Chaz has been taking a look at the recently departed MF Global chief's books and there may be less money there than people had previously thought, if people didn't know: 1) that JSC spent a lot of Corzine Coins running for senator and governor of New Jersey, 2) that divorces are expensive, and 3) that he was never worth $1 billion dollars in the first place.
Conventional wisdom suggests that the former chief executive of Goldman Sachs (GS), US Senator, New Jersey governor, and until last week, the head of MF Global has a net worth well into the hundreds of millions of dollars, possibly even close to $1 billion. But according to former colleagues and others who are close to Corzine, the net worth of the man some say bought his first political office by spending $60 million of his own money to become US Senator no longer puts him among the uber-rich -- a status he had grown accustomed to during his long years in banking and politics. In fact, Corzine, these people say, is worth far closer to $1 million than he is to $1 billion, particularly after the MF Global debacle and the legal headaches it will cost him for years to come.
CG lays out the evidence...
Consider the following: Corzine left Goldman in 1999 with a net worth estimated to be around $350 million, but over the next decade he spent around $130 million on his various political campaigns, including most recently an unsuccessful run for New Jersey governor, where he needed to raise money from outside sources precisely because he didn’t have enough of his own to self-finance the campaign. A costly divorce from his first wife further depleted his finances, not to mention a multi-million-dollar settlement he paid to a lobbyist, with whom he had a relationship. People who know him well say that Corzine, like many others on Wall Street, made a series of bad investments over the years, but even without subtracting those losses he was left with an estimated $100 million when he became CEO of MF Global in 2010.
But Wall Street sources tell the FOX Business Network that Corzine had invested about $50 million of his own money in the firm, which is now mired in bankruptcy, meaning he's likely to lose much if not all of that money as well.
So if you subtract 2 and carry the 1...
By this calculation, that leaves Corzine around $53 million, which goes pretty quickly even with insurance when you consider the potential huge legal costs that are likely to arise for the firm's demise.