Why in the world have we not heard more from the mainstream media about the MF Global bankruptcy? This is one of the largest firms to file for bankruptcy in U.S. history. I include our local media in this question.
Today it is a headline on Drudge and has been on Fox news for a few weeks now? Is it because the CEO of MF Global was Democrat Jon S. Corzine? He is the former Democrat senator from New Jersey and was the former Democrat governor of New Jersey, just prior to Chris Christie being elected. Not only did Corzine run New Jersey into the dirt with his excessive spending and raising taxes beyond belief, but when he lost to Chris Christie he got a job at MF Global as its CEO. He was with Goldman Sachs prior to being elected to the U.S. Senate.
The headline on Drudge this morning is, "MF Global Trustee Says Shortfall Could Exceed $1.2 Billion." Totally against the law, this firm is suspected of using investor money to pay MF Global's losses in the European financial crisis that has seen Greece and recently Italy fall into severe financial difficulty. Regulators currently suspect that MF Global improperly used customer money for its own purposes in the days before filing for Chapter 11 protection on Oct. 31.
Investigators are considering two possible situations. One is that MF Global used the money to meet trading partners' demands for extra cash, which could come back. The other is that it was used to cover trading losses, which would mean that the money cannot be recovered.
I point this MF Global bankruptcy out to show that it really doesn't matter if we are talking about Democrats or Republicans; they are all interconnected via Wall Street firms such as Goldman Sachs and MF Global and our Federal Reserve along with the federal government. The difference is that the national news media gives the Democrats kid glove treatment where as if Corzine were a Republican, it would have been and still would be, the lead story.
I have quit counting the times when a scandal has implicated a Democrat and you almost have to read the entire article to find out their political affiliation, if at all. On the other hand, if the individual is a Republican, his affiliation is in the headline or the first sentence.