Perhaps we should no longer be surprised by the arrogance of Wall Street executives. Still, the level of hubris and bullying displayed by Jon Corzine during his 19-month tenure as chairman and chief executive officer of MF Global Holdings Ltd. -- as described in a recent congressional report about the company’s 2011 collapse -- stands out for sheer offensiveness.
John F. W. Rogers is known on Wall Street for four initials and an enviable fact of corporate geography. The F. and W. stand for Francis and William, though why Rogers uses them both is one of several mysteries he has either gone out of his way to cultivate or never seen fit to explain.
Jon Corzine bet $11.5 billion on European sovereign debt in his bid to rebuild profits at MF Global Holdings Ltd., almost twice the net amount disclosed to investors, and relied on short-term hedges that left the firm exposed to larger losses if they couldn’t be rolled over.
Thirteen years ago, when the hedge fund Long-Term Capital Management was desperately negotiating with Wall Street banks for a bailout, Jon Corzine, the chief executive officer of Goldman Sachs Group Inc., called John Meriwether, LTCM’s founder, and read him the riot act. Wall Street would invest, Corzine said, but “JM” would have to accept more controls, including strict supervision over his firm’s trading limits.
Jon Corzine, former chief executive of bankrupt futures brokerage MF Global Holdings Ltd., has said he never ordered any misuse of customer funds to help his firm stay afloat as it dealt with margin calls on bad bets.