Jon Corzine to head Bank of America? Not likely -- and not wise
Filed under: Company News, Economy, People, Goldman Sachs , Bank of America
Deposed New Jersey Gov. Jon Corzine is the latest name to surface in the mad scramble to replace Bank of America Corp. (BAC) chief executive Kenneth Lewis. This would be among the more spectacularly bad ideas in the history of banking.Corzine -- who told Bloomberg News that he has not spoken with B of A -- is the wrong candidate at the wrong time. Or, as a campaign commercial might put it: "Jon Corzine. Wrong for New Jersey. Wrong for Bank of America."
As his recent electoral defeat illustrated, his political skills proved deficient when he was faced with a formidable Republican candidate, U.S. Attorney Chris Christie, now the governor-elect of his state. Corzine's loss was all the more remarkable considering New Jersey's overwhelming blue-state tendencies; President Obama didn't even bother campaigning there much during the 2008 election season. It just wasn't necessary.
Banking in the Past -- and Future?
If Corzine wants to return to the financial world, he won't have an easy time of it. His career at Goldman Sachs (GS) reportedly ended in 1999 in part because he didn't get along with Henry Paulson, who became President Bush's secretary of the treasury. Moreover, heavy trading losses in 1998 caused Goldman's earnings to fall 80 percent. Corzine no doubt found solace after getting ousted in reaping some $400 million from the Goldman Sachs IPO.
The soon-to-be ex-governor reportedly says he doesn't think the Charlotte, North Carolina–based bank was in his future. Maybe he's fronting -- maybe he really wants the job, but thinks it's beneath him to apply -- but I doubt it. Political savvy will be a must for any Bank of America CEO, as are people skills -- which Corzine also lacks. He doesn't just have baggage. He has an entire luggage store.
Corzine's real future is as a cable TV talking head, according to CNBC's Charlie Gasparino, who should know about these things. Maybe Corzine should join forces with fellow ex-governor Elliot Spitzer of New York and host a show on MSNBC. The only question is who would be the straight man.
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Reader Comments (Page 1 of 1)
11-12-2009 @ 7:42PM
john said...
If BofA is stupid enough to hire this creep, I will sell every damn share with a vengence!
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11-12-2009 @ 10:39PM
John said...
I have accounts at our local B of A, here in the San Diego area. If that horse's ass becomes associated with B of A, in any capacity, they have lost a customer of over 30 years for keeps.
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11-13-2009 @ 9:59AM
brian said...
ARE YOU KIDDEN ME???? THIS IDIOT COUNLD'NT RUN NEW JERSEY ...AND NOW THEY WANT HIM TO RUN A BANK?? I'V HEARD OF STUPID THINGS..BUT THIS IS OUTRAGEOUSLY STUPID..WHAT MORON EVER THOUGHT OF THIS IDEA.....LOL YOU KNOW WHAT STUPID IS AS STUPID DOES...LET HIM GET HIRED..THEN WATCH THIS BANK FOUNDER..SERVES THEM RIGHT.
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11-13-2009 @ 1:20PM
Manny said...
If you think banks are government approved loan sharks now, you haven't seen anything yet. Wait until Corzine is told by the administration to run there bank.
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11-13-2009 @ 10:45AM
ignaz said...
Corzine has given the OK to all New Jersey mayors to raise the property tax at will.
He has ruined the dream of most senior citizens who thought
their pensions would be enough to survive.
Now these pensions or Social security checks are not even enough to pay for the huge big BURDEN of PROPERTY TAX.
In the past 4 years since He was elected(I voted for him)
he has given the green light to all mayors,utility companies,
insurance companies and every thing else,to raise the tax and increase the prices of almost everything and then more more and more.
Untill someone with huge b-lls does something about PROPERTY TAX, we will be here suffering and struggling.
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11-13-2009 @ 12:40PM
Redwing fan said...
I hope BofA leadership reads these blogs if they are seriously contemplating such a bonehead move.
John Corzine was a terrible Governor. He does have terrible decision making and leadership skills. He was also a tool of the public sector unions and teachers. He leaves NJ in a mess...a mess even worse than what he may have inherited.
I hope BofA also understands that they will lose a customer in me as well. I will unload my stock and I will encourage my entire family to do so as well. I will pull my money out of the bank and I will most likely re-mortgage my home as well.
And PS...most Dems didn't like Corzine either so getting him at BofA won't provide any special favors to B0fA from the Obama Administration either.
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