Corzine to Street: Get real

Corzine to Street: Get real
Jon Corzine, the former Democratic senator and governor of New Jersey, is warning the financial services industry: Don't try to fight the financial-reform bill being debated in Congress.
NOV 01, 2011
“Take what's on the table and run,” he said in a speech at the Investment Company Institute's meeting last week. “There are more good things in this bill than bad.” Specifically, Mr. Corzine warned that if another crisis hits the financial services industry, there will only be more regulation. “There is a need for reform,” he said. “To not make changes would be a mistake.” Mr. Corzine also came to the defense of his old employer, The Goldman Sachs Group Inc. “I still continue to believe that Goldman Sachs is an outstanding institution,” said Mr. Corzine, who was a chairman and senior partner during his 25 years at Goldman. “It is very hard to see how you can turn that into a legal case.” Mr. Corzine defended Goldman, saying many firms got caught up in the housing bubble and 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.”

Latest News

Newsom wants nationwide billionaires tax as presidential bid may loom on the horizon
Newsom wants nationwide billionaires tax as presidential bid may loom on the horizon

“It’s time for an economic reset,” wrote the California governor, in a post on X.

Maryland regulators spank fledgling art-focused RIA Masterworks over registration snafus
Maryland regulators spank fledgling art-focused RIA Masterworks over registration snafus

Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.

Investors allege Miami operator took over $1.5 million in EB-5 scheme
Investors allege Miami operator took over $1.5 million in EB-5 scheme

One 2017 form, no broker license, and a $42 million gap they say surfaced on a webinar.

Gen X, millennials lag in retirement confidence amid knowledge gap
Gen X, millennials lag in retirement confidence amid knowledge gap

Fewer than half of Americans in their peak earning years feel on track for retirement, while many say limited financial knowledge and access to professional guidance are holding them back.

Advisor moves: Veteran-led UBS team overseeing $460 million migrates to Merrill
Advisor moves: Veteran-led UBS team overseeing $460 million migrates to Merrill

Meanwhile, Wells Fargo hauled advisors overseeing $825 million in the West Coast, while Wedbush has welcomed a seasoned professional from Stifel in California.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.