Corzine: MF Global & the Missing Millions

corzinehands1 Corzine: MF Global & the Missing MillionsJon Corzine, former CEO of MF Global, testified yesterday at a congressional hearing about the firm’s collapse and ongoing hunt for the missing $1.2billion.

Anyone hoping for an answer to key questions was disappointed. Corzine, a former senator, knows the rules of the game.  His response to questions concerning the missing funds was to the point: “I simply do not know where the money is…..”

Though he declined protection of the Fifth Amendment, he passed on some questions claiming he had no accurate information. While his answers may not have helped investors or clients, yesterday’s testimony slowed down the rush to judge him as solely responsible for the firm’s collapse.

The PR Verdict: “B Minus” for Corzine who while accepting some responsibility for the firm’s failure also pointed to a multitude of mitigating factors.

Corzine’s key achievement was walking the fine line between taking partial responsibility without inviting full liability.  With the odds stacked against him, he laid the ground-work for attributing the genesis of the bankruptcy to mismanagement prior to his arrival at Global MF. Over several hours, as uncomfortable as it may have been, he moved the dial in his favor.

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What is Your PR Verdict?

  1. With his past history as governor, calling for tighter regulation on leveraging by financial firms, he has to do more than “Turn the dial” a bit. At some point in our financial mess, the 1% will have to take a hit!

  2. Dale Miller says:

    I don’t understand how one misplaces 1.2 billion dollars. Why do all these men, earning millions of dollars a year and running their companies into the ground, always insist they knew nothing and it’s not their fault. I want a job like that.

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