Case of the vanishing billion

Another Wall Street genius runs a business aground and can't remember what happened to over a billion dollars of investor money.

Forget that he was a U.S. Senator (D-N.J.) and the governor of the great state of New Jersey and a former executive of Goldman Sachs. One would think with those credentials he certainly was a financial "guru" or was he?

One thing for sure is that the former CEO of MF Global hasn't got a good memory. That maybe because as a politician he trained on the well worn phase of "I don't recall." When asked specific questions about the loss of $1.2 billion in client's money he didn't know where the money went.

He obviously traded on his status as a former Democrat big-wig as his firm had access to the Federal Reserve as a "primary bond dealer" which allowed MF Global to have access to low cost funds.

What might be in the future for Mr. Jon Corzine is a reservation at a federally managed hotel for wayward financial "gurus" a la Bernie Madoff. Right now is not a good time for a CEO of a financial firm undergoing a huge bankruptcy to have bouts of amnesia.

As Congressional committees repeatedly asked the question what happened to the $1.2 billion of client money Mr. Corzine and his subordinates had no idea of the whereabouts of that huge sum or how it became invisible. The public has had its fill of super-smart people that have made a SOP of losing other people's money while their fortunes remain intact.

Here's a guy that made $400 million when Goldman Sachs went public but he can't remember what happened to the $1.2 billion in his customer's money that may have been co-mingled with company funds, a no-no under the law.

The chances are that he, Corzine, took a gamble with other people's money to keep his operation afloat betting that he could recover the "borrowed funds" later and all would be well. It will be interesting to see if the U.S. Attorney General, Eric Holder, beleaguered by his own problems with "Fast and Furious" will look to divert the heat to focus on the travails of one Jon Corzine.

Another interesting facet of this whole story is his comments after leaving the state house in New Jersey when he spoke at Princeton and criticized "loose regulations and high pay, high risk taking culture."

This man might well be the new Nostradamus of the 21st century foretelling his own rise and probable demise as the feds might well be closing in on his dubious dealings with other people's money. (Thanks to Fox News)