King Corzine has had his crown more than dented. The former Goldman Sachs CEO, Governor of New Jersey, and Senator is no longer a candidate for the Treasury job as he was in the fall of 2011. His brand is tarnished. His legacy bruised. But it looks like he won’t be going to jail.
The Wall Street Journal reports that a new report on the MF Global fiasco “blasts” Mr. Corzine, he won’t be seeing any time. In fact it appears that he won’t even be sued, but that instead the case will now go to arbitration.
A great piece from Matt TaiBbi at Rolling Stone
The big banks and the government have become one. Regulation has been completely captured and now banks and government do what is little more than a PR dance for the public whenever anything goes wrong.
One reason is to keep out competition with the help of the state.
Technically one of their alums is taking over the Bank of England, Mark Carney, but it is pretty clear that the “vampire squid” now holds sway over nearly the entire European banking system.
You will recall how a former CEO of Goldman Sachs, Hank Paulson, ran the Crash of ’08 as Bush’s treasury secretary by getting an ethics waiver so that he could talk almost every day with Lloyd Blankfein, CEO of Goldman Sachs.