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The CFTC Will Never Have To Hear The Name ‘Jon Corzine’ Ever Again

Jersey Jon ponies up $5M to just go away...probably.
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By flickr user Tony the Misfit [CC BY 2.0], via Wikimedia Commons

By flickr user Tony the Misfit [CC BY 2.0], via Wikimedia Commons

Like some of his colleagues, CFTC chief Tim Massad is tying up some loose ends before clearing out of town in two weeks. And one particularly annoying bit of unfinished business was called Jon Stevens Corzine. You see, while everyone else had managed to get the former New Jersey senator and governor out of their systems over that whole unfortunate MF Global situation, Massad wouldn’t give up on his predecessor’s vendetta against Corzine. And when it at last seemed there was an end in sight, with the CFTC agreeing to the relatively paltry sum of $5 million in exchange for a 70-year-old disgraced former politician and Wall Street executive promising never again to darken the regulator’s door, the whole thing was on hold because one of Corzine’s ex-lieutenants also stubbornly insisted she’d done nothing wrong.

Rather than pass the whole thing off to his successor, whoever that might be, Massad decided to swallow his pride and just end the endless thing by giving Edith O’Brien an even lighter slap on the wrist. With that out of the way, can the long-delayed and awaited JSC Capital Management be far away? The man himself offers a tantalizing clue.

He said he plans to focus on "issues that have always been important in my life: my family, community and philanthropic causes, and markets."

Corzine in $5 million settlement with US CFTC over MF Global collapse [Reuters]


Smiling again. By US Federal Government [Public domain], via Wikimedia Commons

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