Warning, what you are about to hear is rough. And the language, rougher. But the story, that's the roughest.
Because, in the end, this is the story of the smartest guy in the room done in by the dumbest hunch on the book.
That the government would save the day.
If you really want to know the meaning of Jon Corzine's hearing that otherwise said nothing, it is this:
Those who place their faith in government are doomed to be done in by government.
That doesn't make Jon Corzine a crook.
At least, I don't think so.
It just makes him the latest Wall Street superstar humbled by a government that couldn't save Wall Street.
Oddly, in Jon’s case, it wasn't even "our" government...
But European governments, in which he placed so much blind faith.
...those governments that the former Democratic New Jersey governor and senator firmly believed would save the day, and save Europe, and save the banks, and save a company's huge bet on all the above.
That company...MF Global.
Its investors...now just m-f'ed.
Again, not because Jon’s an evil man. I think he's a good man.
No offense to him, just a way-over-rated man.
A Goldman Sachs alum who could do no wrong. A trusted Democratic confidante whose financial expertise had to be right.
...a money man who believed in his soul that government was good for our financial soul.
...that its rescues...rescue us...from ourselves. And our mistakes.
So convinced was Jon Corzine in a European stop-gap plan for its banks, that he never stopped to consider what he was banking on...was nuts.
He so believed in the wisdom of government to make things right...that he ultimately bet billions on a hunch that proved horrifically wrong.
Again, Jon is not the first genius to screw up believing in government.
Startles "me" is all the so-called geniuses who refuse even now to learn anything from this screw-up...and just double down.
But you'd think after m-f global, they wouldn't be so gullible.
After Solyndra, so stupid.
After getting kicked in the fannie, give still "more" money to Fannie Mae.
Wouldn't dare try to rescue a rescue that didn't rescue.
Or bail out another bail out that never worked out.
But alas, no.
My take-away from Jon today?
Goldman...sucks.
Sometimes.
And these Washington spenders.
Saps.
All the time.
And the rest of us taxpayers?
On the hook.
Every time.
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