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MF Global Brings Corzine Back to Wall Street

Jon S. Corzine, the former governor of New Jersey, is back in finance.

Mr. Corzine, who is also a former chief executive of Goldman Sachs, has become the chairman and chief executive, of MF Global Holdings, a broker in futures, options and derivatives. He will also become a partner at J.C. Flowers & Company, the private equity firm specializing in financial companies.

MF Global said Tuesday afternoon that Mr. Corzine would take over from Bernard W. Dan, who resigned from MF Global as chief executive for “personal reasons.” Mr. Dan will remain with MF Global through May 16 help with Mr. Corzine’s transition.

“MF Global is a firm with tremendous potential and excellent talent,” Mr. Corzine in a statement. “I see a substantial opportunity for the firm to expand its leadership position in serving clients globally in cash and derivatives markets.”

J.C. Flowers said in its own statement that it had recommended Mr. Corzine as a replacement for Mr. Dan. The firm is a major shareholder in MF Global: according to Bloomberg News, J.C. Flowers invested at least $300 million in MF Global in May 2008 and controls two seats on MF Global’s nine-member board.

“We know he is very excited by MF Global and its potential for further growth,” a J.C. Flowers spokesman said in a statement. “We are also very proud to have played a role in bringing Mr. Corzine back to the financial services arena.”

Mr. Corzine and J. Christopher Flowers, the eponymous head of the buyout shop, have known each other since their days at Goldman Sachs.

Mr. Corzine, a Democrat, was defeated in his re-election bid in November 2009 by Chris Christie, the Republican candidate.

Article From : http://dealbook.blogs.nytimes.com/2010/03/23/mf-global-brings-corzine-back-to-wall-street/

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