Jon Corzine Amassed Wealth in Finance and Spent Heavily on Political Campaigns; Here's His Net Worth

What is Jon Corzine's net worth?

Former United States Senator and Governor, as well as an entrepreneur now fined for the collapse of his brokerage firm MF Global, Jon Corzine has amassed a $50 million net worth during his stint in politics and finance. He has experienced fluctuations in his financial standing over the years, after he initially thrived at Goldman Sachs, and served as a United States Senator from New Jersey. While his net worth is considerably less than it was at its peak, Corzine has seen financial success and political engagement.

What are Jon Corzine's sources of income?

Corzine has made most of his money from his ventures in finance although he has also invested his time in politics. In his earlier career, he forged a path in finance by joining Goldman Sachs in 1976 as a bond trader. His tenure at the prestigious investment bank saw him rise up the ranks, to become a partner by 1980 and attain the status of a senior partner by 1994. During his time at Goldman Sachs, Corzine served as the co-manager of the Fixed Income, Currencies, and Commodities Division and contributed to financial policy-making as the chair of the presidential commission on capital budgeting for President Bill Clinton. He also served as Chairman of the United States Department of the Treasury's borrowing committee.

In 2001, he embarked on a political career by winning the New Jersey Senate seat, and his campaign for the Senate was notably the most expensive in U.S. history for Senate campaigns. During his tenure as a U.S. Senator, Corzine co-authored the Sarbanes-Oxley Act, a significant piece of financial regulation, and championed various causes, including supporting gun control laws, being the chief sponsor of the Darfur Accountability Act, and co-authoring a tax-cut proposal that aimed to lower the marginal tax bracket for the lowest-income earners.

Corzine extended his political career by running for the position of Governor of New Jersey in 2005. Despite the hefty price tag of the gubernatorial campaigns, with both candidates collectively spending $73 million, Corzine emerged victorious. As Governor, he focused on addressing the state's fiscal challenges, including balancing the budget and tackling municipal funding crises.

Philanthropic efforts

Corzine's philanthropic activities encompass a wide spectrum of organizations and causes, reflecting his dedication to community betterment. He serves on the International Board of Covenant House, supporting homeless and at-risk youth, and is involved with the New Jersey Reentry Corporation, aiding formerly incarcerated individuals. Corzine's board memberships include institutions like the New Jersey Performing Arts Center, the New York Philharmonic, and the New York Child Study Center, showcasing his commitment to the arts, education, and community development. He also plays a role in the NYC Partnership and contributes to higher education as a trustee at the University of Chicago and an ex-officio member of Princeton University's board. His chairmanship of an advisory board at Fairleigh Dickinson University focuses on establishing a graduate school of public and global affairs.

Real estate and other assets 

Corzine's assets have included a remarkable oceanfront estate in Sagaponack, part of the affluent Hamptons on Long Island. This 7-acre property featured a lavish 6,000-square-foot mansion that he and his then-wife Joanne invested significant time and resources in renovating. But Joanne sought the Hamptons estate as a stipulation during their divorce proceedings in 2002. In 2010, the property was sold for a staggering $45 million to David Tepper, a former colleague from Jon's Goldman Sachs days. Tepper, a billionaire hedge fund manager, was known for his strong dislike of Corzine, who had repeatedly denied him a partnership. Tepper's subsequent decision to demolish the mansion and replace it with a larger one has been seen by many as an act of cold revenge.

Personal life

Jon Corzine's personal life has seen its share of significant changes and challenges. He married his high school sweetheart, Joanne Dougherty, in 1969 when he was 22, and the marriage lasted 33 years. They raised three children named Jennifer, Josh, and Jeffrey during these three decades. However, their union came to an end in 2002, leading to a divorce in 2003, which notably included a settlement in which Jon agreed to provide Joanne with $350 million in cash and assets, representing nearly half of the fortune he had amassed during his years at Goldman Sachs. In 2004, Corzine entered into a new chapter of his personal life, embarking on a relationship with psychotherapist Sharon Elghanayan. The couple tied the knot in November 2010 in a ceremony officiated by Chief Justice of the New Jersey Supreme Court, Stuart Rabner. Tragically, in 2014, the Corzine family faced the devastating loss of their youngest son, Jeffrey, who took his own life in Mexico.

FAQs

How did Jon Corzine amass his wealth?

Jon Corzine's wealth primarily came from his career at Goldman Sachs, where he made a significant amount of money, especially when the company went public in 1999.

What were some of Jon Corzine's achievements as a U.S. Senator?

As a U.S. Senator from New Jersey, Corzine co-authored the Sarbanes-Oxley Act and supported various progressive policies, including universal health care and gun control.

What happened in Jon Corzine's campaigns for the New Jersey Governor position?

Corzine was elected as the Governor of New Jersey in 2005 but lost his re-election bid in 2009 to Chris Christie.