Ex-New Jersey Gov. Corzine Joins MF Global, J.C. Flowers

Mar 24 2010 | 11:47am ET

Having been unceremoniously dismissed from his last job, former New Jersey Gov. Jon Corzine is returning to a familiar place: Wall Street.

The former Goldman Sachs chief has taken two jobs two months after handing over the reins in Trenton. He was named chairman and CEO of MF Global Holdings, the futures brokerage spun off from the Man Group three years ago, and will become and operating partner of private equity firm J.C. Flowers.

J.C. Flowers controls two seats on MF Global’s board, and recommended Corzine for the job. Corzine himself is an investor with J.C. Flowers.

Corzine was denied a second term as governor by the voters last year. Before taking that office, he represented the Garden State in the U.S. Senate for five years.

“A lot of the strategic possibilities with MF Global are really exciting and this gets to my desire to paly in a more entrepreneurial environment,” Corzine told reporters. But he added, “I don’t think anyone here is happy with the returns profile."

Under the former governor, MF Global will seek to become a primary dealer in government securities, Corzine said. He succeeds Bernard Dan, who cited personal reasons for his departure from the firm. He will remain at MF Global until May 16 to assist the transition.

Corzine received a $1.5 million signing bonus for joining the firm, and will be paid an initial salary of $1.5 million and a target bonus of $3 million. He also received options for 2.5 million shares of the company.

If the two new finance jobs weren’t enough, Corzine also got a third yesterday: He was named a visiting professor at Princeton University’s Woodrow Wilson School of Public and International Affairs. The post was endowed by his old company, Goldman Sachs.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.