Former MF Global Holdings Ltd. Chairman and Chief Executive Officer Jon S. Corzine’s risky business strategies and mismanagement helped accelerate the futures brokerage’s demise, according to a report by bankruptcy trustee Louis Freeh.
Former MF Global CEO Jon Corzine faces an uphill battle if he ever wants to trade in the futures market again. At its quarterly meeting of board directors, the National Futures Association (NFA) discussed imposing on him a lifetime ban on Corzine on trading in the futures markets.
In a year dominated by crises — both natural and political — squeezing our annual list of largest influencers down to 20 was difficult. One thing this year highlighted was that money and power trump all as we learned that — at least in the banking world — there are some that are too-big-to-prosecute.
Democrat members of the House Financial Services Committee urged further regulatory action against MF Global in a report yesterday, saying the firm “blatantly misled” regulators about its sovereign debt holdings.
It’s possible that for many readers, Futures has spent too much time focusing on what happened with MF Global and PFG and how their deceitful use of customer segregated funds has stained the futures industry.
According to a report by the House Financial Service’s Subcommittee on Oversight and Investigations, the onus for MF Global’s bankruptcy and missing customer funds rests squarely on Jon Corzine, the firm’s former CEO.