Posted on 03/24/2010 6:45:07 AM PDT by SeekAndFind
Former New Jersey Governor Jon S. Corzine will take the helm of futures and options brokerage MF Global Holdings Ltd., returning to the private sector after nearly a decade in government.
Effective immediately, the 63-year-old takes over from Bernard W. Dan, who has resigned as CEO for personal reasons but will remain through May 16 to help with the transition. Alison J. Carnwath is stepping down as chairman in August, after completing her three-year commitment to the company.
A former chairman of Goldman Sachs Group Inc., Corzine served as state senator from 2001 to 2006 before becoming governor of New Jersey. He recently lost his bid for re-election to Republican Chris Christie and had been rumored to be a candidate to replace Ken Lewis as CEO of Bank of America Corp.
The news sent shares of MF Global up nearly 10 percent in aftermarket trading to $8.16. The company has faced a turbulent couple of years, after a 2008 scandal involving a rogue trader sent its stock plunging more than 80 percent, slashing hundreds of millions from MF's market value. CEO Kevin Davis stepped down later that year and was succeeded by Dan, a former president and CEO of the Chicago Board of Trade.
The brokerage, which in January moved its official residence to the U.S. from the tax haven of Bermuda, recently reported a fiscal third-quarter loss as revenue fell 17 percent due to lower interest rates and other economic factors. MF also shook up its U.S. equity business, expanding its derivatives, portfolio trading and electronic trading services teams and agreeing to sell its interdealer broker business.
"I see a substantial opportunity for the firm to expand its leadership position in serving clients globally in cash and derivatives markets," Corzine said in a statement.
(Excerpt) Read more at realclearmarkets.com ...
he;s got to go to Wall ST to screw something up so Odumbo can TAKE OVER
“MF”....how appropriate.
I don’t understand how such a successful businessman and executive like John Corzine could have been such a horrible Governor of New Jersey. I don’t get it.
Does he do everything different as a Governor as he does as a CEO of a major company?
“Does he do everything different as a Governor as he does as a CEO of a major company?”
well for one thing he is forced by being a Dem to bend over for every union there is and not be able to make cuts where needed
Of course, as Governor, no one “forces” him to do anything. He is independently wealthy and doesn’t even need their money.
Ideology trumps all, is the answer I suppose.
He used the governorship to expand his dating possibilites!
I wonder what “MF” stands for?
doesnt necessarily need their money but he needs their votes. he was a scumbag i was glad to see him go and i dont even live in NJ
I was thinking the same thing as I watched the news this morning - what a resume, GS, corrupt governor, then back to Wall Street for another round.
“MF Global” — so aptly named.
Corzine was forced out of Goldman as CEO (kind of like a nice way of being fired) and then he was also fired as Governor of NJ. Wonder how long he’ll last as CEO of MF.
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