Jon Corzine was chairman and CEO of Goldman Sachs, United States Senator from New Jersey (2001-2006), Governor of New Jersey (2006-2010), and CEO of MF Global (2010-2011). MF Global collapsed at the end of October 2011 and Corzine resigned on November 4, 2011. It was widely believed that MF Global had stolen money from private investor accounts, but it was declared in June 2013 that no criminal charge would be filed against Corzine.
The term “Corzined” dates to August 2009, when Republicans applied it to Jon Corzine’s failed promises as New Jersey governor. “Thesaurus has new synonym for ‘F...cked’=Corzined!” was a November 4, 2011, tweet about the MF Global demise. “My nomination for word of the year is ‘corzined’. Thinking you have money when you don’t or misplacing customer funds” was a tweet on December 9, 2011. “Corzined” was entered into the Urban Dictionary on March 8, 2012.
A similar financial term is “Cyprused"/"Cyprussed.”
Wikipedia: Jon Corzine
Jon Stevens Corzine (born January 1, 1947) is an American finance executive, philanthropist and political figure. A Democrat, he was a United States Senator from New Jersey from 2001 to 2006 and was the 54th Governor of New Jersey from 2006 to 2010. He also worked as CEO of Goldman Sachs during the 1990s and was CEO of MF Global from 2010 to 2011. He was charged by the Commodity Futures Trading Commission (CFTC) in connection with MF’s bankruptcy in 2011.
Corzine began his career in banking and finance. In the early and mid-1970s, he worked for Midwestern banks (Continental-Illinois National Bank in Chicago, Illinois and BancOhio National Bank in Columbus, Ohio) during and after his master of business administration (MBA) studies at the University of Chicago Booth School of Business. In 1975 he moved to New Jersey to work for Goldman Sachs. He became Chairman and CEO of Goldman Sachs and the leading advocate in the firm’s decision to go public. In 1999, having lost a power struggle with Henry M. Paulson, Corzine left the firm. After his departure from Goldman Sachs, he earned what has been estimated to be $400 million during the 1999 initial public offering of the company.
Corzine served five years of a six-year U.S. Senate term representing New Jersey before being elected Governor in 2005. He was defeated for re-election in 2009 by Republican Chris Christie. In March 2010, Corzine was named chairman and CEO of MF Global Inc., a financial services firm specializing in futures brokerage. The company filed for bankruptcy protection in October 2011 after losing $1.6 billion of customer money and Corzine resigned on November 4, 2011.
In February 2013,"a court approved a settlement deal among commodities firm MF Global’s bankruptcy trustees that will reimburse its customers for 93 percent of the value of their accounts, from which about $1.6 billion had disappeared during the firm’s bankruptcy. But even if they eventually see 100 percent of their funds returned, the firm’s misappropriation of customer funds under the leadership of Jon Corzine will remain a shocking example of financial malfeasance. It looks like Corzine could have gotten away with the crime of the century”, said an article in the National Review at the time.
In June 2013, the Commodity Futures Trading Commission filed civil charges against Corzine for using funds from MF’s customer accounts for corporate purposes. “Corzine is charged with one count of failure to segregate and misuse of customer funds and one count of failure to supervise diligently”, a news report said. The commission drew on extensive taped Corzine phone conversations in filing the complaint. Corzine’s attorney Levander issued a statement contesting the charges when they were filed.
Corzined: I remember hearing that my taxes wouldn’... http://corzined.com/?p=22
7:14 AM - 20 Aug 09
Check out http://www.Corzined.com and write your own example of a time someone has promised you one thing but did something else
10:59 AM - 20 Aug 09
Mark Garbin, CFA PRM
4th&Best weekly Forrest Gump"Stupid is as Stupid does"award to Jon Corzine!! Thesaurus has new synonym for “F...cked"=Corzined! $$
6:31 AM - 4 Nov 11
...As For Corzine - Your Chance To Either Own A Piece Of The Fastest Appreciating Asset, Or At Least Annotate It
Submitted by Tyler Durden on 11/16/2011 18:29 -0400
The Big Ching-aso
Wed, 11/16/2011 - 20:34
‘We’ve been MF Corzined’
The Reformed Broker
Top Twenty Financial Words of 2011
Joshua M Brown
December 7th, 2011
The below received honorable mention, let’s hope none of them carry over and are still relevant in 2012…
Peripheral, Hopium, Headline Risk, Headline Driven, Macro Driven, SiFi (Systemically Important Financial Institution), Fitch-slapped, Operation Twist, Rajaratnam, MF’d, Corzined, Sovereign Debt, Uncertainty, Osama Top, Leverage, Repos, Eurozone, Kicking the Can, F*ckery (a fave of traders), Ringfence, Risk Parity, Range-bound, Schadenfreude.
@reformedbroker. My nomination for word of the year is “corzined”. Thinking you have money when you don’t or misplacing customer funds
8:39 AM - 9 Dec 11
To Corzine: (verb) - example: “Hey did you see how that gold just Corzined? it was here a second ago and now poof”
4:15 PM - 7 Mar 12
When something of value is stolen, and everyone who was in charge of safeguarding the valuable claims ignorance of just about anything. People in charge who confronted with questions about the valuable items usually answer, “I just dont know where it is” or claim that the valuables were “vaporized” when it was their job to know.
This comes from the MF Global scandal, and their CEO Jon Corzine, who stole 1.6 billion dollars of client money testified that he didn’t know where the money was or where it went. Several other financial officers of the firm also claim total ignorance of everything and claim the money was “vaporized”.
Apparently claiming total ignorance of everything also clears you of all criminal charges as well.
by Davester75 Mar 8, 2012
The Financial System is Completely Corrupt and Broken. Buy this ETF!
Capitalist Exploits’s pictureSubmitted by Capitalist Exploits on 05/14/2013 22:15 -0400
I think it’s indicative of a problem when, half-jokingly, the vernacular increasingly being used in the popular media includes: being “Corzined” and “Cyprus’d”. The former meaning having your money stolen from or via the equities market, and the latter being theft directly via the banking system.
“Corzined” & “Cyprus’d”. your money stolen via the equities market, the latter being theft directly via banking http://www.zerohedge.com/contributed/2013-05-14/financial-system-completely-corrupt-and-broken-buy-etf
6:03 AM - 15 May 13
New York City • Banking/Finance/Insurance • Thursday, July 25, 2013 • Permalink