Corzine invested in Casino Hedge Funds

In yet ANOTHER broken promise, word came out that Jon Corzine had invested heavily in hedge funds associated with the owner of four Atlantic City casinos. If you remember, when he was running for election the first time, he promised he would not do this.

The Corzine hedge fund is TPG-Axon, while its founder is Texas Pacific Group (TPG). They share the same address and some of the same people as well as the same name. Republicans plan to raise the issue in the gubernatorial campaign as Corzine seeks a second term.

When asked about it, Corzine’s campaign gave an answer of gobbledy-gook.

“No objective or authoritative source armed with the background and details of the Governor’s interest in TPG-Axon hedge fund can conclude that there is a ‘question’ that Governor Corzine has touched upon any statutory, regulatory or ethical guidelines or restrictions governing casino interests or even has come ‘close to the line’ on those guidelines,” Corzine’s chief counsel, William Castner, wrote in a memo to The Star-Ledger.

Wha..? Republicans countered with a statement that is somewhat more understandable.

“Any way you slice it, Jon Corzine has run afoul of the law and certainly afoul of the standard he set for himself,” said former state Republican chairman Tom Wilson, who has long criticized Corzine for how he uses and manages his personal finances. “You cannot be in business with a casino license holder and that’s exactly what’s happened here. To Jon Corzine, the rules are for other people to live by. But just because you’re rich doesn’t mean you get a pass on the rules.”


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