Bob Shrum Comes Out 'In Defense of Jon Corzine'
Prominent Democratic consultant defends the 1 percent.
11:59 AM, Nov 19, 2011 • By MARK HEMINGWAY
Prominent Democrat and presidential campaign consultant Bob Shrum has an, uh, interesting column in The Week defending former Goldman Sachs CEO, U.S. senator, and New Jersey governor Jon Corzine. As you might also recall, Corzine has been in the news lately because his latest Wall Street venture, MF Global, collapsed amid very serious accusations of illegal conduct, taking hundreds of millions of investor dollars with it.
But according to Shrum, this MF Global unpleasantness shouldn't obscure what really matters--that Jon Corzine is a good progressive:
If you can't become CEO of Goldman Sachs, blow $62 million buying yourself a Senate seat, then spend one-term as governor bringing New jersey to the brink of fiscal ruin, and finally end up implicated at the center of one of the largest scandals in Wall Street history without having to suffer the slings and arrows of The Daily Show... then the world has finally gone mad, hasn't it?
Let's look at this another way--imagine the following headlines:
This defense is also unfortunate coming from Shrum, who's in large part responsible for launching John Edwards's career. I wouldn't necessarily blame him for Edwards's failings, except for the fact that Shrum helped put him on a Democratic presidential ticket even though by his own admission he must have had serious misgivings about Edwards's integrity long before the National Enquirer started raising questions.
Meanwhile, back in the real world where integrity means something beyond having agreeable political views, Zero Hedge reports that Ann Barnhardt of Barnhardt Capital Managment has voluntarily shut down her hedge fund because "the entire system has been utterly destroyed by the MF Global collapse." Here's the relevant excerpt from her letter announcing her decision: