Tony Soprano wasn’t bad enough for New Jersey’s image. As former governor Jon Corzine opened Jersey up to continued dirty-money jokes when he claimed he had no idea how more than a billion dollars vanished from his company, MF Global Holdings, last year. “I simply do not know where the money is,” he said at the time.
It has become clear the former chairman of Goldman Sachs had kept a more careful watch on what he got paid. It was revealed CEO Corzine’s pay was set at more than $8 million during the same year the firm used the assets of its investors for their own purposes. It took former FBI director Louis Freeh to find much of the $1.6 billion MF Global could not account for. The continuing investigation into the failed futures traders has led to an announcement yesterday that most U.S. investors “eventually will be made whole.” The company is now going through bankruptcy proceedings.
Corzine’s salary for 2011 was set at $3 million. In addition he was to receive stock options worth $5.35 million. Because of the company’s implosion, the stock is now worthless.