Forum Post: former governor of New Jersey and ex-Goldman Sachs boss Jon Corzine
Posted 13 years ago on Nov. 1, 2011, 12:48 a.m. EST by USCitizenVoter
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MF Global, a US-based futures broker that can trace its roots back to 18th-century London, yesterday became the first major US casualty of the eurozone debt crisis by filing for bankruptcy protection, putting 3,000 jobs at risk after a rescue takeover failed to materialise. Run by the former governor of New Jersey and ex-Goldman Sachs boss Jon Corzine, the firm ran into difficulty after taking bets last year in the expectation that the price of government bonds in troubled eurozone countries would rise, amassing a $6.3bn (£3.9bn) position in the process. Instead they fell further as risk escalated in the eurozone until last week's deal to rescue the single currency. MF Global collapsed at an astonishing speed when it reported a $192m quarterly loss less than a week ago. That prompted a downgrade of its debt to junk status and sparked an exodus of clients.
Top DNC Contributor: Goldman Sachs
Stock markets, already jittery as the euphoria from last week's eurozone deal faded, were rattled by the plight of MF Global and there was speculation that prices of commodities such as grains were falling as positions linked to the broking firm were liquidated. Louise Cooper, markets analyst at BGC Partners, said: "The news that MF Global is in a perilous financial position, and has now filed for bankruptcy, has contributed to weakness in equity market. It is being billed as the first American failure thanks to the eurozone crisis as Jon Corzine's bets on European sovereign debt were awry. Given the scale and difficulty of this euro conundrum, this may not be the last." The Chapter 11 filing in Manhattan's US bankruptcy court showed assets of $40bn and debts of $41bn for MF Global Holdings – putting it among the 10 biggest bankruptcies in the US, MF Global Finance USA, also filed for protection.
Among the firms cited as creditors are JP Morgan Chase – owed $1.2bn – and parts of Deutsche Bank, which are owed $1bn. Among the major shareholders are big names such as Fidelity and JC Flowers, which is run by Christopher Flowers, the ex-Goldman banker who had recommended Corzine for the job after it bailed out MF during a trading scandal in 2008. Corzine, a fund-raiser for the Obama administration who had been regarded as a possibility for a government role, failed to secure a buyer for the business after a desperate search this weekend.
NJ resident here, Corzine was bad and he left us another bad in Christie. Get rid of em all!
Hope there is a place in hell just for the greedy pricks cause they sure have ripped people off
Ah, but there is a way to fight back.
Try this forum out. We are all on board with Article 5 of the constitution in there.
http://articlevconvention.org/forum.php
see what smart guys can do for a company 3,000 jobs at risk