Jon Corzine, the CEO of bankrupt broker-dealer MF Global, saw his reputation tossed from the frying pan right into the regulatory fire yesterday when investigators discovered as much as $700 million in customer funds missing from the firm.
Officials from two US regulators, the Commodities Futures Trading Commission and the Securities and Exchange Commission, were looking into whether the loot was diverted to support some of the firm’s own trades.
As if the allegedly missing funds, which happened on Corzine’s watch, are not bad enough, it was learned late yesterday that the $700 million was responsible for capsizing a potential deal between MF Global and rival Interactive Brokers Group that could have saved the firm and the jobs of the company’s 2,870 employees worldwide.
Tuesday, November 01, 2011
Stuff liberals run - MF Global
So Jon Corzine ran a for profit company much like he did the state of New Jersey.... into the ground......