Monday, February 23, 2015

Jon Corzine, a Goldman Sachs Con

Written by Erico Matias Tavares of Sinclair & Co.

"Exactly two years ago we decided to visit the Matisse exhibition at the Metropolitan Museum in New York City. Here’s what we wrote to other UK clients later that night:

“Tonight a friend and I decided to go see the Matisse exhibition during the late night session at the Met. We got there late and had to rush in to have enough time to enjoy some of the finest paintings ever produced by Mankind.
As we got closer to the end, I found myself standing next to someone I had never met, but whom nevertheless felt very familiar to me. Then it struck me who he was. I turned to my friend in disbelief. We both took a step back, looked again at the person, then at each other once more. It had to be him. We were standing next to Jon Corzine.
My heart immediately started racing. Suddenly all those repressed sentiments were turning loose, though I could still not entirely believe that the man who caused so much misery to thousands of people around the globe was standing right there. In the flesh. Carefree, enjoying the wonderful art around him guided by his headsets.
I started to think about what to do next. Should I make a huge scene? Or should I just forget about it, now that the administrators indicate that we will get most if not all of our money back? No. I just could not let it slide.
I decided to wait for him at the exit. My friend moved away, not entirely sure about what was about to happen. Then he got out, put down his headsets and looked out into where I was standing. This was my chance.
“Mr. Corzine?”, I calmly asked. “Yes!”, as he immediately reached out for my hand. I said, “I am a client of MF Global. How do you feel about that?”
His eyes turned down as he began muttering some pavlovian remarks. The few things he said that stuck were “I’m sorry”… “I’m being sued”… “there will be losses”… Then he said people are getting their money back. At that point I replied, “My money is in the UK, most of us got nothing back. Many people are struggling.” More remarks followed: “bad regulations in the UK”… “there will be losses”… “I’m being sued”…
That is all I had for him. Did not want to dignify him by displaying any emotions. The courts will not criminally judge him for what he did. But he knows that the anonymous person in the crowd will. Anytime, anywhere."
 

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