Jon Corzine Bio
Jon Stevens Corzine (born January 1, 1947) is an American financial executive and retired politician. A member of the Democratic Party, he served as a United States senator from New Jersey from 2001 to 2006 and as the 54th governor of New Jersey from 2006 to 2010. Before entering public life, Corzine spent more than two decades at Goldman Sachs, rising from bond trader to senior partner and chief financial officer. After leaving elected office he became chairman and chief executive officer of MF Global, a position he held until the firm’s collapse in late 2011.
Early Life and Background
Jon Stevens Corzine was born on January 1, 1947, in Taylorville, Illinois, a small community in the central part of the state. He is the son of Roy Allen Corzine Jr. and Nancy June, whose maiden name was Hedrick. Corzine grew up in Taylorville and attended Taylorville High School, where he met his future first wife, Joanne Dougherty. The values and work ethic of his Midwestern upbringing shaped his later path into finance and public service.
After high school, Corzine enrolled at the University of Illinois at Urbana-Champaign, where he earned a Bachelor of Arts degree. He later pursued graduate studies at the University of Chicago Booth School of Business, completing a Master of Business Administration. His education at these two institutions gave him a strong foundation in both the liberal arts and the world of finance, preparing him for a career on Wall Street.
Path to US Politics
Following his education, Corzine entered the world of finance in the mid-1970s, joining Goldman Sachs as a bond trader in 1976. Over more than two decades he rose through the ranks, becoming a partner in 1980, joining the management committee in 1984, serving as chief financial officer from 1991 to 1994, and finally serving as senior partner from 1994 until 1999. During this period he also chaired a presidential commission on capital budgeting for President Bill Clinton and led the United States Department of the Treasury’s borrowing committee.
Corzine was forced out of Goldman Sachs in January 1999, an event that pushed him toward a career in public service. With his substantial personal wealth and Wall Street experience, he launched a campaign for the United States Senate seat being vacated by retiring Senator Frank Lautenberg. Despite trailing in the Democratic primary by thirty percentage points early on, Corzine won the nomination and entered Congress in January 2001, beginning more than a decade in elected office.
Jon Corzine Career
Early Career (2001-2005)
Jon Corzine was sworn into the United States Senate in January 2001 after winning the November 2000 election by a narrow three-point margin over Republican Bob Franks. He spent more than 62 million dollars of his own money on the campaign, making it the most expensive Senate race in United States history at the time. During his first term he served on the Committees on Banking, Intelligence, the Budget, Foreign Relations, Environment, and Energy and Natural Resources.
Among his early accomplishments, Corzine co-authored the Sarbanes-Oxley Act in response to the Enron scandal and cosponsored legislation with Senator Barbara Boxer to reform 401(k) plans and reduce investment risk. He was one of only twenty-three senators to vote against the Iraq War Resolution in 2002. From 2003 to 2005, he chaired the Democratic Senatorial Campaign Committee, helping shape the party’s strategy in the 2004 elections.
Senate Breakthrough (2005-2006)
In 2005, Corzine announced his candidacy for Governor of New Jersey, leaving the Senate after five years to pursue the executive office. He faced Republican Doug Forrester in a campaign that ultimately saw the two candidates spend more than 73 million dollars. Corzine won the race with 54 percent of the vote, carrying thirteen of New Jersey’s twenty-one counties, including the three most populous.
On December 9, 2005, before taking office, Corzine appointed United States Representative Robert Menendez to fill his vacant Senate seat, ensuring continued Democratic representation for New Jersey. Corzine was sworn in as the 54th governor of New Jersey in January 2006, and he declined his 175,000 dollar salary for that year.
Governorship Era (2006-2010)
As governor, Corzine faced an immediate budget crisis and pushed for an increase in the state sales tax from 6 percent to 7 percent. When the New Jersey General Assembly failed to pass a budget by the July 1, 2006 deadline, he signed an executive order that shut down non-essential state services. The standoff lasted six days, ending on July 8, 2006, when a 30 billion dollar budget was signed into law, including the sales tax increase.
In April 2007, Corzine was seriously injured in a motorcade accident on the Garden State Parkway, suffering an open fracture of the left femur, eleven broken ribs, a broken sternum, a broken collarbone, a fractured lower vertebra, and facial injuries. Senate President Richard Codey briefly served as acting governor during his recovery. Corzine later issued a public apology, paid a traffic ticket for not wearing a seat belt, and appeared in a public service announcement on seat belt use. He ran for re-election in 2009 but was defeated by Republican Chris Christie, receiving 44.9 percent of the vote to Christie’s 48.5 percent.
Notable Events and Milestones
One of the defining moments of Corzine’s career was his 2007 motorcade accident, which nearly cost him his life and led to a public awareness campaign on seat belt use. Another milestone was his leadership during the 2006 New Jersey government shutdown, the first such event in the state’s modern history. His 2005 gubernatorial victory, won with 54 percent of the vote, also stood as a high point of his political career.
Jon Corzine Career Wins
Jon Corzine’s career in politics included one United States Senate victory and one gubernatorial victory in New Jersey, both earned with the support of substantial personal financial resources. His 2000 Senate win was one of the most expensive in United States history, while his 2005 gubernatorial win demonstrated broad statewide appeal across thirteen of New Jersey’s twenty-one counties.
Senate and Gubernatorial Highlights
Corzine won his United States Senate seat in November 2000, defeating Republican Bob Franks by a three-point margin after spending more than 62 million dollars of his own money. In 2005, he won the New Jersey governorship with 54 percent of the vote over Republican Doug Forrester, carrying major counties including Bergen, Essex, and Middlesex. His final electoral bid came in 2009, when he sought a second gubernatorial term but lost to Chris Christie by a margin of 48.5 percent to 44.9 percent.
Other Wins and Achievements
Beyond electoral success, Corzine’s achievements include his role in co-authoring the Sarbanes-Oxley Act and his service as chairman of the Democratic Senatorial Campaign Committee from 2003 to 2005. He also oversaw New Jersey’s recovery from its 2006 budget crisis and played a leading role in the passage of chemical plant safety legislation in the state.
Jon Corzine Family
Family Background and Personal Lineage
Jon Corzine was born into a family rooted in central Illinois. His father, Roy Allen Corzine Jr., and his mother, Nancy June Hedrick, raised him in Taylorville, where he attended Taylorville High School. The family’s Midwestern background helped shape Corzine’s early values and his work ethic before he went on to study at the University of Illinois and the University of Chicago.
Personal Life
Corzine married his high school sweetheart, Joanne Dougherty, in 1969, and the couple had three children: Jennifer, Josh, and Jeffrey. They separated in 2002 and were divorced in November 2003. Corzine was later involved in a public relationship with Carla Katz, and in April 2010 he announced his engagement to psychotherapist Sharon Elghanayan. The couple married on November 23, 2010, in a ceremony presided over by New Jersey Chief Justice Stuart Rabner. Corzine resides in Hoboken, New Jersey.