Did Jon Corzine Just Get A $12.1 Million Golden Parachute?

Tyler Durden's picture

Based on the MF Global Proxy statement filed in August 2011, there are rumors that the now defunct Primary Dealer will pay Jon Corzine a severance of $12.1 million. However, is that the full story?

As the proxy observes, the Golden Parachute would be paid in the case of a "change in control" which precludes a full out bankruptcy from being a trigger, and will likely see Corzine's payment become a general unsecured claim of the estate, but in case there is a prepack-agreed stalking horse bid whether Interactive Brokers or Goldman Sachs, this payment will likely be triggered. After all, what better way for Goldman to repay its former boss for handing over MF on a 70% off silver platter than to pay him just that little extra...

Happy Halloween.

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steveo's picture

Just last month we were at 1068 on the ES, a historic rise, crushing bears when the put/call was at a decades long high. In broad daylight, bears were robbed and it appears to be legal.


Last Wednesday I wrote:

When Gold and SPX both go up, almost equally, it may just be a anti-USD correlation, or it may mean that fear and flight to US assets are both occuring.  


Bucky is in a serious downsloping wedge,  likely it break upward and pretty soon, say 1 week or less.

Here is that link



Although things are very bullish, this pullback could be constructive prior to heading into Santa rally. The HBB boyz love their bonuses.


But with everyone so bullish, and the put call at low levels not seen in a while, this drop could extend, and the B177 black downtrend line, was respected, i.e. it caused the drop in ES.

Trade well, protect capital, but not with too tight of stops!

jcaz's picture

What are you smoking, dude?

LeonardoFibonacci's picture

Before collecting the $12.1 million compensation, Jon Corzine must give a pound of flesh (as Shylock was to) in the Merchant from Venice.  Just above the heart, 1 pound of flesh, no more & no little!

RickyBobby's picture

Is that all he could negotiate with himself? At least Isenburg @ Nabors made it a round $100MM.

bigdumbnugly's picture

only a $12.1 mil chute?   pfffft.

i see they are finally getting tough with these crooks.


gojam's picture

Now, if it really was literally a parachute made of gold..............................

Triggernometry's picture

Titanium Nitride plated Tungsten. Looks and feels just like gold.

Fred Hayek's picture

A lot of people would pay good money to watch him be pushed off some Manhattan tower like base jumping and try to land using a golden parachute. The deceleration trauma would be a youtube sensation!

junkyardjack's picture

Finally an honest business man. If you're going to run a company into the ground you should only get $12M.  Too many greedy people out there nowadays.  I hope more CEOs follow his lead

tarsubil's picture

There is simply no way this is all he's getting. Maybe this is all he is getting that doesn't need to be laundered?

Hard1's picture

Change of control bitchez!!!! from an enterprise to the government....either way YOU pay 4 Corzine salary 4eva!

DormRoom's picture




the not so mighty maximiza's picture

typical politician parasite thang.   At least Corzine will have allot of free time to get Obama re elected.


vegas's picture

Let's see: fuck up a company beyond all recognition and then walk away with $12 mil.

Hell, for half that price I could of made mince meat of the place in half the time and left the rest for creditors.


Racer's picture

'That's the way to do it... money for nothing'

flacon's picture

..and his Katz for free. 

Oh, nevermind, she left him. 

BigSkyBear's picture

and I am sure the chicks are free when, you are walking around with that kind of cabbage!

bentaxle's picture

But, but, he transformed the company..

Hansel's picture

Proof once again that compensation has no correlation with hard work or value added.

Astute Investor's picture

Business succeeds = 9 figure compensation

Business fails = 8 figure compensation


Only Eddy Curry and Agent 0 have a better deal than this MF.


Racer's picture

Big rich slob, business fails.. get lots of dosh and easy retirement with lots of dosh


Poor hardworking jerk,works hard, loses job at same company, throws a cigarette on the ground on street which has fines for littering that he didn't know about ...can't afford to pay, gets court action, can't afford it, bills mount up,  in the end loses home and goes bankrupt

Big Corked Boots's picture

I prefer Corslime collects on the Death or Disability line. Literally.

Cone of Uncertainty's picture

For a Goldman guy that is embarrassing beyond belief.

$12M, what a fucking chump!

He must be one shitty negotiator.

caconhma's picture

Don't warry about him. Staying at GS he got (or stole, whatever) zillions.

This was his charity play.

Tucson Tom's picture

When Timmy resigns,"here`s Johnny"!

Curtis LeMay's picture

Did Jon Corzine Just Get $12.1 Million? 

LOL, why would MF Global even do so? Shit, the guys a frikkin Billionaire. He would be wise not to accept it.

So, for MF, giving Corzine 12 mill is more important than paying off its investors??

And some wonder why there are hippie wannabe's sleeping in the snow in Washington Square Park over wherever it is...

Kat's picture

They're sleeping there not because they have anything against such a deal.  They just want to be on the receiving end.


Ultimately, this is a private company and if they want to pay an ass like John Corzine $12MM and it's not taxpayer money, it's neither your business nor mine.

If I hired you for my private company, would you want a third party busy body dictating a cap on what I'm willing to pay you.  I wouldn't.

Curtis LeMay's picture

>If I hired you for my private company, would you want a third party busy body dictating a cap on what I'm willing to pay you.  I wouldn't.<

Question's moot, ain't it? I mean, the company went to the wall, yet they pay off the fuckers who screwed their investors...before they try and pay back their investors?

Not right.

Kat's picture

He's not getting paid. 

Any potential buyer will renegotiate every single contract before purchasing.  There's no way any of them are willing to pay Corzine unless they get a cut in price somewhere else. 

This is basically worthless at the moement.

Bob Paulson's picture

Of course they're going to look after him. He sent MF Global under on purpose. Destroy the competition for Goldman Sachs. One never loses one's allegiance to the Vampire Squid.

ItsDanger's picture

Actually it says termination with cause or quitting with a good reason, whatever that means.  I assume this term has legal precedence in NY.  Can you quit with good reason under a bankruptcy?  If he hasnt quit already, the receiver can deny him payment.  Some of these loopholes are so simple yet nobody in the govt does anything about it.  Clarify the rules please.  Provide detail for different scenarios.   Good reason????  WTF.

Sig Sauer's picture

"Good Reason" a typical term in exec contracts.  Example would be if the company decides to move the headquarters more than 25 miles, or the executives job responsibilities are substantially reduced.  protects executive from being substantively/effectively terminated without his termination benefits.

not that i like these terms, or advocate them, just providing the answer.

Fake Jim Quinn's picture

Corzine --man of the people. Rapes a business coming and going. I hope he stops by Zuccotti Park to explain why this is a fair payout

Peter K's picture

The Bamster is sitting there in the WH, watching his buddy bundler going out with a golden parachute and probably thinking to himself: Damn, my performance is much better than Corzines's, and I ain't even gonna get a lousy t-shirt :)

betterlockaway's picture

He deserves it.  The guy is not afraid of size.  Who knew Europe wasw going to be a disaster?  I mean, the Euro has been rallying this week.  Cmon.  It's not his fault.  He wanted the trade to work.  Isn't that enough?  (note--tongue firmly in cheek)

lolmao500's picture

November 11 : Jon Corzine was found dead in a ditch, first reports show he probably died from a severe beating followed by several baseball bat hits to the head.

SpeakerFTD's picture

A repeat link, but it's a pretty concise summary of the Goldman business model.




Fred Hayek's picture

Not fair! The mob is much more honest than Goldman.

High Plains Drifter's picture

is corzine related to cramer?  because they sure seem to look a lot alike..........hmmmm.

lizzy36's picture

Will this HURT or HELP Jon Corzines chances of being Treasury Secretary?

MFL8240's picture

Should help because he is still more crediable than Geithner.

lizzy36's picture

Mad Money’s Jim Cramer was a guest on Friday’s Morning Joe and discussed the rebounding economy, gushing about Treasury Secretary Timothy Geithner‘s role in getting things back on track. “I wish President Obama would say ‘I’ve got a great Treasury Secretary and he was so far ahead of the world.’ Tim Geithner did a lot to make our institutions stronger. That man does not get an ounce of credit. He’s one of the greatest Treasury Secretaries we’ve ever had! 

Catch-22's picture

Hey Lizzy, how do you post a picture?  ...I'm a little technologically challenged. 

Jena's picture

Oh, in some circles Geithner gets a lot more than an ounce of credit for the work he's done, but greatest Treasury Secretaries ever?  Heh.  Nice still photo of Cramer.

jcaz's picture

He's too smart to take the $12M-  besides, GS paid him more than that to serve up this mess.....

Hearst's picture

MF Global played ball when it counted.  Corzine will be taken care of.  Remember this earlier in the year?

It's Getting Plain Silly: MF Global Hikes Silver Margin To 175% Of CME, Or Over 10% Of Contract


orangedrinkandchips's picture


curbyourrisk's picture

Shoot the parachute full of holes, strap lead ankle weights to his feet and then take the plane to the troposphere before pushing him out.....

MFL8240's picture

Another one of the Goldman Sachs crowd.  I hope the bankruptcy judge has the sense to freeze everything Corizide owns. There is no end to the trash that is associated with the Govt Sachs sewer.