Former New Jersey Gov. Jon Corzine (D) resigned as chairman and chief executive officer of MF Global Holdings Ltd, Bloomberg reports.
“His resignation came four days after the bankruptcy filing as the company’s bets on European sovereign debt rattled investors. U.S. regulators are investigating about $633 million missing from MF Global customer accounts.”
First Read: “Why not stick around and fix this? Why run away? Perhaps there are legal
reasons to do. Perhaps he thinks it’s the honorable thing to resign.
Maybe he was an absentee CEO and is embarrassed this happened on his
watch. Whatever the explanation, it’s not good for Corzine’s reputation.
The whole point of Corzine’s relevance in politics was his knowledge
and success of the financial world. Politicians can recover from sex
scandals because the public is willing to separate the personal flaws if
the professional work is on the up and up. Corzine’s fall may be harder
to recover from.”