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Former governor resigns in disgrace as MF Global CEO, but broadcast news ignore Obama ties.
By Julia A. Seymour
Flashbacks of 2008 were on the minds of many when MF Global, a Wall Street firm led the Democratic former N.J. Gov. Jon Corzine, filed for bankruptcy amid a huge scandal. Forbes said the firm owes $2.2 billion to JP Morgan and Deutsche Banks. But the broadcast networks had amnesia when it came to their previous coverage of Corzine, his role as adviser and fundraiser for Obama and their previous use of him as an economic expert.
MF Global filed for bankruptcy protection on Oct. 3. The firm, under Democrat Corzine’s leadership had invested in more than $6 billion European sovereign debt and was overleveraged (borrowed too much). Why would they have invested in such risky assets? According to both New York Times and Fox Business contributor Charles Gasparino, Corzine was betting on a European bailout.
The firm’s bankruptcy from bad investments would have been scandalous enough, but with CBS News.com reporting Nov. 4 that more than $600 million dollars is still missing, landing Corzine in "hot water." Corzine resigned as CEO on Nov. 4 after hiring Andrew J. Levander, a well-known criminal defense attorney. The former governor and his firm are under F.B.I. investigation.
The networks have done little reporting on this "big name" Democrat’s scandal airing just 12 news stories or briefs (most were briefs), according to Nexis. On the morning of Nov. 1, not one of the three networks reminded viewers that Corzine is a Democrat. ABC, CBS and NBC also forgot to mention that they have relied on the former politician as an economic expert and that he is tied to the Obama administration.
Keep reading ‘Mini Ponzi Scheme’ Takes Down N.J. Democrat Corzine; Networks Forget They Used Him as ‘Top’ Economic Voice.
