Careers

03:58 PM
Ivy Schmerken
Ivy Schmerken
Commentary
Connect Directly
Facebook
Google+
Twitter
RSS
E-Mail
50%
50%

What Happened to Jon Corzine?

With clouds of the MF Global collapse hovering over him, Jon Corzine, the former senator and governor of New Jersey, is lying low in the Hamptons, reports the New York Post.

It’s been a busy summer for scandal-plagued bank CEOs like Robert Diamond, the former chief executive of Barclays who was forced to resign over the bank’s role in the manipulation of Libor rates, or Jamie Dimon who testified twice about JP Morgan’s risky derivatives hedge. But did you ever wonder what happened to Jon Corzine, the former chief executive of MF Global who seems to have disappeared since he testified in December about the firm’s collapse.

According to the New York Post, Corzine has escaped to the Hamptons. Sunburnt, but glum, Corzine is wearing baggy jeans and a sweatshirt, as he is photographed leaving Starbucks.

“I think it was pretty noticeable that he was haggard and somewhat unfocused,” said the friend, who ran into Corzine recently. “You can definitely see that he’s a troubled man right now.”

In November of 2010, Corzine’s brokerage firm MF Global imploded under the weight of risky bets in European sovereign debt, when the firm raided customer segregated accounts to meet margin calls and $1.2 billion in customer funds went missing. The fall of MF Global has reverberated across the entire futures industry and certainly has ruined Corzine’s career, though he has not been accused of a crime.

From the New York Post

Combine that with a brutal 2009 election loss to Chris Christie that followed a near-fatal crash on the Garden State Parkway in 2007, and it’s hard not to notice the dark cloud hovering over Corzine’s head. Friends said Corzine looks like a shell of the man who seven months ago sat before a Senate subcommittee and said, “I simply do not know where the money is.”

But unlike previous summers in the Hamptons when Corzine was a big shot attending cocktail parties raising money for President Obama, he is not as visible this year. Though he still frequents his favorite restaurants in East Hampton and Sag Harbor, the Post reports that his time in the Hamptons is not lifting up his spirits as it used to do. He is not receiving as many invitations, the anonymous friend tells the Post. With the look of someone who is facing dark days ahead, not even a summer latte can cheer him up. While escaping to the east end of Long Island is a summer ritual, and far better than sweating on the subway, being shunned on the party circuit can be a reminder of how far one has fallen.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
Chief Data Officers: Organization Strategy & Cultural Change
Chief data officers are new to the financial services C-suite, but they are facing a number of challenges, including the need for new data governance and execution strategies, staffing, and new organizational structures to enable cultural change.
New York FinTech Innovation Lab Calls for New Entrepreneurial Applicants
Wells Fargo joins 14 other major financial institutions providing mentoring and guidance to the six chosen startups.
Micro Data Challenges in an Era of Macroprudential Regulation
Research and statistical analysis experts at central banks are tasked with developing sophisticated forecasts and models to identify systemic risk. Yet they are spending most of their time acting as data entry clerks, rather than developing these models.
The Perks of 'SmartSourcing' Shared Services in Financial Industry
A breadth of vital but undifferentiated business processes are still being replicated across the industry. They are all candidates for centralization.
Managing Social Media Risk Strategy: Technology Can Only Go So Far
Advanced analytical technologies are an important part of a social media risk management strategy, an Accenture report says, but the technology must be balanced with training and procedures.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.