What would a company like Corzine’s have that is of benefit to CNBC? How can CNBC be “objective” in reporting on Corzine’s fund? The answer is – they cannot be, and apparently they haven’t been. As a matter of fact, they have been speaking about MF Global, like they spoke of AIG and Bank of America, etc., prior to the implosion of those subprime loans. If anyone puts any stock in something CNBC says, they deserve to lose every dime they have Something That Can’t Last Forever, Won’t
Full bankruptcy filing attached below, where we find that in addition to owing JPM and Deutsche Bank $1.2 billion and $1 billion respectively, as bond trustees, the 7th biggest unsecured creditor with $845,397, is… CNBC? Perhaps that explains the objective reporting the Comcast station has provided on the topic of MF over the past several weeks, considering the caliber and quality of guests invited to opine. It also should be a reminder to all advertising collections offices to never be more than 30 days late on collecting receivables
The writer of the above is much kinder than I, because I have no problem calling out crony capitalism when I see it. CNBC has lied almost constantly throughout the 2000’s about how fantastic all of the companies that ended up needing to be bailed out by We The People were. They, along with the credit reporting agencies, sold their souls for nothing. If the fact that a company that got pushed by CNBC owes them almost a million dollars as one of their creditors in bankruptcy doesn’t prove to you they are crooked, then nothing will.
(h/t) to Instapundit