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December 8, 2011
MF Global: Jon Corzine doesn’t know where your money is, investors
Well, that’s reassuring: In statements published online to be spoken aloud at a House committee hearing, the former MF Global CEO plans to say he has no idea where he put investors’ money. “I simply do not know where the money is, or why the accounts have not been reconciled to date,” he plans to say. He claims that, since his resignation, he hasn’t had access to the information that would allow him to understand or reconstruct events. No word if angry farmers with pitchforks (some of whom might be among the investors in MF Global) will be among the crowd at this morning’s hearing. (AP file photo) source
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Well, that’s reassuring: In statements published online to be spoken aloud at a House committee hearing, the former MF Global CEO plans to say he has no idea where he put investors’ money. “I simply do not know where the money is, or why the accounts have not been reconciled to date,” he plans to say. He claims that, since his resignation, he hasn’t had access to the information that would allow him to understand or reconstruct events. No word if angry farmers with pitchforks (some of whom might be among the investors in MF Global) will be among the crowd at this morning’s hearing. (AP file photo) source

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10:33 // 2 years ago
December 2, 2011
MF Global: Jon Corzine’s got a packed Congressional hearing schedule: Corzine, the former New Jersey governor who resigned as MF Global CEO last month, has to face three congressional panels in the next couple of weeks. Corzine oversaw the business moves that led to the company’s bankruptcy. source Follow ShortFormBlog

MF Global: Jon Corzine’s got a packed Congressional hearing schedule: Corzine, the former New Jersey governor who resigned as MF Global CEO last month, has to face three congressional panels in the next couple of weeks. Corzine oversaw the business moves that led to the company’s bankruptcy. source

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15:02 // 2 years ago
November 12, 2011

MF Global announces layoffs as gracefully as it handled bankruptcy

  • 1,066 MF Global employees getting the boot source

» Some found out via media reports: You know what sucks more than getting laid off from your job because your boss (Jon Corzine, who stepped down from the troubled company last week) made a stupid bet on the Euro zone debt crisis and lost, badly? Finding out that you’re getting laid off via news story, rather than through your own company. “We were well into the process of notifying employees and were attempting to personally reach as many employees as possible when the release went out,” noted Kent Jarrell, a spokesperson for James Giddens, the trustee charged with liquidating the company. A number of MF Global employees — none speaking publicly — reported finding out this way.

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14:38 // 2 years ago
November 4, 2011
BREAKING: Jon Corzine resigns from troubled, bankrupt MF Global
He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source
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He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source

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8:14 // 2 years ago
November 3, 2011
commentarymagazine:

I’d like to suggest that in addition to the many photos of the two together, Obama’s own words will come back to haunt him. - Seth Mandel

Uh, yeah, they’re not kidding. Beyond the fact that Corzine was a huge fundraiser for Obama, see this comment Obama made in 2009 about the former New Jersey governor, now in the midst of a Lehmann Brothers/Madoff-style scandal:

Like many of us in public life today, Jon is a leader who’s been called to govern in some extraordinary times. He’s been tested by the worst recession in half a century — a recession that was caused by years of recklessness and irresponsibility and a do-nothing attitude. It was caused by the same small thinking that has plagued our politics for decades — the kind of thinking that says we can afford to just tinker around with our problems, we can put off the tough decisions, defer the big challenges. We can just tell people what they want to hear instead of what they need to hear.
Well that’s not the kind of leader that Jon Corzine is.

commentarymagazine:

I’d like to suggest that in addition to the many photos of the two together, Obama’s own words will come back to haunt him. - Seth Mandel

Uh, yeah, they’re not kidding. Beyond the fact that Corzine was a huge fundraiser for Obama, see this comment Obama made in 2009 about the former New Jersey governor, now in the midst of a Lehmann Brothers/Madoff-style scandal:

Like many of us in public life today, Jon is a leader who’s been called to govern in some extraordinary times. He’s been tested by the worst recession in half a century — a recession that was caused by years of recklessness and irresponsibility and a do-nothing attitude. It was caused by the same small thinking that has plagued our politics for decades — the kind of thinking that says we can afford to just tinker around with our problems, we can put off the tough decisions, defer the big challenges. We can just tell people what they want to hear instead of what they need to hear.

Well that’s not the kind of leader that Jon Corzine is.

(via commentarymagazine-deactivated2)

11:41 // 2 years ago
November 2, 2011
thedailyfeed:

It’s Jon Corzine’s LinkedIn page!

Hi, I’m former New Jersey Governor Jon Corzine and I’ve made a career out of failing upward.

Okay not really, but it is the one imagined by The Daily. Click here for the rest of his page, including details on his experience, recommendations and specialities (“investment banking; really, I swear!”).

To folks not watching this story: Watch this story. This guy is at the crossroads of “bad politician” and “bad investor.”

thedailyfeed:

It’s Jon Corzine’s LinkedIn page!

Hi, I’m former New Jersey Governor Jon Corzine and I’ve made a career out of failing upward.

Okay not really, but it is the one imagined by The Daily. Click here for the rest of his page, including details on his experience, recommendations and specialities (“investment banking; really, I swear!”).

To folks not watching this story: Watch this story. This guy is at the crossroads of “bad politician” and “bad investor.”

(via thedailyfeed)

12:52 // 2 years ago
MF Global CEO Jon Corzine: Surprisingly calm dinner host. On October 24, the former Goldman Sachs head and ex-New Jersey governor spoke to a bunch of traders during a steak dinner at the Helmsley Park Lane Hotel in NYC. Some guests called him “delightful.” But he had to leave early because he had an earnings call the next day. The next day, MF Global announced the bottom fell out. Less than a week later, they filed for bankruptcy. Talk about holding it together. (Above: Jon Corzine playing affable dinner host at another party. Amanda Gordon/ Bloomberg)

MF Global CEO Jon Corzine: Surprisingly calm dinner host. On October 24, the former Goldman Sachs head and ex-New Jersey governor spoke to a bunch of traders during a steak dinner at the Helmsley Park Lane Hotel in NYC. Some guests called him “delightful.” But he had to leave early because he had an earnings call the next day. The next day, MF Global announced the bottom fell out. Less than a week later, they filed for bankruptcy. Talk about holding it together. (Above: Jon Corzine playing affable dinner host at another party. Amanda Gordon/ Bloomberg)

11:27 // 2 years ago
November 1, 2011
Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.
A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source (viafollow)
11:30 // 2 years ago