Monday, October 31, 2011

Recipe for bankruptcy: Hire Jon Corzine to run your state or business

MF Global, a worldwide bond clearing house, declared bankruptcy today and it has sent shockwaves through the equity and bond markets.

However the most interesting thing about this failed business is who was running the show... ex New Jersey Governor Jon Corzine, who was ousted from office for incurring massive debts in the state, and nearly bankrupting it as well.

So the moral of the story is... if you want to turn your business or government agency into a bankruptcy candidate, just hire the dumbest man in the room, Jon Corzine, and it will happen in just a few short years.

On a side note... you wonder why CNBC has not really covered this major event?  Because MF Global appears to OWE the media station cash!  The hypocrisy of unbiased journalism, especially in the business realm.

Full bankruptcy filing attached below, where we find that in addition to owing JPM and Deutsche Bank $1.2 billion and $1 billion respectively, as bond trustees, the 7th biggest unsecured creditor with $845,397, is... CNBC? Perhaps that explains the objective reporting the Comcast station has provided on the topic of MF over the past several weeks, considering the caliber and quality of guests invited to opine. - Zerohedge

Oh... and the reward for bankrupting a company?  Try 12.1 million dollars, as this appears to be the golden parachute for Corzine who left as the shite hit the fan.


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