Who is Jon Corzine:Why work in financial services? Jon Corzine reached the pinnacle of his Wall Street career at the age of 47, when he became CEO of Goldman Sachs. When he was forced out just five years later, he turned to politics. In two of the most expensive campaigns in U.S. political history below the Presidential level, he used over $100 million of his own funds to gain election first to the U.S.

Senate, then to the governorship of New Jersey.

Biography: Jon Corzine was born in 1947 and grew up on a small farm in central Illinois. After graduating from the University of Illinois in 1969 and earning an MBA from the University of Chicago in 1973, he moved to Columbus, Ohio to work in banking.

In 1975, Corzine moved to New Jersey, having taken a job as a securities trader at Goldman Sachs in New York. In 1980 he became a partner at Goldman, one of the most prestigious and lucrative achievements in the financial services industry. Rising rapidly through the ranks, he became chairman and CEO in 1994.

As CEO, Jon Corzine engineered the transformation of Goldman Sachs from a private partnership to a public company. The initial public offering (IPO) of Goldman stock created a huge windfall for the partners, including Corzine. Indeed, Jon Corzine's current personal wealth is estimated in the range of $600 million.

However, Corzine was not universally popular as CEO, and was forced out in 1999.

Then he turned his attention to politics. He had been a supporter of the Democratic Party, and had chaired a commission on capital budgeting in the federal government in 1997, under President Bill Clinton.

In 2000, Jon Corzine won election as a U.S. Senator from New Jersey. Reportedly bored and frustrated with Senate procedure, especially as a freshman in a body where seniority counts heavily, Corzine ran for governor of New Jersey in 2005, while still in his first Senate term.

Corzine ran for governor when New Jersey was in the midst of a fiscal crisis, with looming deficits despite years of accelerating tax increases. He campaigned as the candidate who would use his financial expertise to bring sound fiscal management practices to a state sorely in need of them.

Jon Corzine had a difficult term as governor. Many of his proposals for the fiscal crisis, such as leasing toll roads to private operators for one-time infusions of cash, or forcing mergers of small municipalities to consolidate local bureaucracies and services (a contentious issue in public finance), met with widespread opposition and failed. He had difficulties working with the state legislature, despite both its houses being controlled by his own party. Indeed, his first year in office, 2006, was noteworthy for a six-day government shutdown precipitated by the inability of the legislature and Corzine to agree on a budget in a timely fashion. During Corzine's term, taxes continued to rise in a state that already had one of the highest tax burdens in the nation.

Defeat in 2009: Despite spending over $30 million of his own funds in a reelection bid, versus about $8 million by his successful Republican challenger, Chris Christie, Corzine was defeated in a three-way race. By most accounts, Corzine has spent over $120 million of his own fortune in his three campaigns, one for the U.S. Senate and two for governor.

MF Global: Shortly after leaving office, Corzine became chairman and CEO of MF Global, then a leading financial futures and derivatives brokerage. Initiatives that he championed led to the firm's bankruptcy in 2011, tarnishing his reputation. Follow the link for details.

Lessons: The career of Jon Corzine, in both finance and government, has been marked by a number of spectacular highs and lows, often coming in quick succession after each other. Accordingly, many lessons from Jon Corzine can be drawn by the astute observer. Again, please follow the link for specifics.