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Bully Pulpit

The term "bully pulpit" stems from President Theodore Roosevelt's reference to the White House as a "bully pulpit," meaning a terrific platform from which to persuasively advocate an agenda. Roosevelt often used the word "bully" as an adjective meaning superb/wonderful. The Bully Pulpit features news, reasoned discourse, opinion and some humor.

Thursday, December 08, 2011

Jon Corzine: I have no idea where the money went

(By Ed Morrissey, Hot Air) - Jon Corzine goes to Capitol Hill today to answer questions about the disappearance of as much as $1.2 billion in the collapse of MF Global under his leadership. The former Democratic governor of New Jersey and current fundraising bundler for Barack Obama might not have too much to say to the House Agriculture Committee. In his opening statement, he plans to tell investigators that he had no idea that customer money had been raided to float the company’s bets on risky European sovereign debt — and then will apparently invoke the Fifth Amendment the rest of the day:

A contrite Jon S. Corzine will express both sorrow and a firm defense of his actions Thursday in his first public appearance since the collapse of MF Global Holdings Ltd. in late October.

“Recognizing the enormous impact on many peoples’ lives resulting from the events surrounding the MF Global bankruptcy, I appear at today’s hearings with great sadness,” Mr. Corzine plans to say in testimony prepared for a hearing by the House Agriculture Committee, which subpoenaed the former MF Global chief executive Friday. A copy of the testimony was released early Thursday on the panel’s website. …

The trustee overseeing MF Global’s liquidation estimates the amount at $1.2 billion. Mr. Corzine will say in his testimony that he had little to do with the mechanics of moving customer cash and collateral and that he was “stunned” when he learned on Oct. 30 that the money was missing.

“I simply do not know where the money is,” he will say, noting that “there were an extraordinary number of transactions during MF Global’s last few days.”


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