STATE – Former New Jersey Gov. Jon Corzine is considering starting a hedge fund, according to a report published by The New York Times’ Azam Ahmed and Ben Protess.
Corzine worked most recently as the CEO of MF Global, a brokerage firm that went bankrupt last year with more than $1 billion in customer funds unaccounted for. A New York Times report indicates criminal charges are unlikely, as investigators believe that the chaos of the firm’s collapse and poor management led to the missing money, rather than fraud.
Republican state Sen. Michael Doherty expressed dismay, “It looks to the average person like you can get away with anything if your political connections or fundraising abilities are good enough. The lack of prosecutions in this case is beyond suspicious.”
“Wall Street must be the only place where the federal government lets you return to the scene of the crime and get paid for it,” Doherty added.
Before being elected governor, Corzine was the CEO at Goldman Sachs and he does have some experience as a trader, but he is unlikely to be able to attract unaffiliated investors to a hedge fund unless he demonstrates a track record of success.