Dan Cirucci: Corzine Resigns as MF Global CEO After Helping Tank the Company

Friday, November 4, 2011

Corzine Resigns as MF Global CEO After Helping Tank the Company

Jon Corzine has officially stepped down as the CEO of securities firm MF Global after his decisions helped ruin the company.

From the AP story posted on Philly.com:

Jon Corzine stepped down Friday from running the securities firm that collapsed after his disastrous bets on European debt. The move was announced as a criminal probe of the company appeared to be intensifying.

The firm, MF Global, said Corzine has resigned as chairman and CEO and will decline payments from a severance package worth $12.1 million, including cash and benefits.

MF Global filed for bankruptcy protection on Monday after its bets on European debt spooked investors and trading partners.

The company is under investigation by regulators and the FBI because hundreds of millions disappeared from customer accounts as it slid toward bankruptcy.

Corzine claims to have "great sadness" about what transpired at MF Global and is assisting the board with finding out what happened to the company.

I have a guess: the same financial practices you used as governor to help further dig New Jersey's into an economic hole had the same result in the business world.

Corzine has also hired a criminal attorney in light of the fact that $1 billion of customer money has gone M.I.A. Firms like MF Global are supposed to keep client money and company money separate. If the company goes south, it enables investors to easily claim their money.

Hey Jon! If you have any ideas of coming back and trying to run for governor, do us a solid and stay the Hell home!

No comments:

Post a Comment

About Dan Cirucci

He's been cited by the late Rush Limbaugh, quoted in the New York Times, featured at Real Clear Politics and Lucianne.com and interviewed across all media.

He's Dan Cirucci, the founder and editor-in chief of the Dan Cirucci Blog, a Save Jersey blog columnist, frequent guest on the Matt Rooney radio show and one of the most widely honored public relations professionals in his field. He's also been a public relations consultant to numerous organizations and individuals and hosted The Advocates on RVN-TV.

Inducted into the Philadelphia Public Relations Hall of Fame, for many years he served as a Lecturer in Corporate Communication at Penn State University. A former President of the Philadelphia Public Relations Association (PPRA) he has lectured at Rowan University, Temple University, The College of New Jersey and Arcadia University. He has conducted workshops on public relations for thousands of participants throughout the nation and has taught countless others the art of public speaking. He has also advised numerous lawyers, judges, public officials and political candidates.

Cirucci is a prolific writer and his op-ed pieces have appeared in the Philadelphia Daily News, Philadelphia Inquirer, Courier-Post, Broad and Liberty and other print and online platforms.

A native of Camden NJ, Cirucci is a former President of the Philadelphia chapter of the International Association of Business Communicators. Cirucci served as Associate Executive Director of the Philadelphia Bar Association for nearly 30 years. He served as Chair of Penn State University's Professional Advisory Board for the Corporate Communication major at Penn State Abington and on the Pennsylvania Bar Association's Judicial Selection Commission.

He received his MA degree from Rowan University and his BA from Villanova University. He has been named a Distinguished Alumnus of Rowan's public relations program and received the E. A. "Wally" Richter Leadership Award, the highest honor from the National Association of Bar Executives' Communications Section. He has also been honored by numerous other local, state and national groups.

In his hometown of Camden, Cirucci taught fifth grade at the Ulysses Wiggins Elementary School named for the founder of the Camden NAACP. There he was one of the first teachers in the country to teach African-American history to inner city students. He later served as editor of a local weekly newspaper, as Assistant to the Township Manager of Cherry Hill Township and as Associate Director of Communications at the New Jersey State Bar Association.

Cirucci's passions include all things Italian, politics, the popular culture, books and authors, art, communication, music, theatre, movies, dining and travel.

He and his wife Carole have two grown children and seven grandchildren.

Attributions & Terms Of Use

Unless explicitly attributed to others, the opinions and views expressed on this blog are my own, and do not represent the views of any employer or other organization.

By using this blog, you agree that all original content on this blog is copyright of Daniel A. Cirucci. You may quote from my posts provided that you clearly identify me as the author, link to the original post or home address of this blog, and do not charge for access to the website, publication or other media in which the quote appears.

I like to link to people who link to me.

Although comments are moderated, I accept no responsibility for what other people say, and I reserve the right to block or remove any comment for any reason or no reason.

Any e-mails sent to me are subject to publication, and any disputes regarding this site will be litigated exclusively in the jurisidiction in which I reside at the time of the dispute.

About Lijit Ads
We now have Lijit Ads on our web site. Please note that Lijit's Privacy Policy can be found here. Lijit collects only anonymous information unless a reader chooses to submit personal information to Lijit. Lijit permits readers to opt out of the collection of this anonymous site visit data by clicking here.