Uploaded by FinancialNewsOnline on Dec 12, 2011
According to a NY Times investigation, the former CEO of MF Global, Jon Corzine personally pushed through a $6.3B bet on European debt. From the investigation, it appears that former Governor Corzine has a gambling problem and "played a much larger, hands-on role in the firm's high-stakes risk-taking than has previously been known."
Corzine was even known to trade using his blackberry and often left meetings to check the markets. Unusual for CEO's Corzine was part of a group that traded the firms money.
Corzine stated at last week's Senate hearing that, "As of today, none of the foreign debt securities that MF Global used has defaulted or been restructured. There actually were no losses."
While technically true the Times also noted that about $1B is still missing for many of MF Global's clients.
Corzine was even known to trade using his blackberry and often left meetings to check the markets. Unusual for CEO's Corzine was part of a group that traded the firms money.
Corzine stated at last week's Senate hearing that, "As of today, none of the foreign debt securities that MF Global used has defaulted or been restructured. There actually were no losses."
While technically true the Times also noted that about $1B is still missing for many of MF Global's clients.
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