Posted on 04/19/2015 6:08:44 PM PDT by Reverend Wright
Jon S. Corzine, the embattled former MF Global Holdings Ltd. chief executive and ex-chairman of Goldman Sachs Group Inc., has discussed plans to start his own hedge fund in recent months, according to people familiar with the matter.
The fund would start with cash from Mr. Corzine’s personal wealth and a handful of outside investors. Mr. Corzine said he had been speaking with about a half-dozen potential investors, and projected around $150 million in assets under management, one of the people said.
The plans are tentative and could evolve or fall apart in coming months. But a launch would mark an unlikely return to high finance for Mr. Corzine, the 68-year-old former Democratic U.S. senator and New Jersey governor who has stayed out of the limelight since commodities brokerage MF Global declared bankruptcy in 2011.
(Excerpt) Read more at wsj.com ...
"Over the years, he [Jon Corzine] worked his way up to Chairman and CEO of [Goldman Sachs] in 1994 and successfully converted the investment firm from a private partnership to a publicly traded corporation."
He was the Big Cheese at the Vampire Squid* for a while. He knows where ALL the bodies are buried.
*A 2009 Rolling Stone article by Matt Taibbi likened investment bank Goldman Sachs to "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
I guess Corzine has run through the last billion dollars he stole and needs more suckers to replenish his many secret off-shore bank accounts. And Corzine needn’t worry about Obama’s “Justice” Department interfering with his new financial scheme because Corzine is an exempt Democrat.
I thought he was Obama’s newest terrorist group in Iraq - “The Khorasan.”
He certainly is.
But, he will eventually pay for his evil deeds.
If not in this life, then the next.
He won’t be exempt there.
Man should be living in a cage. Our justice system has sold out politically and is an absolute disgrace.
BTK Serial Killer -------------------------------DEM Serial Liar
Isn’t this the guy who “lost” a billion dollars? If he got a pass for “whoopsie, lost one billion dollars, don’t know where I left it”, sure as bleep he’ll get a pass when he “loses” your piddly sum!
My bad. I keep forgetting about Prog time.
I remember hearing about this loser when Ann Barnhardt talked about IMF global.
1. Corzine bets the farm (1.6 Billion) on EU sovereign debt bonds.
2. Bonds go bust.
3. Corzine uses IMF customers accounts as collateral (almost none of the shareholder accounts are even affiliated with the EU bond scheme). Operation is underwritten by JP Morgan.
4. Shareholders are locked out of their accounts
5. IMF traders at the Chicago Mercantile board are escorted off the trading floor....accounts are left to float unaided for a week.
6. Shareholders are wiped out. Those who liquidated their accounts up to 90 days before the collapse were subjected to “claw back” by the bankruptcy court.
7. Chicago Mercantile Board had 8 billion in an emergency backstop fund to help the sharholders but decided NOT to activate it. Many shareholders, desperate for cash, sold their claims to vulture loaners for anywhere from .20 to .40 cents on the dollar.
Corzine walked because he’s way too connected with DC leadership and due to his status as an oligarch. Also, I believe there’s an 8th circuit decision that states that once you open a trading account you’ve surrendered your shareholder rights to the trading company.
I heard it was going to be a hedge fund for people needing tax write offs: they’re guaranteeing to lose your money.
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