Top 10 rogue traders

Would a rogue by any other name...

Jon CorzineBonus #2
Rogue CEO
Jon Corzine

MF Global

While it may be a stretch to place Corzine on this list because as Chairman and CEO of MF Global, it is hard to call him a “rogue,“ the impact of his poor choices are widespread. It not only led to the eighth largest bankruptcy, but is threatening an industry because it violated segregation rules that kept futures customers safe through the largest bankruptcy of all time, Lehman Brothers.

Perhaps worse, he maintained and grew a position in foreign sovereign debt (topping out at $6.3 billion) despite reservations from his board and a chief risk officer, who would be replaced. He argued with regulators when they required additional capital to back these positions and lobbied against changes in rules for investing customer funds that may have helped facilitate his trades. He went before Congress, a body he once serve in, and claimed ignorance as to what happened to missing customer money.

Through these actions, he managed to destroy an institution with roots dating back to 1783. Only Leeson, who brought down Barings, which dates back to 1762, can challenge him on this.

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