As MF Global inched towards collapse, CEO Jon Corzine pre-occupied himself with a few other things — namely securing a chateau for him and his wife in the ritzy south of France.
At a party in Paris on October 15 — just two weeks before MF Global filed for bankruptcy, costing more than 1,000 workers their jobs — Corzine and his wife, Sharon Elghanayan, were discussing , according to an upcoming report in Vanity Fair.
“It’s not in Cap Ferrat,” one person at the party told Vanity Fair they recall Elghanayan saying in an effort to tone down the extravagance. Cap Ferrat is a coastal town in the south of France known for its lavish lifestyle.
Though Corzine, a former Goldman Sachs CEO, governor of New Jersey and Senator, was able to scrounge up the money for a possible chateau purchase, he’s having a little bit more trouble tracking down MF Global clients’ money, much of which is still missing. Shortly after the company filed for bankruptcy on October 31 over risky bets on European debt that went disastrously wrong, hundreds of millions worth of customers’ money was discovered missing.
Corzine, who resigned in early November after the firm’s collapse, told Congress of the lost client funds: “I simply do not know where the money is.” The missing funds have attracted the attention of the FBI and federal prosecutors, according to Reuters.
Posted by The Trust Advisor.