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Corzine’s Investing Irony

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  • Description

    FBN’s David Asman sounds off on the career of former New Jersey Governor Jon Corzine.

  • Duration 2:04
  • Date

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Finally tonight one of the great ironies of Jon Corzine's disastrous usually leveraged bet on European debt.

Is it when it was senator and governor he was lecturing financial firms about the evils of exactly the same kind of leveraged bets he was making afterwards he was demanding a whole -- regulatory system to wipe out leverage risk.

Again here's a bit of an interview he gave in 2008.

Where he was describing how things would change after the TARP -- I'm quoting him now so.

You're gonna see a lot less risk in the system the system will morph into a different kind of risk taking community.

It's going to need a thoughtful very carefully crafted regulatory system that's the long run -- well.

Governor Corzine and his friends got their new regulatory system and guess what.

It allowed -- -- -- trying to make all kinds of risky high leveraged bets.

It shows once again how lawmakers and the well connected -- -- and blow up to protect each other.

While the small bankers are getting killed by the new regs Jon Corzine and his buddies at the big firms at the special deals to special cut aways that kept them.

Doing exactly the same kind of crap that got -- senate has -- The hypocrisy of all this reeks to high heaven.

-- -- -- lost on the liberal media and Corzine's friends in the White House it is not lost on us so hear it loud and clear.

Liberal lawmakers like more regulations because they know that the game is fixed in their favor.

And in the favor their friends Corzine do it Chris Dodd -- -- when he helped his buddy Angelo Mozilo Maxine Waters knew what when she helped her husband's bank get TARP money didn't were deserve.

And Barney Frank knew it when he saw the lobbyist from the big banks get all of their special deals and Dodd-Frank.

So the next time -- politician calling for a quote thoughtful new regulatory system to fix things.

Remember how the last new regulatory system worked out and remember who benefited from it.

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