Corzine Smiled His Way Through A Steak Dinner On The Eve Of MF Global Collapse
5:23 pm, November 2nd | by Hillary Reinsberg
Last week, MF Global announced an $187-million loss in the third quarter. Stock subsequently fell 48%, followed by a quick descent into bankruptcy. The night before the loss was announced, Jon Corzine attended a fancy steak dinner with bankers and traders. And said nothing.
According to Bloomberg, Corzine spoke about running Goldman Sachs, serving as New Jersey governor and returning as the head of a Wall Street firm. But no mention of any chaos. In fact, quite the opposite. Corzine gave an inspired speech that the audience apparently loved. It must have been mighty hard to conceal the impending disaster.
To be fair, Corzine couldn’t have said anything until the loss was publicly announced. That would have been an even bigger disaster.
And also, we didn’t see the firm heading towards bankruptcy until after the weekend. Last week, industry insiders thought the firm would be able to survive.
But possessing what must be a heck of a poker face, Corzine may as well play himself in the inevitable movie.
[H/T Business Insider]