Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Jon Corzine the Face of Wall Street Arrogance

Jon Corzine
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Carney's take on Wall Street arrogance.

From theNew York Post:

Jon Corzine’s unbelievably swift fall is a classic story of Wall Street arrogance.

Just a few months ago, the Obama administration was considering Corzine as a possible successor to Treasury Secretary Timothy Geithner. Investors in the bonds of his firm, MF Global, demanded the right to an extra percentage point of interest if he left as its CEO and chairman.

Nobody else on Wall Street makes a promise like that to buyers of its bonds. Not even JPMorgan Chase, run by Jamie “King of Wall Street” Dimon. Corzine had come to be regarded as a demigod, a divinity in the mortal world. Hercules with a trading desk.