Photo: Source: Connect-in
Since MF Global declared bankruptcy, former CEO Jon Corzine has, justifiably, received more blame than anyone else at the company.But as the story unfolds, now we know there’s someone he may be able to share it with — his former aide Bradley Abelow report s reports WSJ.
Abelow was MF Global’s COO and President. His started career at Goldman Sachs, where he managed the operations division. After that. he entered politics, first serving as the Treasurer of New Jersey, and then as Jon Corzine’s Chief of Staff. He then founded NewWorld Capital LLC, a private equity firm investing in environmental companies, before joining MF Global as COO in 2010.
Basically, as COO, he was in charge of firm’s risk human resources, technology, and most importantly, risk management.
However, insiders say that while Corzine was willing to listen to Abelow’s ideas about the firm’s operation’s, Abramoff had little to do with MF Global’s trading strategy.
For example —During the firm’s crash, while Corzine was trying to unload his bad Euro bets to raise cash, Abelow was trying to sell all or parts of the firm.
Right now, he’s working on raising enough money to keep the firm operating as they sell off its assets. He’s not being charged with any wrong doing, and is, according to the WSJ, cooperating with authorities trying to track down $600 million of missing client money.