JON Corzine, the Former Co-Chairman of Goldman Sachs, Has a Warning for Investors Who Believe the Stock Market's Performance Heralds an Imminent Economic Recovery. "We Have to Get There First," the Eminent Investment Banker Turned Democratic Party Senator Says

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JON Corzine, the former co-chairman of Goldman Sachs, has a warning for investors who believe the stock market's performance heralds an imminent economic recovery. "We have to get there first," the eminent investment banker turned Democratic party senator says.

Even for someone who led a Wall Street giant through some turbulent years, the events of the past 12 months have been extraordinary. A hung presidential election; a divided Congress; huge income tax cuts; recession; the horrifying events of 11 September. All have refocused America's attention from Wall Street to Washington.

Corzine might be new to the ways of Washington, but years of working on Wall Street have prepared him for the intrigues of power politics, big numbers and bigger egos. But Corzine's 2000 election campaign achieved notoriety because he spent a record $60m of his own money to win office. Since then, the affable senator has been re-establishing his credentials as an economist and financial manager for a different constituency.

The 54-year-old has been named to the budget committee and speaks in the Democratic caucus on economic matters. His first target was to try and undo the tax cuts programme proposed by George W Bush to stimulate consumer demand, which accounts for around two-thirds of gross domestic product.

"The consensus is that we are in a measurable recession," he said. …