Ex-Goldman chairman Corzine defends embattled firm

Ex-Goldman chairman Corzine defends embattled firm
Jon Corzine, the former Democratic senator and governor of New Jersey, came to the defense of his old employer, Goldman Sachs Inc,. in remarks at the Investment Company Institute's General Membership Meeting on Wednesday afternoon.
NOV 01, 2011
“I still continue to believe that Goldman Sachs is an outstanding institution,” said Mr. Corzine, who was a chairman and senior partner at Goldman, where he worked for 25 years. “It is very hard to see how you can turn that into a legal case.” Mr. Corzine went on to say that many firms got caught up in the housing market crisis, and he believes that Goldman is being singled out. “Because Goldman has been as successful as it has been, it has become a proxy for this,” he said. “It doesn't mean that there isn't room for correction.” In his speech, Mr. Corzine warned the industry that they shouldn't try to fight the financial services reform being debated in Congress. “Take what's on the table and run,” he said. “There are more good things in this bill than bad.” Specifically, Mr. Corzine warned that if another crisis hits the industry, there will only be more regulation. “There is a need for reform,” he said. “To not make changes would be a mistake.”

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.