Jon Corzine Free Until . . . 2022?
“Peter Madoff Pleads Guilty to Fraud.”
—Headline; The Wall Street Journal (June 29, 2012)
Coming up on the four year anniversary of the demise of Bernie Madoff”s multi-billion dollar Ponzi scheme, his younger brother, Peter, has now plead guilty to fraud.
Given that the case was cracked shortly after Bernie Madoff turned himself in — or was turned in by his sons — in December, 2008, and subsequently confessed
all most, the 3 1/2 year lag does seem, shall we say, a tad odd.
But, maybe that’s just the way the Justice system works these days (“Justice delayed is justice . . . eventually??“).
If so, what might the Peter Madoff case’s timetable suggest for former MF Global (and one-time Goldman Sachs chief and New Jersey Governor) John Corzine?
(If you didn’t know, before MF Global famously blew up last Fall, it “lost” about $1 billion of its clients’ supposedly segregated funds.)
“Justice . . . Eventually“
Here’s my take:
Start with the 3 1/2 year lag alloted Peter Madoff.
Then add two years, for Corzine’s infinitely better political connections (four if Obama is reelected).
Add two more years, because MF Global appears to have committed garden-variety misappropriation of funds — albeit on a grand scale — vs. Ponzi-style fraud.
Finally, add one year because the dollar amount at MF Global is smaller.
I tally up the foregoing as about a decade, give or take.
By that calculation, Corzine should be at liberty until 2022, easy . . .
See also, “Bernie Madoff & the Path to Recovery.”