With all eyes focused on Jon Corzine's testimony relative to MF Global Thursday, perhaps it might be time to consider that MF Global might only be one act to consider in this multi-act and often undisclosed tragedy.
The whispered story of private citizen Corzine's toppling of a regulator at the Commodity Futures Trading Commission (CFTC) is something to which light should be shown. In fact, the battle that took place in the late 90s between then CFTC Chairwoman Brooksley Born and then Goldman Sachs Chairman Jon Corzine, who is said to have directed lobbying efforts and the Washington D.C. "Working Group" to dispense with the "irascible" Ms. Born. This is a story that has dramatically impacted society, leaving a scare of undisclosed leverage that can even be seen in today's debt crisis.
What surprises me most about this story is the fact that it has generally remained untold. Hopefully at Mr. Corzine's congressional hearing tomorrow tough questions, listed at the end of this article, will bring forth additional details regarding the actions of Mr. Corzine and the Working Group.
Mr. Corzine's tale really should be told by considering a pattern of behavior where the Goldman superstar ignored advice of risk managers and arrogantly rolled over regulators, literally toppling those who dare question his methods of non-transparent leverage management. Contrast this to Ms. Born's efforts to......................