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Dec 10, 2011 · The former Democratic senator and governor from New Jersey, once a rising star in his party, endured a bipartisan grilling by members of the House Agriculture Committee on Thursday over the...
- The Players and Events
- The Big Problem
- The Outcome
- Ethical Analysis
Former Goldman Sachs CEO and New Jersey Governor Jon Corzine is hired as CEO of MF Global in March 2010. When Corzine takes over, MF Global is a less-than-profitable commodities and futurestrading firm with customers largely comprising Mid-Western farmers and ranchers. At the time, MF Global’s commissions from trades are not enough to cover expense...
The MF Global story is another scandal in the history of Wall Street. It is a familiar tale of personal hubris driving a company to seek large, short-term gains by betting big on long odds. When the bet fails the company collapses. A major ethical failure of MF Global is in its inability to account for customer money. Billions of dollars of custome...
MF Global is currently under investigation by the Commodities and Futures Trading Commission, Securities and Exchange Commission, FBI, and Justice Departments in Chicago and New York. If customer money is not segregated, there can be criminal charges. Jon Corzine denies knowing anything, especially the whereabouts of these funds. A bankruptcy trust...
The MF Global case presents three instances of ethical failures: 1. Failure in Duty as a Fiduciary Customer funds are supposed to be segregated and invested, and firm money is to be used for the firm (payroll, debt payment, etc.). Instead, MF Global appears to commingle customer money into firm accounts to pay off the firm’s debts. This act represe...
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Who is Jon Corzine?
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Did Jon Corzine settle with CFTC over MF Global Collapse?
Will Jon Corzine shutter MF Global Holdings?
On January 5, 2017, Corzine and the CFTC agreed to a settlement order requiring Corzine to pay a $5 million penalty for his role in MF Global's collapse. Corzine also agreed to be permanently barred from working for a futures commission merchant or registering with the CFTC in any capacity.
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Jun 27, 2013 · The CFTC has officially charged Jon Corzine with "unlawful misuse of nearly $1 billion of customer funds and related violations." MF Global employee Edith O'Brien is also being charged.
- Linette Lopez
NEW YORK (AP) — The trial between bankrupt brokerage MF Global, run by former New Jersey Governor Jon Corzine, and its former accounting firm, PwC, came to an unceremonious end on Thursday, with both parties saying they have reached a settlement.
Jun 28, 2013 · The Commodity Futures Trading Commission filed civil charges against Jon Corzine on Thursday, alleging that the former head of MF Global contributed to the “unlawful use” of more than $1...
Jon Corzine will shutter the hedge fund he started after the collapse of MF Global Holdings, marking the end of his bid to rebound from one of the largest bankruptcies in US history.
