Jon Corzine's new hedge fund

Discussion in 'Wall St. News' started by truetype, Jan 29, 2018.

  1. truetype

    truetype

    http://www.sfgate.com/news/article/Jon-Corzine-s-new-hedge-fund-eyes-event-wagers-12510246.php

    Jon Corzine, who held the reins of MF Global Holdings when it collapsed, is making his comeback with a new hedge fund that's betting the Trump administration will stir up markets.

    The JDC-JSC Opportunity Fund, which bears the initials of Corzine's late son Jeffrey and his own, will launch this quarter and aims to attract $100 million to $300 million in its first trading year, according to a person familiar with his thinking...

    Corzine took the helm at MF Global in March 2010 and the firm imploded the next year after more than $1 billion of customer money went missing. It was, at the time, the eighth-largest bankruptcy in U.S. history. The money was later found and returned.

    Last year, Corzine paid $5 million of his own money to settle with regulators who accused him of failing to fix inadequate controls at MF Global. He was banned from running or working for a futures broker or registering with the Commodity Futures Trading Commission. His new fund can only invest a limited amount of client capital in futures.
     
    KeLo likes this.
  2. Visaria

    Visaria

    Didnt he say something like he forgot where the customers' funds went? I think he is an arsehole.
     
  3. MattZ

    MattZ Sponsor

    I would love to know what is the underlying asset for this hedge fund.
     
  4. Overnight

    Overnight

    So would Jon.
     
    jys78, TreeFrogTrader, Gambit and 3 others like this.
  5. MattZ

    MattZ Sponsor

    :) I need a laugh on this Monday afternoon. Thank you! that was funny!
     
    Overnight likes this.
  6. Bobbybax

    Bobbybax

    The money wasn't "found". What happened is that the assets (mainly European Sovereign Bonds) went up during the bankruptcy and the trustee went into a slow liquidation mode. Things could have easily gone the other way.

    He had the two greatest American get out of jail free cards. He was a former US senator and an ex partner of Goldman Sachs.

    The senate investigations of the matter were a joke.
     
    Vertex likes this.
  7. I thought the assets would have been sold out since they were bought with leverage. Much like what IB would auto-liquidate our assets which were bought on leverage. Interesting to know how MF Global avoided the European assets liquidation by its creditors.
     
  8. He anticipated correctly but gotten the timing wrong and that brought MF Global down.
     
  9. Bobbybax

    Bobbybax

    He used customer funds as a free call option.
     
    truetype likes this.
  10. [​IMG]
     
    #10     Jan 30, 2018