Kevin D. Williamson wrote a really great article recently
about the difference in Senator Elizabeth Warren’s treatment of rogue banks like
HSBC and state and municipal fraudsters like the state of Illinois
and the city of San Bernardino.
The article brought to mind a question that has bothered me
for some time. Why is Jon Corzine not
indicted yet? He was the CEO of MF Global when it went bankrupt.
Commodity broker MF Global used customer account money in its failing attempts
to avoid bankruptcy. Under Sarbanes Oxley as well as Securities
laws, this is a crime. In testimony before Congress, Cozine said he
didn't know he was using customer money to meet MF Global's corporate margin
calls. I thought Sarbanes Oxley was specifically designed to make this
defense impossible. Note that Jon Corzine was a really big bundler of
campaign contributions for Obama, as well as a former Democratic Senator and
Governor of New Jersey. Now that the campaign is over, can't we
indict this guy? Can't Warren
demand some answers here? If Sarbanes Oxley does not apply in this case,
can we repeal it because compliance is both horribly expensive and, given MF
Global shenanigans, a complete waste of time?
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