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.
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...
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.