Morning Call: Risky Corzine Fingered for MF Global Collapse
A willingness to roll the dice and venture where others don’t is often what makes the very ambitious successful. But overplaying your hand can just as well bring your career down in flames.
This comes to mind, not only when considering the downfall of two top generals, but in the report on Jon Corzine, the former chief executive of now bankrupt MF Global, whose infatuation with risk helped lead to the firm’s industry-altering collapse, according to a Congressional panel.
Corzine, says the report, was negligent of clear signs of MF Global’s weak liquidity position, and guilty of scrapping a necessary overhaul of the firm’s risk controls, according to the New York Times. Perhaps even more disturbing, Corzine pushed aside subordinates who challenged his $6.3 billion bet on European debt, one that precipitated the downfall of the firm and the eventual pilfering of investor funds, according to the report.
But hey, at least he went down spinning the roulette wheel, rather than gallivanting with a married biographer.
Geithner’s Prospects (eFinancialCareers)
Treasury Secretary Tim Geithner will have plenty of offers to join the private sector after becoming a free agent. But don’t expect Wall Street to roll out the red carpet.
Female Friendly (eFinancialCareers)
Goldman Sachs’ new partner class may be only around two-thirds the size of its 2010 group, but it features the highest percentage of women in recent memory.
Breaking Up (WSJ)
A group of frustrated shareholders led by a religious organization have asked Citigroup’s board to explore the possibility of breaking up the bank.
Knight Probe (WSJ)
The Securities and Exchange Commission is investigating whether Knight Capital, which nearly bankrupted itself following a series of unauthorized trades, had proper risk control procedures in place.
Get to Work (Bloomberg)
Bank of America has reportedly ordered its salespeople to take part in a minimum of 30 client meetings each month, a directive that has angered some while obliging others to embellish their meeting logs.
Bunk Projects (BBW)
Women have trouble gaining power in business, in part, because they tend to be handed projects with smaller budgets, fewer staff and less profit-and-loss responsibility, according to a new study.
Disturbingly Optimistic (Business Insider)
Seeing your co-workers get let go isn’t all that bad, one banker told Business Insider, because fewer redundancies leave a bigger slice of the pie for those who remain.
12th Place (ABC News)
Big four accounting firm Ernst & Young was ranked the 12th best company to work for in the world. And they’re hiring!
Buzz Around the Office
Fieri Review (NY Times)
You’ve never read a negative restaurant review until you read this beauty from the New York Times. There is soon to be some real estate opening up in Times Square, I assure you.
List of the Day: Staying Sane
It’s all-to-easy to get down on yourself when unemployed. Here’s how to keep the light burning.
1. Stay in contact with your network.
2. Keep a healthy hobby.
(Source: The Daily Muse)