Who is Jon Corzine? He is the man who decided to change his career path toward politics later in his life. But don’t worry, he’s still a millionaire and set to rake in millions more! And before we reveal his net worth, let’s discuss first the story behind his “After a period of great personal financial stress, I developed a more balanced approach to risk management.”
Life Before Politics
🟩 Brief personal history
Jon S. Corzine was born in Taylorville, Illinois, on January 1, 1947. His dad worked in a farming community and also as an insurance salesman. On the other hand, Corzine’s mother worked as a teacher. Jon Corzine grew up on his family’s farm located in Wiley Station, Illinois. He then earned a degree from the University of Illinois in 1969 and has been enlisted in the United States Marine Corps Reserve the following year.
After the enlistment, Corzine married his longtime partner Joanne Dougherty. Over the course of their 33-year marriage, the pair had three children: Jennifer, Josh, and Jeffrey before separating in 2003. In 2010, he married Sharon Elghanayan.
🟩 Start of professional career
Corzine left the Marine Corps Reserves to work as a portfolio analyst. He worked at the Continental Illinois National Bank located in Chicago while also attending the University of Chicago Booth School of Business during the night.
He received his Master’s degree in Business Administration in 1973 and went to New Jersey two years later to work at Goldman Sachs as a bond trader located in New York City. Corzine became a partner of the said company by 1980 and eventually, he became the CEO in 1994 and served the financial institution before resigning in 1999.
🟩 Entering the politics
After departing Goldman Sachs, Corzine announced in 1999 that he would run for a position in the Senate of the United States. In the 2000 election, he officially ran for the Senate seat of outgoing long-term New Jersey Senator Frank Lautenberg (D) and this decision would be a difficult route.
Corzine was first challenged by incumbent New Jersey Governor Jim Florio, who dominated in early surveys. Corzine prevailed as the Dem nominee after a long and primarily self-funded, high-cost primary campaign, beating Florio 58-42%. The national election against the United States Representative Bob Franks came close, but Corzine won again, 50-47%.
The Governor’s Legacy
On November 8, 2005, Republican businessman, former Assistant State Treasurer, and former Mayor of West Windsor Township Doug Forrester was defeated by Corzine for the position of Governor of New Jersey. Corzine won by a 54-43% margin. He then took the pledge on January 17, 2006, and continued to serve until January 19, 2010, when he was replaced by former U.S. Atty. Chris Christie.
🟩 Budget controversy
As soon as Corzine acquired the governorship, the issue of the state’s budget became his first focus. Faced with a $3.5 billion deficit in the current budget and a vastly huge gap in the following budget, Corzine’s initial State’s Budget Address on March 21, 2006, revealed a budget aimed at getting the state “back on a sound long-term footing” by boosting the sales tax and slashing $2 billion in subsidies. Despite the Democratic dominance of both houses of the legislature, the initiative sparked a fight with legislative management, especially in the Assembly.
🟩 Restructuring program
In 2007, confronting what he saw as an unviable state total debt, Corzine suggested a debt restructuring described as “asset monetization,” which meant that a newly formed quasi-public agency would lend $38 billion secured by future toll revenue on New Jersey roadways. The scheme, which would have necessitated huge toll hikes, was met with swift opposition and struggled to explain to consumers. Despite widespread opposition, Corzine was compelled to drop the idea in 2008.
🟩 Great Recession
The “Great Recession” lasted, however, throughout the 2009 governor’s race. Voter socioeconomic worry seems to add to Corzine’s substantial disadvantage in most surveys as former U.S. Chris Christie, an attorney, received the Republican nomination to run against him. As the year proceeded, the election became more competitive, with opposition candidate Chris Daggett gaining traction.
By November, a Rutgers-Eagleton survey indicated that the election was too close to call, whereas a Quinnipiac University poll indicated that Corzine had a five-point edge. However, on November 3, 2009, Christie beat Corzine by 49%-45%, bringing to an end Corzine’s quest for reelection.
Jon Corzine Net Worth
After working with financial firms and claiming a spot in the government, Jon Corzine was reported to have a net worth of $350 million.
Frequently Asked Questions
🟩 What did Corzine do as a Senator and Governor?
As a Senator, Corzine was the driving force behind numerous acts aimed at improving children’s health care, as well as one of just 23 Senators who voted to oppose sanctioning the Iraq War, among other things. He was also the 54th Governor of New Jersey between 2006 to 2010, having seated five years of a six-year Senate term. During his administration, New Jersey was the first state to scrap the death penalty.
🟩 What is Jon Corzine’s birth name?
His complete name is Jon Stevens Corzine, born in Willey’s Station, Illinois.
🟩 What happened on July 1, 2006, in his term?
Corzine ordered a shutdown of the government because of some unmet budget issues. The shutdown lasted until July 8.
🟩 What is the cause of his accident?
Jon Corzine was in a serious accident due to overspeeding and driving without a seatbelt on. After this accident, he was unable to attend some meetings, especially abroad, due to major injuries.
🟩 What is one of the greatest news about Jon Corzine?
One of the most shocking news that was reported is when his youngest son commits suicide at the age of 31.
In summary, Jon Corzine is just a regular average American guy that had the old-fashioned luck to be in the right place at the right time. He’s a politician who was elected as an investment banker that has earned a nice paycheck throughout his life. He may not be the most sympathetic character, but he’s by no means despicable either.
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