Corzine Understands the Need for Congressional Oversight?



Tags: former, congressional, committee, congress, oversight, executive, before, circumstances, businesses, decisions

Jon Corzine, the former governor of New Jersey and Goldman Sachs executive, told a Congressional committee that he didn't know where the money that investors had trusted to MF Global Holdings went. What I thought was more interesting was he reasoning for testifying before Congress unprepared and without access to critical information and documents that would allow him to answer key questions forthrightly. In written testimony delivered on December 8, 2011 to the House Agriculatural Committee, he says:

"Considering the circumstances, many people in my situation would almost certainly invoke their constitutional right to remain silent – a fundamental [Fifth Amendment] right that exists for the purpose of protecting the innocent. Nonetheless, as a former United States Senator who recognizes the importance of congressional oversight, and recognizing my position as former chief executive officer in these terrible circumstances, I believe it is appropriate that I attempt to respond to your inquiries."

This begs the following question: Congressional oversight of what? The economy?

Perhaps this is a core part of the problem. Congress isn't responsible for whether businesses make good decisions, bad decisions, are profitable or lose money. To the extent Congress has oversight, it oversees the actions regulatory agencies, not private businesses. And the courts adjudicate criminal activity such as fraud and civil disputes such as negligence.

Corzine's appearance before the House Agricultural Committee seems more like political gamesmanship and posturing than anything else.

Not yet rated. Be the first:

<< Previous Article      Next Article >>


Comment

Name:

John said... Rating: 0   Vote +   Vote -  

These guys were These guys were stilling out of presonal accounts The trusted people were told to withdrawal from MF Global 1 week before the announcement became public.More of the insides taking from all the masses and then laughing at those that lost out.The systems has paid off the proper people(Gov't enforcers) to coverup crimes and keep wrong does free on the streets.Vote Ron Paul to end these type of Mafia. -1Was this answer helpful?

11/6/2012 12:39:03 PM