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Alternative Market Briefing

Corzine's many inconsistencies should be questioned

Tuesday, December 13, 2011

amb
Jon Corzine
Mark Melin, Editor of Opalesque Futures Intelligence, Chicago

Someone asked a pointed question this weekend:

"Does the futures industry hate Jon Corzine?"

While no one person can speak for a diverse industry, it might not be true to generalize the futures and options industry hates Jon Corzine. Many, including myself, don't personally know the man.

What is known is that an industry has been brought to the brink and a serious test of its backbone is underway. Many of our business associates and friends have been dramatically impacted by actions from someone known as an arrogant individual used to getting his way most of the time, a man who demonstrated a complete disregard for MF Global and the industry in which it operated.

Not only did Mr. Corzine expect special treatment, he was surprised when he didn't get it. Here is a man that is said to have engineered the toppling of a CFTC regulator in 1998 over the issue of transparency. This lack of transparency and disregard for regulators are career trait many practitioners in the futures and options industry couldn't get away with. Why should a man who brought an industry to its brink and had a history of complete disregard for regulators and transparency be given special treatment? As such, it's time for the tough questions to be asked because we are getting close to the point where if this were regulators would descend on a mid-sized FCM or IB with the force of a predator drone attackin......................

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