The MF Global autopsy, a 174-page document, has been filed. Jon Corzine was given much of the blame for the destruction of the company in only two short years.
Jon Corzine’s name was mentioned 284 times in he autopsy, an average of more than once a page. The conclusion – Corzine and his management team engaged in “negligent conduct.”
Corzine won’t be held legally liable because he’s an Obama friend but he might have to pay up to settle private suits.
Corzine placed highly risky bets on European sovereign bonds when no one was investing in them. To save the firm, the management of the company, which had no self-monitoring system, stole about $1.6 billion in customer funds that were merely being held – much as a security box holds valuables. The money was lost and no one has been charged.
The story is available in Friday’s Wall Street Journal, front page.
When Jon Corzine was running for Governor against Christie, Obama and Biden campaigned for him. President Obama took part in the one voice campaign – the one voice being Obama and Corzine speaking as one.
Joe Biden said that he and Barack Obama call Jon Corzine for economic advice. Not surprising we are in economic trouble.