15. Michael Roseman
Former Chief Risk Officer at MF Global
They say hindsight is always 20/20, but predicting crises before they occur can be a bit more difficult. That’s what landed Michael Roseman on our list: The former chief risk officer reportedly voiced concerns about the brokerage’s exposure to European sovereign debt a year before its collapse in October 2011. According to Roseman, he raised the issue with MF Global’s board in the fall of 2010, when the firm increased its positions on European bonds to $2 billion and, subsequently, $4 billion.
At the time, the board reportedly sided with CEO Jon Corzine, who did not believe that European nations including Ireland and Spain would default. Several months later, MF Global replaced Roseman with new chief risk officer Michael Stockman. Roseman later told a House Financial Services subcommittee that “[his] views on risk certainly played a factor in that decision.”