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Corzine’s First Lawsuit Begins

Written by Gary North on December 6, 2011

It was obvious a month ago that Jon Corzine, the CEO of the bankrupt MF Global, would spend the next decade or so fending off lawsuits. The first one has begun. Former MF Global employees are suing Corzine and the board for misrepresenting the economic prospects of MF Global.

On November 2, I wrote this: “Now the lawyers will get him. The lawsuits will be never-ending. ”

He had so many successes. Each proved a dead end. They all failed to satisfy him : CEO of Goldman Sachs (pushed out), U.S. Senator (decided not to run again), Governor of New Jersey (defeated). He went from victory to victory, yet each time he publicly failed. Finally, he decided to make MF Global the biggest investment bank around. He oversaw its demise.

There is a case for taking your pile of money and doing something useful with it. The quest for political power is not useful.

I think there will be other lawsuits against him personally. The investors will file class action suits against him personally. The company is busted. He isn’t. Yet.

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