The Campaign Spot

Large Institution Run by Jon Corzine Posts Record Loss Again

Former New Jersey governor Jon Corzine, moving from success to success:

MF Global Holdings Ltd., the futures broker run by Jon Corzine, was suspended from conducting new business with the New York Federal Reserve today after posting a record loss. The firm’s board met through the weekend in New York to consider options including a sale to avert failure, according to a person with direct knowledge of the situation. It was stopped from doing new business with the New York Fed until it shows it’s able to fulfill its responsibilities as a primary dealer, according to a statement on the regulator’s website. Trading in MF Global’s stock was also halted. . . . MF Global may file for Chapter 11 bankruptcy protection as soon as today and sell assets to Interactive Brokers Group Inc., the Wall Street Journal reported on its website, citing a person familiar with the matter it did not identify.

It’s almost as if everyone forgot this is the guy who left a record $8 billion budget deficit in his last job.

As recently as August, there was speculation that Obama would name Jon Corzine his next Treasury secretary:

As speculation about how long Timothy Geithner will remain as U.S. Treasury secretary simmered today, former Gov. Jon Corzine’s name began to bubble up as a possible replacement. Corzine, considered for the nation’s top financial office after Obama was elected, has emerged on speculative short lists as someone who could take over if Geithner exited before the president’s first term expires.

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