{"id":1456,"date":"2013-10-07T10:21:13","date_gmt":"2013-10-07T14:21:13","guid":{"rendered":"http:\/\/www.dougsbriefcase.com\/blog\/?p=1456"},"modified":"2013-10-08T02:16:41","modified_gmt":"2013-10-08T06:16:41","slug":"jon-corzine-poster-boy-crony-capitalism","status":"publish","type":"post","link":"https:\/\/www.dougsbriefcase.com\/blog\/jon-corzine-poster-boy-crony-capitalism\/","title":{"rendered":"Jon Corzine: Poster Boy for Crony Capitalism?"},"content":{"rendered":"
\"President<\/a>

Pres\u00adi\u00addent Oba\u00adma unsuc\u00adcess\u00adful\u00adly cam\u00adpaigned for Jon Corzine in 2009. Since then, near\u00adly $1 bil\u00adlion in client mon\u00adey dis\u00adap\u00adpeared into the ether from a firm Corzine steered into bank\u00adrupt\u00adcy, but the Oba\u00adma Admin\u00adis\u00adtra\u00adtion con\u00adclud\u00aded that Corzine com\u00admit\u00adted no crime.<\/p><\/div>\n

Jon Corzine is not a crook. No, really.<\/p>\n

The Jus\u00adtice Department\u2019s inves\u00adti\u00adga\u00adtion of the for\u00admer Wall Street titan, New Jer\u00adsey Gov\u00ader\u00adnor and U.S. Sen\u00ada\u00adtor con\u00adclud\u00aded last sum\u00admer that he\u2019d done noth\u00ading wrong. Or at least noth\u00ading crim\u00adi\u00adnal<\/a>.<\/p>\n

That despite the fact that the firm he once head\u00aded, the iron\u00adi\u00adcal\u00adly named \u201cMF<\/span>\u201d Glob\u00adal, improp\u00ader\u00adly siphoned near\u00adly $1 bil\u00adlion from its cus\u00adtomers\u2019 accounts \u2013 mon\u00adey it could not legal\u00adly touch \u2013 to cov\u00ader its bad bets on Euro\u00adpean sov\u00ader\u00adeign debt, then prompt\u00adly lost it all when those bets con\u00adtin\u00adued to sour. The mon\u00adey is gone. Those who entrust\u00aded Corzine and his col\u00adleagues with it are, as the firm\u2019s name sug\u00adgests, F\u2019d.<\/p>\n

In defend\u00ading him\u00adself against civ\u00adil actions<\/a>,<\/span> Corzine claims to have had noth\u00ading to do with the deci\u00adsion to raid his clients\u2019 so-called \u201cseg\u00adre\u00adgat\u00aded accounts\u201d \u2013 seg\u00adre\u00adgat\u00aded because the law required that they be kept sep\u00ada\u00adrate from the firm\u2019s own pro\u00adpri\u00adetary invest\u00adments. It was mon\u00adey entrust\u00aded to MF<\/span> Glob\u00adal, not put at its disposal.<\/p>\n

Los\u00ading near\u00adly $1 bil\u00adlion of oth\u00ader people\u2019s mon\u00adey is no big deal for a for\u00admer Gov\u00ader\u00adnor and fed\u00ader\u00adal law\u00admak\u00ader. It takes the fed\u00ader\u00adal gov\u00adern\u00adment a lit\u00adtle more than 2\u20131\/2 hours to spend that amount and gov\u00adern\u00adment bean\u00adcoun\u00adters years to fig\u00adure out what is was spent on. Even the most scrupu\u00adlous inspec\u00adtors gen\u00ader\u00adal can only guess at how much may have been squan\u00addered<\/a>.<\/p>\n

So, Corzine might right\u00adly ask, what\u2019s all the fuss about?<\/p>\n

The Com\u00admodi\u00adties Future Trad\u00ading Com\u00admis\u00adsion (CFTC<\/span>), which is pur\u00adsu\u00ading civ\u00adil (as opposed to crim\u00adi\u00adnal) charges against Corzine and his for\u00admer firm, put it this way:<\/p>\n

MF<\/span> Glob\u00adal Inc., \u2026 on the brink of fail\u00adure and in des\u00adper\u00adate need of cash to sur\u00advive, invad\u00aded its cus\u00adtomer funds and vio\u00adlat\u00aded \u2026 fun\u00adda\u00admen\u00adtal cus\u00adtomer pro\u00adtec\u00adtions on a scale nev\u00ader pre\u00advi\u00adous\u00adly seen in the U.S. futures mar\u00adkets, harm\u00ading thou\u00adsands of peo\u00adple (CFTC<\/span> com\u00adplaint, para\u00adgraph 1<\/a>).<\/p><\/blockquote>\n

The sto\u00adry began in March 2010 when Corzine joined the firm, just months after los\u00ading his bid for a sec\u00adond term as Gov\u00ader\u00adnor. The com\u00adplaint says that he imme\u00addi\u00adate\u00adly set out to make MF<\/span> Glob\u00adal a major play\u00ader in Euro\u00adpean sov\u00ader\u00adeign debt. As a result of his actions, CFTC<\/span> alleges, these invest\u00adments grew sub\u00adstan\u00adtial\u00adly, even as they turned \u201cincreas\u00ading\u00adly risky\u201d (para\u00adgraph 3<\/a>).<\/p>\n

The risk grew because Corzine was plac\u00ading out\u00adsized bets on debt issued by such coun\u00adtries as Greece, Spain and Italy, just as mar\u00adkets woke up to the fact that those gov\u00adern\u00adments were in over their heads. Corzine, who seems to have had a child-like faith in gov\u00adern\u00adment that is char\u00adac\u00adter\u00adis\u00adtic of the cen\u00adter-left, thought there was a for\u00adtune to be made in bet\u00adting in favor of these gov\u00adern\u00adments just as oth\u00ader investors start\u00aded to doubt their cred\u00adit\u00adwor\u00adthi\u00adness. As it turns out, there were for\u00adtunes to be lost \u2013 not only his firm\u2019s, but that of its clients.<\/p>\n

\u201c<\/span>By late Octo\u00adber 2011,\u201d the com\u00adplaint states, \u201cthe fir\u00adm\u2019s sources of cash were dry\u00ading up, and the firm was in des\u00adper\u00adate need of fund\u00ading to sur\u00advive\u201d (para\u00adgraph 4<\/a>).<\/p>\n

Fran\u00adtic for mon\u00adey to pay off its bad bets and shunned by oth\u00ader banks because of its par\u00adlous state, MF<\/span> Glob\u00adal crossed a legal line, accord\u00ading to the CFTC<\/span>.<\/p>\n

Dur\u00ading the last week of Octo\u00adber 2011, in vio\u00adla\u00adtion of U.S. com\u00admod\u00adi\u00adty laws, with vir\u00adtu\u00adal\u00adly no oth\u00ader sources of cash to keep it afloat, MF<\/span> Glob\u00adal unlaw\u00adful\u00adly used near\u00adly one bil\u00adlion dol\u00adlars of cus\u00adtomer seg\u00adre\u00adgat\u00aded funds to sup\u00adport its own pro\u00adpri\u00adetary oper\u00ada\u00adtions and the oper\u00ada\u00adtions of its affil\u00adi\u00adates. Thou\u00adsands of cus\u00adtomers were direct\u00adly and indi\u00adrect\u00adly harmed by these unlaw\u00adful acts (para\u00adgraph 5<\/a>).<\/p><\/blockquote>\n

The des\u00adper\u00adate and alleged\u00adly unlaw\u00adful ploy failed. MF<\/span> Glob\u00adal filed for bank\u00adrupt\u00adcy pro\u00adtec\u00adtion on Octo\u00adber 31, 2011. The CFTC<\/span> places the blame square\u00adly on Corzine.<\/p>\n

Corzine bears respon\u00adsi\u00adbil\u00adi\u00adty for MF<\/span> Glob\u00adal\u2019s unlaw\u00adful acts. He held and exer\u00adcised direct or indi\u00adrect con\u00adtrol over MF<\/span> Glob\u00adal and Hold\u00adings and either did not act in good faith or know\u00ading\u00adly induced these vio\u00adla\u00adtions (para\u00adgraph 6<\/a>).<\/p><\/blockquote>\n

The com\u00adplaint also sin\u00adgles out Edith O\u2019Brien, the firm\u2019s Assis\u00adtant Trea\u00adsur\u00ader, say\u00ading that she \u201cdirect\u00aded, approved, and\/or caused numer\u00adous ille\u00adgal trans\u00adfers of cus\u00adtomer seg\u00adre\u00adgat\u00aded funds to the Film\u2019s pro\u00adpri\u00adetary accounts, and oth\u00ader\u00adwise aid\u00aded and abet\u00adted MF<\/span> Glob\u00adal\u2019s cus\u00adtomer seg\u00adre\u00adgat\u00aded fund vio\u00adla\u00adtions\u201d (para\u00adgraph 7<\/a>).<\/p>\n

Corzine, accord\u00ading to the com\u00adplaint, plunged MF<\/span> Glob\u00adal almost imme\u00addi\u00adate\u00adly into com\u00adpli\u00adcat\u00aded and risky trans\u00adac\u00adtions involv\u00ading Euro\u00adpean sov\u00ader\u00adeign debt. The firm bor\u00adrowed heav\u00adi\u00adly to buy these bonds. To finance their pur\u00adchase, it entered into con\u00adtracts with coun\u00adter\u00adpar\u00adties, pledg\u00ading the bonds them\u00adselves as col\u00adlat\u00ader\u00adal, and promis\u00ading to pay back the mon\u00adey when they matured. On paper, this was a win\u00adning propo\u00adsi\u00adtion for MF<\/span> Glob\u00adal, in part because it could record prospec\u00adtive inter\u00adest pay\u00adments on the bonds as a gain on its books.<\/p>\n

As with the over\u00adheat\u00aded mar\u00adket for mort\u00adgage-backed secu\u00adri\u00adties on which investors reaped prof\u00adits so long as hous\u00ading prices con\u00adtin\u00adued to rise, MF<\/span> Glob\u00adal pros\u00adpered so long as mar\u00adkets believed in the sound\u00adness of the bonds that it had bor\u00adrowed mon\u00adey to buy. The risk was that MF<\/span> Glob\u00adal had to make mar\u00adgin calls relat\u00aded to these trans\u00adac\u00adtions. Should faith in Ital\u00adian, Greek and Span\u00adish bonds (which the firm had used as col\u00adlat\u00ader\u00adal) weak\u00aden, MF<\/span> Glob\u00adal would have to come up with cash from anoth\u00ader source to sat\u00adis\u00adfy its coun\u00adter\u00adpar\u00adties (para\u00adgraph 33<\/a>).<\/p>\n

MF<\/span> Glob\u00adal was aware of these risks. Just months after Corzine embarked on his dicey strat\u00ade\u00adgy, the firm\u2019s Chief Risk Offi\u00adcer warned of the dan\u00adgers and rec\u00adom\u00admend\u00aded lim\u00adit\u00ading these invest\u00adments. His advice was ignored and Corzine replaced him the fol\u00adlow\u00ading March (para\u00adgraphs 34 and 35<\/a>).<\/p>\n

Not long after, that risk became real as Euro\u00adpean sov\u00ader\u00adeign began to go south. Dur\u00ading the sum\u00admer of 2011, the firm need\u00aded to find hun\u00addreds of mil\u00adlions of dol\u00adlars to meet its oblig\u00ada\u00adtions to coun\u00adter\u00adpar\u00adties. Des\u00adper\u00adate for cash, Corzine direct\u00aded his sub\u00ador\u00addi\u00adnates to \u201cexplore all poten\u00adtial sources of funds and assets\u201d that could be used to cov\u00ader its bets. \u201cAll poten\u00adtial sources,\u201d accord\u00ading to the com\u00adplaint, includ\u00aded mon\u00adey from its clients\u2019 seg\u00adre\u00adgat\u00aded accounts (para\u00adgraph 44<\/a>).<\/p>\n

By ear\u00adly Octo\u00adber, the firm\u2019s Trea\u00adsur\u00ader con\u00adclud\u00aded that it was \u201cskat\u00ading on the edge\u201d with\u00adout \u201cmuch ice left\u201d (para\u00adgraph 48<\/a>).  But there was a life\u00adline: a $1.2 bil\u00adlion line of cred\u00adit with JP<\/span> Mor\u00adgan Chase. Corzine, how\u00adev\u00ader, decid\u00aded against tap\u00adping that line, fear\u00ading that it would reveal the firm\u2019s frag\u00adile state to Wall Street. Instead, he told an employ\u00adee that they would do every\u00adthing pos\u00adsi\u00adble to avoid using the cred\u00adit line, even if that meant siphon\u00ading mon\u00adey from client accounts (para\u00adgraph 49<\/a>).<\/p>\n

Despite the increas\u00ading\u00adly risky behav\u00adior, Corzine brushed aside warn\u00adings from his sub\u00ador\u00addi\u00adnates. One employ\u00adee warned him that \u201cthe sit\u00adu\u00ada\u00adtion is grave.\u201d MF<\/span> Global\u2019s Trea\u00adsur\u00ader said, \u201cWe have to tell Jon that enough is enough. We need to take the keys away from him.\u201d Corzine refused to relin\u00adquish the keys and dis\u00adparag\u00ading\u00adly nick\u00adnamed the Glob\u00adal Trea\u00adsur\u00ader \u201cthe Gravedig\u00adger\u201d (para\u00adgraph 50<\/a>).<\/p>\n

By that point, MF<\/span> Global\u2019s grave already was dug. Corzine just didn\u2019t real\u00adize it. The com\u00adplaint alleges that he \u201cremained deter\u00admined to squeeze the MF<\/span> Glob\u00adal\u2019s cus\u00adtomer seg\u00adre\u00adgat\u00aded accounts and cus\u00adtomer secured accounts for cash\u201d (para\u00adgraph 52<\/a>).<\/p>\n

Despite repeat\u00aded warn\u00adings about the liq\u00aduid\u00adi\u00adty cri\u00adsis, and despite his knowl\u00adedge of the defi\u00adcien\u00adcies in MF<\/span> Glob\u00adal\u2019s sys\u00adtems and con\u00adtrols, Corzine did not take suf\u00adfi\u00adcient steps to ensure that the Fir\u00adm\u2019s dai\u00adly draws of cash from \u2026 cus\u00adtomer accounts did not result in an unlaw\u00adful use of cus\u00adtomer funds (para\u00adgraph 57<\/a>).<\/p><\/blockquote>\n

Dur\u00ading the last week of Octo\u00adber, MF<\/span> Glob\u00adal received a rat\u00adings down\u00adgrade from Moody\u2019s (para\u00adgraph 58<\/a>) and report\u00aded neg\u00ada\u00adtive earn\u00adings for the pre\u00advi\u00adous quar\u00adter (para\u00adgraph 59<\/a>). By this point, Corzine had begun using the firm\u2019s line of cred\u00adit, draw\u00ading down all but about $300 mil\u00adlion by Octo\u00adber 25 (para\u00adgraph 61<\/a>).<\/p>\n

The walls were clos\u00ading in. Coun\u00adter\u00adpar\u00adties were demand\u00ading more mon\u00adey and cus\u00adtomers were pulling their accounts (para\u00adgraph 60<\/a>).  By that time, the firm had become addict\u00aded to using mon\u00adey from these accounts to sur\u00advive (para\u00adgraph 62<\/a>).  A pan\u00adicked O\u2019Brien, des\u00adper\u00adate to restore mon\u00adey to cus\u00adtomer accounts before reg\u00adu\u00adla\u00adtors caught on, told a col\u00adleague in a taped conversation:<\/p>\n

It is a total clus\u00adter\u00adfuck .\u2026 They have to move half a bil\u00adlion dol\u00adlars out of [Bank of New York] to pay me back .\u2026 Tell me how much mon\u00adey is com\u00ading in and I will make sure it gets post\u00aded. But if you don\u2019t tell me, then tomor\u00adrow morn\u00ading I am going to have a seg prob\u00adlem .\u2026 I need the mon\u00adey back from the bro\u00adker-deal\u00ader I already gave them. I can\u2019t afford a seg prob\u00adlem (para\u00adgraph 62<\/a>).<\/p><\/blockquote>\n

That \u201cseg prob\u00adlem\u201d \u2013 leav\u00ading cus\u00adtomer \u201cseg\u00adre\u00adgat\u00aded\u201d accounts short mon\u00adey \u2014 was nev\u00ader resolved. It grew worse by the day. By Fri\u00adday, Octo\u00adber 28, cus\u00adtomer accounts were $900 mil\u00adlion short (para\u00adgraph 64<\/a>). MF<\/span> Glob\u00adal \u201cfiled a false seg\u00adre\u00adga\u00adtion report\u201d for Thurs\u00adday, Octo\u00adber 27, to con\u00adceal this fact (para\u00adgraph 64<\/a>), then refused through\u00adout the week\u00adend to file its Fri\u00adday report (para\u00adgraph 68<\/a>).<\/p>\n

With its debt no longer man\u00adage\u00adable and its cus\u00adtomer accounts deplet\u00aded, the firm filed for bank\u00adrupt\u00adcy pro\u00adtec\u00adtion that Mon\u00adday. Corzine need\u00aded just 19 months to take a suc\u00adcess\u00adful firm into insol\u00adven\u00adcy, drain\u00ading its resources and that of its clients, and dam\u00adag\u00ading his own rep\u00adu\u00adta\u00adtion in the bar\u00adgain. But none of this, the Jus\u00adtice Depart\u00adment says, was in any way criminal.<\/p>\n

Corzine claims not have known any\u00adthing about the raid on seg\u00adre\u00adgat\u00aded accounts that cost the firm\u2019s clients near\u00adly $1 bil\u00adlion. And though fed\u00ader\u00adal pros\u00ade\u00adcu\u00adtors decid\u00aded not to pur\u00adsue crim\u00adi\u00adnal charges against him, the CFTC<\/span> isn\u2019t con\u00adced\u00ading his inno\u00adcence. His behav\u00adior, their civ\u00adil com\u00adplaint alleges, if not will\u00adful\u00adly crim\u00adi\u00adnal, was will\u00adful\u00adly neg\u00adli\u00adgent. He knew, or should have known, that his firm was flout\u00ading the law, improp\u00ader\u00adly dip\u00adping into its clients\u2019 accounts and hop\u00ading against hope that it would be able to regain lost ground and replace the mon\u00adey before its reg\u00adu\u00adla\u00adtors learned of its mis\u00addeeds (para\u00adgraphs 69 and 70<\/a>).<\/p>\n

Corzine\u2019s defense essen\u00adtial\u00adly amounts to this: that he was noth\u00ading more sin\u00adis\u00adter than an incom\u00adpe\u00adtent man\u00adag\u00ader, unaware that his col\u00adleagues were unlaw\u00adful\u00adly vio\u00adlat\u00ading their clients\u2019 trust, as he plunged his firm into the abyss. He didn\u2019t real\u00adize how much trou\u00adble his firm was in and the extreme steps that his sub\u00ador\u00addi\u00adnates were tak\u00ading to con\u00adceal it from reg\u00adu\u00adla\u00adtors, clients, investors and, pre\u00adsum\u00adably, its own chief executive.<\/p>\n

The incom\u00adpe\u00adtence defense is cer\u00adtain\u00adly plau\u00adsi\u00adble. Being a Sen\u00ada\u00adtor requires no par\u00adtic\u00adu\u00adlar man\u00adage\u00adment exper\u00adtise, as our Pres\u00adi\u00addent demon\u00adstrates dai\u00adly, and Corzine\u2019s tenure as New Jer\u00adsey\u2019s Chief Exec\u00adu\u00adtive was dis\u00adas\u00adtrous enough to ruin what once had been a decent polit\u00adi\u00adcal reputation.<\/p>\n

His pri\u00ador expe\u00adri\u00adence as a Gold\u00adman Sachs exec\u00adu\u00adtive sug\u00adgests that he might have learned to be more scrupu\u00adlous about fol\u00adlow\u00ading the law and meet\u00ading fidu\u00adcia\u00adry oblig\u00ada\u00adtions to clients. But a firm of that size like\u00adly del\u00ade\u00adgates such tech\u00adni\u00adcal\u00adi\u00adties to less\u00ader lights, who are paid to keep the firm out of legal trou\u00adble but whose warn\u00adings are not always heed\u00aded. Corzine laid bare his con\u00adtempt for such peo\u00adple when he sacked his Chief Risk Offi\u00adcer and lat\u00ader referred to his Glob\u00adal Trea\u00adsur\u00ader as the \u201cGravedig\u00adger,\u201d even as Corzine him\u00adself dug the firm\u2019s grave. Com\u00adpli\u00adance offi\u00adcers don\u2019t become Wall Street CEOs; risk-tak\u00aders do. Those who bet big where oth\u00aders shrink back out of pru\u00addence or fear make for\u00adtunes for peo\u00adple at the top. And when they bet wrong, some\u00adbody else often cleans up the mess.<\/p>\n

That some\u00adbody else is often the gov\u00adern\u00adment, par\u00adtic\u00adu\u00adlar\u00adly when the bank is, in the lan\u00adguage of the Dodd-Frank bank\u00ading \u201creform\u201d law, \u201csys\u00adtem\u00adi\u00adcal\u00adly impor\u00adtant.\u201d The rela\u00adtion\u00adship between big gov\u00adern\u00adment and Wall Street giants, though some\u00adtimes super\u00adfi\u00adcial\u00adly adver\u00adsar\u00adi\u00adal, is gen\u00ader\u00adal\u00adly quite cozy, regard\u00adless of which polit\u00adi\u00adcal par\u00adty is in charge. Five years after Wall Street\u2019s most recent melt\u00addown, crony cap\u00adi\u00adtal\u00adism thrives. The Pres\u00adi\u00addent flat\u00adters the mid\u00addle class with rhetoric about its impor\u00adtance, even as it wastes away on his watch. He has nev\u00ader uttered a word, to my knowl\u00adedge, to note (much less protest) that the Fed\u00ader\u00adal Reserve\u2019s unprece\u00addent\u00aded mon\u00ade\u00adtary pol\u00adi\u00adcy has enriched investors<\/a> while leav\u00ading behind those whose stan\u00addard of liv\u00ading depends on their own labor.  His appar\u00adent will\u00ading\u00adness to appoint Janet Yellen, who has been instru\u00admen\u00adtal in shap\u00ading this mon\u00ade\u00adtary pol\u00adi\u00adcy, as the next Fed Chair\u00adman sug\u00adgests that he is more com\u00adfort\u00adable than he lets on with grow\u00ading inequal\u00adi\u00adty<\/a>.<\/p>\n

The Corzine case seems unusu\u00adal even when one acknowl\u00adedges the close rela\u00adtion\u00adship between the investor class and the gov\u00adern\u00ading class. There is noth\u00ading ter\u00adri\u00adbly com\u00adpli\u00adcat\u00aded about it. Its core facts are clear: MF<\/span> Glob\u00adal stole near\u00adly $1 bil\u00adlion of its clients\u2019 mon\u00adey in a failed attempt to cov\u00ader its chief executive\u2019s dis\u00adas\u00adtrous bets.<\/p>\n

To a na\u00eff like me, that sug\u00adgests crim\u00adi\u00adnal\u00adi\u00adty and guilt. But pros\u00ade\u00adcu\u00adtors at the Jus\u00adtice Depart\u00adment despaired of mount\u00ading a crim\u00adi\u00adnal case and the CFTC<\/span> may not pre\u00advail in its civ\u00adil action. Per\u00adhaps this is just too com\u00adpli\u00adcat\u00aded for a sim\u00adple man like me to under\u00adstand. Per\u00adhaps Jon Corzine is no poster child for crony cap\u00adi\u00adtal\u00adism, but a gen\u00aduine\u00adly inno\u00adcent man caught by hap\u00adpen\u00adstance in an unfor\u00adtu\u00adnate sit\u00adu\u00ada\u00adtion.  Fail\u00adure, even one as spec\u00adtac\u00adu\u00adlar as Corzine\u2019s, is no crime.<\/p>\n

Still, I can\u2019t shake the notion that some\u00adthing else might be at work here. Could it be that the polit\u00adi\u00adcal class can\u2019t bring itself to accuse one of its own of a crime?<\/p>\n","protected":false},"excerpt":{"rendered":"

Jon Corzine is not a crook. No, real\u00adly. The Jus\u00adtice Department\u2019s inves\u00adti\u00adga\u00adtion of the for\u00admer Wall Street titan, New Jer\u00adsey Gov\u00ader\u00adnor and U.S. Sen\u00ada\u00adtor con\u00adclud\u00aded last sum\u00admer that he\u2019d done noth\u00ading wrong. Or at least noth\u00ading criminal.<\/p>\n","protected":false},"author":3,"featured_media":1463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","wp_typography_post_enhancements_disabled":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"nfd_image_url":"","nfd_onboarding_generated":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[560,371,370,99],"tags":[631,632,635,636,100,425,630,634,47,633],"class_list":["post-1456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-federal-reserve-economy","category-monetary-policy","category-tarp","tag-cftc","tag-department-of-justice","tag-edith-obrien","tag-european-sovereign-debt","tag-goldman-sachs","tag-inequality","tag-jon-corzine","tag-mf-global","tag-obama","tag-obama-administration"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t