Jon Corzine Net Worth

What Is Jon Corzine's Net Worth?

Jon Corzine is an American finance executive, philanthropist, and political figure with a net worth of $50 million. At his peak, Corzine was worth around $500 million. Unfortunately, he forfeited around $300 million in a divorce settlement and spent $100 million on various political campaigns, significantly reducing his wealth.

Corzine worked for Goldman Sachs from 1975 to 1999, serving as CEO from 1994 to 1999. Upon leaving Goldman Sachs, he reportedly received around $400 million from the company's initial public offering.

Jon served as a United States Senator from New Jersey from 2001 to 2006 and as the governor of the state from 2006 to 2010.

Early Life

Jon Corzine was born Jonathan Stevens Corzine on January 1, 1947, in Taylorville, Illinois. He grew up on a small family farm in Willey Station, Illinois. After graduating from Taylorville High School, where he played basketball and football, he enrolled at the University of Illinois at Urbana-Champaign. There, he became a member of Phi Delta Theta fraternity and graduated with honors in 1969. Corzine later enlisted in the United States Marine Corps Reserve (1969-1975) while attending the University of Chicago Booth School of Business, where he earned an MBA in 1973.

Goldman Sachs

In 1976, Corzine joined Goldman Sachs as a bond trader and rose to co-manager of the Fixed Income, Currencies, and Commodities Division. He became a partner in 1980 and a senior partner in 1994. He also chaired the presidential commission on capital budgeting for Bill Clinton and served as Chairman of the United States Department of the Treasury's borrowing committee.

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Political Career

In 1999, Corzine was forced out of Goldman Sachs. He announced his campaign for a New Jersey Senate seat and won the nomination, followed by election victory over Republican opponent Bob Franks. His campaign was the most expensive Senate campaign in U.S. history. During his Senate tenure, Corzine co-authored the Sarbanes-Oxley Act, sponsored the Start Healthy, Stay Healthy Act, supported gun control laws, and was the chief sponsor of the Darfur Accountability Act. Additionally, he coauthored a tax-cut proposal and chaired the Democratic Senatorial Campaign Committee (2003-2005). He was a member of several key committees, including Banking, Intelligence, and Foreign Relations.

Corzine ran for New Jersey Governor in 2005, defeating Republican Doug Forrester. He focused on balancing the state budget and expanding health and education programs. Corzine initially supported Hillary Clinton's 2008 presidential campaign and later became a prominent spokesperson for Barack Obama after he secured the Democratic nomination.

In 2009, Corzine ran for re-election against Republican Chris Christie but lost the race.

Philanthropy

Jon Corzine is active in various philanthropic and civic organizations. He serves on the International Board of Covenant House and the board of the New Jersey Reentry Corporation. He has also been involved with the New Jersey Performing Arts Center, the New York Philharmonic, and Princeton University. Corzine chairs an advisory board at Fairleigh Dickinson University.

Other Work

In 2010, Corzine was appointed CEO and Chairman of MF Global. However, the group collapsed in 2011, leading to one of the ten largest bankruptcies in U.S. history. Corzine agreed to pay a $5 million penalty for his role in the collapse.

Personal Life

Corzine married his high school sweetheart, Joanne Dougherty, in 1969. They had three children – Jennifer, Josh, and Jeffrey. The couple divorced in 2003, and Jon agreed to a $350 million settlement.

In 2004, Corzine began dating psychotherapist Sharon Elghanayan. They married in 2010. Tragically, his youngest son, Jeffrey, died by suicide in 2014.

Hamptons Mansion/Tepper Revenge

After his exit from Goldman Sachs, Corzine and his then-wife Joanne retreated to their oceanfront estate in Sagaponack. After their divorce, Joanne received the property, eventually selling it for $45 million in 2010 to David Tepper, a former Goldman Sachs colleague who disliked Corzine. Tepper demolished the mansion and built a larger one on the property.