**Written by Doug Powers
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 @ThePowersThatBeblog comments powered by Disqus
NYT: Criminal charges for Corzine unlikely in MF Global collapse; Update: Corzine considering starting a hedge fund?
August 16, 2012 03:34 PM by Doug Powers
June 12, 2012 11:55 AM by Michelle Malkin
July 3, 2012 05:06 PM by Doug Powers
February 10, 2013 10:18 AM by Doug Powers
July 13, 2012 01:00 PM by Michelle Malkin
Green Room» Poll: Brutal numbers for Obamacare
Daily Caller» JFK’s secret diary: Fascism ‘right thing for Germany’
Daily Caller» Mark Steyn on IRS hearings: ‘You guys wasted your whole time with your revolution’
Green Room» No TEMS today
Gay Patriot» Thoughts on the Boy Scouts & gays
Green Room» Carney: On second thought, reporters, your questions are teh awesome
Gay Patriot» The Slow Death of Irony Continues in Colorado
Daily Caller» Top 10: Hottest murderers (and murder suspects) [SLIDESHOW]