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Politics : Formerly About Advanced Micro Devices
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To: Brumar89 who wrote (707323)4/4/2013 2:20:03 PM
From: FJB1 Recommendation  Read Replies (1) of 1583907
 
MF Global Trustee Speaks: It Was All Corzine's Fault


Submitted by Tyler Durden on 04/04/2013 - 14:03



In the somewhat unsurprising conclusion of former FBI Director Louis Freeh's investigation into the MFGlobal collapse, Jon Corzine's aggressive bets on European sovereign debt led to the firm's dramatic collapse. The 124 page report (below) is extensive; noting, as Reuters reports, that Corzine's single-handed "negligent conduct" contributed to the company's failure. It was also "almost impossible to properly monitor the liquidity drains... caused by Corzine's proprietary trading strategy," the report said, adding that the "glaring deficiencies" in the firm's internal reporting were, "long-known to Corzine and management, yet they failed to implement sufficient corrective measures promptly." The investigation, based on interviews with former MF Global employees, board members and the review of hundreds of thousands of documents, concludes, "The risky business strategy engineered and executed by Corzine and other officers and their failure to improve the company's inadequate systems and procedures so that the company could accommodate that business strategy contributed to the company's collapse." Obviously, Corzine has denied any wrongdoing.
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