Ex-Goldman chairman Corzine defends embattled firm
Jon Corzine, the former Democratic senator and governor of New Jersey, came to the defense of his old employer, Goldman Sachs Inc,. in remarks at the Investment Company Institute's General Membership Meeting on Wednesday afternoon.
“I still continue to believe that Goldman Sachs is an outstanding institution,” said Mr. Corzine, who was a chairman and senior partner at Goldman, where he worked for 25 years. “It is very hard to see how you can turn that into a legal case.”
Mr. Corzine went on to say that many firms got caught up in the housing market crisis, and he believes that Goldman is being singled out.
“Because Goldman has been as successful as it has been, it has become a proxy for this,” he said. “It doesn’t mean that there isn’t room for correction.”
In his speech, Mr. Corzine warned the industry that they shouldn’t try to fight the financial services reform being debated in Congress. “Take what’s on the table and run,” he said. “There are more good things in this bill than bad.”
Specifically, Mr. Corzine warned that if another crisis hits the industry, there will only be more regulation. “There is a need for reform,” he said. “To not make changes would be a mistake.”
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