August 24, 2012

Jon Corzine

Wonderful guy. From CNN - December 2011:
Corzine: 'I don't know where the money is'
Jon Corzine, the former chief executive officer of the bankrupt broker MF Global, apologized for his firm's failure Thursday and told a House committee that he doesn't know where its missing customer money went.

"I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine said, in prepared testimony to the House Agriculture Committee on Thursday.

He also apologized "to all those affected."

"Recognizing the enormous impact on many peoples' lives resulting from the events surrounding the MF Global bankruptcy, I appear at today's hearing with great sadness," he said.
But does that stop him? From Forbes:
Jon Corzine (Yes, That Jon Corzine) May Start A Hedge Fund
Brace yourself, and your wallet. Jon Corzine may open up a hedge fund.

Corzine is the former CEO of MF Global. The commodities brokerage firm went bankrupt in October after making bad bets on Europe. The bets went so bad that the firm apparently used customer money to fund a growing liquidity crisis.

That was over ten months ago. Today MF Global clients are still missing $1.6 billion in assets. Corzine, the former Goldman Sachs CEO and former New Jersey governor, testified before the House Committee on Agriculture last year over the matter saying he has no idea where the money went.

�I simply do not know where the money is or why the accounts haven�t been reconciled,� he said and added that as CEO of MF Global Holdings, he is ultimately responsible.
What prompted this was this photo of Mr. Corzine I found over at Theo's place:
Jon on the beach
"I simply do not know where the money is...
I do not know which accounts are unreconciled
or whether the unreconciled accounts were,
or were not, subject to the segregation rules."
-- Jon Corzine
Posted by DaveH at August 24, 2012 10:59 AM
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