In the 2+ weeks since MF Global filed for bankruptcy protection, much has been written about Jon Corzine’s penchant for making wild bets, which worked out fine while he was at Goldman Sachs, where risk managers are empowered to stand up to employees putting the firm/bonus pool at risk, but not so much at MF-G, where he was a man on a mission. If JSC could turn back time…he’d still be JSC and he still would’ve had that little voice, down his plums, telling him to risk it all on Eurozone debt, which in turn would’ve caused various people to freak out, start a run on the bank and drive it into its current state of affairs. Separately though? This business with the customer funds that were desegregated from the firm’s own money and which are currently “missing,” despite several manhunts and “magical mystery tours” to find it? It didn’t have to be that way and maybe it wouldn’t have been if someone had been forced to dust off his series 24 books and review the section on “customer accounts,” before cramming into a test center and sitting for the exam alongside all the other scrubs, sweating through his sweater vest over getting at least 70% correct. Read more »
Former Jets Wide Receiver-cum-Morgan Stanely Financial Adviser Wayne Chrebet Survives Securities Licensing Exams, Wife To Tell TaleBy Bess Levin
After his 2005 career-ending concussion, Wayne Chrebet knew he needed some diversion to stay busy. He invested in racehorses, opened a restaurant in Hempstead, NY called “Bar Social,” and picked up boxing. Still, though, he felt like something was missing. Wayne needed some occupational passion in his life, and he also needed to avoid his wife, who was considering murdering him.
“She told me, ‘You’ve got to get out of the house or we’re going to get divorced,’” Mr. Chrebet said. “We got to the point during those first couple years where we were going to 10 a.m. movies and stuff. And we were like, ‘This is stupid.’ We’d just look at each other.”
Before he was forced to retire from football, he’d taken a liking to managing his own money, become a “self-professed CNBC junkie” and dabbled in advising his teammates in how to maximize their coin. So he figured, maybe I should get a job on Wall Street? And as luck would have it, he’d recently killed Morgan Stanley VP Ed Moldaver during a couple poker games at the local country club. Moldaver was so impressed with Chrebs that he offered him a gig, where he currently works on a 6-man wealth management team, mostly “meeting with potential clients and determining whether his group is a good fit for them” while leaving the stock and bond picking to “the professionals.” He loves the new career and takes it “very seriously,” though it’s not just dicking around and at times can be brutal. In fact, he almost didn’t even make it. Read more »