November 4, 2011

THE CORZINE SCANDAL: Another Black Eye For Blue Wall Street. “Remember two years ago when President Obama was vigorously campaigning in New Jersey, hoping that the Democratic Party wouldn’t face a humiliating gubernatorial defeat? Maybe he should have campaigned harder. If nothing else, it might have kept Democratic candidate for Governor Jon Corzine away from MF Global. The company’s recklessness—with clients’ money, no less—is precisely the kind of story that the Democratic Party doesn’t want as Wall Street stands occupied. (Via Meadia hopes by the way that this was all a terrible misunderstanding and that Governor Corzine’s reputation will somehow emerge intact from the debacle, but at this point we aren’t holding our breath.)”

Plus this: “The Democrats can bark at Blue Wall Street, but they cannot really bite. A few little puppy nips, perhaps, but any efforts by the Democrats to throw Wall Street under the bus will fail. Blue Wall Street is the bus, and it refuses to roll over itself.”

Hey, they don’t call him President Goldman Sachs for nothing.

UPDATE: Crony Capitalism: Corzine used leverage to keep regulators from investigating MF Global. Plus: “Mona Charen notes that this makes Barack Obama’s attack on Republicans look more like a case of projection.”

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