raising funds to start a HF betting on political events https://www.nytimes.com/2017/05/18/...comeback.html?smid=tw-dealbook&smtyp=cur&_r=0 also, sad to read that his son, who also worked at MF Global, committed suicide
"He is a legendary trader..." I would like to see him trade a 100K account and see how much he can make. He clearly has millions on his own, if he is so good, why not just trade his own money, specially at 70?
I'm bored of the "if he has money why not just trade his own money". Learn to do simple multiplications on 2% / 20% on 1 Bn$ and see if he can make more money with his own.
I feel for him for the untimely passing of his son but Michael Milken and Henry Blodget did not make a comeback in finance, they changed fields and started a new. Given his reputation on Wall St I am sure he'll raise a bundle. What is impressive is that he still has the drive to seek fame and fortune.
Of course he is smart enough not to put his 40 million dollars at stake. but nothing in his past indicates that he is actually a good trader now (maybe he was in the 90s), and the whole fund is based on the "market will melt down under Trump" idea, what I actually agree with. So let's ask you, would you give him your money to invest? Also, instead of the article's whitewash, here is a different view on what happened: http://www.foxbusiness.com/markets/...cewaterhousecoopers-and-sad-saga-opinion.html
After the MF Global fiasco? Absolutely not. The only thing guaranteed about this new fund is that Corzine will collect his management fees.
My first thought was that it's ridiculous for somebody at that age and net worth to begin a new venture. But it looks like he is doing it to give back to society which I commend "The fund, he said, will help him expand philanthropic efforts at a time when his personal fortune is a fraction of what it once was. Mr. Corzine’s net worth has shrunk to less than $40 million today from about $500 million at its height, friends say. He forfeited money in the divorce and spent well over $100 million funding his own political campaigns and many millions more on legal bills, expenses and charity, including donations to the National September 11 Memorial & Museum."
Interesting also to read that the european debt trade with short euro hedge wasn't so stupid. It would have been smart on a much smaller scale in a healthy brokerage firm.