Corzine: Come Back King Or Fallen From Grace?
Jon Corzine is certainly no stranger to controversy. And once again he’s landed squarely in the thick of it.
The Street can’t decide if his latest move is the first step of a not-to-be missed comeback or it it’s just desperate.
As you likely know Corzine just accepted a job as the new chairman and CEO of MF Global.
What’s that not familiar with MF Global?
It is an $800 million market-cap company that provides clearing services for over-the-counter derivatives, according to the WSJ.
The company recently moved its official headquarters to the U.S. from Bermuda, where it spent a turbulent couple of years. (In 2008, a scandal involving a rogue trader sent its stock plunging more than 80 percent.)
Oh sure, becoming MF's CEO is nothing to sneeze at - but it seems a far cry from the prestigious Wall Street job Corzine used to hold. From 1994 to 1999 he ran Goldman Sachs – the masters of the universe.
Now, we know what you're thinking - it's 2010 and smaller firms are in vogue - if Wall Street were fashion it would be the new black.
After all didn’t former Merrill CEO John Thain moves to CIT Group. And, for that matter, didn’t former Bear Stearns CEO Alan Schwartz move to Guggenheim Partners.
But Corzine's new gig isn’t the kind of thing you'd want to drop at a cocktail party, now would you. Well, maybe we would but Corzine was a senator and governor. (Corzine was elected to the US Senate in November of 2000 and became New Jersey’s governor in 2006.)
Would you really want to go from that to CEO of MF Global?
According to Corzine, yes! In an interview on CNBC's Squawk Box he tells Becky Quick, “I think MF Global has a great strategic position not recognized in the market and its entrepreneurial and that’s what I wanted to do with the balance of my work life.”
We listened to the sound byte and we have to admit, he sounds sincere. Although Corzine was a politicaian so maybe it was all spin?
What do you think? We want to know!
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