Jon Corzine

Jon Corzine
Born	Jon Stevens Corzine 1 1, 1947
Birthplace	Taylorville, Illinois, U.S.
Nationality	American
Occupation	Financial executive, politician
Known for	CEO of Goldman Sachs, U.S. Senator from New Jersey, 54th Governor of New Jersey, CEO of MF Global
Education	University of Chicago (MBA)
Children	3

Jon Stevens Corzine (born January 1, 1947) is an American financial executive and retired politician whose career traversed the highest echelons of Wall Street and public office before ending in one of the most dramatic corporate collapses of the post-financial-crisis era. Corzine rose from a small-town Illinois upbringing to become chairman and chief executive officer of Goldman Sachs, one of the most powerful investment banks in the world. He subsequently entered politics, winning election to the United States Senate representing New Jersey in 2000 and serving until 2006, when he became the state's 54th governor. A member of the Democratic Party, Corzine served as governor from 2006 to 2010 but lost his bid for re-election to Republican Chris Christie. After leaving office, he returned to finance as CEO of MF Global, a futures brokerage firm that filed for bankruptcy in October 2011 amid revelations that customer funds had been misused. Corzine spent more than $130 million of his personal fortune on his three statewide campaigns in New Jersey.

Early Life

Jon Stevens Corzine was born on January 1, 1947, in Taylorville, Illinois, a small city in central Illinois. His grandfather, Roy A. Corzine, was a figure in the local community. Corzine grew up in a rural Midwestern environment, and his upbringing in small-town America shaped his early worldview before he embarked on careers in finance and politics.

After completing his undergraduate education, Corzine enlisted in the United States Marine Corps. He served in the United States Marine Corps Reserve from 1969 to 1975, attaining the rank of sergeant. His military service coincided with the Vietnam War era, and his time in the Marines instilled discipline that he later applied to his careers in finance and government.

Education

Corzine attended the University of Illinois at Urbana-Champaign, where he earned a Bachelor of Arts degree. He subsequently enrolled at the University of Chicago, one of the country's leading institutions for business and economics education, and completed a Master of Business Administration degree. The University of Chicago's rigorous approach to finance and economics provided Corzine with the analytical foundation that would prove instrumental in his ascent on Wall Street.

Career

Goldman Sachs

Corzine joined Goldman Sachs, the prominent Wall Street investment bank, and over the course of more than two decades rose through its ranks. He ultimately became chairman and chief executive officer of the firm, one of the most prestigious positions in global finance. At Goldman Sachs, Corzine was involved in the firm's fixed-income trading operations and played a significant role in shaping the firm's strategic direction during a period of substantial growth in the financial services industry.

Corzine's tenure at the helm of Goldman Sachs was marked by both accomplishment and internal conflict. He was eventually pushed out of the firm's leadership in what was widely reported as an internal power struggle. His departure from Goldman Sachs, however, left him with a personal fortune estimated in the hundreds of millions of dollars, which would later finance his entry into politics.

United States Senate (2001–2006)

Following his departure from Goldman Sachs, Corzine entered New Jersey politics, running for the United States Senate in 2000. His campaign was notable for the extraordinary amount of personal wealth he invested in the race. Corzine won the Democratic primary and subsequently the general election, taking office on January 3, 2001, succeeding Frank Lautenberg.

In the Senate, Corzine served as a member of the Democratic caucus and took positions on a range of domestic and foreign policy issues. He served as chairman of the Democratic Senatorial Campaign Committee from January 3, 2003, to January 3, 2005, under the leadership of Senate Democratic Leader Tom Daschle. In this capacity, Corzine was responsible for fundraising and strategic coordination for Democratic Senate candidates across the country. He was preceded in this role by Senator Patty Murray and succeeded by Senator Chuck Schumer.

During his Senate tenure, Corzine engaged with legislation related to the crisis in Darfur and co-sponsored measures aimed at addressing the humanitarian situation in the region. His voting record and legislative activity were tracked by congressional monitoring organizations throughout his time in office.

Corzine's time in the Senate was relatively brief, as he chose to pursue the governorship of New Jersey rather than seek re-election to a second Senate term. He was succeeded in the Senate by Bob Menendez, who was appointed to fill Corzine's seat when he resigned to become governor.

Governor of New Jersey (2006–2010)

Corzine sought the Democratic nomination for governor of New Jersey in 2005. His path to the nomination was not without potential challenge. Acting Governor Richard Codey, who had assumed the governorship after the resignation of Jim McGreevey in 2004, considered entering the Democratic primary against Corzine. Codey had demonstrated popularity during his time as acting governor, and the prospect of a Codey–Corzine primary contest attracted significant political attention. Ultimately, Codey chose not to run, and Corzine secured the Democratic nomination without a contested primary.

In the November 2005 general election, Corzine faced Republican candidate Doug Forrester. Corzine won the election and took office as the 54th governor of New Jersey on January 17, 2006, succeeding Richard Codey.

As governor, Corzine pursued a range of policy initiatives. One notable accomplishment was the creation of the state comptroller's office. Corzine appointed the state's first comptroller, establishing an oversight mechanism for state government spending and operations. In December 2025, Corzine publicly advocated for strengthening the comptroller's office, arguing against efforts to weaken its authority.

During his governorship, Corzine also dealt with significant challenges, including the state's chronic budget deficits and fiscal problems. New Jersey's financial situation, long characterized by high taxes and structural budget imbalances, proved a persistent difficulty for his administration.

In April 2007, Corzine was seriously injured in a car accident on the Garden State Parkway when his SUV, traveling at high speed, was involved in a collision. Corzine, who was not wearing a seatbelt at the time, suffered multiple broken bones including broken ribs, a broken leg, and a fractured sternum. He was hospitalized for an extended period and temporarily transferred executive authority to the president of the state senate during his recovery.

Corzine sought re-election in 2009 but faced a difficult political environment. His approval ratings had declined, and the national economic recession of 2008–2009 created additional headwinds for incumbent officeholders. A Quinnipiac University poll during the campaign period reflected the challenging political landscape Corzine confronted. In the November 2009 general election, Corzine was defeated by Republican challenger Chris Christie. Corzine left office on January 19, 2010.

MF Global and its Collapse (2010–2011)

After leaving the governor's office, Corzine returned to the financial industry. In March 2010, he was named chairman and CEO of MF Global, a futures brokerage and bond dealer. Corzine sought to transform MF Global from a mid-tier brokerage firm into a full-service investment bank in the mold of Goldman Sachs.

Under Corzine's leadership, MF Global made substantial bets on European sovereign debt, particularly bonds issued by countries such as Italy, Spain, Portugal, Belgium, and Ireland. These positions, reportedly totaling approximately $6.3 billion, were financed through repurchase agreements and represented a significant concentration of risk for a firm of MF Global's size.

As the European sovereign debt crisis intensified in 2011, concerns about the creditworthiness of several European nations caused the value of MF Global's sovereign debt holdings to decline. Rating agencies downgraded MF Global's credit, triggering margin calls and a liquidity crisis. The firm filed for bankruptcy on October 31, 2011, in what was at the time the eighth-largest bankruptcy in United States history.

The collapse of MF Global was compounded by the revelation that approximately $1.6 billion in customer funds had gone missing from segregated accounts. The disappearance of customer money—funds that were supposed to be kept separate from the firm's own trading capital—raised serious legal and regulatory questions. Corzine testified before congressional committees investigating the collapse, stating that he did not know what had happened to the missing customer funds.

The MF Global bankruptcy drew scrutiny in part because of Corzine's political connections. He had been a major fundraiser, or "bundler," for President Barack Obama's re-election campaign, raising significant sums for the Obama campaign prior to MF Global's collapse.

The Commodity Futures Trading Commission (CFTC) filed civil charges against Corzine, alleging that he bore responsibility for the misuse of customer funds. Corzine was never criminally charged in connection with the MF Global collapse. The bankruptcy proceedings eventually resulted in the recovery and return of customer funds.

Attempted Wall Street Comeback

In 2017, reports indicated that Corzine was planning a return to the financial industry by launching a hedge fund. The planned fund was described as being designed for the political and economic environment of the Trump era. The effort represented Corzine's attempt to re-establish himself on Wall Street after the reputational damage of the MF Global bankruptcy.

Personal Life

Corzine has three children. His personal life attracted public attention during his time as governor, including his romantic relationship with Carla Katz, a labor union leader who represented state employees in New Jersey. The relationship raised conflict-of-interest questions given that Katz's union engaged in contract negotiations with the state government during Corzine's tenure.

Corzine invested substantial portions of his personal wealth in his political campaigns. Across his three statewide races—the 2000 Senate campaign, the 2005 gubernatorial campaign, and the 2009 re-election campaign—he spent more than $130 million of his own money, making him one of the largest self-funding political candidates in American history.

Corzine's military service in the United States Marine Corps Reserve from 1969 to 1975, where he reached the rank of sergeant, preceded his careers in finance and politics.

Legacy

Jon Corzine's career represents an unusual arc in American public life, encompassing leadership of one of Wall Street's most prominent firms, service in both the legislative and executive branches of government, and a dramatic corporate failure. His trajectory from CEO of Goldman Sachs to the United States Senate to the New Jersey governor's mansion represented a pattern of ambition and achievement, while the MF Global collapse served as a cautionary episode about concentrated risk-taking in financial markets.

In New Jersey politics, Corzine's legacy is mixed. He established the state comptroller's office, an oversight institution that continued to function after his departure from office and which he continued to advocate for as recently as December 2025. However, his loss to Chris Christie in 2009 marked a significant setback for the Democratic Party in a state that had trended Democratic in statewide elections.

The MF Global episode remains among the more notable corporate collapses of the post-2008 financial crisis period. The misuse of customer segregated funds prompted regulatory reforms in the futures industry and heightened scrutiny of how brokerage firms handle client assets. Corzine's role in the firm's demise became a subject of study in risk management and corporate governance, illustrating the dangers of excessive leverage and concentrated bets on sovereign debt.

Corzine's self-funding of political campaigns also contributed to ongoing debates about the role of personal wealth in American elections. His expenditure of more than $130 million on his three statewide campaigns became a reference point in discussions about self-funded candidacies in New Jersey and beyond.