Jon Corzine

Jon Corzine is an American financial executive and former politician who served as a United States Senator from New Jersey and as the state's 54th Governor. A member of the Democratic Party, his career has been defined by high-profile roles in both Wall Street and public service, culminating in a controversial tenure as the chairman and CEO of the brokerage firm MF Global. His political legacy includes significant fiscal and ethics reforms in New Jersey, though his later business career was marred by one of the largest bankruptcies in American financial history.

Early life and education

Jon Stevens Corzine was born in Taylorville, Illinois, and was raised on a family farm. He attended the University of Illinois Urbana-Champaign, where he earned a Bachelor of Arts in history and was a member of the Phi Gamma Delta fraternity. After graduating in 1969, he served as a sergeant in the United States Marine Corps Reserve. Corzine subsequently pursued graduate studies, receiving a Master of Business Administration from the prestigious University of Chicago Graduate School of Business in 1973.

Business career

Corzine began his finance career at Continental Illinois in Chicago before joining the investment bank Goldman Sachs in 1975 as a government bond trader. He rose rapidly through the ranks, becoming a partner in 1980 and eventually serving as chairman and senior partner from 1994 to 1999. During his tenure, he co-led the firm's initial public offering in 1999, a transformative event for the Wall Street institution. After leaving Goldman Sachs, he entered politics, leveraging his substantial personal wealth to fund his campaigns.

Political career

In 2000, Corzine spent a record sum of personal funds to win a United States Senate seat from New Jersey, succeeding Frank Lautenberg. During his single term in the United States Congress, he served on the Senate Banking Committee and was known for his liberal stances on economic and social issues. In 2005, he was elected Governor of New Jersey, defeating Doug Forrester. As governor, he signed legislation creating a Civil union system, implemented a statewide smoking ban, and faced significant challenges including the Great Recession and a contentious battle over state toll road monetization. He lost his re-election bid in 2009 to Chris Christie.

MF Global and later career

In March 2010, Corzine returned to finance as chairman and CEO of the futures brokerage MF Global. His aggressive strategy, including large bets on European sovereign debt, led the firm to file for Chapter 11 bankruptcy in October 2011 after a series of credit rating downgrades. The collapse revealed a massive shortfall in customer segregated funds, leading to investigations by the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Department of Justice. In 2013, the Commodity Futures Trading Commission filed a civil enforcement action against him; he settled in 2016 without admitting or denying wrongdoing, agreeing to a lifetime ban from the industry.

Personal life

Corzine married his first wife, Joanne Dougherty, in 1969; they divorced in 2003 and have three children. In 2010, he married Sharon Elghanayan, a real estate executive and philanthropist from a prominent New York family. He has been a major political donor and fundraiser for the Democratic National Committee and candidates including Barack Obama and Hillary Clinton. His philanthropic efforts have included significant donations to the University of Chicago Medical Center and Newark public schools. Category:1947 births Category:Living people Category:American businesspeople Category:Governors of New Jersey Category:United States senators from New Jersey