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Corzine’s parachute

Corzine’s parachute

As it has been widely reported, Jon Corzine will get a golden parachute valued at $12.1 mn after driving MF Global into the ground. Fair enough. After all, it wasn’t paid for with taxpayer money and the firm failed by making some appallingly bad bets.

My only wish is that Corzine takes this parachute as a cease and desist from working. He is the embodiment of Murphy’s Law & the Dunning-Kruger effect. I don’t think America can afford for him to have another office, but this may at least stymie his efforts to help get Wall Street donations for the Obama campaign.

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Comments

wasn’t he being considered for the secretary of treasury?

yeah, its not even ironic considering the clowns in there now.

One can only wonder if that golden parachute is big enough to keep Corzinne out of jail. A lot of money is missing at MF Global.

    The only way that the SEC goes after Corzine for the monies missing from MF Global ($600-700 Million) is if the Senate Democrats think they can make it stick to “Wall St.” in general by demonizing everybody.

    If they decided to go after him under Sarbanes-Oxley he would likely become the poster-boy of Wall St. to have the whole thing repealed under the guise of “well, I’m the CEO, I can’t POSSIBLY be responsible for everything that happens by thousands of people (even though I signed a legally binding document saying that I do).”

    If by some miracle the SEC does decide to go after Corzine for the missing money, there’s no way he avoids doing jail time. For that reason ALONE, the SEC will be ordered to steer clear of him by the Obama Administration.

It seems to me that Corzine is no different than the poor shnook who is a bank teller who borrows money from his cash drawer when he has a hot tip on the ninth race. When the horse doesn’t come in, he keeps taking money hoping to make the big score that will enable him to replace it. Those guys go to jail. If it is true that Corzine used customer money to take positions for his firm, I would be happy to decorate a cell for him right next to Bernie Madoff’s.

I don’t think he’ll actually be entitled to that payment, I’m guessing that got picked up because on Oct 26 WSJ Blog had a post about what would happen if MF Global were taken over. At the time, the person writing the article probably had only heard talks of a potential sale, I doubt they knew it was because of bankruptcy. The payment is only available if they terminate his employment without cause, which they define on page 42 and 43 in the controlling Definitive Proxy Statement http://sec.gov/Archives/edgar/data/1401106/000119312511183746/ddef14a.htm .
I have a feeling bankruptcy will fit that definition of termination with cause, and even if it doesn’t, I highly doubt a bankruptcy judge would allow the payment anyway.

I’d say that Corzine is a better example of the Peter Principle than of Murphy’s Law, and also of a phenomenon that I’ve observed in business, in which, once somebody reaches a certain level, all his jobs at any company will be at a level at least that high (a company vice-president will be a vice-president, senior vice-president, COO, president, or chairman of the board at any subsequent company).

A cease and desist from working? We can do better than that. Here’s a few jobs he could have:

Chairman of the Democratic National Committee
Chairman of Obama for President 2012
President of the Teamsters
President of the AFL-CIO
Special Advisor to the President on Czars
CEO of MoveOn.org
CEO of ThinkProgress

I’m sure there are other jobs he’d be great for – anyone else?

Write him a check. Watch it bounce. Laugh. Tell him to get in line behind the clients who lost millions. Make him wear his nametag while in line. Call an ambulance.

Looks like that parachute will be dropping him in court and possible the Federal pen (assuming he gets it and doesn’t just freefall).

You can count the fact that he didn’t go to jail after nearly ruining New Jersey as well.

Real liberals are never successful at running an honest business. However, they ARE great schemers, liars and beneficiaries though…

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