[Peace-discuss] Will our Congressional representative oppose Obama's Wall Street friends?

[C. G. Estabrook]

[The successor to Rep. Tim Johnson - Republican or Democrat - will  
unfortunately be less a critic of Obama's military and economic  
policies than Johnson is. --CGE]

timjohnson.house.gov
Tim Johnson
Contact: Phil Bloomer (217) 403-4690


Congressman Johnson Seeks Special Counsel for MF Global


Washington, May 10 -

U.S. Rep. Timothy V. Johnson along with 26 House colleagues appealed  
to Attorney General Eric Holder on Wednesday to appoint an independent  
counsel to investigate Jon Corzine’s role in the collapse of MF Global  
Holdings Ltd.


“This situation is precisely why the provisions for the appointment of  
independent counsel exist,” Rep. Johnson said. “The conflicts of  
interest are staring us in the face. This firm lost $1.6 billion in  
investments that belonged to farmers and ranchers across the country,  
including many in my district. How does that happen without someone  
being held responsible?”

Rep. Johnson’s letter cites preferential treatment of former MF Global  
CEO Jon Corzine by federal regulators with whom Corzine had  
professional relationships with in the past. Before MF Global’s  
collapse, executives including Corzine successfully lobbied for delays  
in the imposition of certain regulatory reforms that would have  
enhanced customer protections.

Four congressional committees have held hearings on the bankruptcy.  
Rep. Johnson was one of the lead interrogators of Corzine and  
expressed his deep suspicion surrounding the “Goldman Sachs  
fraternity” when Corzine appeared before the House Agriculture  
Committee last December. The Agriculture Committee is involved because  
it has oversight authority over the Commodities Futures Trading  
Commission, which regulates commodity trades, and is chaired by Gary  
Gensler, a former colleague of Corzine’s at Goldman Sachs. Gensler  
recused himself from the investigation.

The ongoing probe took another twist last month when it was revealed  
that Corzine was listed as a “first-quarter volunteer fundraiser” by  
President Obama’s campaign, having raised over $500,000 for the  
President’s reelection.

“…the Independent Counsel Provisions in the U.S. Code…provide for the  
Attorney General to appoint an Independent Counsel in cases where ‘an  
investigation or prosecution of a person by the Department of Justice  
may result in a personal, financial or political conflict of  
interest,’” the letter states.

Rep. Johnson continued, “Mr. Corzine’s situation shows what is wrong  
with Washington. With enough money and friends in the right places,  
people in the position of power can trample on the little guy with  
impunity. I will not stand for that.”

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