Morning Coffee Mar 26 2012

Whither Jon S. Corzine of MF Global

By kelly eggers and julie steinberg

The coming week could help determine the future of Jon S. Corzine, the former Goldman Sachs Group chairman, when congressional investigators hold yet another hearing on the demise of MF Global, the securities and commodity firm Corzine headed until it filed for bankruptcy last October.

A memo from congressional investigators released last week revealed that Corzine directly ordered an employee in Chicago to move $200 million from a customer account to an MF Global account in the days before the firm's demise. Corzine has previously told lawmakers that he never directed anyone to misuse customer money. On Friday, his spokesman said Corzine "stands by his testimony."

Still the former New Jersey governor's direct involvement in questionable transfers won't do much to bolster his position. People close to the matter have already outlined to The Wall Street Journal and FINS how hands-on Corzine was in running the firm; he fired his chief risk officer when he objected to the European bond trades that ultimately brought down the company.

Wednesday's hearing should thus provide more riveting insights into just what Corzine was doing when MF Global misplaced $1.6 billion in customer funds. (The Wall Street Journal)

Changing Directions (WSJ via FINS)

President Obama nominated the president of Dartmouth College, Jim Yong Kim, to be the next leader of the World Bank, a choice that comes as a surprise to many around the globe.

Helluva Typo (Bloomberg)

A Switzerland-based trader for J.P. Morgan is suing the bank over a typo in his contract that led him to believe he'd be making 24 million rand, instead of the 2.4 million rand the bank intended to offer.

More than a Trim (WSJ via FINS)

Compensation for bankers has been lighter these days, and no one knows that better than Credit Suisse's Chief Executive Brady Dougan. According to the firm's annual earnings report, Dougan's pay was cut by more than half in 2011.

Workplace Workouts (Bloomberg)

If you feel like your long hours on the trading floor have left you with little time to get in shape, don't fret. One trainer (and a couple of bankers from HSBC and Credit Suisse) demonstrate the desk-side exercise routine that's been catching on between trades.

It's Not Over Yet (Reuters)

The management ranks at UBS are still in the thick of restructuring. A layer of executives under the CEO has been eliminated, and the bank's private wealth head is taking on more responsibility.

Grunt Working (Globe and Mail)

It's not the glamorous work you may be after, but these days, taking numerous unpaid internships to get practical experience is the only way young professionals are able to break into the work force.

Bigger v. Better (Deal Journal)

As the world's financial markets remain unsteady, some banking executives are suggesting that the reign of global banking behemoths will be succeeded by smaller, regional shops.

Buzz Around the Office

Sony Xperia (YouTube)

Watch Wes Anderson's stop-motion animation spot for the new line of smartphones.

List of the Day: Creating "Notice Me!" Lines for Your Resume

A few rephrased sentences could be the different between the trash bin and a job offer.

1. Use numerals instead of spelling numbers out, i.e. "$900K" instead of "nine hundred thousand."

2. Ditch the phrase "responsible for." It sounds redundant.

3. Don't talk yourself up by putting your predecessors down.

(Source: Glassdoor.com)




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