Jon Corzine: Crackberry Trading Addict

Dec 13, 2011
J. Webster
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For once, here’s some good news for Research in Motion, at least Jon Corzine still uses a Blackberry. What’s more, he loved to trade on it, even in meetings. I can see it now, a new commercial for RIMM, with Corzine trading on his Blackberry at home, at his lawyers office, at a Congressional hearing, and then maybe even from a cell.

His obsession with trading was apparent to MF Global insiders over his 19-month tenure. Mr. Corzine compulsively traded for the firm on his BlackBerry during meetings, sometimes dashing out to check on the markets. And unusually for a chief executive, he became a core member of the group that traded using the firm’s money. His profits and losses appeared on a separate line in documents with his initials: JSC. (DealBook)

Here’s the rub though: Corzine knows how to make money trading, he just went way too far and used too much leverage. He was desperate to build a successful trading firm. If only he’d had read the story of the tortoise and the hare. It sounds like Corzine was too eager for MF Global to become one of the big firms like Goldman Sachs. But Corzine did make money for the firm…

Mr. Corzine traded oil, Treasury securities and currencies and earned in excess of $10 million for the firm in 2011, the person said.

This is all about a new advertisement for RIMM though. I wonder if Research in Motion could somehow tie in the two executives who got wasted and tried to chew through their plastic handcuffs with Jon Corzine trading on his Blackberry – that would be some commercial? I think it would work. Sort of a most interesting man in the world type thing.

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