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Chris Wysocki
Caldwell, NJ
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Thursday, 04 April 2013
Not that you needed reminding, but yes, Jon Corzine's ineptitude destroyed MF Global
The official report is in. MF Global bankruptcy trustee Louis Freeh lays all the blame for the firm's collapse at the feet of former NJ governor Jon Corzine.
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.
"Corzine and his management team failed to strengthen the company's weak control environment, making it almost impossible to properly monitor the liquidity drains on the company caused by Corzine's proprietary trading strategy," lawyers for Freeh wrote. The 124-page report details how Corzine initiated an "aggressive trading strategy" at the futures brokerage, investing heavily in European sovereign debt, according to the filing today in U.S. Bankruptcy Court in Manhattan.
"Based on the Trustee's investigation, the actions and failures of key members of MF Global's management, in particular the former Chairman and CEO Corzine, the former COO Abelow, and the former CFO Steenkamp contributed to the losses suffered by Holdings Ltd. and FinCo," lawyers for Freeh wrote.
Joe Biden once called Corzine "the smartest guy I know" and the Obama Administration's "go-to guy" for financial advice.
Explains a lot, doesn't it?
Posted at 12:20 by Chris Wysocki
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