Great news: Prominent Dem and Obama bundler probably won’t be prosecuted for $1B+ disappearance of customer funds

posted at 11:21 am on August 16, 2012 by Ed Morrissey

One of the relatively few criticisms of the Obama administration from the Left has been the curious lack of prosecutions over the 2008 financial collapse on Wall Street.  If, as Barack Obama maintains, the collapse came from the greed and unrestrained abuse of the system (rather than the government intervention in the lending markets that created a housing bubble and the government-endorsed mortgage-backed securities that poisoned the financial sector), why has the Department of Justice failed to hold anyone accountable?  The New York Times has a pretty good answer today, but probably not the one the Left wanted to hear:

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

Ahem.  What kind of “porous risk controls” allowed MF Global to bet money that wasn’t theirs on Euro-zone debt?  That seems to have faded from view as the issue at MF Global.  It’s one thing for JP Morgan to bet the $6 billion farm on risky investments, but when a firm raids its customer accounts in an attempt to cover its own bad bets, that’s supposed to be a felony.

Here’s an even better look into the direction of investigators in the Obama-run Department of Justice.  Are they trying to get to the top?  No, they’re trying to get former Democratic governor and Senator — not to mention big-time Barack Obama bundler — Jon Corzine to rat out his underlings:

In the most telling indication yet that the MF Global investigation is winding down, federal authorities are seeking to interview the former chief of the firm, Jon S. Corzine, next month, according to the people involved in the case. Authorities hope that Mr. Corzine, who is expected to accept the invitation, will shed light on the actions of other employees at MF Global.

Those developments indicate that federal prosecutors do not expect to file criminal charges against the former New Jersey governor. Mr. Corzine has not yet received assurances that he is free from scrutiny, but two rounds of interviews with former employees and a review of thousands of documents have left prosecutors without a case against him, say the people involved in the investigation who spoke on the condition of anonymity.

It’s possible that Corzine had no idea that his own firm had started raiding customer accounts to cover Corzine’s own bad bets on EU debt … but it stretches the imagination to believe it.  And if that is the case, then why would prosecutor think that he could provide any good evidence of wrongdoing among his staff?  If he knew about it, he’s at least complicit, no?

Jeff Carter at Points and Figures smells a rat:

After speaking with CCC lawyer James Koutoulas, and other pro traders I have no doubt that money was stolen from customer segregated funds. There is just too much smoking gun evidence. Anyone with experience in the industry would be able to sift through the legal machinations and malarky to understand the deception involved. If this were adjudicated in an Arbitration or Probable Cause Committee at an exchange, I am relatively confident that Corzine would be found guilty based on the circumstantial facts that I know.

Jeff notes a passage in the Times’ article that paints Corzine as an “obsessive trader” who “frequently inhabited a desk on the trading floor.”  Jeff calls that a “tell” in that a man that connected to the market would know what losses were piling up — and how much of the firm’s money would be available to back his play.  The notion that an obsessive trader like Corzine, who micromanaged the firm’s trading on that level, was unaware of the origin of the money that did get used to attempt to recoup the losses is, well, very difficult to believe.

So who will take the fall?  Carter bets that it will be MF Treasurer Edith O’Brien, who might have had an interesting tale to tell had prosecutors offered her immunity.  Instead, the NYT suspects that federal prosecutors will end up cutting a deal with Corzine that allows him to shift the guilt to his staff.

All of which is, I’m sure, an amazing coincidence.  And ZeroHedge notices the best news of all from the Times article:

Mr. Corzine, in a bid to rebuild his image and engage his passion for trading, is weighing whether to start a hedge fund, according to people with knowledge of his plans. He is currently trading with his family’s wealth.

If he is successful as a hedge fund manager, it would be the latest career comeback for a man who was ousted from both the top seat at Goldman Sachs and the New Jersey governor’s mansion.

Who wants to put their money into Corzine’s hands again? Anyone?  Anyone?


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Comment pages: 1 2

Does Joe have any comments on it yet?

Drained Brain on August 16, 2012 at 11:22 AM

For my friends anything, for my enemies the IRS, SEC, DOJ, EPA, NLRB and the EEOC.

Wigglesworth on August 16, 2012 at 11:23 AM

At least until after January 20th, 2013 (we can hope).

Ward Cleaver on August 16, 2012 at 11:23 AM

Meh, its only a billion.

MF Global in da MF’ing House!

CorporatePiggy on August 16, 2012 at 11:23 AM

This needs to become a commercial … RIGHT NOW.

Corzine was still listed as an Obama Bundler this year.

darkegop on August 16, 2012 at 11:24 AM

This is outrageous.

steebo77 on August 16, 2012 at 11:24 AM

This is really quite unbelievable. It’s like not prosecuting a domestic terrorist organization caught on tape intimidating voters at a polling pla…oh wait…

NotCoach on August 16, 2012 at 11:24 AM

Meh, its only a billion.

MF Global in da MF’ing House!

CorporatePiggy on August 16, 2012 at 11:23 AM

Nowadays a billion is chump change.

Ward Cleaver on August 16, 2012 at 11:24 AM

Someone called this Crony Capitalism… who was that? let me think…

faraway on August 16, 2012 at 11:25 AM

From the example of the Obama Regime we are now to assume that whenever democrats are in the White House that democrats aren’t going to be prosecuted for crimes.

wildcat72 on August 16, 2012 at 11:25 AM

Corzine? Never heard of him.

-Chuck Gibson

Kataklysmic on August 16, 2012 at 11:25 AM

Aw, that guy is CLEARLY guilty as hell!

–Eric Holder

search4truth on August 16, 2012 at 11:25 AM

Borrowed (stolen) from AOS:

Too Big to Jail.

Posted by: nickless at August 16, 2012 11:00 AM

Vashta.Nerada on August 16, 2012 at 11:26 AM

This is very typical from the most open, ethical, and transparent presidency EVAH!

Move along, nothing to see here.

simkeith on August 16, 2012 at 11:26 AM

In fact, I believe that NO wall street people have been prosecuted under obama.

For all the class warfare/occupy crap, Obama has givewn wall street one great big pass.

Commercial please!

darkegop on August 16, 2012 at 11:26 AM

He spread the wealth around to the right people apparently.

lorien1973 on August 16, 2012 at 11:27 AM

What good does it do to have all of these rules that Joe Biden is so proud of if they don’t enforce them?

Cindy Munford on August 16, 2012 at 11:28 AM

I looked in Webster’s Dictionary under the word SCUM, and Jon Corzine’s picture is next to the definition.

Gee, what a surprise.

pilamaye on August 16, 2012 at 11:28 AM

Perhaps a Romney DOJ will pursue a prosecution?

Bitter Clinger on August 16, 2012 at 11:28 AM

Perhaps a Romney DOJ will pursue a prosecution?

Bitter Clinger on August 16, 2012 at 11:28 AM

I am convinced Obama will be granting boat loads of pardons on his way out. The only open question is whether or not he will attempt to pardon himself.

NotCoach on August 16, 2012 at 11:30 AM

From the example of the Obama Regime we are now to assume that whenever democrats are in the White House that democrats aren’t going to be prosecuted for crimes.

That assumption is pretty much fact, as long as relations to said dems are profitable to the WH.

hawkeye54 on August 16, 2012 at 11:30 AM

Dreadful! The WORST kind of crony politics. This guy RUINED people’s lives. Romney’s DOJ had damn well better prosecute and imprison this scumbag thief.

Rational Thought on August 16, 2012 at 11:30 AM

Two words

IMAGINATION THAT………

angrymike on August 16, 2012 at 11:31 AM

Perhaps a Romney DOJ will pursue a prosecution?

Bitter Clinger on August 16, 2012 at 11:28 AM

I am convinced Obama will be granting boat loads of pardons on his way out. The only open question is whether or not he will attempt to pardon himself.

NotCoach on August 16, 2012 at 11:30 AM

He had better. Obama certainly could be prosecuted for many crimes committed while in office. Failing to prosecute a CAMPAIGN BUNDLER responsible for over a BILLION dollars in securities fraud is about as clear cut a case of malfeasance in office you can come up with.

wildcat72 on August 16, 2012 at 11:32 AM

There are no words.

rockmom on August 16, 2012 at 11:32 AM

I so profoundly despise this guy. He tears apart everything he touches and turns it to pig turds.

I wish he would take another 99 mile an hour trip down the Garden State Parkway on a motorcycle this time and no helmet or brakes.

NJ Red on August 16, 2012 at 11:33 AM

Perhaps a Romney DOJ will pursue a prosecution?

Don’t know, but one thing’s for sure, President Romney must have a swift and complete housecleaning in the DOJ from the top down. Its likely many who are now in DOJ will be hardly sympathetic to being ordered to pursue and prosecute fellow leftists.

hawkeye54 on August 16, 2012 at 11:34 AM

More of the fascist state protecting its friends.

rbj on August 16, 2012 at 11:34 AM

Romney’s DOJ had damn well better prosecute and imprison this scumbag thief.

Rational Thought on August 16, 2012 at 11:30 AM

I hoping for Giuliani as AG. That would put the fear of God into every Obamaite.

Kataklysmic on August 16, 2012 at 11:34 AM

Very few things infuriate me like this does…

ellifint on August 16, 2012 at 11:34 AM

Great news: Prominent Dem and Obama bundler probably won’t be prosecuted for $1B+ disappearance of customer funds

Hmmmmm Let’s hazard a guess here…

Same said individual, per highly selective leaked sourcing, would be #1 on the ‘pardon list’ as The WON shuffles out of the Big House early next year..?? Therefore, why hassle the individual…when you know he will walk anyways??

BigSven on August 16, 2012 at 11:35 AM

Hey it is nice to be the King’s bundler…

Bernie Madoff should have bought more influence and all…

harlekwin15 on August 16, 2012 at 11:35 AM

Once the final report is done on this, Romney needs to use it in an Iowa ad against the Obama Justice Department, saying he will really investigate and prosecute Corzine if necessary. Many Iowa farmers lost money with MF Global. It was their retirement money and many got very little back from the dollars they lost. I know some are looking into civil suits against Corzine personally, so it would be a topic that many would appreciate hearing more about.

mathgal60 on August 16, 2012 at 11:36 AM

What’s the statute of limitations in this case? He may be looking at charges post Jan 2013.

Blake on August 16, 2012 at 11:37 AM

It’s almost as if Corzine, TFGRP and Holder are all demorats.

Bishop on August 16, 2012 at 11:37 AM

I so profoundly despise this guy. He tears apart everything he touches and turns it to pig turds.

Well, pretty much everything for us while Obama and his cronies are personally sitting pretty on the financial results of all their schemes.

I bet most of that $1 billion “dissapeared” into several off-shore accounts.

hawkeye54 on August 16, 2012 at 11:37 AM

wildcat72 on August 16, 2012 at 11:32 AM

He can’t pardon them unless they have been charged with something. Patience, grasshopper. Elections draw near and we’ll soon have a new AG.

a capella on August 16, 2012 at 11:38 AM

This is New Jersey? I’m surprised no one has taken a hit out on him.

Blake on August 16, 2012 at 11:38 AM

There goes our working class hero. Lookin’ out for regular folks. Bravo.

Kenosha Kid on August 16, 2012 at 11:38 AM

Ed, you owe your readers a little more diligence when reporting on this important matter. You haven’t even properly explained why the felony charge is difficult if not impossible to make. Very poor.

lexhamfox on August 16, 2012 at 11:39 AM

why has the Department of Justice failed to hold anyone accountable?

Why didn’t we just try to pay down the national debt by getting rid of the DoJ and leasing out the space they occupy in downtown DC?

Happy Nomad on August 16, 2012 at 11:39 AM

I am convinced Obama will be granting boat loads of pardons on his way out. The only open question is whether or not he will attempt to pardon himself.

NotCoach on August 16, 2012 at 11:30 AM

Hopefully Manson will be one of them, the man was framed.

Bishop on August 16, 2012 at 11:41 AM

I bet most of that $1 billion “dissapeared” into several off-shore accounts.

hawkeye54 on August 16, 2012 at 11:37 AM

No , they’re in full sight , in JP Morgan Chase accounts.

Jamie Diamond is another Obama crony.

It’s all a bad joke.

the_nile on August 16, 2012 at 11:42 AM

It’s pretty clear Jon Corzine has a gambling problem, and he doesn’t mind using other people’s money to gamble with. Since he’s acting as Obama’s top bundler, is Obama sure he’s getting all the donations he’s supposed to be getting?

RebeccaH on August 16, 2012 at 11:42 AM

Ed, you owe your readers a little more diligence when reporting on this important matter. You haven’t even properly explained why the felony charge is difficult if not impossible to make. Very poor.

lexhamfox on August 16, 2012 at 11:39 AM

Really? Because according to the NYT report, prosecutors seem pretty interested in making those charges against Corzine’s employees with Corzine’s help.

Ed Morrissey on August 16, 2012 at 11:42 AM

He can’t pardon them unless they have been charged with something. Patience, grasshopper. Elections draw near and we’ll soon have a new AG.

a capella on August 16, 2012 at 11:38 AM

Ford pardoned Nixon and he hadn’t been charged with anything…

wildcat72 on August 16, 2012 at 11:42 AM

Heh… some animals are more equal than others…

Gotta love Orwell.

CPT. Charles on August 16, 2012 at 11:43 AM

I hoping for Giuliani as AG. That would put the fear of God into every Obamaite.

Kataklysmic on August 16, 2012 at 11:34 AM

You know, I never considered that idea. That would be excellent.

Bitter Clinger on August 16, 2012 at 11:43 AM

What would be worse if Gov. Romney was elected, hmmmmmm, Joe? Who is being shackled and chained? Certainly not the criminals.

Cindy Munford on August 16, 2012 at 11:44 AM

Hopefully Manson will be one of them, the man was framed.

Bishop on August 16, 2012 at 11:41 AM

Unfortunately for Mason, and liberty lovers everywhere, he was convicted in a state court. Presidential pardon power does not extend beyond federal laws.

NotCoach on August 16, 2012 at 11:44 AM

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case

This sounds strikingly familiar to the Obama administration. Hey Joe (Biden), where’d all that 787 BILLION go??? Please tell American citizens that you know where every penny has gone, and there were no risk of “money disappearing”.

Rovin on August 16, 2012 at 11:44 AM

Perhaps a Romney DOJ will pursue a prosecution?

Bitter Clinger on August 16, 2012 at 11:28 AM

Romney’s DOJ had damn well better prosecute and imprison this scumbag thief.

Rational Thought on August 16, 2012 at 11:30 AM

There won’t be any prosecutions. I also think F&F will be dropped the instant the election is over. Presidents never engage in prosecution against previous administrations. They’re too afraid of being investigated themselves.

Note that Karl Rove is still a free man in spite of the left repeatedly calling for him to be jailed.

Doomberg on August 16, 2012 at 11:44 AM

This needs to become a commercial … RIGHT NOW.

Corzine was still listed as an Obama Bundler this year.

darkegop on August 16, 2012 at 11:24 AM

Yes. Yes it does.

M240H on August 16, 2012 at 11:45 AM

My buddy, who actually walked door-to-door for PBHO, specifically because of his claims of no lobbyists, is so disillusioned with him, that he says he’ll be voting for Matt Taibbi this year.

Not for nothin’, Matt gets it 1/2 right. He loves to go after Wall Street, but the politicians will NEVER seek prosecution, ’cause their hands are wrist deep in all this. Can’t prosecute, if they’re all within the laws created by the crooked law-makers.

LtGenRob on August 16, 2012 at 11:47 AM

How does $1 billion just disappear? We’re used to that with gov’t., but with a private enterprise and under these circumstances it’s unbelievable.

I’ve read some articles stating that some of the money has been traced, but since Corzine is a BO bundler I’ve wondered if it’s being funneled to the BO campaign.

Yes, yes…… I know. It’s just crazy thinking. Crazy talk on my part.

Cody1991 on August 16, 2012 at 11:47 AM

Ford pardoned Nixon and he hadn’t been charged with anything…

wildcat72 on August 16, 2012 at 11:42 AM

Exactly right.

“I hereby pardon Eric Holder for any federal offense/offenses he may have committed from the day of his birth until the day I leave office.” – Barrack “What, Me Worry?” Obama

NotCoach on August 16, 2012 at 11:48 AM

Unfortunately for Mason…

NotCoach on August 16, 2012 at 11:44 AM

Mason; Manson; whatever. You say tomayto, I say tomahto.

NotCoach on August 16, 2012 at 11:50 AM

Or as Biden might say: “Dey ain’ goan’ put no chains on you, Corzine!”

de rigueur on August 16, 2012 at 11:52 AM

The jug-eared degenerate has screwed the pooch yet again. By not prosecuting universally-unpopular Jon Corzine, not only he self-defeated the OWS meme and handed Romney a perfect club to beat the incumbent with, he also doomed his loyal capo. Pardons do not apply to convictions beyond the term. Hussein Ogabe should have fast-tracked the prosecution and then issue a pardon on Jan 19, 2013.

Archivarix on August 16, 2012 at 11:53 AM

I am convinced Obama will be granting boat loads of pardons on his way out. The only open question is whether or not he will attempt to pardon himself.

NotCoach on August 16, 2012 at 11:30 AM

Just as a hypothetical – suppose Obama’s multiple frauds involving his citizenship, his documents & college transcripts, etc do get exposed and he is found clearly ineligible to be POTUS in the first place – would all his pardons and EO’s be rendered null and void, leaving criminals like Corzine open to real prosecution? Plus if he can’t pardon himself, could he resign on Jan 1, get Plugs sworn in, and then get pardoned before Jan 20?

Eh, whatev. They don’t need to follow the law in any case – nobody is going to do anything about it. That’s already known.

Harbingeing on August 16, 2012 at 11:54 AM

Just GREAT! Now, my wife is gonna die from cancer in 5 1/2 years! !!!11ty!!!

hutch1200 on August 16, 2012 at 11:55 AM

The rank and persistent lawlessness and cronyism of this administration is like some pernicious disease that has infected, not only Washington, D.C, but every part of this nation. Even entire cities and states routinely openly announce that they will ignore existing federal law. The attitude expressed is ‘What are you going to do about it?” This disease has a cure.

My hope is that Romney will reinstate the rule of law, beginning with Washington D.C. and extending across the entire nation to every state, county, and community.

We’ve had enough false and cynical promises of ‘fairness’ and ‘social justice’ and ‘economic justice’. We need EQUALITY under the law.

We are a nation of laws, and those laws must be enforced equitably, without preference or prejudice.

It doesn’t matter whether the laws being shattered deal with political graft and corruption, or if they deal with illegal immigration and border security, a corrupted and racially biased Department of Justice, or an executive in the oval office who seeks to bypass congress and the will of the people of this nation and rule by decree. The rule of law must be reinstated and our laws must be enforced fully and consistently.

thatsafactjack on August 16, 2012 at 11:55 AM

Bundle or bungler? This guy has had the same MO for years and yet has succeeded in politics because of his money and money raising ability in that climate. Business, not so much success. Yes he is favored because of the money and the investor or taxpayer be damned.

Pardonme on August 16, 2012 at 11:56 AM

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case

This is such BS. Porous risk control was what happened at JP Morgan Chase when a rouge trader lost over 6 billion dollars of the bank’s own money in risky trades. How does poor risk management has anything to do with money of customers being stolen to cover trading loss?

In articles about the collapse of MF Global, Corzine was actively involved in trading of those Euro bonds himself towards the end.

bayview on August 16, 2012 at 11:56 AM

As they would say in those old Saturday afternoon westerns, “they ain’t got no jail big nuff to hold that gang. Leroy, run and git that thar hangin judge, real quick now.”

Don L on August 16, 2012 at 11:56 AM

boy, i can hardly wait for the scathing expose that 60 minutes will come up with….

a corrupt country thrives on a dishonest, corrupt press

r keller on August 16, 2012 at 11:57 AM

“I hereby pardon Eric Holder for any federal offense/offenses he may have committed from the day of his birth until the day I leave office.” – Barrack “What, Me Worry?” Obama

NotCoach on August 16, 2012 at 11:48 AM

The last time I saw a pardon like that was in Les Tres Mosqueters. In the USA, pardons only apply to standing convictions, not to future ones.

Archivarix on August 16, 2012 at 11:57 AM

The last time I saw a pardon like that was in Les Tres Mosqueters. In the USA, pardons only apply to standing convictions, not to future ones.

Archivarix on August 16, 2012 at 11:57 AM

What was Nixon convicted of? What was Nixon even charged with for that matter.

NotCoach on August 16, 2012 at 12:02 PM

How does $1 billion just disappear? We’re used to that with gov’t., but with a private enterprise and under these circumstances it’s unbelievable.

I’ve read some articles stating that some of the money has been traced, but since Corzine is a BO bundler I’ve wondered if it’s being funneled to the BO campaign.

Yes, yes…… I know. It’s just crazy thinking. Crazy talk on my part.

Cody1991 on August 16, 2012 at 11:47 AM

They didn’t disappear, they are still in the accounts of JP Morgan.
It’s customer deposits that were used by MF Global as collateral for their own trading.

the_nile on August 16, 2012 at 12:02 PM

And on CNN…..

….shooting in LaPlace Louisiana

….ignore the one yestersday…

….and the pregnant man suing for divorce.

itsspideyman on August 16, 2012 at 12:03 PM

speaking of Dem scandal…here’s a juicy one that we’ll never hear about…congressman from MN in incident at rest stop with, well, another guy

http://www.northlandsnewscenter.com/enews/breaking/Police-Investigating-Rep-Kerry-Gauthier-for-Alleged-Criminal-Act–166327866.html

r keller on August 16, 2012 at 12:03 PM

Eh, whatev. They don’t need to follow the law in any case – nobody is going to do anything about it. That’s already known.

Harbingeing on August 16, 2012 at 11:54 AM

Well, those are all legal hypotheticals with zero case history to draw from. So I have no idea.

NotCoach on August 16, 2012 at 12:04 PM

Come on, America! Lay off Corzine. Sheesh, he said he was sorry and he never intended to take any money improperly . . .

Now let him get back to the business of bundling dough for the Prez.

BigAlSouth on August 16, 2012 at 12:04 PM

The last time I saw a pardon like that was in Les Tres Mosqueters. In the USA, pardons only apply to standing convictions, not to future ones.

Archivarix on August 16, 2012 at 11:57 AM

What was Nixon convicted of? What was Nixon even charged with for that matter.

NotCoach on August 16, 2012 at 12:02 PM

Yuck, you’re right. I stand corrected. Then I really hope that Trump’s “surprise” will be presenting the convention with Hessein Ogabe’s birth certificate. That’s the only way to kill the oncoming tsunami of pardons, which will completely destroy what’s left of the law and order in this country.

Archivarix on August 16, 2012 at 12:06 PM

He can’t pardon them unless they have been charged with something. Patience, grasshopper. Elections draw near and we’ll soon have a new AG.

a capella on August 16, 2012 at 11:38 AM

Not so, a presidential pardon can be given whether or not charges have been filed, and you can expect Corzine and a plethora of one percenters to be on Obama’s final list … with untold millions of dollars flowing into offshore accounts held in such names as Obama and Holder.

TXUS on August 16, 2012 at 12:07 PM

Vanity Fair did a decent job on Corzine and his abilty to kill any business he touches. Take a look and get angry.

http://www.vanityfair.com/business/2012/02/jon-corzine-201202

itsspideyman on August 16, 2012 at 12:08 PM

It’s customer deposits that were used by MF Global as collateral for their own trading.

the_nile on August 16, 2012 at 12:02 PM

I wasn’t talking about JP Morgan. I understand what Corzine what doing.

Cody1991 on August 16, 2012 at 12:08 PM

This crony capitalism, 1%ers get special treatment, Dems are in bed with Wall Street crocks ad writes itself.

AndrewsDad on August 16, 2012 at 12:20 PM

The rank and persistent lawlessness and cronyism of this administration

It’s all government. It has to be fixed. They just aren’t doing the people justice…and it will probably end badly.

I know I am fed up…

dcnj on August 16, 2012 at 12:32 PM

Simply outrageous. The brokerage stole money out of client trading and retirement accounts and Holder can’t find a crime?

pat on August 16, 2012 at 12:35 PM

Obama takes to task – banks for losing their OWN money????
And Corzine gets a walk?

I WONDER where that money went??????

GM keeps costing the taxpayers money and Obama says that is success?
GM is the leader in sub-prime loans for vehicles.
I see where this is going. I kept wondering why ANYONE would buy
a GM vehicle. I can almost understand if you are a Marixst you
would support Obama & GM with that purchase.

The community Reinvestment act that Carter started is the root cause
of the 2008 crash and now Obama is doubling down and pushing more
sub prime loans?

Romney better get in there and RIP all of this stuff out…..
The community Reinvestment act needs to be abolished.
ObamaCare – needs to be killed.
Dodd/Frank – needs to be killed.

The government needs to let GM either survive on it’s own, or let it die.

Enough is enough.

redguy on August 16, 2012 at 12:36 PM

Simply outrageous. The brokerage stole money out of client trading and retirement accounts and Holder can’t find a crime?

pat on August 16, 2012 at 12:35 PM

Who do you think got the money????

redguy on August 16, 2012 at 12:37 PM

Yuck, you’re right. I stand corrected. Then I really hope that Trump’s “surprise” will be presenting the convention with Hessein Ogabe’s birth certificate. That’s the only way to kill the oncoming tsunami of pardons, which will completely destroy what’s left of the law and order in this country.

Archivarix on August 16, 2012 at 12:06 PM

Yeah, but a Presidental pardon does not guarantee that you will live to a ripe old age.

redguy on August 16, 2012 at 12:39 PM

So what have we learned? Well, I can’t speak for anyone else, but I can tell you what I learned: Republicans are much better at running a business or large bureaucratic entity than democrats. How do I know this? Evidence:

1) According to democrats, GWB received an innocuous threat briefing on the nondescript plans of OBL months before 9/11 and should have- apparently because GWB is Republican- known the attack was imminent and would be carried out by commercial airliner.

2) Mitt Romney was still the paper CEO of Bain Capital during his tenure leading the Salt Lake Olympic effort, and was still able to shutter a non-profitable steel plant AND plant the cancer seed in a random employee’s wife.

3) Eric Holder leads the DoJ and his close friends and assistants are fully aware of guns without tracking devices being allowed to walk across the southern border into the hands of drug cartels, and yet he’s blissfully unaware of the entire operation.

4) Janet Napolitano has a deputy dominatrix running around ICE on her knees, yet Janet is blissfully unaware.

5) Stephen Chu is provided dire warning about the financial condition of an Obama donor firm prior to authorizing millions in new loan guarantees -in writing, mind you- and yet he is blissfully unaware that this might be a risk not worth taking.

6) Jon Corzine’s “employees” are responsible for the raiding of private funds to cover bad bets that result in a billion dollar “poof” of investors monies, and yet as CEO, he remains blissfully unaware.

7) Barack Obama calls for -and helps facilitate the removal of a reasonably stable ally in Egypt in the wake of an Islamic uprising. The Muslim Brotherhood, with it’s history of support for violence and their call to eliminate the Israeli people gains full control of the country and it’s military. Obama is blissfully unaware.

BKeyser on August 16, 2012 at 12:40 PM

I hate it when comments go into moderation. Unmoderate my sticken comment already.

NotCoach on August 16, 2012 at 12:40 PM

that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

THIS is unbelievable and hopefully there are a long line of people that simply will refuse to accept this nonsense.

When you take people’s money, you are held accountable in the United States of America. Corporations can’t get get off on “chaos” and “porous risk controls”. Financial checks and balances are REQUIRED and officers of the corporation are held accountable in these United States of America.

katablog.com on August 16, 2012 at 12:43 PM

Well Ed, as they say in Chicago; “You pays for protection, you gets protection!”

GarandFan on August 16, 2012 at 12:43 PM

Romney gives people cancer.

Ryan has wrinkles in his clothes.

Look! A squirrel!!

KMC1 on August 16, 2012 at 12:47 PM

Perhaps a Romney DOJ will pursue a prosecution?

Bitter Clinger on August 16, 2012 at 11:28 AM

I am convinced Obama will be granting boat loads of pardons on his way out. The only open question is whether or not he will attempt to pardon himself.

NotCoach on August 16, 2012 at 11:30 AM

I actually think Obama will hand out fewer than normal 11th hour pardons before he exits in January, 2013. And the Democrats will spin it as the out-going Obama was and is much more “Law and Order” than those pesky Republicans. It won’t be to get that praise or to be “Law and Order” at all. It will be to save his criminal hide. As I wrote elsewhere on AlGore’s invention:

I expect this to play out even after Obama loses re-election, with many Democrat operatives doing the perp-walk for their many Federal crimes. There is a non-zero possibility that Obama could do a tall stack of 11th hour Presidential Pardons, but I don’t believe the likelihood is all that high.

1) Pardoning a pile of administration officials would put a permanent taint on Democrats in general, greatly harming their chances at majority or the Presidency for years to come. But I don’t believe Obama is at all concerned with other Democrats; only with himself. So this issue is a weak point against pardons.

2) Pardoning a pile of administration officials take the Fifth Amendment off the table. Nobody who has been immunized against his or her previous crimes can avoid testifying about his or her previous (now immunized) crimes, thus the conspiratorial nature of their crimes combined with unpardoned people (such as Obama himself, since he cannot pardon himself) is suddenly available to the Courts. This is the major reason why I believe Obama will not issue a raft of pardons for his administration team. He cannot afford to take the specter of a long prison sentence away from any member of his staff. It would spell doom for him. And, again, while wholly unimportant to Obama himself, it would crush Democrat political hopes for years to come.

So, yes, look for a nice long list of Obama administration types to do the perp walk for their many corruptions and Federal Felonies sometime in the future.

John Hitchcock on August 16, 2012 at 12:49 PM

Yuck, you’re right. I stand corrected. Then I really hope that Trump’s “surprise” will be presenting the convention with Hessein Ogabe’s birth certificate. That’s the only way to kill the oncoming tsunami of pardons, which will completely destroy what’s left of the law and order in this country.

Archivarix on August 16, 2012 at 12:06 PM

Even if it’s proved Obama was not born in the US, then what? He’s not going to up and leave town voluntarily.

spinach.chin on August 16, 2012 at 12:56 PM

Is there anyone in this administration or associated with it that should not be dancing with Big Bruno in his cell. Wait a minute maybe some of them would like Big Bruno.

crosshugger on August 16, 2012 at 12:57 PM

“Romney wants to, he said in the first 100 days, he’s going to let the big banks once again write their own rules. Unchain Wall Street. They’re going to put y’all back in chains,” Biden told supporters in Danville, Va.

Biden, we all know who should be in chains. Your old buddy Corzine and his ilk.

pat on August 16, 2012 at 12:58 PM

Romney should immediately promise to prosecute Corzine if elected.

It’s going to be very hard for Obama to paint Romney as the tool of the bankers while protecting his bundler.

TallDave on August 16, 2012 at 1:01 PM

But, they prosecuted Scooter Libby for the outing of a CIA desk clerk that he didn’t do in the first place. No prosecution for the black panther thugs intimidating voters at a polling station. No prosecution for Holder’s contempt of Congress. Obama is proof of the level of voter ignorance in this country and the corruption of the media.

cajunpatriot on August 16, 2012 at 1:04 PM

What is Bernie Madoff serving a life sentence for again???

Just wondering

concernedsenior on August 16, 2012 at 1:11 PM

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