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Balanced Fare: We Report, You Deride

Tuesday, August 06, 2002




I Want to Help Paul Krugman

The earnest Professor worries at times that he is perceived as too partisan. He has expressed concern about companies such as Stanley Works incorporating off-shore to gain tax advantages. He has wondered about partnership accounting, and is always concerned about possible conflicts of interest. So, here is a column idea that could weave these themes together in a marvelous tapestry, and spare him the tedium of these Kaus-inspired corrections.

Jon Corzine is the junior Democratic Senator from New Jersey, Paul Krugman's home state. Corzine has also been nicknamed "The Senator from Goldman Sachs". Why? Back in 2000, Corzine used about $60 million of his personal fortune of several hundred million to buy his Senate seat, in a race where the NY Times felt obliged to endorse Corzine's Republican opponent. Corzine earned his wealth rising through the ranks to become Chairman of Goldman Sachs, a highly respected Wall Street firm. However, much of his wealth is tied up in private partnerships with his Goldman Sachs colleagues. Corzine refused to release his tax returns during the campaign, citing confidentiality agreements with his former partners. Well, the voters endorsed him, (although the Times didn't), and Corzine is now subject to Senate rules on ethics and disclosure, so all seems to be well with the world.

Now, however, we have Corzine opining on corporate reform. Wouldn't it be interesting to know just what tax and accounting schemes he is personally profiting from? And don't you think a non-partisan Jersey guy would want to help us find out?


UPDATE: TAPPED frowns at me; I respond. Scroll up to "Nosebleed Country", or try this.

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