Civil Fines for Corzine, No Criminal Charges Most Likely

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King Corzine has had his crown more than dented. The former Goldman Sachs CEO, Governor of New Jersey, and Senator is no longer a candidate for the Treasury job as he was in the fall of 2011. His brand is tarnished. His legacy bruised. But it looks like he won’t be going to jail.

Prosecutors have informed Mr. Corzine’s lawyers that they will sue the former MF Global chief and will not accept a deal. The process will be long and costly. But the emphasis will be on Corzine’s incompetence, not any nefarious intent.

The focus beyond the Corzine civil case will be on (shock) lower level managers.

(From The New York Times)

A case would darken the cloud over the legacy of Mr. Corzine, 66, who as a onetime Democratic governor and senator from New Jersey and a former chief of Goldman Sachs has long been a confidant of leaders in Washington and on Wall Street.

But it would also suggest that authorities have all but removed a greater threat: criminal charges. After nearly two years of stitching together evidence, criminal investigators have concluded that porous risk controls at the firm, rather than fraud, allowed the customer money to disappear, according to the law enforcement officials with knowledge of the case.

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