

      • notafeminista

        Y’know I think TRFX said it best when he told me “anec” is not a suitable prefix for data.

    • Anonymous

      You mean a collectively bargained for labor agreement?  If you don’t, then tell us where this dictatorship of employees exists.  Only those who can advance the employer’s goals get hired.
       
      Nobody “gives” a job to another, except for those incompetent family members who are supported by the family business despite their lack of utility.  Some of their comments can be read on this site.  They typically are all about the free market.

      • Modavations

        A bunch of teachers unions in the Racine Wisconson area just bolted from the Teacher Union. 

      • notafeminista

        It is frequently referred to as a labor agreement yes, or as a contract.  You know the one..when negotiations break down and employees don’t get what they want, they throw a temper tantrum and stop all business util they do.  Yes.  Collective dictatorship.

        • Anonymous

          Do you intend that your collection of words have some actual meaning?  If so, please try again.

          • notafeminista

            Which part gave you difficulty?  When I referred to a strike as a temper tantrum?  Or the implication that management actually has any say in those “collectively bargained for labor agreements”.

          • Anonymous

            Thanks for clarifying that you have no concept of how these agreements are made.  Do you have the location or other details about that place where employees unilaterally dictate their work conditions and wages.  I bet a lot of working stiffs would be interested.  Not everyone has a family business to support them, you know.

          • notafeminista

            I don’t.  Do you?

        • Anonymous

          Being that unions a re on steep decline and that wages for the majority of US workers has remained flat for the past 30 odd years, and given that CEO’s pay has skyrocketed I would say that the jury is out on who’s in charge here.

          Your views on labor unions is disgusting and this is from someone who is not a huge fan of them. You also come off sounding like a thug. 

          • Modavations

            I saw the thugs in Madison and I too term it as a temper tantrum

  • at

    The “at” idiot test.
    If you are a person who values a symbol above that which is symbolizes then you are an idiot.

    If you don’t understand what I am talking about ask yourself the following question.
    Should burning the flag be a criminal offense?

    • Lp115lp

      Do you mean people who worship the American flag yet knowingly trample on the US Constitution?

  • TweedleDumDee

    The fact that Obama/Biden turned to this guy for economic advice was raised right?

    The continuing hypocrisy of the Democratic Banker/Wall St. Party, and the lemmings who fall for it is astounding.

    http://www.youtube.com/watch?v=buRO9TSlScQ

    • TweedleDumDee

      Of course, instead of protecting and advancing the career of corrupt financial class cronies, they should have been seeking real advice from those who repeatedly warned and predicted the great Washington/Wall St. swindle of our time.

      http://www.informationliberation.com/?id=32412

  • OnePercenter

    If I change the laws with my insider connections and value-bribes in the form of campaign contributions, then I am blamless.

    “Where’s the justice?”  There will be no justice as long as we make the laws.

    Screw you and the OWS foul smelling scum.

  • Modavations

    Today’s poll question on the Howie Carr show is….”Are you saddened or gladened that the OWS site has been dismantled?”.As of 5 minutes ago, 96% say they are gladened.May I suggest a PR firm.To you folks who enjoy living in tents,you might contemplate joining our armed forces.

    • TFRX

      It takes some blind ignorance to represent some self-selected poll on Howie Frikking Carr as meaning anything except “Guess what we can get a fool to blab about elsewhere?”

      • Modavations

        You’re awfully touchy there lad.I just wanted the audience to hear what working class bostonians think,or do only the thoughts of the elite count?

        • TFRX

          Don’t you know the meaning of the word “self selected”? Do you think all the working class Boston area folks are there, or just a preponderance of angry white men?

          And don’t assume I’m touchy. You’re making an ass out of you and you. The usual internet rules about non-verbal communications and voice tone apply.

  • MredFanning

    ESSENTIAL TIP FOR PAID FORUM SHILLS: Always be polite. Always “appear” reasonable even though you know you’re on a mission to disinform. Never risk getting kicked off a board. Be patient, the check is in the mail.

    ESSENTIAL TIP FOR CREATING MULTIPLE PERSONALITIES to get back at others that bug you: never use exotic words that will tip off adversaries you’re the same user. For instance, never use the word “moniker” when you mean a user name.

    FACT: those with the history of MOST using the term “moniker” here at On Point are GretchenMo, Gregg, Modavations, and our porno-impersonator.

    CONCLUSION: Isn’t it obvious?

    • Modavations

      Ultrax,as an honest man do you think I’m worried about you using my name?.

      • Modacrumb

        You are not an honest man.

        An honest man admits when he’s wrong. 

        You don’t.

        Because, just like any narcissist, you actually believe you are never wrong.

        Besides, you are a liar too.

        Since, anyone who has used your name in the past has been banned by your tattletaling.

        So, in fact, you are worried about people using your name.

        Your own behavior negates your own points above.

        Thanks for proving yourself wrong again.

    • Modavations

      Please go read last nights post on the Weeky summation story.Mr Ultrax swore he’d never be back.Some one mentioned”don’t let the door hit you.”Never trust a Progressive to keep his word.

  • notafeminista

    So out of idle curiousity, should the 1.2 bn show up tomorrow…….then what?

  • Nh3man

    I went to prison for two years because someone stole $6 to 8 million from a construction project I was involved in.  I never touched, saw or even knew the money existed.  Much the same will happen with the Wall Street debacle.  Low hanging fruit without the resources to hire the best defense attorneys will be convicted of something.  Those at the top will never see the inside of a courtroom.   on Tuesday’s topicI’m not offended by Tim Tebow,  Kurt Warner or other players giving thanks to their deity,  or acknowledging where they believe their skills come from.   What I find offensive is them thinking and vocalizing  they or their team won because they’re devout Christians.    Is the opposing team sponsored by the devil?   Is that why the Titans lost the 1999 Superbowl  to the Rams….because Kurt Warner and his wife were vocal evangelical Christians?  The Titans were the devil’s team?  Is it their contention that their deity is so shallow that he/she takes sides in footballs games.   If that is true, we may all be in trouble.

  • Jeff

    Re.: Corzine : where does the buck stop ?, who is accountable ?, is ignorance a
    defense ?

  • Carolkeival

    I thought with the new law, ignorance was not an excuse, this should especially be true in Corzine’s case. In the law, the CEO of a company had to sign some document as to the authenticity of their financial statements.,

    • Lp115lp

      “I’m sorry officer, really, I didn’t KNOW it was illegal to drive at 65mph in a 25mph school zone”

      Lesson: If you’ve got the right ‘connections’ within ‘The Party’ – denial of knowledge of illegality of an action (as opposed to denial OF the action) trumps prosecution because ‘intent’ must be proved – not admission of committing the act(s).

      Doesn’t seem to matter whether they’ve got photos, recordings OR signed confessions. Somehow it’s gotten to the point (in the USA) politicians, bankers, and others with ‘connections’ are thought in the courts as not ‘capable’ of understanding the wrongfulness of their actions – like ANY mentally ill suspect – while Jack and Jill Citizen ARE and may be convicted even though they ALSO may plead ignorance.

      Any current (or former) high-ranking political official (or Party member) may commit crimes with impunity while local GOP and/or Democratic Party members (and all others) can be stopped on the streets and have all their assets seized on mere ‘suspicion’  – the US Supreme Court has decided so.

      Money given to political office holders or their staffs is ruled a ‘gift’ while cops, health, building and elevator inspectors given the same money are convicted of ‘bribery’.

  • ET

    When Mr.Corzine was asked by a congressman: “Did you authorize the 
    removal of the $1.2 billion from the private accounts”, and he answered
    “I never did anything illegal”  (my paraphrases by memory), why didn’t
    the congressman, or another one, follow up?

    Why did Mr. Corzine answer in this evasive way?  There is a negligibly
    small chance that he was merely answering a different question than what
    was asked for his own entertainment.

    Way more likely that:

    If he answered truthfully, he would have to say “Yes”

    or

    that he didn’t do anything illegal, but turned a blind eye toward what his minions were doing

    or

    that he doesn’t think that removing the $ was illegal.

    That his answer was so clearly evasive seems clear evidence that he is hiding something.  He couldn’t find a way to be more covertly evasive.

    Lets hope that the underpaid and overworked prosecutors in the Justice Dept make him answer.

    Also, what is his net worth?  How far would it go

    • ET

      Also, what is his net worth?  How far would it go in restoring the money to those private accounts?

  • Fredlinskip

    IF billions can mysteriously disappear from MF Global, I suspect that probably trillions have also “disappeared” in total from other American corps and the  $2-3 trillion that we are told Corps are currently “sitting” on (instead of investing in America), is a very low estimate. 
     

  • Lusitan

    I’m a big fan of OnPoint, but very disappointed in the transparent Democratic bias shown by Tom Ashbrook and his guests on this program.  I guess OnPoint is already in full 2012 campaign mode for the Obama reelection?

    “Jon Corzine was governor of New Jersey, a US Senator, and CEO of Goldman Sachs.”

    What’s missing there?  I’ll give you a hint: it starts with “D” and rhymes with “Democratic.”

    For the first half of the program, not a single mention of party affiliation for someone who has held the highest positions in government, apart from the office of President and Vice President.  It was all “he served in Washington” and “he was a Senator” and “he was a governor.”  Had Corzine been a Republican, we would have surely heard “he was a Republican Sentator from …” and “served as the Republican governor of …”

    Instead, Jon Corzine is treated as if he’s not closely linked with the power brokers in the Democratic Party and in the current Democratic Administration.  Baloney.  The farce went to far as Mr. Zuckerman relaying his tales of how “Wall Street” thinks that Obama is going to lose in 2012 so they aren’t worried about playing by the rules (as if the mere possibility of those dirty Republicans winning in 2012 is the cause of this type of financial criminality) when the criminal in question is one of Obama biggest money-raisers and one of the most influential and power Democratic politician/oligarchs in the county!  Why wait for the Republicans to win in 2012 — if you’re a big Democratic insider, you can lie, cheat, and steal a billion dollars right now while Obama is in the White House.  We’re talking about power and influence and politics — you can’t have a honest discussion of that without talking about (not merely referencing in an obligatory, off-hand way) the connections between the guy who just stole 1.2 billion dollars and his friends in the Executive and Legislative branches.

    I don’t expect the ”Occupy Wall Street” movement to have anything negative to say about the crooks in the Democratic Party, but I expect better from the media.  I don’t listen to the wingnuts on Fox and MSNBC, but it’s this type of never-ending, always-in-the-background Democratic bias on NPR that drives people to seek out lesser media, and it’s a shame.  If Republicans were given the same pass, and spoken of as generic “politicians” and “senators” and “governors” then I’d understand the gloved treatment of Corzine.  But we all know that is not the case.

    • Shoto

      Actually, you couldn’t be more wrong about OWS.  Anyone guilty of financial crime, no matter the party affiliation, is getting called out, and there simply isn’t any doubt about it.  You really should turn off Fox News [sic], and other right-wing propaganda sources and expand your knowledge base.

    • Anonymous

      Actually, Tom mentioned several times that Corzine was a major Democratic contributor and asked if there was a connection between his millions raised for Obama and the lack of any charges thus far.

      Corruption and Wall Street impunity are not partisan- both parties are bought by financiers.

  • RChicago

    It doesn’t matter which party is in office. None of these crooks get prosecuted because they are all in bed together. I’m convinced the feuding between the Republicans and Democrats is just a ploy to keep the population at large divided while these politicians and bankers skirt the law in order to make themselves rich and gain more power.

    • Lp115lp

      Yea, it’s called ‘Divide and Conquer’

  • Shoto

    Very good segment.  However, I do have a criticism that applies specifically to this piece, and more generally to the overall format of the show.  To wit:

    Mr. Ashbrook needs to throttle way back on the considerable measure of logorrhea so his guests can complete their thoughts.  Trying to listen and understand the thinking of William Black (arguably the foremost expert in this area) was made frustrating, even exasperating by the constant, inordinately long-winded yammering of Tom Ashbrook. 

    Of course questions need to be asked, but once that task has been accomplished (preferably with brevity and in a very concise manner), Ashbrook needs to sit back and allow the guest to answer in as much detail as is necessary under the circumstances.  It is bad enough that an idiot commercial break occurs every ten minutes (complete with increased volume).  There is no need to exacerbate the problem with rambling, unnecessary, often pompous, “devil’s advocate” framing.  This is NOT an AM radio format, nor is it supposed to be.

    Frankly, it really does seem as though Mr. Ashbrook is more interested in the sound of his own voice than he is in what his guests have to say.  In short, this needs to stop…if the intention is to be taken seriously.  The behavior is irritating, insulting and very often rude to the guests. If you think I’m exaggerating, take a listen to this particular show.  An independent assessment would very like arrive at the same conclusion.
    Enough is enough!

    • Anonymous

      I agree- I couldn’t continue listening to the Niall Ferguson interview earlier this week because Tom kept interupting to make obvious paraphrases of what Prof. Ferguson was trying to have the space to expand on. When he tries to sound as knowledgeable as his guests on every single point, it is not flattering to either party. He needs to lay off the coffee or whatever is making him jump in every thirty seconds.

  • Anne Muller

    Jon Corzine will always be a hero to me for stopping the bear hunt in NJ while he was governor.

    • Lp115lp

       And Mussolini was lauded by HIS people for making the trains run on-time. It’s amazing how so many people let the small favors out-weigh the major crimes.

  • Terry Tree Tree

    How does someone that claims to be worth $Millions of dollars, because they are the ‘best’ at managing a company, get by with a Golden Parachute, $Millions of dollars of ‘BONUSES’, and good reccomendations for another such position, for running their company into bankruptcy, and WORSE?
       How does someone that does this kind of crime, get away with saying “I didn’t know”, since the job they took was TO know?

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Apr 25, 2014
President Barack Obama and ASIMO, an acronym for Advanced Step in Innovative MObility, bow to each other during a youth science event at the National Museum of Emerging Science and Innovation, known as the Miraikan, in Tokyo, Thursday, April 24, 2014. (AP)

Guns in Georgia. Obama in Asia. Affirmative Action. And Joe Biden in Ukraine. Our weekly news roundtable.

Apr 25, 2014
In this Saturday, Aug. 11, 2012 file photo, employees of the New Hampshire state health department set up a temporary clinic at the the middle school in Stratham, N.H., to test hundreds of people for hepatitis C related to an outbreak at nearby Exeter Hospital. A new drug, Sovaldi, is said to successful treat more than 90 percent of Hepatitis C patients. (AP)

Super expensive miracle drugs. How much can we afford to pay?

RECENT
SHOWS
Apr 24, 2014
A Buddhist monk lights the funeral pyre of Nepalese mountaineer Ang Kaji Sherpa, killed in an avalanche on Mount Everest, during his funeral ceremony in Katmandu, Nepal, Monday, April 21, 2014.  (AP)

A Sherpa boycott on Everest after a deadly avalanche. We’ll look at climbing, culture, life, death and money at the top of the world.

 
Apr 24, 2014
Senate President Pro Tem Darrell Steinberg, D-Sacramento, left, talks with Sen. Ed Hernandez, D-Covina at the Capitol in Sacramento, Calif., Monday, April 21, 2014. Hernandez proposed a constitutional amendment that would ask voters to again allow public colleges to use race and ethnicity when considering college applicants. The proposal stalled this year after backlash from Asian Americans. (AP)

California as Exhibit A for what happens when a state bans affirmative action in college admissions. We’ll look at race, college and California.

On Point Blog
On Point Blog
Up At Everest Base Camp, ‘People Still Don’t Know The Ramifications’
Thursday, Apr 24, 2014

With a satellite phone call from Mount Everest’s Base Camp, climber and filmmaker David Breashears informs us that the Everest climbing season “is over.”

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The Week In Seven Soundbites: April 18, 2014
Friday, Apr 18, 2014

Holy week with an unholy shooter. South Koreans scramble to save hundreds. Putin plays to the crowd in questioning. Seven days gave us seven sounds.

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Our Week In The Web: April 18, 2014
Friday, Apr 18, 2014

Space moon oceans, Gabriel García Márquez and the problems with depressing weeks in the news. Also: important / unnecessary infographics that help explain everyone’s favorite 1980′s power ballad.

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