EPA Financial Adviser Helped Run MF Global Into the Ground
November 9, 2011 - 9:46 am
Well, this may explain a lot. The man advising the EPA on “job creation” while it ramps up job destruction is also running the show at Jon Corzine’s old bankrupt outfit. Not the government of New Jersey, the other one.
As chairman of the Environmental Protection Agency’s financial advisory board, Bradley Abelow is charged with giving advice on investment and job creation to EPA Administrator Lisa Jackson.
But Mr. Abelow’s day job overseeing MF Global Holdings Ltd. has placed him in the middle of a growing firestorm over billions of dollars in risky investments that have plunged the company into one of the largest bankruptcies in history.
The Oct. 31 bankruptcy was just the start of the bad news. Since then, MF Global’s chief executive, former New Jersey Gov. Jon Corzine, has resigned, reports have surfaced about nearly $600 million in missing customer cash and an FBI probe into the company has begun.
Mr. Abelow, who worked as chief of staff for Mr. Corzine while he was governor, oversees the day-to-day operations of the company, according to court filings.
Like Corzine and I guess half the Obama administration, Abelow also worked at Goldman Sachs. Mr. Abelow may be challenging Jamie Gorelick’s record for leaving massive destruction in one’s career wake. One difference, though, seems to be that Abelow has managed simultaneous train wrecks. Gorelick’s disastrous career has been a bit more linear.