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Corzine Blamed For MF Global Failure

Republicans on a House panel that investigated the collapse of the brokerage MF Global are pinning the blame on ex-CEO Jon Corzine, a former Democratic senator and governor.

Former MF Global CEO Jon Corzine Testifies To House Hearing On Company's Bankruptcy
Former MF Global CEO Jon Corzine testifies To House Hearing On company’s bankruptcy (Alex Wong, Getty Images)

The Republicans say the investigation shows that Corzine’s decisions caused MF Global’s bankruptcy in October 2011 and its loss of more than $1 billion in customer money.

They say Corzine turned the brokerage firm into an investment bank making risky trades. They also say Corzine ran the firm in an authoritarian manner and didn’t allow anyone to challenge his decisions.

The firm failed after betting $6.3 billion on European debt that soured.

The subcommittee’s report of its investigation is being released Thursday.

 

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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