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The OWS movement has no credibility if they do not go after Corzine

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dd2003 Donating Member (198 posts) Send PM | Profile | Ignore Mon Oct-31-11 07:42 PM
Original message
The OWS movement has no credibility if they do not go after Corzine
He will get $12m in severance in the companys bankruptcy. He essentially destroyed billions in a year with pure risk and non thought out investments.... Pure criminal.
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Electric Monk Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:46 PM
Response to Original message
1. How exactly do you propose that OWS 'go after' Corzine? Torches and pitchforks?
Some context for those not yet aware:

http://www.bloomberg.com/news/2011-11-01/mf-s-corzine-k...

Bond investors lent MF Global Holdings Ltd. (MF) $650 million three months ago in a bet Jon Corzine would succeed in turning the futures broker into a mini-version of Goldman Sachs Group Inc. The firm filed for bankruptcy before making its first interest payment on the debt.

Investors from mutual fund manager Franklin Resources Inc. (BEN) to teacher retirement plan manager TIAA-CREF purchased $325 million of 6.75 percent senior unsecured debt, according to data compiled by Bloomberg. The bonds, due in 2016, dropped 2.5 cents to 47.5 cents on the dollar in trading yesterday after the New York-based brokerage sought court protection.

The plunge shows how quickly a financial company can falter when it loses investor confidence. Less than three months before Corzine disclosed the extent of a $6.3 billion bet on European sovereign debt, the former New Jersey governor and Goldman Sachs co-head was deemed so key to the brokers success that bondholders demanded an extra percentage point of interest if he left for a post in the Obama administration.

It was highly unusual and underscores how people at the time thought Corzine was essential to the success, said Alexander Diaz-Matos, an analyst at Covenant Review LLC in New York, who researches loopholes and other flaws in bondholder protections. Instead, he said, it was Corzine taking on additional trading risk that is largely assumed to be one of the root causes for todays activities.

more
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PoliticAverse Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:51 PM
Response to Reply #1
3. Looks like Corzine bet on a European Soverign Debt bailout that never came...
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snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:50 PM
Response to Original message
2. Huh? OWS is targetting the 1%. Would you care to offer an example of
OWS selectively targetting the 1%?
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dd2003 Donating Member (198 posts) Send PM | Profile | Ignore Mon Oct-31-11 07:52 PM
Response to Reply #2
5. This is what they should be against no?
Start camping outside his house for a start... Laying around in a plaza does nothing to scare people in finance.
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snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:58 PM
Response to Reply #5
11. What is required are stringent banking regulations imposed on all
financial institutions. Right now they are successfully garnering attention and focusing on Wall Street criminals. If you think individuals also need targeting be a men and step up to the challenge by mobilizing like minded people to picket Corzine. GO for it.
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Ikonoklast Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:00 PM
Response to Reply #5
12. Looks like they're pissing you off, though.
Seems like they are succeeding at one good thing, at the very least.
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:12 PM
Response to Reply #5
16. You don't understand this movement. It is about the much larger
issue of corporate control of our government. Their job is not to go after individuals, that's what we USED to do, wasting time on impossibilities without attacking the root cause of all these issues.

What makes these things possible is what is being targeted by OWS. They are not lawyers or politicians, they are the American People who want to change completely the broken system that allows these things to happen. To go after ONE MAN would be like a builder fixing a broken window while ignoring that the foundations are rotting away.
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enough Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:51 PM
Response to Original message
4. I don't understand the impulse to set up requirements for OWS. Why is OWS responsible
to carry out YOUR demands? If you feel so strongly about it, why don't you "go after" Corzine yourself?
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:52 PM
Response to Original message
6. He's a member of the group they are protesting, but..
your information is inaccurate.

He will not get the 12 million now that MF Global has entered bankruptcy.
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dd2003 Donating Member (198 posts) Send PM | Profile | Ignore Mon Oct-31-11 07:56 PM
Response to Reply #6
9. he will get 12m
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:03 PM
Response to Reply #9
14. This is wrong.
The payout would only come if they avoided BK. He gets nothing now.
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:19 PM
Response to Reply #14
19. Check the source linked. It's Andrew Breitbart's blog.
Not worth bothering with.
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:18 PM
Response to Reply #9
18. Andrew Breitbart's rag???
Omg, this is funny. :rofl:

Not-so-Brightbart!

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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:53 PM
Response to Original message
7. OWS has court and police powers?
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Kaleko Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 07:55 PM
Response to Original message
8. Laughable.
It's you who has no credibility if you keep posting shit like this.
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SomethingFishy Donating Member (552 posts) Send PM | Profile | Ignore Mon Oct-31-11 07:58 PM
Response to Original message
10. Why don't you do it?
It's pretty easy to sit on your ass and make claims of "credibility". It'd be easier to take you seriously if you were actually out there.
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chollybocker Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:03 PM
Response to Original message
13. By all means. Go occupy his ass off.
I'll help pitch your tent, but I don't think the couch will fit. :eyes:
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maddezmom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:05 PM
Response to Original message
15. looks like the FED's are investigating the company
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Dyedinthewoolliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:15 PM
Response to Original message
17. The movement is not unified in that fashion
Corzine is the symptom or result of the problem, not THE problem.................
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:22 PM
Response to Original message
20. How about Dick Cheney and George Bush
and Bush's Tax Cuts for the Wealthy that cost this country two trillion dollars over ten years and NO JOBS as promised? How about all the money they stole from this country and the lies they told to get it?

Funny that you would be so worried about this one Democrat, well maybe not considering you appear to get your information from Andrew Breitbart.
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Gman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 08:53 PM
Response to Original message
21. In your opinion, of course...
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lunatica Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 09:03 PM
Response to Original message
22. Why don't you tell them what you think they should do
in order to get credibility.

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LeftyMom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 09:05 PM
Response to Original message
23. Well then, make a sign and go camp out in front of his office.
Your arms aren't broken.
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BOG PERSON Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 09:09 PM
Response to Original message
24. you seem to have OWS confused with some kind of financial watchdog group
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markpkessinger Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 10:51 PM
Response to Original message
25. OWS has not set out to target individuals . . .
. . . but rather to protest the corruption of the entire system.

And according to today's NY Times, Federal regulators are already investigating. (See http://dealbook.nytimes.com/2011/10/31/regulators-inves... /).

So why does OWS' credibility depend upon their targeting this one individual when they have not similarly targeted anyone else? What is your point? Sounds to me like you're a GOP troll trying his level best to find a basis on which to discredit OWS.
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FarLeftFist Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-31-11 10:57 PM
Response to Original message
26. I'm pretty sure Corzine IS the 1%
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