Former Gov. Jon Corzine will serve as chairman and CEO of MF Global Holdings, a futures and options broker in the cash and derivatives market, and he’ll become an operating partner at J.C. Flowers & Co., a buyout firm. Corzine served as co-chairman at Goldman Sachs before running for the U.S. Senate.
"MF Global is a firm with tremendous potential and excellent talent," Corzine said in a statement released today . "I see a substantial opportunity for the firm to expand its leadership position in serving clients globally in cash and derivatives markets. I look forward to working with MF Global's team to set a strategic path that will take the firm to new levels of growth, profitability and reputation. We will continue to provide the highest level of service to our clients, create new opportunities for employees and grow shareholder value. Profitability and responsibility must go hand in hand with growing our franchise.
According to published reports, MF Global Holdings has lost more than three quarters of its value since 2007, when stock was trading at more than $30 a share. After the announcement that Corzine would head the firm, stock prices jumped fifteen cents, to $7.32.
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