Former New Jersey Gov. Jon Corzine, seen Thursday, couldn’t help but be a politician when testifying Thursday about the collapse of MF Global, regaling jurors about his purportedly humble upbringing on a Midwestern corn farm.
Former New Jersey Gov. Jon Corzine couldn’t help but be a politician when testifying Thursday about the collapse of MF Global, regaling jurors about his purportedly humble upbringing on a Midwestern corn farm.
Corzine was in Manhattan Federal Court for a civil trial on whether MF Global’s October 2011 collapse was due to bad bookkeeping advice from PricewaterhouseCoopers.
Corzine was CEO when MF Global imploded and has since agreed to pay $5 million for the company’s mishandling of $1 billion in customers’ funds.
The administrator handling MF Global’s bankruptcy plan is suing PWC for some $3 billion, claiming PWC’s audits were negligent – snowballing into a “loss of confidence” that ultimately killed the investment giant.
PWC contends Corzine was to blame because he took big risks, according to prior reports.
When the lawyer repping MF Global’s side called Corzine to the stand, he gave the ex-pol plenty of opportunity to look like an affable everyman – rather than an irresponsible one-percenter.
Asked about his background, Corzine said he grew up on a farm in central Illinois and went to a state university for his undergrad work.
‘My father would plant corn in the springtime’ and try to get the best price for it before harvesting in the hall, Corzine said.
Corzine took a job in Chicago after serving with the Marine Corps Reserves, and went to “night school” at the University of Chicago for his MBA. After a brief stint in Columbus, Ohio, he landed at Goldman Sachs, he said.
“I started as a trainee, an intern, and I worked my way up,” said Corzine, who became Goldman’s co-chair before going into politics.
Later, when asked to explain an investment method, Corzine again played up his roots.
“Maybe I could go back to my farming days,” said Corzine, 70.
“My father would plant corn in the springtime” and try to get the best price for it before harvesting in the hall, he explained.
Ironically, Montana farmers were no friend to Corzine after MF Global’s demise. They filed a class action lawsuit alleging that the firm took money from their accounts to cover its debts, reports indicate.
This article was sourced from http://newsmeback.info