Which is the way the week ended except for the remarkable scene in the House of Representatives today where, as predicted, the MF GLOBAL affair took on a whole new dimention. With a large bi-partisian vote, the House Agricultural sub commitee issued a subpoena for Jon Corzine to appear before it on December 8. Now for the non-American readers and for those who are not political junkies--which is about 99% of you--the Congress has not subpoened a sitting or retired U.S. Senator in over 100 years; this is no small thing. When they turn on their own it's big. It is ironic as well that this action took place of the tenth anniversary of the bankruptcy of Enron, which led to Sarbanes-Oxley which was designed specifically to make transparent corporate balance sheets, which was written in part by Gary Gensler, who was the regulator for MF GLOBAL, whose accounting shenagans in the purchase of Euro debt led to its bankruptcy, whose...oh bother. This is going to be fun to watch.
Unfortunately, Corzine is supposed to testify on the same day as the big Euro-leaders pow-wow next which is not great timing for yours truly. I wonder if there's a finance bar in the neighborhood with 10 televisions carrying the important stuff of the day? I'll have to start searching. If there isn't I might start on...probably make a fortune. Anyway, next week is the week to watch beginning with the Nick and Angie show on Monday which should be a real crowd pleaser, moving on to the Group of 27 and concluding with the Corzine pinata on Capitol Hill. I can barely keep still. The betting window is now open on whether Jersey City Johnny takes the Fifth which means he avails himself of his Constitutional right not to testify. THAT would be a show-stopper. And since nothing else of importance went on today I'm going to rest up for next week with a Softly as I Leave You tip of the Fedora to Carter for being more and more creative as we travel along this long, long road.
See you next week.
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