Earlier this week, the NFA met to discuss the possibility of a lifetime ban of Jon Corzine from the futures industry. Two directors in particular– John Roe and James Koutoulas– wanted him out and wanted him out bad. Guy thought he could take down a once proud brokerage firm for yuks and then get off scot free? He had another thing coming, Roe and Koutoulas probably said to each other while putting the finishing touches on a press release they planned to send out announcing the news, in addition to skywriting plane they put a deposit on to spell out “Hit the bricks, pal,” over Corzine’s house. Unfortunately, the duo will most likely lose their $150 and most definitely have to save the party hats they sent others to pick up for another time. It seems in their excitement to tell JSC that he was “finished here,” Roe and Koutalas failed to make sure he was actually a member of their organization.

…when the board emerged from its meeting late on Thursday, the group issued a cryptic statement suggesting that Mr. Corzine could not be so easily ostracized because of, well, a small flaw in the plan: “Mr. Corzine is not currently a member of N.F.A.,” the board’s chairman declared in the statement.

So, sad trombone, but wait! They can still salvage this!

The group on Thursday vowed that he “will not be granted membership unless N.F.A., after completing its fitness investigation, resolves” concerns about his ability to run a futures firm.

Kicking Corzine Out of the ‘Club’ Proved to Be Not So Easy [Dealbook]
Corzine Avoids Lifetime Futures Ban, for Now: Regulator [Reuters]
Related: Who Wants To Help Jon Corzine Launch A Hedge Fund?

Comments (23)

  1. Posted by @jameskoutoulas | February 22, 2013 at 12:29 PM

    As sad as this is, your write-up made me lol

  2. Posted by Guest | February 22, 2013 at 12:52 PM

    Correct me if I am wrong, but isn't the whole reason JC bought a gazillion Italian bonds because he couldn't make any money in the futures business?

  3. Posted by Guest | February 22, 2013 at 1:05 PM

    Was this meant to be funny? Seriously

  4. Posted by gust | February 22, 2013 at 1:12 PM

    <Groucho Marx Quote>

  5. Posted by Natl Treasure Fan | February 22, 2013 at 1:17 PM

    Yes, but my suggestion that you throw yourself off the tallest building nearby after throat punching yourself and having a Clydesdale kick you in the nuts is deadly serious.

  6. Posted by Matt Levine | February 22, 2013 at 1:19 PM

    Probably that and the natural enjoyment and relaxation of structuring repo to maturity trades.

  7. Posted by Guest | February 22, 2013 at 1:20 PM

    How about the NFA do something of value and find that missing couple hundred million that has yet to be found.

  8. Posted by Guest | February 22, 2013 at 1:38 PM

    The NFA should ask itself (or Finra) who was the genius that allowed JC to take Series 32

    (The National Futures Association has amended Registration Rule 401 to allow a General Representative or a Futures and Options Representative, who has taken and passed the exams of the Securities and Futures Authority in the United Kingdom, to meet NFA requirements by passing a shortened version of the U.S. commodity futures exam, that is, the Series 32 exam.)

    in order to satisfy JCs registration requirements (S-7 and S-24) after having been out of the securities industry since 6/1999????? Anyone else would have had to sit at least the S-3 and S-24 and hope for S-7 waiver – and anyone else would have been in jail a long time ago…..

  9. Posted by WTF__k | February 22, 2013 at 1:50 PM

    If you don't think it's funny that NFA (or anyone similarly situated) showed their ass so idiotically, you might want to consider heading back to neopets.com, if that's still "a thing".

  10. Posted by Guest | February 22, 2013 at 2:47 PM

    How about you come and help me with that, you Iil pissant?

  11. Posted by guest | February 22, 2013 at 3:01 PM

    Let's see your clippers!!

  12. Posted by Warren | February 22, 2013 at 3:12 PM

    Hmmmm…..let's see. Bunch of old white farts, filthy rich with no worries their lives playing ego game and getting richer….. F'n hilarious

  13. Posted by Guest | February 22, 2013 at 4:00 PM

    Don't bother with a college degree. It is no longer a wise investment

  14. Posted by Guest | February 22, 2013 at 4:04 PM

    I would never want to belong to a club that would kick me out if I were a member

  15. Posted by WTF__k | February 22, 2013 at 4:17 PM

    TL;DR

  16. Posted by Old White Pharts | February 22, 2013 at 4:17 PM

    Rage Against the Warren!

  17. Posted by Guest | February 22, 2013 at 4:23 PM

    True that.

  18. Posted by Jon | February 22, 2013 at 8:57 PM

    I detest any club or an organization that would have me as a member.

    - Jon Corzine.

    P.S. And you can probably guess what I think of the voters who elected me as their governor.

  19. Posted by unwanted guest | February 23, 2013 at 3:36 AM

    Hey John, what's that look you're going for?

    A) Hapless preacher in a spaghetti western.
    B) Undertaker
    C) Anything that will go with the gold pocket watch and chain

  20. Posted by J Coorz | February 25, 2013 at 8:58 AM

    Join T. Shazner

  21. Posted by Mike Larson | February 25, 2013 at 9:13 AM

    <img src="http://Now.apparelbookstore.info/rest.jpg"/&gt; probably more of the latter one, hehe.

  22. Posted by Curious | February 25, 2013 at 3:12 PM

    Why do you do this to yourself?

  23. Posted by Volker | May 16, 2013 at 1:36 PM

    i think what Roe and Kout were trying to make the point that Corzine should have been a member of the NFA with his role as a clearing member running a FCM to begin with… In fact Corzine was given a pass on ALL of his regulatory licensing that had expired.