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Jon Corzine: 15 Degrees of Separation
December 9, 2011
[ by Melanie Gretchen ]
While Jon Corzine failed to explain the collapse of MF Global at Thursday's Congressional hearing, the former CEO did provide the public with a clear count - some 15 ways in which he fell short over the 2 and 1/2 hour hearing, beginning with -0- (the number of times Mr. Corzine pleaded the Fifth). Here are the rest:
• Five. Number of times Corzine used the phrase, "I did not intend," or some variation of the phrase, prompting Rep. Michael Conaway (R-TX), a former CPA, to say, "I understand why you keep using the word ‘intent'," needed to prove culpability in court.
• Six. Number of different ways Corzine said, "I’m sorry," ranging from sadness and regret to anguish and disbelief. For example: "My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors have suffered as a result of MF Global’s bankruptcy. Their plight weighs on my mind every day - every hour. And, as the chief executive officer of MF Global at the time of its bankruptcy, I apologize to all those affected."
• Two. Number of homespun tales mentioned by members of Congress during Corzine’s appearance. In delivering one of his questions, Rep. Dennis Cardoza (D.-CA) quoted a saying from his immigrant grandmother from the Azores: "Always do the right thing when no one is looking." From his personal experience, Rep. Jeff Fortenberry (R-NE) began his questioning with: "I was recently at an Eagle Scout ceremony…"
• One. Number of yellow highlighters in play on Jon Corzine's table, covering the fallen CEO’s typewritten notes, from the Deal Journal’s webcast vantage point. [C-I Note: That's all?]
[Deal Journal, 12/8/11]
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