Posted 5 years ago on Nov. 1, 2011, 7:47 p.m. EST by nikka
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Former New Jersey Gov. Jon Corzine is out of a job now that the Wall Street firm he headed, MF Global, has gone bankrupt, but don’t worry. He’ll be just fine.
Corzine has a couple of things to keep him out of the unemployment line. First, he’s a “great friend” and “ally” of President Barack Obama, as the president himself has said.
And second, he’s expected to receive a $12.1 million severance package — the kind of things that critics of Wall Street excess, like Obama, often call “golden parachutes.”
In a 2008 campaign ad, Obama attacked then-GOP presidential candidate John McCain for his ties to campaign adviser and former Hewlett Packard CEO Carly Fiorina, who was paid a little more than $20 million in severance.
“You’ve got corporate executives who are giving themselves million dollar golden parachutes and leaving workers high and dry,” Obama said in the 2008 ad. “That’s wrong. It’s an outrage.”
In February, 2009, Obama pledged to take “the air out of golden parachutes” by capping executive pay of companies receiving federal bailout money at $500,000.
But don’t expect President Obama to take the air out of Corzine’s sails any time soon