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Jan 17, 2023 · The story of MF Global, the recently failed commodity futures broker, is a telling example of a collapse with unfortunate ongoing consequences. For Jon Corzine, erstwhile Goldman Sachs...
- 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...
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...
- Jason M. Breslow
Corzine was appointed CEO and Chairman of MF Global, a multinational futures broker and bond dealer, in March 2010. MF Global's stock price declined two-thirds in the final week of October 2011 and its credit rating was reduced making its debt high-yield debt following huge quarterly losses.
- 1969–1975
Sep 24, 2023 · September 24, 2023 at 6:13 AM PDT. Listen. 1:48. 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...
- Miles Weiss
- 1 min
Jon Corzine, former CEO of Goldman Sachs, Governor of New Jersey, and United States Senator, began his tenure as CEO of MF Global in March 2010. Corzine spent nearly all of the 9 years prior to joining MF Holdings as either U.S. Senator or governor. From 1994 to 1999, Corzine held the role of chief executive officer for Goldman Sachs.
Jun 27, 2013 · WASHINGTON (AP) — Jon Corzine once saw a boutique brokerage called MF Global as his best hope to rescale the heights of Wall Street he’d once occupied as head of Goldman Sachs. Now, MF Global is bankrupt. And Corzine faces a lifetime ban from the futures industry.
