Tag: Democrat Jon Corzine

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Murphy to Hold on to Governor’s Salary

trenton nj

January 19,2017
the staff of the Ridgewood blog

Trenton NJ, Democrat Phil Murphy ,New Jersey’s new governor says he’ll be accepting the job’s $175,000-a-year salary. Murphy a multimillionaire and former Wall Street executive who earned his fortune working at Goldman Sachs , will not match what even the failed Democrat Jon Corzine did . Corzine also a wealthy alumni of Goldman Sachs took only a $1-per-year salary.

When asked the new Governor declined Wednesday to take further questions about his salary from the media . His 2016 taxes showed he earned a mere $4.6 million, mostly from interest and dividends.

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Lawyer: Corzine was ‘mastermind’ behind MF Global’s collapse

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By Matt Arco | NJ Advance Media for NJ.com
on March 07, 2017 at 3:58 PM

TRENTON — Former Gov. Jon Corzine was blasted as the “mastermind” behind MF Global Holdings Ltd.’s collapse inside a Manhattan federal courtroom on Tuesday, according to published reports.

A lawyer representing the accounting firm PwC in a $3 billion trial over who’s to blame in MF Global’s down fall told jurors that Corzine should be held to account.

“Its bankruptcy was caused by its risky trading, its unprofitable business and other problems” said James Cusick, a lawyer for PwC, according to Bloomberg. “Mr. Corzine was the mastermind and the driver of that strategy.”

Gov. Chris Christie unseated Corzine in the 2009 gubernatorial election. After the election, MF Global hired Corzine, the former CEO of Goldman Sachs, to help engineer a turnaround of the firm’s collapse.

MF Global collapsed in 2011 after a disastrous bet on European countries’ debt.

https://www.nj.com/politics/index.ssf/2017/03/lawyer_corzine_was_mastermind_behind_mf_globals_co.html#incart_river_index

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Democrat Jon Corzine Gets $5 Million Fine and Lifetime Ban for Tanking MF Global

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Former NJ gov faces a big fine, but agency wanted the big house

By Ken Kurson • 01/06/17 7:30am

Five years after he oversaw the collapse of commodities brokerage MF Global Holdings Ltd., CEO Jon Corzine is finally paying the piper. The U.S. Commodity Futures Trading Commission (CFTC) sued Corzine for financial indiscretions at MF Global that saw the firm transfer some $700 million of customer money to its own accounts (they also loaned $175 million in customer funds to their U.K. subsidiary). The CFTC agreed to accept $5 million.

The settlement brings to a conclusion an epic run of bad luck for the former New Jersey Governor. His bankrupting of MF Global in October 2011 came less than two years after he lost his re-election bid to Chris Christie (Corzine’s entry into politics had only occurred 9 years before that, when his partners at Goldman Sachs ousted him as CEO when he lost a power struggle to co-CEO Henry Paulson.

With the exception of this account in the Wall Street Journal, all of the press about the settlement missed two key points that distinguish this settlement from most of its kind.

https://observer.com/2017/01/jon-corzine-gets-5-million-fine-and-lifetime-ban-for-tanking-mf-global/?utm_campaign=Observer_NJ_Politics&utm_content=New%20Campaign&utm_source=Sailthru&utm_medium=email&utm_term=New%20Jersey%20Politics