“He was from Goldman Sachs.” According to NY Times’ Dealbook That is the refrain you hear over and over again when MF Global insiders try to explain why they went along with Jon Corzine’s risky trades — the same ones that caused a crisis of confidence at the firm and, ultimately, its bankruptcy on Monday.
Mr. Corzine was at Goldman Sachs for nearly 25 years, rising to become its senior partner before being ousted in a boardroom coup in 1999. He was considered a bright, aggressive trader who had a history of making big bets that paid off. When he joined MF Global last year — after a decade in politics as a Democratic senator and governor of New Jersey — he talked openly about his ambition to create a mini-Goldman.
Being a former Goldmanite has long been considered the ultimate calling card. But….
Read the rest of the story at http://dealbook.nytimes.com/2011/10/31/its-lonely-without-the-goldman-net/?ref=business
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