Want to feel close to Jon Corzine but can’t bring yourself to tell people you live in Hoboken? Rather than buying his NJ love shack, perhaps consider placing a bid on a ’87 Jaguar he supposedly once owned and is now on the eBay auction block. Read more »
The last several months have not been the best of times for Jon Stephen Corzine. His fund went down for the dirt nap. He was forced to shelve his dreams of becoming a count. He made the tearful decision to put his Hoboken hideaway on the market, probably to free up some cash should it become necessary to pay legal fees. And while some pissant MF Global clients have in fact served him with papers, today brings the joyous news that any sleepless nights spent worrying over doing time were all for naught. Read more »
I’m not the only person who noticed that Mark Zuckerberg is going to have more than the usual amount of control over Facebook (Facebook Facebook Facebook), both unto his grave and beyond. As a conceptual matter I’m kind of down with that though I’m not going to, like, buy shares in the IPO or anything.* But my basic take is that, if you’re going to buy stock in in a poking machine that makes about a penny per user per day, you should be willing to trust Mark Zuckerberg. Because if you were the inventor of Facebook, you would have invented Facebook, or something.
The alternative to giving a hoodied 27-year-old complete control over all aspects of a multibillion dollar business is to have a team of professional managers being all professional and managing by committee and checking each others’ work. It is not clear what is better. I suspect Facebook would not be a $100 billion asset today if it had sold to Yahoo in 2006 though, also, no one has ever accused Yahoo of being professionally managed. But the point is that those are two distinct styles and there are arguments for both. Professionalism has much to recommend it but so does complete domination by one visionary; for instance, founder dominated firms outperform the market.
JSC has reportedly put his Hoboken hideaway on the market, for reasons that are unclear at this time (and which we should not speculate over. Surely there are some who will be quick to suggest he’s downsizing and freeing up cash in case he needs money for legal fees but we have no idea, do we? Maybe the new venture became a success sooner than anyone thought, and he’s moving to a bigger place. Maybe he’s decided to live in France full-time). Some details, for those interested in a place with a story to tell: Read more »
Wall Street Fraternity’s Hazing Process Involves Telling Awful Jokes While Dressing In Drag And Being Pelted With DessertsBy Bess Levin
The “jokes” clearly being the most humiliating part of the proceedings. Read more »
Ex-MF Global Employees With Unresolved Corzine Issues Not Feeling The “Write Him A Letter And Don’t Send It” ApproachBy Bess Levin
Former MF Global employees in Chicago recently had the chance to vent their frustration against Jon Corzine — by smacking him with a small wooden bat. At a post-Christmas party Dec. 29, former employees took turns smashing a star-shaped pinata with pictures of Corzine taped on it, according to people who attended the party. Unfortunately, those looking for the missing $1.2 billion in customer funds came up empty-handed: When the pinata broke open, all it contained was slips of paper with “IOU” written on them. A spokesperson for MF Global said the firm had no knowledge of this event. [FINS]