Talk about downers, money laundering and interest-rate
manipulation, brokerage collapses and insider convictions. The past year has
had enough failure and scandal in the world of finance to perhaps overshadow
the successes, according to Bloomberg’s Bob Dieterich. .
The 50 Most Influential list, published in the October issue
of Bloomberg Markets magazine, recognizes those who have been on the good side
of bad events, such as U.S. Attorney Preet Bharara. To complete the picture,
though, here are five people who were influential for the wrong reasons.
JON CORZINE Former CEO, MF Global Holdings Ltd. (MFGLQ) He ran Goldman Sachs Group Inc. (GS), served
as a U.S. senator and was governor of New Jersey, although he failed to win
reelection. Then, in about a year and a half at the helm of MF Global, Corzine,
65, drove the firm into bankruptcy by embracing increased trading risk. About
$1.6 billion of brokerage customer money went missing in the process. Corzine
hasn’t been charged with any wrongdoing.
What he says: “I did not instruct anyone to lend customer
funds to MF Global or any of its affiliates, nor was I told that anyone had
done so.” Testimony to Congress on Dec. 15.
BOB DIAMOND Former CEO, Barclays Plc An American in London, Diamond, 61, rose to
the top job at Barclays by building an investment bank that kept the company’s
profit growing. He courted controversy, though, pushing back against some
regulations and commanding the highest pay of any British bank CEO. He resigned
after Barclays paid a record fine for manipulating the London interbank offered
rate.
What he says: “I worry that the world looks at Barclays, and
a group of traders who had reprehensible behavior, and that that is being put
on Barclays in a way that is not representative of the firm that I love so
much.” Testimony to Parliament on July 4.
RAJ GUPTA Former Managing Director, McKinsey & Co.....
Wait…wait..there’s more at http://www.bloomberg.com/news/2012-09-04/mighty-who-fell-wield-wrong-kind-of-clout-bloomberg-markets.html
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