Posted on 05/31/2017 6:28:02 PM PDT by nickcarraway
Will the third time be the charm for Jon S. Corzine?
Mr. Corzine won a United States Senate seat after being maneuvered out of Goldman, eventually moving on to become governor of New Jersey. After losing the governorship to Chris Christie, he took over MF Global, which collapsed in 2011.
Now, Mr. Corzine, 70, is planning his next act: a hedge fund tailored to take advantage of the chaos of the Trump era.
In his first interview since the MF Global meltdown began, Mr. Corzine said that he would seek to anticipate how the Trump administration and other world leaders would enact policy.
One of his Trump trades, for example, is designed to pay off if the stock market slumps, not unlike what happened on Wednesday.
“I think I can read between the lines more than a lot of people can on these issues,” he said.
A colleague who is helping him reach an initial goal of about $150 million said that Mr. Corzine had secured commitments and indications of interest in the tens of millions of dollars.
(Excerpt) Read more at nytimes.com ...
Because he hasn’t lost enough of other people’s money.
IMO he is a thief.
The fools that invest with him...
Why isn’t he in jail for selling allocated gold?
Didn’t he actually misappropriate customer funds??? He didn’t merely blow big investments, he used funds that were not supposed to be available to what he was doing, IIRC.
Anyone else wonder — how can he be doing this??
He lost huge amounts of investor money. Apparently no legal sanctions were imposed on him. However, if you were looking for an investment professional to manage your funds, given his track record, would you really invest with Jon Corzine????
Corzine belongs in prison, along with Clinton’s Bag Man, McAwful.
Perhaps it is not too late to indict him.
....planning his next act: a hedge fund tailored to take advantage of the chaos of the Trump era....
Chaos created by Democrats. They can manipulate it to make a fortune with other insiders in on the scam.
He is not guilty because of... chaos.
He should be injail, penniless, and be barred for life from the securities and commodities businesses.-imo
Yes he did and I don’t see how he can show his face in public. Some people simply have no shame.
He has to stay below a certain amount to avoid SEC regulations.
Corzine stole clients’ money, in the MF Global meltdown.
He should have gone to jail for the rest of his pitiful life.
But he was politically connected, and the Eric Holder DOJ was not going to hold him accountable—no way.
The DOJ was going after bigger fish—rodeo clowns wearing Obama masks.
” a hedge fund tailored to take advantage of the chaos of the Trump era”
ROTFLOL!
If that’s actually the premise of this supposed comeback Jon Corzine hedge fund, it’s gonna go broke faster than Marc Mezvinsky’s Greek bond hedge fund. (Jon himself, of course, will cleanup: sorry fellas, I have NO idea where all your money went. Not a clue. Sorry.)
He also has the star table at Nicola’s Restaurant in NYC. He holds court while people slobber over him. It’s a magnet phony restaurant opened by people who used to work at Elaine’s. He’s a disgustingly immoral man.
Here’s the story with him.
First, he has no business getting back into the money management business after his MF Global stint. Let’s make that clear. But there’s plenty of left wing investment capital that in all likelihood he will raise what he is looking for. Pension money from public sector unions, private unions and other liberal affiliated groups. Heck, even the Clinton Foundation will probably send him some of their ill gotten crap.
His tenure at MF Global blew up because he mis-timed a huge bet on Greek debt and the carrying cost of the position overwhelmed his ability to cover the margin.
He then compounded the mistake by pledging client account assets as collateral for overnight borrowing purposes (think of how the commercial paper market operates). This was the most egregious thing he did. There is a long legal tradition in the securities industry that you do NOT commingle the assets of the firm with the assets of the clients. It is not fully clear how far it went but certainly games were played that indicate that rule was breached. But the difficulty in proving it was the likely reason he was not prosecuted for it.
What made it so galling and politically difficult for the Holder Justice Department to prosecute was that Jon Corzine was hyped by both Obama and Biden on the 2008 campaign trail as their ‘GO TO GUY ON WALL STREET’. You can find plenty of YouTube video clips to support that one. Word for word quoting.
But the fact is that he was never prosecuted (another former Goldman partner, but he was not particularly popular with his peers there) means he still has the ability to solicit client funds.
Of course, there’s a reason the old term is ‘fool me once, shame on you, fool me twice shame on me . . . ‘.
He certainly belongs on any Wall Street Wall of Shame.
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