by
Fri, Dec 09 2011 11:48:44

Jon Corzine's Congressional Grilling

On December 7, the House Agriculture Committee grilled Jon Corzine, the former CEO of MF Global. This is a record of how I saw that play out on Twitter.

  1. Corzine started out with apologies.
  2. moorehn
    Heidi N. Moore@moorehn
    Corzine: "I accept responsibility for these... trades."
    Thu, Dec 08 2011 10:13:19
  3. moorehn
    Heidi N. Moore@moorehn
    Corzine: "I apologize personally and on behalf of the company."
    Thu, Dec 08 2011 10:18:42
  4. moorehn
    Heidi N. Moore@moorehn
    Corzine: "I feel comfortable that there was no intention on my part to violate these rules."
    Thu, Dec 08 2011 11:52:16
  5. moorehn
    Heidi N. Moore@moorehn
    Corzine: "Ultimately the CEO is responsible for all aspects."
    Thu, Dec 08 2011 11:53:57
  6. moorehn
    Heidi N. Moore@moorehn
    Corzine: "Every intent of my actions was to do the right thing." I'm amazed he's still talking. Hasn't pled the Fifth even once.
    Thu, Dec 08 2011 12:22:11
  7. Tweeters were not moved.
  8. umairh
    umair haque@umairh
    Phew. His heart's in the right place. Too bad the money isn't. RT @moorehn: Corzine: "I apologize personally and on behalf of the company."
    Thu, Dec 08 2011 10:37:45
  9. MichaelKitces
    MichaelKitces@MichaelKitces
    I'm sure that makes the people missing $1.2B feel better. :/ RT @moorehn Corzine: "I apologize personally and on behalf of the company."
    Thu, Dec 08 2011 10:22:21
  10. asherter
    asherter@asherter
    @moorehn Corzine would no never plead the 5th--he only deals in big numbers, like $1.2B
    Thu, Dec 08 2011 12:25:45
  11. LoriSpechler
    LoriSpechler@LoriSpechler
    oops RT @moorehn: Corzine: "Ultimately the CEO is responsible for all aspects."
    Thu, Dec 08 2011 11:54:10
  12. Neither were the House members. Rep. Tim Johnson, of Illinois (I misidentified him in my tweet as Rep. King.
  13. moorehn
    Heidi N. Moore@moorehn
    Rep Peterson: "I'm not sure what to call you...governor, senator, whatever." Corzine: "A lot of people have bad names." Despite myself: aw.
    Thu, Dec 08 2011 10:34:57
  14. moorehn
    Heidi N. Moore@moorehn
    Corzine agrees with King's great speech on regular people. "I share your sentiments on the people who were caught in the crossfire."
    Thu, Dec 08 2011 12:12:56
  15. Corzine is asked why he ignored warnings from MF Global's chief risk officer, Michael Roseman. Corzine concedes that Roseman raised red flags about the exposure to European debt, and informed everyone he could. But Corzine made sure Roseman was fired. When a director of MF Global challenged Corzine, Corzine said that if the board didn't give him full faith to do his job, he might as well leave. The director was apparently cowed. This type of bratty behavior on Corzine's part is not unusual among Wall Street stars. In fact, Corzine was pushed out as CEO of Goldman because his partners got sick of him throwing his weight around and acting like their boss instead of their partner.
  16. moorehn
    Heidi N. Moore@moorehn
    Corzine fired risk officer Roseman: "We wanted someone who was more fully attuned to the broker-dealer side of our business than Roseman."
    Thu, Dec 08 2011 10:26:15
  17. moorehn
    Heidi N. Moore@moorehn
    Corzine: "Mr. Roseman had a different view on the sovereign default risk related to other sovereigns. He express that to me and the board."
    Thu, Dec 08 2011 10:24:18
  18. moorehn
    Heidi N. Moore@moorehn
    Corzine: "I did not threaten to leave...I had a conversation with the lead director that could be interpreted that way."
    Thu, Dec 08 2011 10:25:43
  19. The plot sounded familiar.
  20. johngapper
    John Gapper@johngapper
    Why does this remind me of Margin Call? MT @moorehn Corzine fired chief risk officer Roseman
    Thu, Dec 08 2011 10:27:55
  21. Corzine's choice to replace Roseman was something of a markets jockey, a risk-taker like Corzine himself.
  22. moorehn
    Heidi N. Moore@moorehn
    Bloomberg reporter points out that Corzine, after firing Roseman as risk officer, hired the guy who oversaw UBS's mortgage dept in '08.
    Thu, Dec 08 2011 10:43:08
  23. SconsetCapital
    Timothy Connolly CFA@SconsetCapital
    Smooth RT @moorehn: Bloomberg reporter: Corzine, after firing Roseman as risk officer, hired the guy who oversaw UBS's mortgage dept in '08.
    Thu, Dec 08 2011 10:43:52
  24. moorehn
    Heidi N. Moore@moorehn
    + Corzine worked with Meriwether. RT @lisadont @moorehn Another tidbit - MF's new chief risk guy got his start at Salomon trading mortgages
    Thu, Dec 08 2011 10:51:45
  25. Corzine says he didn't know about the firm's missing money.

Did you find this story interesting? Be the first to or comment.

Liked!

Heidi N. Moore

Handmaiden to capitalism. Wall St. reporter for @MktplaceRadio. WSJ alum. Love movies where people overcome adversity through group dance. Get off my lawn. Hi.

1story
52followers
7following
Total views
464

Sorry.

This URL is already in use. Please choose another URL.
Edit URL

Storify

@Storify

Are you sure?

Are you sure you want to delete this story?

Are you sure?

Are you sure you want to flag this story?