Jon Corzine: Daytrader
Yesterday we reported that the conclusion of the MF Global Trustee's 124 page report is that the collapse of MF Global, and the illegal commingling of billions in customer funds which may or may not have been recovered yet from JPMorgan and others, was all Jon Corzine's fault. Of course, courtesy of his special rank in the Obama administration, Corzine will never go to jail: after all justice in the crony states of America is only for the little people - those who don't bundle millions for the president, and those who don't run Too Big To Prosecute banks, or both at the same time, get a get out of jail card (literally). So if he isn't in minimum security prison, where on earth is Mr. Corzine to be found these days? The WSJ answers.
Mr. Corzine, who left the company days after its bankruptcy, has spent recent months trading for his own account, traveling and spending time with his family. His supporters point out that his doomed trade actually turned out to be a moneymaker. None of the European bonds he bet on defaulted through 2012.
Kudos to Mr. Corzine, who as reported previously, is also planning to start his own hedge fund. We wish him all the best: after all, if he succeeds, he will be merely be proving Darwin right and anyone who invests in his venture will promptly be, what else, Corzined and eradicated from the gene pool for terminal idiocy. In this way, he would simply be doing mankind a favor. The only thing we ask Jon is that he disclose his twitter handle so that people can watch his #timestamped never fail positions in real-time (remember - Italy didn't default; only MF Global did). And after all, it is not as if anyone has ever had a losing trade on twitter...