Yup, seems to be a Corzine buzz over the last 20 hours or so. New Jersey's largest newspaper the Star Ledger ran an article today about rumors that Former NJ Governor John Corzine is being considered for Geithners Treasury position.
The Star Ledger reports that Corzine has always had an interest in being the US Secretary of the Treasury.
As speculation about how long Timothy Geithner will remain as U.S. Treasury secretary simmered today, former Gov. Jon Corzine’s name began to bubble up as a possible replacement.
Corzine, considered for the nation’s top financial office after Obama was elected, has emerged on speculative short lists as someone who could take over if Geithner exited before the president’s first term expires.
NJ Star Ledger
Corzine currently works for MF GLobal, a NYC brokerage firm, has a prospectus with a "key man event" clause
to let buyers know what happens if the guy at the top moves on. What is unusual is the wording of the latest one from MF Global:
“Upon the departure of Mr. Corzine as our full time chief executive due to his appointment to a federal position by the President of the United States and confirmation by the United States Senate prior to July 1, 2013,” the notes would pay an extra 1 percent.
From Bob Ingle of the Asbury Park Press.
Senior Editor, John Carney of CNBC.com writing on thursday, suggested that the key man clause was included because buyers thought Corzine might leave MF Global for a post in DC. John Carney continues:
But two people close to the administration and a person at the Treasury Department say that they believe Corzine has been “angling” for the job. All three sources used that same word, “angling.”
“What I mean by ‘angling’ is that he’s staying in touch with the right people, letting them know that he’s available without seeming too eager,” one of the two sources close to the administration said.
Other names reported to be on the speculative short list include former Cat Food Commission Alumni Erskine Bowles, Jeff Immelt chairman of the board and chief executive officer of the U.S.-based conglomerate General Electric, White House chief of staff Bill Daley, Lawyer and Banker, and Jamie Dimon current CEO and chairman of JPMorgan Chase.
Here in New Jersey, Democrats love John Corzine, his reputation for trying to do the right thing, working for the environment, pushing for voter verified paper ballots, attending progressive house parties, signing legislation for workers rights, attending dinners and speaking on behalf of other Democratic candidates even at the county and local level have left many Liberal voters in New Jersey feeling that John Corzine is one of their own. John Corzine as both a US Senator and NJ Governor has earned a good reputation with Liberal and Progressive voters in New Jersey. Corzines connection with the Liberal base may make him more immune to detractors claiming he's too close to the financial community that played a large role in the current economic crisis.
Is Corzine a Keynesian? That of course is the big question.
Disclaimer, I met and spoke briefly with John Corzine about 5 years ago, at a fund raiser for County Freeholder Carol Clarke. I was wearing an "Impeach Bush" button and Mr Corzine said, "I like that idea". Ive seen him work a crowd at many NJ Democratic events, speaking to people one on one, discussing issues. I am not claiming I know the man, but there is no doubt in my mind that short of Paul Krugman or Robert Reich replacing Timothy Geithner, this country could do a lot worse than John Corzine as Secretary of the Treasury.
But I'm biased, I like the guy.