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Sen. Corzine and Goldman Sachs
Washington Times ^ | Thursday, July 18, 2002 | House Editorial

Posted on 07/17/2002 11:48:50 PM PDT by JohnHuang2

Edited on 07/12/2004 3:55:43 PM PDT by Jim Robinson. [history]

For a freshman senator who spent more than $60 million of his own money to capture 50.1 percent of the vote in his 2000 election, New Jersey Democrat Jon Corzine arrived on Capitol Hill with an overabundant supply of chutzpah. Evidently due to his experience as co-chairman and CEO of the Wall Street investment bank Goldman Sachs from 1994 to 1999, Senate Majority Leader Tom Daschle was only too happy to enlist Mr. Corzine's services as designated inquisitor-in-chief immediately after Enron imploded last December.


(Excerpt) Read more at washtimes.com ...


TOPICS: Editorial; News/Current Events; Politics/Elections; US: New Jersey
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Thursday, July 18, 2002

Quote of the Day posted by Travis McGee

1 posted on 07/17/2002 11:48:50 PM PDT by JohnHuang2
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To: JohnHuang2
Mike Wallace: Pardon me for saying this, but you seem defensive.

Nathan Thurm: I'm not being defensive! You're the one who's being defensive! Why is always the other person who's being defensive? Have you ever asked yourself that? Why don't you ask yourself that?

2 posted on 07/17/2002 11:55:32 PM PDT by Benrand
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To: JohnHuang2
OK .. stupid question time

Didn't Robert Rubin use to be top guy at Goldman Sachs ??

3 posted on 07/18/2002 12:04:12 AM PDT by Mo1
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To: Mo1
Precisely.
4 posted on 07/18/2002 12:08:03 AM PDT by JohnHuang2
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To: JohnHuang2
And the top guy at Slate, Weisberg, is writing a bio of Rubin.

Damage control all over the place. I knew Corzine had baggage, and he looks really shifty, no matter how wealthy or how many pairs of Teva sandals he has, or how many cool concerts he's been to. He's a crook.

5 posted on 07/18/2002 12:11:53 AM PDT by Benrand
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To: JohnHuang2
Precisely.

Hmmmmmmmmmmmm .. should get interesting

6 posted on 07/18/2002 12:17:17 AM PDT by Mo1
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To: JohnHuang2
Those stupid Dems. Every time they reach for the brass ring, they fall off the horse.

Snicker, snicker, snicker.



7 posted on 07/18/2002 1:15:21 AM PDT by kitkat
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To: JohnHuang2; All
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8 posted on 07/18/2002 1:41:04 AM PDT by backhoe
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To: backhoe; Howlin; Mo1; Benrand; JohnHuang2
From Rush -

Corzine ran stock chophouse

If you make a charge against Republicans, from the October Surprise to Clarence Thomas, you don't need a shred of evidence. No, it's the "seriousness of the charge" that matters. But when you have real evidence of wrongdoing by a liberal Democrat, the media falls silent. Case in point: multi-millionaire Senator Jon Corzine's stock chophouse at Goldman Sachs.

The Washington Times alone reports this story, but we're going to scream it from the mountain tops here. Headline: "Corzine Tied To Stock Scheme."

Quote: "Senator Jon Corzine, whose Wall Street expertise plays a key role in Democrat strategy on corporate responsibility, led an investment banking firm that's being accused of inflating stock prices in the nineties and contributing to the market crash...Goldman Sachs, the firm that Mr. Corzine left as chairman in May 1999, has been a target of class-action lawsuits and accusations by a former broker who complained to the Securities and Exchange Commission that the investment house engaged in a scheme to force unwitting investors to pay artificially high prices for certain stocks."

Jon Corzine ran the firm. Now he says, "I don't have any idea what's going on there. I can only assure you that we didn't do this." Ah, so you didn't know what was going on at the firm you ran, but George W. Bush is expected to know what was going on in every boardroom in America, hmm? I took a call from Andrew, Witness to Corzine Scam on Wednesday's show and, as someone in the business, he attested to what went on at Goldman Sachs.

Corzine, Dems must answer serious charges

I also held the Connecticut Democrat senator who deregulated all these accounting firms responsible in Dodd in Accounting Scam Sandwich. On Monday, President Bush (who holds a Harvard MBA) said that Wall Street went on a binge in the 90s and now has a hangover. Corzine called that description, "a diversion away from reality." Is this enough reality for you, Senator Corzine?

It seems clear now why Corzine didn't want anyone looking too closely at Wall Street. We're not saying that he did anything corrupt, but the seriousness of the charge is what matters. We need you to release all your documents, sir. You Democrats have opened a door here trying to tie our president to this, and that door is now hitting you in the Clymer.

Bob Samuelson's column in Wednesday's Washington Post is probably the most sensible explanation of what's going on that I've seen. What we've seen in this Corzine story is the so-called New Economy explained. Fraudulently high prices were charged for stocks sold to unwitting dupes - meaning small-time investors. No wonder so many startups were able to do well with no fundamentals! This is so close to a chophouse operation that it's unreal.

9 posted on 07/18/2002 4:18:23 AM PDT by Libloather
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To: JohnHuang2
As it happened, no investment bank on Wall Street "earned" more underwriting fees from Enron since 1986 than Goldman Sachs. And, no other investment bank was more bullish on Enron for a longer period of time than Goldman Sachs, whose market guru Abby Joseph Cohen was indispensable in raising Enron's share price to its $90 peak and whose analyst David Fleischer pushed this dog all the way until the bitter end.

But, of course, Corzine knows nussing, NUSSING about this.

10 posted on 07/18/2002 4:21:42 AM PDT by PJ-Comix
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To: Libloather
What we've seen in this Corzine story is the so-called New Economy explained. Fraudulently high prices were charged for stocks sold to unwitting dupes - meaning small-time investors. No wonder so many startups were able to do well with no fundamentals! This is so close to a chophouse operation that it's unreal.

For what it's worth, this story- and several others relating- went out in an email to letters to editors and "opinionators" this morning.... it will get seen.

The "New E-conomy" looked fraudulent to me from the get-go. I kept asking "what are these guys ( the new IPO's ) actually selling? Where're the goods, services, or information?"

As it matured, people kept telling me we had a "New Paradigm"-- one that wasn't cyclical anymore.

I usually just smiled...

11 posted on 07/18/2002 4:27:35 AM PDT by backhoe
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To: Libloather
It seems clear now why Corzine didn't want anyone looking too closely at Wall Street. We're not saying that he did anything corrupt, but the seriousness of the charge is what matters. We need you to release all your documents, sir.

Now the the folks at CBS, ABC, NBC, NY Times, and other prime media outlets are loosing their savings. Maybe they'll start focusing a bit on the Democratic Party. Maybe they'll consider the role of Goldman Sachs in the creation of the bubble. Maybe a journalist or two will consider that these market declines have hurt more poor people than all the racist confederate flag waving honkeys combined.

12 posted on 07/18/2002 4:45:53 AM PDT by alrea
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To: JohnHuang2
There are also a number of questions about what role Sen. Corzine played in the failure of Long term capital. There have been allegations that there was illegal activity and market manipulation involved prior LTCM's collapse, and that it may have been orchestrated by Goldman Bankers. Sen. Corzine was personally involved in the process, prior to LTCM's collapse.
13 posted on 07/18/2002 4:53:37 AM PDT by tcostell
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To: backhoe
As it matured, people kept telling me we had a "New Paradigm"-- one that wasn't cyclical anymore.

I usually just smiled...

Gee, and I thought the clinton maladministration claimed they had defeated the buiness cycle...

snicker...

14 posted on 07/18/2002 4:54:04 AM PDT by copycat
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To: JohnHuang2
This a garbage editorial.Scapegoats needed so that the hoi polloi can feel better about losing money in a bear market.
15 posted on 07/18/2002 4:58:32 AM PDT by habs4ever
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To: backhoe; JohnHuang2
This will probably go nowhere. The Daschle will simply stop appearing with him and using him while the subject is hot. The press will laugh at how clever Daschle is and won't ask why we are not seeing Corzine around these days, and it will be allowed to blow over. In other words, they will "Huang" him. Can't be found, who cares, and isn't it just too rich and funny? Do you think the usual suspects will let one of their own be Hu(a)ng out to dry? (sorry JH)

regards

16 posted on 07/18/2002 6:13:29 AM PDT by okiedust
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To: okiedust
In other words, they will "Huang" him.

Yep, I suspect you have it right...

17 posted on 07/18/2002 6:31:31 AM PDT by backhoe
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To: backhoe
Great links. And for a guy who spent so much of his own money, Corzine certainly has quite the donor list over at fec.gov. Betcha it would make interesting reading. Guess ol' Corzine isn't so eager to keep spending his own money, if he's taking donations. Wonder why no-one mentions that in these articles?
18 posted on 07/18/2002 6:38:39 AM PDT by mewzilla
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To: Mo1; JohnHuang2
And Rubin bailed out Goldman Sachs several times during the Clinton administration: two notable examples I can think of are the Mexican bailout and the bailout of that hedge fund in '98.
19 posted on 07/18/2002 6:56:38 AM PDT by aristeides
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To: alrea
Maybe a journalist or two will consider that these market declines have hurt more poor people than all the racist confederate flag waving honkeys combined.

Maybe, but don't bet on it.
To the liberal media and the rank and file dupes in the democrat party,
limousine liberals like Corzine, Daschle, Dodd, Kennedy, Clinton, etc. are TRUE public servants, sacrificing their very lives for the downtrodden, the poor....the CHILDREN!
20 posted on 07/18/2002 7:42:11 AM PDT by MamaLucci
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