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NJECPAC is a Continuing Political Committee (CPC). A CPC is any group of two or more persons acting jointly, or any corporation, partnership, or any other incorporated or unincorporated association, civic association or other organization, which in any calendar year contributes to aid or promote the candidacy of an individual, or the candidacies of individuals, for elective public office, or the passage or defeat of a public question or public questions, lobby for the passage or defeat of certain legislative bills introduced in the NJ Legislature in accordance with N.J.S.A. 19:44A-8(b). A CPC is frequently referred to as Political Action Committee (PAC). The NJECPAC was formed to provide funding for legislative initiatives of its members and its member organizations representing the interests of Electrical Contractors, Small Businesses and Taxpayers throughout the State of New Jersey.

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Friday, December 9, 2011

Corzine & MF Global, The 8th Largest Bankruptcy in US History

By Joseph Hovanec
Little has been reported by the mainstream media about the former Democrat US Senator and former Democrat NJ Governor the Honorable (I use that term loosely) Jon Corzine's MF Global meltdown. 

The Company's bankruptcy filing is the "8th Largest in US History", so one would think it would be news. However, the so called Mainstream Media with the exception of Fox News is largely silent on the issue. The only reason that so many people do know about it is that more people watch Fox News than all the other Mainstream news networks combined.

The main cause of the MF Global meltdown is reported to be largely caused by the misuse of and dare I say 'missing' client money which forced the firm into Bankruptcy. Jon Corzine tried to unload, or as some would say 'sell' the firm just prior to the Meltdown but the company that would have been the new owner discovered that there is approximately 1.2 Billion in client money that could not be accounted for so that deal fell through which led to MF Globals demise. 


Jon Corzine testified in front of Congress yesterday where he stated that he is sorry, but he does not know where the missing MF Global clients money is. 


So it seems that Jon Corzine left MF Global in exactly the same condition he left Trenton, 'BROKE', Imagine That!!!


One of my favorite cyber columnists Rich Galen today wrote on Jon Corzine and MF Global, His article is so informative and well written that I have included a link to it Here 


Watch WSJ coverage of Jon Corzine’s Testimony before Congress Here 
Watch excerpt of Jon Corzine’s Video Testimony Here
Read Wikipedia entry for the Sarbanes-Oxley bill Here
Read Reuters explanation of what happened at MF Global Here





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