Thursday, December 8, 2011


Corzine testified.  I didn't think there was a chance, but there he was reading from a beautifully legally crafted 22 page statement the crux of which was:

1.  I don't know what happened to the $1.2 billion in client funds.
2,  I don't know where it is.
3.  I had no intention of telling anyone to use the funds.
4.  There may have been a misunderstanding when I said, "fix the problem."
5.  I knew what the positions were but I never personally checked the numbers.
6.  I feel awful.

IMHO all of it was crap but perhaps truth will out...then again, if this guy gets the same kid gloves treatment in the future as he received today in front of this committee it never will and I'm not just talking about comgressional oversight.  It helps to be an ex governor and especially an ex-Senator and therefore a member of the club and, it sure doesn't hurt to be the largest donor and raiser of funds for the guy and the party in the White House.  I have this terrible feeling that there is going to be a deal done with the rest of the industry that if the industry covers the losses substantially more favorable regulatory treatment will be recommended.  Gee, sorry about what happened but  everyones been made whole and do we really want to prosecute this fine, public servant?  Corzine skates.  Let's see if I'm right or wrong again.

Dinner is still going on according to My Man in Brussels.  Super Mario disappointed every one today when he said that not only would there not be a howitzer but the bazooka was off the table for now.  Markets tanked, but that was never in the cards in the first place.  I think my scenario of the past couple of days is still a good one.  Rather than just boring you will the same old stuff, let's wait until tomorrow to see if I'm right this time.  I can't be wrong two days in a row...can I?

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