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May 13, 2013

Rabbi Nathan Lopes Cardozo: Why the giving of the document that would permanently change the world could only be done in desolation

David G. Savage: Church-state, literally? Supreme Court weighing public school graduation in a church

Emily Alpert: Recession dragged down birth rates for less-educated women
Morgan Housel: The deep downside of home ownership

Peter Teffer: Will Dutch police soon be stalking cybercriminals on your computer?

Heidi McIndoo, M.S., R.D.: Meatless 'meat' can have its own set of problems

The Kosher Gourmet by Diane Rossen Worthington: Celebrate! This must-try appetizer is delicate yet has depth of flavor: Corn-Leek Cakes with Caviar, Smoked Salmon and Creme Fraiche

May 10, 2013

Rabbi Berel Wein: Be all that you should be

Caroline B. Glick: The dirty little secret about Israel's Arabs

Mona Charen: Hawking's Moral Calculus: The man and the movement he embraces
Morgan Housel: The biggest retirement myth ever told

Sandi Doughton: Eyes may provide new insight into brain problems

Jewz in the Newz by Nate Bloom : The Great Gatsby's Jewish Ties; Jews in the "Time 100 list" List; People's Most Beautiful Women

The Kosher Gourmet by Linda Gassenheimer: A sweet-hot meal: Pear salsa spices up salmon

May 8, 2013

Peter Ford: Why China is welcoming both Israel's Netanyahu and Palestinians' Abbas

Warren Richey: Obama administration quietly backs out of appeal over new contraceptive mandate

Fred Weir: At Kerry-Putin meeting, US-Russia relations thaw --- a tad
Amanda Paulson: Study reveals sad truths about community colleges

Harvard Health Letters: Evidence weak that zinc, echinacea are beneficial

The Kosher Gourmet by Leela Cyd Ross : Almost too pretty to eat, this colorful salad with Sicilian inspiration will tickle the taste buds and delight your visual sensibility

May 6, 2013

Edmund Sanders and Patrick J. McDonnell: Think Israel's objective in Syria is to weaken Assad or embolden the rebels? Think again

Brian Bennett: Israeli airstrikes may show weakness in Syrian defense

Michael Ollove: Millions of ex-felons, parolees and those on probation are about to be entitled to tax-payer paid health coverage
Karen Kaplan: Most men can skip PSA test for prostate cancer, urologists say

Kimberly Lankford: How to track down a lost life insurance policy

Dream of Mars exploration achievable, experts say

The Kosher Gourmet by Susan M. Selasky: EGGPLANT WRAPS are an easy, sumptuous and scrumptious meal

May 3, 2013

Rabbi Nathan Lopes Cardozo: Human Courage and the Unavoidable, Disturbing Text

Steven Emerson: Attorney General Fights CAIR in Court, Lauds it in Public

Mediterranean diet helps beat dementia: study
Harvard Health Letters: When to be screened for a hearing problem

Jewz in the Newz by Nate Bloom : Iron Man's Jewish Connections; Marc Maron's New TV Show; Martin Landau Grows Up with Israel; Shalom, Allan Arbus

The Kosher Gourmet by Diane Rossen Worthington: A sweet surprise for Mother's Day dessert

May 1, 2013

Jonathan Rosenblum: An Improbable Journey to Orthodoxy

Jonathan Tobin: Blame Obama, Not Israel for Syria Push

Kids, kittens the Same? With employee perks at struggling Internet pioneer Yahoo! it's hard to tell
Halena M. Gazelka, M.D.: Mayo Clinic Medical Edge: What you need to know about implanted pain relief devices

Sandy Kleffman: Artificial kidney offers hope to patients tethered to a dialysis machine

Jessica Shugart: When it comes to math, MRIs may be better than IQs

The Kosher Gourmet by Mario Batali: The celebrated chef on how high-maintenance ASPARAGUS RISOTTO need not be

April 29, 2013

Roy Gutman: Poland's new Jewish museum celebrates life, doesn't revisit Holocaust

Mark Clayton: Terrorism in America: Is US missing a chance to learn from failed plots?

Kim Murphy: Boston Bomber's 'Svengali' Revealed
Morgan Housel: He's rich, smart and old: Listen to him

Thomas Salinas, D.D.S.: Mayo Clinic Medical Edge: The safety of amalgam fillings

Harvard Health Letters: Tomatoes and stroke protection

Pete Spotts: Tiny satellites + cellphones = cheaper 'eyes in the sky' for NASA

The Kosher Gourmet by Diane Rossen Worthington: Swing into spring with lemon cream pie

April 26, 2013

Rabbi Abraham J. Twerski: The world is a mirror

Caroline B. Glick: Time to confront Obama

Clifford D. May: Defense in the Age of Jihadist Terrorism
Kimberly Lankford: New strategies ease pain of paying for long-term care insurance

Howard LeWine, M.D.: Ask the Harvard Experts: Too much ibuprofen?

Sharon Palmer, R.D.: How to feel your best -- with plenty of energy, a healthy weight and optimal mental and physical function -- without driving yourself batty

Jewz in the Newz by Nate Bloom: Jewish Major Leaguers, 2013; New Movies and Comedy Show; Shalom, 'Lumpy' (Leave it to Beaver)

The Kosher Gourmet by Emily Ho : A bright and cheerful salad to herald the warmer months ahead

April 24, 2013

Steven Emerson: Boston Bomber Exposes Islamist Secret

Morgan Housel Admit it: No one has any idea what's going on
Harvard Health Letters: Can you get headaches from headache medication?

Kerri-Ann Jennings, M.S., R.D.: How to easily get more Omega-3s in your diet

Melissa Healy: Pot in a pill: All the pain relief without the smoke

The Kosher Gourmet by Susan Russo: Chipotle Chili Butternut Squash Soup is bold, zesty, hot

April 22, 2013

Ken Dilanian: Counterterrorism's future is unclear

US man departing country arrested on terror charges
Barbara Williams: An unorthodox but growing treatment in a 9-year-old's battle against cancer

P.J. Skerrett, M.D.: How to recognize a good whole grain product

Jewz in the Newz by Nate Bloom: Teen actor Jonah Bobo in New Flick: Hunky James Wolk on Mad Men; Erich Segal's Daughter Writes Prize-Winning Jewish Novel

The Kosher Gourmet by Diane Rossen Worthington: 'Noodles,' Asian style is a carb sub, sure. But they are also amazingly delicious and colorful

April 19, 2013

Rabbi Yonason Goldson: When violence seems the only answer

Caroline B. Glick: Why Obama's visit to Israel had no impact on public opinion or government policy

Morgan Housel: Gold collapse: The start of something big?
Harvard Health Letters: Can you die of a broken heart?

Pete Spotts: Livable super-Earths? Two candidates among Kepler's latest finds

Nora Schultz: Oxytocin helps beat booze cravings

The Kosher Gourmet by Carole Kotkin: Middle Eastern cuisine meets Italian delicious with this lentil and eggplant pastitsio

April 17, 2013

Shira Rubin: Too much of a good thing? 'Palestinians' realize downside of foreign aid boom

Geoffrey Mohan: Can computers decode dreams? Researchers take a first step

Morgan Housel: BAD NEWS: EVERYONE IS RIGHT!
Brierley Wright, M.S., R.D.: 6 heart-healthy eating tips help cut saturated fat but not taste

Michael Craig Miller, M.D.: Ask the Harvard Experts: Told your child has sensory processing disorder? Seek a second opinion

The Kosher Gourmet by Diane Rossen Worthington: Corn and Curry Add Zing to Chilled Soup

April 15, 2013

Rabbi Yonason Goldson: The Death of Education?

Kristen Chick: Egyptian Christians respond with harsh words to attack -- rocks, Molotov cocktails, and gunfire -- against main cathedral

Marcy Darnovsky and Karuna Jaggar: High Court to decide if you should own your DNA
Howard LaFranchi: US bracing for more Russian blowback after taking action against 18 more human rights violators

Kristin Ohlson : The loneliest fight

The Kosher Gourmet by Dana Velden: A tasty, rich dish that hints at spring's arrival while still anchored in a favorite winter staple

April 12, 2013

Rabbi Dr. Tzvi Hersh Weinreb: The Inspired Loner

Caroline B. Glick : Must we continue to be enablers of our own destruction?

Mark Clayton: New cybersecurity bill: Privacy threat or crucial band-aid?
Morgan Housel: Twitter: The carnival barker of investing

Harvard Health Letters.: Dietary supplements: Do they help or hurt?

Jewz in the Newz by Nate Bloom: Jackie Robinson's Friend, Hank Greenberg; CNN's Jake Tapper; Texas County in the News is named for 19thC. Jewish soldier and Congressman

The Kosher Gourmet by Susan Russo: FRUITY QUINOA STUFFED PEPPERS: A flavorful, colorful and edible vessel of delicately fluffy, mildly nutty filling combined with chewy apricots, tangy cherries, and crunchy pistachios

April 10, 2013

Edmund Sanders: Kerry leaves Israel with hopes, but few results

Nicholas Blanford: Iran's 'axis of resistance' loses its Palestinian arm to Syrian war

Peter Grier: North Korean missiles: Could US shoot them down?
Morgan Housel: Warning: Don't waste your capital being fooled by profit prophets

Donald Hensrud, M.D.: Mayo Clinic Medical Edge: Take vitamin supplements with caution --- even approved, they may actually do damage

Eryn Brown: 74 DNA discoveries move cure closer for three cancers

Mark Guarino: Google Glass already has some lawmakers on high alert

The Kosher Gourmet by Dana Velden: A soup to feed every guest, no matter how finicky

April 8, 2013

Jonathan Tobin: What Part of No Preconditions Do American Jews Not Get?

Christa Case Bryant: No Place on Earth

Fred Weir: Is Putin finally trading his own party for a new power base?

Hara Estroff Marano: The Spice of Life
P.J. Skerrett, M.D.: Harvard Health Letters: Generic drugs: Don't ask, just tell

David Cook : Husband-hunting advice from Princeton alum triggers outrage, humor

The Kosher Gourmet by James T. Farmer III : A simple, rustic white pizza: Good ingredients, fresh herbs, and an infused olive layered upon a crispy crust hits the spot


Jewish World Review Dec. 19, 2011 / 23 Kislev, 5772

Innocence in triplicate

By Paul Greenberg




http://www.JewishWorldReview.com | There they stood, all three of them, being sworn in before the Senate Agriculture Committee. They were being questioned about the whereabouts of some $175 million that had gone missing as MF Global was going belly-up on their watch.

It could have been a group picture of MF Global's executive board -- its former CEO (chief executive officer), its former COO (chief operating officer) and former CFO (chief financial officer). Each had a card in front of him bearing his name as all three raised their right hands and took the oath:

Hon. Corzine

Mr. Abelow

Mr. Steenkamp

The last two rated only a Mr., while Jon Corzine, a former U.S. senator, was identified as Honorable. (Members of Congress may leave office, but not their titles behind.) These three corporate execs were being called to answer some questions under oath, mainly about who decided to shift money in customers' supposedly safely segregrated accounts at MF Global to parts unknown.

To use an inexact but all too relevant metaphor, it was as if your friendly neighborhood bank, confronted by the prospect of going broke, had decided to break open the customers' safety-deposit boxes, mix the money with its own assets in one big pile, and let the creditors scramble through it for theirs.

The photo of these three could have been labeled See No Money, Hear No Money, Speak No Money. Not a one had any idea where the dough had gone. To translate their testimony from executalk into the familiar vernacular used in so many official hearings, not to mention the "Godfather" movies: "Money? We don't know nuttin' about no money."

The same theme has run through past congressional investigations into everything from the low aspects of high finance to the mob's influence on labor unions. How little some things have changed since John L. McClellan's time.

In the wake of MF Global's crash, Jon Corzine did his best to sound innocent. The former senator, former governor, former CEO of Goldman Sachs (the really powerful position), but still Honorable told the committee: "I never gave any instruction to anyone at MF Global to misuse customer funds."

If the Hon. Corzine wasn't perjuring himself in this testimony, then it amounted to a confession of executive incompetence on an Obama-sized scale, though compared to MF Global, the Solyndra scandal was tiny potatoes. Maybe this ought to be called the Case of the Executive Who Didn't Execute. The curious public is expected to believe he was just hanging around MF Global when all this transpired outside its high-rise offices.

The other two executives on oath backed up Hon. Corzine's testimony, but the case is scarcely closed despite these claims of innocence in triplicate. It seems other testimony didn't quite jibe with Jon Corzine's: "The only thing I can tell you is that MF Global transferred customer money to its broker dealer, and that Mr. Corzine was aware of the loans being made from segregated accounts." --CEO Terrence Duffy of CME Global, the giant commodities clearing house.

There's doubtless more to come in this continuing story. Stay tuned. As many doubtless will. Maybe that's because some of Mr. Corzine's protestations of innocence had the ring of Clinton clauses. As he testified at one point, "I never intended to break any rules." He never intended to break any rules. Which is not quite the same as not having broken them, is it?

The $175 million at issue in these particular hearings, for more are surely to come, is but part of the $2.1 billion said to be still mising from customers' accounts still unaccounted for six weeks after MF Global's collapse. The estimate keeps growing, and keeps growing harder to pin down.

A Wall Street titan may fail in a single day, but the investigations continue forever. In the matter of MF Global and the missing money, the tell-all memoir hasn't even gone to press yet. But some of us can never get enough of such stories. Maybe it's the vicarious thrill, since reading about the fall of Big Money may be about as close as we'll ever get to it, which is just as well. Even carrying around a paycheck makes us nervous. But we can read ourselves to sleep reliving the South Sea Island Bubble or the Swedish Match King's financial manipulations before his mysterious end. Now the Saga of MF Global enters not just politics but history and legend.

The missing millions may be a small sum by Jon Corzine's generous standards, but there are those, mainly farmers and ranchers, who were much attached to it. For they had invested the money as a hedge to insure against losses. Now it's been lost. And no one seems to know just where the millions went. That the money belongs, or once belonged, to American farmers and ranchers is why this not-so-little matter fell under the jurisdiction of the Senate Agriculture Committee.

The chairman of the Senate committee, Michigan's Debbie Stabenow, bless her heart, sounded stumped. "This isn't the Dark Ages," she observed. "MF Global didn't keep their books with feather quills and dusty ledgers." Maybe if it had, it might be easier to trace the money now. Instead, the millions seem to have disappeared into the computerized ether.

Bob Cratchit, the much abused clerk at Scrooge and Marley's counting-house, surely would not have lost track of such a sum, and it's hard to imagine E. Scrooge not knowing where every penny of it was, probably in a featherbed. And as every calligrapher knows, there is much to be said for quill pens, or at least for the integrity of many who used them.

After all, the Declaration of Independence wasn't signed by an auto-pen. And the speeches at the Constitutional Convention weren't delivered with the help of a TelePrompTer. They weren't even videotaped. But we moderns tend to confuse the advance of a civilization with the advance of its machines. In some respects, a return to the past would be real progress.

Sen. Stabenow has committed the all too common error of condescending to medieval scribes, who might have been considerably amused by the result of all our electronic bookkeeping, which in MF Global's case can't seem to locate a mere $1.2 billion. Maybe it's in the petty cash drawer. Could it have rolled under the bed? Have they looked under the rug?

Or maybe, since nobody in particular seems to have decided to transfer the money, it just got up and walked off on its own, having decided it was time to tour Europe.

Tell us another.

And before this investigation is concluded, doubtless someone will.

Paul Greenberg Archives

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