Has Corzine's Luck Run Out?

Clearly, Jon Corzine has done well in the world - head of Goldman Sachs, Senator, Governor of New Jersey.  But was his success due to luck more than talent?  Clearly, he was not an outstanding success in politics or business.  He was forced out of Goldman, did not complete his only term as Senator and served only one term as Governor.  But he did make a ton of money.

Howsomever, his latest venture, MF Global, lost a ton of money and went belly up.  The House has been investigating this failure and it looks as though their report will not be very favorable to Corzine.   It's true that it is unlikely that criminal charges will be filed against him, but his risk taking was the main factor in the firm's demise.

Some of the interesting tidbits from the report:

• He did nothing to improve the sloppy record-keeping that sinks companies.
• He did nothing when warned that internal control was weak.
• He was an "off-the-balance-sheet" guy and insulated his trading from review by keeping the European debt holdings off the firm’s balance sheet. 
• His company used customer funds in violation of the law.

The full report is coming out today.