A bet gone miserably wrong
As if the filing for bankruptcy of struggling brokerage MF Global Holdings on Monday wasn't enough, Tuesday came the news that the US regulators were investigating whether hundreds of millions of dollars was missing from client accounts
New York: As if the filing for bankruptcy of struggling brokerage MF Global Holdings on Monday wasn't enough, Tuesday came the news that the US regulators were investigating whether hundreds of millions of dollars was missing from client accounts at the firm, which is run by former New Jersey Governor and ex-Goldman Sachs Group Inc. Co-Chairman Jon Corzine.
Corzine, 64, now faces a regulatory probe as well as a bankruptcy.
He wagered $6.3 billion of the firm's own money on sovereign European debt in a bid to increase profits.
Instead, the firm reported a $191.6 million quarterly loss on October 25 as Eur-ope's debt crisis led to demands from regulators to boost capital, as well as credit downgrades and margin calls.
