Posted in Main Blog (All Posts) on December 5th, 2011 5:44 am by HL
Will Jon Corzine, former U.S. senator, former New Jersey governor, former chairman of Goldman Sachs, end his high-profile career in the slam? Don’t bet the farm on it. Corzine’s most recent gig was as head of MF Global Holdings, the firm that went bust when Corzine made some $6.3 billion in unfortunate wagers that European sovereign bonds were a bargain. But MF Global apparently not only bet its own wad but threw over a billion dollars in segregated customer funds into the same transactions; hundreds of millions of money from customer accounts went missing. A lot of the money is still unaccounted for. Mixing customer money with the firm’s own proprietary bets is illegal, big time. Or is it?
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