Reply #1: How exactly do you propose that OWS 'go after' Corzine? Torches and pitchforks?

[Electric Monk]

Some context for those not yet aware:

http://www.bloomberg.com/news/2011-11-01/mf-s-corzine-key-man-bonds-fail-to-make-first-payments-corporate-finance.html

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 broker’s 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 today’s activities.”

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