People and Business: Corzine to run

JUST AS one Goldman Sachs grande fromage departs from the pinnacle of American politics, another leaps forwards to start his own ascent up the greasy pole.

Robert Rubin stood down as Treasury Secretary yesterday. At the same time John Corzine, his former colleague at Goldman who resigned as chairman after losing the flotation argument, fanned expectations that he will run for the Senate.

Mr Corzine is planning to compete for the New Jersey seat now occupied by Frank Lautenberg.

And if being a candidate in American elections means spending a lot of money, Mr Corzine, a Democrat, is well placed. After the flotation of the investment bank, his fortune is reckoned at $300m.