The Grinch That Soiled Wall Street

Hate to beat a dead horse, but when that horse keeps on crapping on everything around him and gets bonus hay out the ass as a reward...he deserves further beating. A rotten apple really does spoil the whole bunch, rarely has there been a better example.

Though I never miss an opportunity to defend Wall Street as a whole, sometimes a BSD comes along so flaccidly impotent and incompetent that I too feel like throwing on some Birkenstocks, wallowing in my own filth and banging kitchen pots with chop sticks.

Jon Corzine is that horse and that apple.

Even though Eddie and I ripped into him on the newest episode of NSFW, he deserves a lot more flack than we have given him. In reality, this man deserves the hate of monkeys everywhere. This humongous tool is likely the best example of the unjust reputation Wall Street has been saddled with over the past few years.

His greed, incompetence and intransigence is the stuff of legends.

His most recent royal fuck up is the assisted suicide of MF Global, for which he may be punished with $12 million of severance.

I hate to support the hipsters, crypto commies and couch dwelling welfare moochers but how exactly do you defend a man like Jon Corzine?

He was the CEO of Goldman Sachs and the driving force behind the IPO which changed the industry for the worse, back in1999. For those who do not remember or are too young to know, Goldman Sachs was once the epitome of relationship banking.

The name which is now associated with all things evil and crooked, was the hallmark of how banking should be done for over a century.

Corzine banked about $400 million off the IPO, promptly was booted from Goldman and went out and bought himself a New Jersey Senate seat. He spent an unprecedented $62 million of his own money in the endeavor and later used the same political payola strategy to get elected Governor.

During a relatively short time frame his policies helped drive the once fiscally solid state into the ground.

The next victim on the list was MF Global, a derivatives broker which Corzine somehow envisioned as an Investment Bank.

He promptly came in and leveraged MF 40-to-1 on primarily PIGS related debt. Today, the only question left with regard to MF Global is how to pull it off life support without causing another global crisis, requiring another bailout of the financial industry or completely ass fucking a sea of counter parties.

For those of you guys who recall the LTCM fiasco or have read When Genius Failed, you know that Corzine should know better as he has been intimately involved with this sort of situation before.

Passing the buck is no way to live life. Blaming someone else for your mistakes is both spineless and useless. In the case of Jon Corzine, however, we are seeing a great example of how one giant gaping asshole can shit on the entire world and pass the buck to those who had nothing to do with it.

As the aftershocks of the MF Global fiasco reverberate over the coming months and years, remember the name: Jon Corzine.

I sincerely hope we have seen the last of him, but somehow it would be no surprise if saw him in a high ranking Treasury Department role soon enough.

I consider this guy the biggest failure Wall Street has ever produced and the single greatest contributor to its currently foul reputation.

If you can think of anyone worse, I would love to know their name...