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Jon Corzine’s Next Step: Hedge Fund?

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  • Description

    FBN’s Charlie Gasparino on Jon Corzine’s next step after the MF Global investigation.

  • Duration 4:35
  • Date

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This transcript is automatically generated

And is there a new career on the horizon for Corzine.

Charlie gas bring us back with more hey Charlie I love this alleged hedge -- story John quizzes and had a commitment to -- this seals which would be.

Go on I don't know how money is safe and us -- your money is safe with Jon Corzine.

Think about it let's just get to this this -- because new York times of the story about this yesterday.

We were first report this back in February that the charges -- just -- -- put a fine point on the criminal charges.

Highly unlikely they may have a shot if they could turn Edith O'Brien one of the assistant treasurer.

-- get her to cooperating in scores and that's their that's their remaining -- He's not totally out of the woods but as we've been saying now since February how many months is -- January through march April June to -- paint -- your fingers eight months the Fox Business Network has been telling you.

Criminal charges unlikely now here's the problem for Corzine.

He's -- 65 results 66 from like he's your -- not mine -- thank you for you've reminded me that.

You know he could -- -- he's probably gonna face SEC's civil charges.

Which makes the creation of this hedge fund which you know it's maybe his.

Blank dream you can put the words in that he want to start a hedge fund.

Makes and nearly impossible I am telling.

Jon Corzine cannot start actually does that mean he can't manage money I don't people managed or their -- money all the time sit there -- room.

It is you know in his boxer shorts and slippers and manages money but Jon Corzine starting -- hedge fund.

Besides the fact that he'd have to convince people give money which is I think after this you know.

Blew up blew up Goldman Sachs back in 1998 that's why was thrown out of there blew up New Jersey.

And -- will -- global.

Three strikes on Wall Street Europe -- -- he need to image -- -- so maybe even just throwing it out there that he's interested in getting back into the game.

Rehabilitate since I think you know this is a guy you know he's either type papers and hubby and I I I know I actually like the guys are very is -- it -- it it's a very nice man I I think he wants to stay active.

Did you join a country club like offer some could stay instead of investors -- I I just.

Just just be clear here.

When you start a hedge fund.

You have to convince people give you money.

Who is gonna give -- money.

He's gonna have to disclose.

His issues in the past imagine what that disclosure is going to be.

Head towards it now regulated by the Securities and Exchange Commission.

Who's gonna give him a clean bill of health who's gonna wanna work with them.

Well you might have a couple his cronies that -- be brings around where -- goes you know from Jersey to MF global what they believe -- -- starting to hedge fund again I'll say yes.

And I sit I was probably pretty good on the story.

It will be next to possible we should put out the people that that no we we spoke a couple of on the 111 person knows and you know -- very closely said you know.

-- started any time soon and maybe never so that this is this is like Jon Corzine just you know.

Talking off the top his head.

What's the likelihood though that because he's experienced this with MF global that he's gonna be extra careful and extra diligent with the money and with the shake -- Credit coming across as the landscape of wall -- shaking up right now should point out so they just desperate money you know I guess you know people -- the book.

Might might give money to buy the Brooklyn Bridge which you point out that you know he still faces SEC charges.

The bar is lower -- I don't know how you start a hedge fund when he's likely to be charges from the base that the I mean listen.

-- seeing the -- a criminal you know we obviously.

They either have a difficult time bring criminal charges but think about it.

The SEC is gonna see where were the controls this is where he phases.

He's biggest liability you -- -- CEO did you putting controls that would have prevented the commingling of customer money.

With with -- with your gambling money and it's clear just like Knight capital -- it wasn't there.

That is a problem for the CEO that's why.

Even if if if -- -- global somehow survive this move QE he would have been out that's why I believe Tom Joyce.

Who whose -- those CEO with Knight capital.

Is probably gonna begun to reason why because the CEO at the top supposed to put in those risk controls they weren't there -- MF global.

They weren't there at bad that they clearly weren't there Knight capital.

And I'll tell -- Just on that Jon Corzine will likely face civil charges meaning make it nearly impossible for him to start a registered hedge fund.

Like most of them are these -- the saga thank you sir.

And by the way sweet dreams what does that mean as opposed -- -- other thing would happen.

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