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Corzine Resigns from MF Global, Retains Defense Attorney

By Doug Powers  •  November 4, 2011 01:16 PM

**Written by Doug Powers

On Tuesday we talked about the bankruptcy of the MF Global and the “missing” few hundred million dollars. Today the company’s CEO, Jon Corzine, resigned:

Jon Corzine resigned today without severance pay as head of MF Global, the bankrupt brokerage firm where he had hoped to resurrect his career after a failed gubernatorial re-election bid in New Jersey.

Corzine has resigned from all posts and has confirmed “that he will not seek severance payments in connection with his resignation,” the company said in a statement today.

His severance package was worth $12.1 million, including cash and benefits, the Associated Press reported.

Securities regulators and the FBI are now investigating more than $600 million in missing customer money. Brokerages are required to keep the money they invest separate from client accounts.

“I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” Corzine said in a statement, reported the New York Times. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.”

The New York Times reports that Corzine has hired a white-collar criminal defense attorney — standard operating procedure if you were the head of a securities company that misplaced a few hundred million dollars and diverted client money.

Earlier, I was trying to recall which political party Corzine belongs to. The network television newscasts were no help, and in reports about Corzine’s resignation that mention his political career, online stories from ABC News, Reuters, the Associated Press, CNN and CBS didn’t divulge his party affiliation.

Oddly enough, NPR came through.

**Written by Doug Powers

Twitter @ThePowersThatBe

Posted in: Media,Politicians

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