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From Wall Street to Washington
Senator Jon S. Corzine, '73
At first glance, Jon Corzine seems a study in
contradiction. He grew up in a small Midwestern farm town, yet
he thrived on Wall Street and became chairman of investment giant
Goldman Sachs. In college, he was a Young Republican, yet he ran
for the U.S. Senate as a Democrat on the most liberal platform
of any major candidate. He spent $60 million of his personal fortune
to run for office, yet he supports campaign finance reform.
Bearded and bespectacled, affable and analytical, Corzine seems
more like a thoughtful educator than a Wall Street wizard or junior
senator. He ponders questions, pauses, and then responds with
a flow of words that makes you think he has not yet learned - or
has chosen not to embrace the sound bite.
His voice is a low rumble that recedes as he considers, then crescendos
as he concludes his thoughts. Replace the navy pinstripes and
red tie with a cardigan and corduroys and you almost want to call
him "Professor."
Just who is Jon Corzine?
Those familiar with the 2000 U.S. Senate race in New Jersey know
his basic biography. Corzine was born January 1, 1947, in Taylorville,
Illinois. He worked construction jobs to pay his way through the
University of Illinois, briefly served in the Marines, and enrolled
in the GSB's evening program while working as a bond officer at
Continental Illinois National Bank in Chicago.
"I had just gotten out of the Marine Corps, I was broke, and we'd
just had our first child," he said. After taking a dozen courses
part time, he transferred to the campus program and graduated
in 1973.
The Goldman Years
In 1975, the young M.B.A. moved to the East Coast,
where he joined Goldman Sachs as a trader. His ascent at the investment
bank has been called "meteoric," and that does not seem to be
hyperbole. In 1977, he was a vice president. By 1980, he was named
general partner-in-charge of government, mortgage, and money markets
trading within fixed income.
"I was either very lucky or reasonably consistently
good as a trader," Corzine said. "I had my good days and bad days,
but I was reasonably effective in the world I was responsible
for: fixed income trading."
In 1988, he became co-head of the fixed income
division, where he held joint responsibility for the firm's finance
and treasury functions. In 1994, he was appointed co-chairman
and co-CEO.
"It was a period of time when Goldman was expanding
dramatically," Corzine said. "I think when I joined Goldman Sachs
they had 1,700 people, and when I became chairman, they had about
16,000. It was one of those sweeping times that globalization
and technology and other things were making possible. [There was]
tremendous expansion of franchises, which all played to my advantage."
Continued>>
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