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

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

Trump Account contributions to get boost from new employer rules
Trump Account contributions to get boost from new employer rules

New Treasury and IRS proposals would let employers add tax-free payroll contributions to the retirement accounts as advisors weigh the fit for client families.

Merit Financial snaps up $900M Bridgeway Group in California push
Merit Financial snaps up $900M Bridgeway Group in California push

The Atlanta-based RIA has now completed nine acquisitions in 2026, with six of those coming from Commonwealth Financial Network's former advisor base.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

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