Jon Corzine's new hedge fund

[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.

 

[Visaria]

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

 

[MattZ]

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

 

[Overnight]

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

So would Jon.

 

[MattZ]

So would Jon.

I need a laugh on this Monday afternoon. Thank you! that was funny!

 

[Bobbybax]

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.

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.

 

[helpme_please]

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.

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.

 

[Peter8519]

He anticipated correctly but gotten the timing wrong and that brought MF Global down.

 

[Bobbybax]

He anticipated correctly but gotten the timing wrong and that brought MF Global down.

He used customer funds as a free call option.

 

[Frederick Foresight]

...and aims to attract $100 million to $300 million in its first trading year...