“It’s not like he was doing this [playing the accounting games] to earn a big bonus. During the time it took Goldman to replace them, Corzine was pressed into service. After about two to three years in an affair with Sharon Case, Sandy Corzine tied the knot of marriage with her in the year 2007. “He has lots of fortitude,” says someone who has worked with him. How you kid around with people. ''''That seems to be the thing people say about me, that I`m down-to-earth,'' Corzine said. It was huge. We called them ‘the Cadre.’ ”Not only was MF Global small compared with Goldman, it was struggling to survive. “It’s not in Cap-Ferrat,” one person remembers Elghanayan explaining, as if that somehow mitigated the obvious extravagance of the purchase. Once more Corzine dissembled, whereupon Paulson called in Flowers, who repeated what he had said the day before. “And the firm didn’t really know what the risks were.”When friends asked why he wanted to do it, Corzine usually talked about how he missed the masculine competition of the trading desk, how politics seemed to offer an opportunity to compete and win at something again. “Oftentimes, it was a hooker or a bookie,” one member of that desk recalls.Under the Commodities Exchange Act, which was passed in 1936, during the Great Depression, a customer’s assets were required to be kept segregated from the firm’s assets, so that customers could always get their money, regardless of what happened to the firm.
Oh yeah.”One aspect of the divorce practically drove Corzine to distraction, however. It was a great life lesson.”Corzine testified that he had very little of his own money in MF Global—just over $3 million. “It is totally wrong. In February 1994, the Fed raised interest rates, and “it just completely fucked up the firm’s trading position,” recalled a Goldman partner. Perhaps his greatest failing was that, as a liberal Democrat, Corzine proved unwilling to confront the powerful state-employee unions, whose cushy salaries and outsize pensions were slowly strangling the state. MF Global, like all financial firms, needed to maintain its investment-grade rating from the credit-rating agencies, such as Moody’s and Standard & Poors, to stay in business. Corzine and the still married Katz were soon dating, and they began appearing in public as a couple in early 2002, shortly after Corzine's unofficial separation from his wife, Joanne. He fired 1,400 people, including many old-timers, and hired 1,000 more, mostly high-priced talent from bigger Wall Street firms. He had long been one of the more outspoken partners about the need for Goldman to abandon its partnership structure—as had most of the rest of Wall Street by then—and sell shares in the firm to the public in order to gain access to more capital. For the next nine months, as his family stayed behind in Columbus, he delivered trading confirms, got coffee, and answered the phones before the second ring. They were cattle ranchers who were trying to hedge their exposure to the price of livestock. “Hank, even though a bully, clumsy, and prone to verbal gaffes, was a team player,” says a person who worked with them both. He became a tireless advocate for driver safety, at one point filming a public-service announcement. There was this unseemly air of hubris around Corzine’s governorship.”He attended classes for only four weeks before getting a letter from his draft board, whereupon he enlisted in the Marines. It was at some point during his first campaign that Corzine noticed Carla Katz, an attractive 39-year-old New Jersey union organizer. Corzine took the news hard, very hard. Was it nature or nurture? I remember one of my kids asked me, ‘Where can we sit?’ ”By Sunday afternoon, MF Global had a deal to sell its customer accounts to another firm, Interactive Brokers, whose C.E.O., Thomas Peterffy, was going to make an $800 million loan to help MF Global reorganize in an orderly way. “He felt it was his track to the presidency,” says a political ally. Dave Corzine: “At first, like any other rookie, he just tried to come in and prove himself, establish himself within the team. Firms could invest a customer’s cash in excess of the returns promised, but only in the safest of assets, such as U.S. Treasuries.
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