Jon Corzine, American sergeant and politician, 54th Governor of New Jersey

Jon Stevens Corzine, pronounced KOR-zyne, born on January 1, 1947, is a distinguished American financial executive and a prominent retired politician. His extensive career spans significant roles in both the private sector and public service, notably as a United States Senator and Governor of New Jersey, followed by a high-profile return to the financial industry.

Jon S. Corzine: A Career Spanning Finance and Politics

Corzine's professional journey began and largely defined itself in the high-stakes world of Wall Street before his pivot to politics. His deep understanding of finance eventually led him to leadership positions in government, where he applied his economic acumen to public policy.

Early Career and Ascent at Goldman Sachs

Before his political endeavors, Jon S. Corzine dedicated a quarter-century to Goldman Sachs, one of the world's leading investment banking firms. Joining the company in 1975, he steadily ascended its ranks, showcasing his financial prowess and strategic vision. By 1994, his leadership qualities were recognized with his appointment as co-chairman and co-chief executive officer (CEO). In 1998, he assumed the role of sole CEO, leading the prestigious firm during a pivotal period, including its landmark initial public offering (IPO) in 1999. Corzine departed Goldman Sachs in 2000, having amassed significant wealth and a formidable reputation as a top-tier financial executive.

Public Service: United States Senator and Governor of New Jersey

Transitioning from the corporate boardroom to the legislative chambers, Jon S. Corzine embarked on a career in public service as a member of the Democratic Party.

• United States Senator (2001-2006): Representing the state of New Jersey in the U.S. Senate from January 2001 until January 2006, Corzine quickly established himself as a voice on fiscal matters. During his tenure, he served on key committees, including the Senate Banking, Housing, and Urban Affairs Committee, and the Budget Committee, where he focused on economic policy and financial regulations.
• 54th Governor of New Jersey (2006-2010): After his service in the Senate, Corzine successfully ran for Governor of New Jersey, taking office in January 2006. As the state's chief executive, he tackled significant challenges, including persistent budget deficits and the complex issue of property tax reform. His administration also focused on investments in education and infrastructure. Corzine sought a second term as governor in the 2009 election but was defeated by his Republican challenger, Chris Christie, marking the end of his time in elected office.

Return to Finance and the MF Global Collapse

Following his departure from politics, Jon S. Corzine returned to the financial sector, taking on the role of chief executive officer at MF Global, a prominent brokerage firm, in March 2010. His tenure at MF Global, however, proved to be brief and tumultuous. The firm, a derivatives broker and futures commission merchant, made highly leveraged and ultimately unsuccessful bets on European sovereign debt. This high-risk strategy, combined with allegations of commingling client funds with the firm's own operating capital, led to a catastrophic downfall. In October 2011, MF Global filed for Chapter 11 bankruptcy protection, becoming one of the largest financial collapses since the 2008 crisis. While extensive investigations by regulatory bodies and the U.S. Justice Department followed, Corzine was not charged with criminal wrongdoing. However, he faced civil penalties, including a ban from futures trading, and settled with the Commodity Futures Trading Commission (CFTC) without admitting or denying the allegations related to the misuse of customer funds. The collapse of MF Global significantly impacted Corzine's reputation and financial career post-politics.

Frequently Asked Questions about Jon S. Corzine

When was Jon S. Corzine born?

Jon Stevens Corzine was born on January 1, 1947.

What major companies did Jon Corzine work for?

Jon Corzine notably worked for Goldman Sachs, where he rose to become CEO, and later served as CEO of MF Global.

What political offices did Jon Corzine hold?

Jon Corzine served as a United States Senator from New Jersey from 2001 to 2006 and as the 54th Governor of New Jersey from 2006 to 2010.

What caused the collapse of MF Global under Jon Corzine's leadership?

MF Global's collapse in 2011 was primarily due to its highly leveraged and unsuccessful investments in European sovereign debt, coupled with allegations concerning the handling of client funds. The firm ultimately filed for Chapter 11 bankruptcy.

Was Jon Corzine charged with criminal wrongdoing after the MF Global collapse?

No, Jon Corzine was not charged with criminal wrongdoing following the collapse of MF Global. However, he faced civil penalties and was banned from futures trading by the Commodity Futures Trading Commission (CFTC).