Jon Corzine MF - MF Global That Is

From an article titled "2011′s Executive Compensation Highlights (and Lowlights)" by Daniel Gross on Yahoo! Finance

What the MF? Jon Corzine, former Goldman Sachs top dog, former Senator, former New Jersey Governor, was already a very rich man before he joined financial services firm MF Global as CEO. But he aimed to increase his fortune further by having MF Global put on insanely leveraged trades on European sovereign debt. The trades, of course, blew up in his face, plunged MF Global into bankruptcy, and have launched a slew of investigations. As Leder point outs, it's possible that Corzine's attention in the spring of 2011 was somewhat diverted. As a filing detailed, Corzine was spending time. . . . renegotiating his compensation package.

Months before the company blew up, MF Global agreed to pay Corzine a $1.5 million retention bonus on March 31, 2014 (or whenever he left the job), provided he didn't quit without a good reason or get fired for cause. And, Footnoted.com noted, a
broadly written escape clause would have allowed him to receive at least partial payment if he quite without 'good reason.' If only Corzine had paid as much attention to the billions of dollars MF was handling as he was to the paltry million or so he was haggling over.

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John Corzine and his Golden Parachute

First the Nation suffered from the Chris Dodd-Barney "Mumbles" Frank cover of bundled junk mortgages from Fannie Mae and Freddie Mack and dump truck loads of taxpayer money wasted for bailouts.....now we have another east coast Democrat, former NJ Governor John Corzine, now an executive of MF Global, no where to be found after after MF Global admits to using client's money to cover it's financial troubles after European debt problems caused a multi-billion dollar loss.

It is, of course, against the law for securities firms to pool clients' money and company money. They are require by law to keep them in separate accounts. Now it is reported that hundreds of millions of dollars of customer's money have gone missing from the brokerage firm.

Corzine, 64, who once ran Goldman Sachs before becoming a U.S. senator and then governor of New Jersey , had been taking big risks on trades and European debt and was exposed after failing to find buyers for this debt, primarily in Italy , Spain and Portugal . Initially it was reported that over $950 million was missing, but the the latest figure, said to be more accurate is closer to $700 million....boy! that's a relief!!

MF Global filed for bankruptcy earlier this week and now many media outlets are reporting the Corzine is getting a $12 million dollar bonus for his excellent work. Hey, Occupy Wall Street protestors,....got a better address for your protests!

It is just ludicrous that the Democrats are painting this as a Republican problem. Here's a clue,......Barney Frank,.....Chris Dodd,..Barack Obama,......John Corzine,......are all Democrats!