Federal regulators say hundreds of millions of dollars of customer money is missing from MF Global, the brokerage firm which filed for bankruptcy on Monday. It is unclear where the estimated $700 million has gone, and no one has yet been accused of wrongdoing. Headed by former New Jersey governor Jon Corzine, MF Global made risky bets on the European debt crisis. The Dow dropped 276 points in reaction to the news of the implosion, reminiscent of the Lehman Brothers collapse in 2008.
Joe Nocera, op-ed columnist for The New York Times, explains how Corzine drove MF Global to bankruptcy, and compares the collapse to what happened at Lehman. Rachel Donadio, Rome bureau chief for The New York Times, reports on the latest from the European debt crisis — news that Greece will hold a referendum on its new aid package, possibly putting austerity measures to a popular vote.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
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Comments [3]
Why hasn't Corzine been arrested yet? And like the leverage he used to destroy investors, I give you 40 to 1odds, it was a considerable amount more! Do they thing this number is just easier on our ears?
Your article this morning made it sound like MF Global was the victim of bad European debt. MF Global is the victim of their own greed, pure and simple. Their investment (speculation) practices are straight out of the real-estate debt boom from a few years ago.
MF Global needs to fail, and the leadership held accountable for any misdeeds.
My experience with teenagers is that they would not want to do it in their parents house
even if their parents approved.
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