John Ransom

No one is surprised or shocked now that it’s been revealed that the president and chief operating officer of MF Global, the firm that conveniently misplaced $1.2 billion of customer money as it slid into bankruptcy, has been a top financial advisor to the Environmental Protection Agency since 2010.

The Democrats under president Obama have shown again and again that they put political patronage so far above public good that the reliably liberal Washington Post is taking notice, even if Congress isn’t.

Let’s face it: Obama doesn’t have supporters, he has investors. He’s probably the first president of the United States who needs an investor relations department. 

But Rezko, Soros, Buffett, Kaiser, Immelt, Corzine, Abelow and the rest of the crew aren’t just investors, they’re also Obama’s known associates, capos in the ponzi scheme that now passes for progressive government.

Quick! Tax someone, anyone!    

“[A]s the House and Senate interrogated Bradley I. Abelow and other top executives at MF Global Holdings Ltd.,” reports the Washington Times, “lawmakers did not mention Mr. Abelow’s role as a financial adviser for the Environmental Protection Agency, which as of Tuesday listed him as the chairman of its financial advisory board. Even as he finds himself the public face of a bankruptcy and admitted to lawmakers that he had no idea how client funds disappeared, Congress and the administration have voiced no public concern about Mr. Abelow’s role advising the $8.6 billion government agency on its finances.”

Why should they? This is a government that has lost literally trillions of dollars in the last ten years, and then brags about it.

“We have managed to acquire $13 trillion of debt on our balance sheet,” said Senator Michael Bennet (D-Obamacare), “in my view we have nothing to show for it.”

And then Bennet voted, advocated and campaigned for spending more trillions even as he admitted the Democrats had failed to show any return of their investment.

But why should Bennet care?

He made his fortune in true progressive style by not showing any return on investment when he forced school teachers and firefighters to take huge losses on their investments in a group of movie theaters now known as Regal Cinemas.

That’s right: Before he was Senator Bennet, he was a wiz kid of Wall Street. His bio credits him with a restructuring of debt in the Regal Cinemas deal. But the facts show a US Senator in the making.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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