Jon Corzine broke his silence yesterday for the first time since he resigned as chief executive at now-bankrupt MF Global.
Testifying in front of the House Committee on Agriculture, Corzine acknowledged that he had a difference of opinion with Chief Risk Officer Michael Roseman, as reported by FINS and The Wall Street Journal. Roseman had warned against making the positions on European sovereign debt too big. Those positions ended up sinking the firm as investors began to doubt the firm's strategy.
During the question and answer period at yesterday's hearing, Corzine said Roseman "certainly had a different view about the sovereign default risk," and that Roseman had expressed his concerns to Corzine directly as well as to the board of directors.
Roseman was told in January this year that he was being replaced by a new chief risk officer. Corzine told the House committee that MF Global needed someone who was "more attuned" to the business the company was trying to adopt, that is, a riskier-based investment banking model, rather than the standard broker-dealer machinations Roseman was used to.
Health insurance is apparently overrated these days. Nearly half of FINS respondents said in a survey they'd forgo the coverage if it was a condition of their dream job.
Standard Chartered had planned on hiring a net 1,000 people by the end of the year, but now it plans to have added 2,000 in total. Hiring in Asia, Africa and the Middle East will continue into 2012.
Five out of six of Canada's biggest banks have set aside more for their bonus pool this year than last. If you haven't thought about Toronto as a top banking center, you may want to throw on a parka and try it out.
Square One (Senate Banking Committee)
Senate Republicans voted to block the nomination of former Ohio attorney general Richard Cordray to be the first director of the Consumer Financial Protection Bureau.
Different Outlooks (Financial News)
Depending on whom you ask, investment bankers will either see higher or lower compensation due to new regulations. In one corner, Lazard's Ken Jacobs. In the other, JPMorgan honcho Jamie Dimon. You might be able to guess who thinks what.
The Place to Be (Poets & Quants)
You may groan inwardly, but there's no escaping the crimson: For the second year in a row, Harvard Business School is the top MBA program in the country, according to new rankings.
You've decided to leave your firm for greener pastures. Congratulations! Now just don't burn any bridges in the exit interview. You never know when you may want to come back.
Buzz Around the Office
Runaway Trampoline (YouTube)
And there it goes.
List of the Day: Job Techniques
Recap the job-seeking basics with these lessons.
1. While past experience is important in your job application, employers really want to know what you're going to do for them going forth.
2. Don't focus on becoming passionate about something; focus on getting good at something.
3. Make clear why your attributes fit the company's needs.
(Source: AOL Jobs)
- Bull/Bear Report - Hirings, firings, rising stars and downward spiral of the finance job market
- Get the job: From writing resumes to negotiating the offer, all the tools to land the perfect finance job
- Morning Coffee: Sign up for the latest in finance career news
- FINS.com: Finance jobs, research and career news by FINS from The Wall Street Journal