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Jonathan Stevens "Jon" Corzine (/ ˈ k ɔːr z aɪ n / KOR-zyne; born January 1, 1947) is an American financial executive and retired politician who served as a United States Senator from New Jersey from 2001 to 2006, and the 54th governor of New Jersey from 2006 to 2010.
- 1969–1975
Partito politico. Democratico. Firma. Jon Stevens Corzine ( Taylorville, 1º gennaio 1947) è un politico e banchiere statunitense, senatore per lo stato del New Jersey dal 2001 al 2006 e governatore dello stesso stato dal 2006 al 2010 .
- History
- The Looming Crisis, Bankruptcy and Collapse
- Corzine's Possible Role in The Firm's Collapse
- Further Reading
- External Links
Origins
MF Global traces its roots to the sugar trading business started by James Man in England in 1783, which evolved into broader commodities trading before its later transformation into a financial services business during the 1980s focused on commodity futures trading.
The 1900s: Growth, diversification
MF Global's former parent, then known as ED&F Man, diversified from pure cash commodities into commodity futures in the late 1970s, and established the Anderson Man futures brokerage in 1981. It later changed its name to "ED&F Man International" and then "Man Financial". ED&F Man operated as a partnership through to the 1970s, when it started an international expansion which, by 1983, increased its staff 650 employees. ED&F Man listed on the London Stock Exchange in 1994, changing its name to...
The 1980s-Early 2000s: Acquisitions, expansion and brokerage unit growth
The rapid expansion of the Man Investments unit in the emerging hedge fund management business shrouded many investors from the development of its brokerage unit. Man Financial embarked on a series of acquisitions, which expanded its product capability and geographic reach, starting in 1989 with the purchase of the Chicago-based GNP Commodities, and including well-known industry names such as Geldermann, Tullett & Tokyo Futures, First American Discount Corp., Australia's Ord Minnettand GNI.
October 2011: MF Global bankruptcy and customer funds shortfall
On Sunday, October 30, 2011, a unit of the New York-based brokerage first reported to the Chicago Mercantile Exchange (CME) and the Commodity Futures Trading Commission (CFTC) a "material shortfall" of hundreds of millions of dollars in segregatedcustomer funds. Customer accounts were frozen the same day. On October 31, 2011, MF Global reported the shortfall in customer accounts at $891,465,650 as of close of business on Friday, October 28, 2011.According to the trustee overseeing liquidation...
Bankruptcy protection sought
On October 25, 2011, MF Global reported a $191.6 million quarterly loss as a result of trading on European government bonds. In response Moody's and Fitch cut the company's credit rankings to junk. Corzine was working to find a buyer, according to several reports. The firm's board met through the weekend of October 29 and October 30 in New York to consider options including a sale to avert failure, according to a person with direct knowledge of the situation.[citation needed] It was stopped f...
Some prominent financial industry executives, journalists, regulators, politicians - and some MF Global clients - lay the blame for the demise squarely, and primarily, at Corzine's feet. On the day of MF Global's bankruptcy, a Bloomberg reporter wrote "Jon Corzine's risk appetite helped destroy his firm. It also provided an object lesson for Paul V...
United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations. The Collapse of MF Global: Hearing before the Subcommittee on Oversight and Investigat...United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. The Collapse of MF Global: Lessons Learned and Policy Implications: Hearing before the Committee on Banking, Housi...Orol, Ronald D., "Corzine caused MF Global failure, House panel says", MarketWatch, November 14, 2012.Weidner, David, "Corzine blundered at MF Global, but how? Commentary: House report focuses on strategy, not customer funds", MarketWatch, November 14, 2012.- 2007
- Financial services
- 3,271
10 gen 2012 · Jon Corzine has crashed and burned before: ousted as head of Goldman Sachs in 1999, bounced as New Jersey governor a decade later, even literally shattered in a near-fatal car accident in 2007....
The 2000 United States Senate election in New Jersey was held on November 7, 2000. Incumbent Democratic U.S. Senator Frank Lautenberg retired rather than seeking a fourth term. Democratic nominee Jon Corzine, former CEO of Goldman Sachs, defeated the Republican U.S. Representative Bob Franks in a close election.
- Jon Corzine
- 50.11%
- Democratic
- 1,511,237
SHOW ALL QUESTIONS. Jonathan Stevens "Jon" Corzine ( / ˈkɔːrzaɪn / KOR-zyne; born January 1, 1947) is an American financial executive and retired politician who served as a United States Senator from New Jersey from 2001 to 2006, and the 54th governor of New Jersey from 2006 to 2010.
28 giu 2013 · The Commodity Futures Trading Commission filed civil charges against Jon Corzine on Thursday, alleging that the former head of MF Global contributed to the “unlawful use” of more than $1...
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