Corzine-run brokerage missing hundreds of millions of dollars
Jon Corzine, the former governor of New Jersey, is in the spotlight again as his brokerage firm, MF Global, files for bankruptcy.
MSNBC.com reports that the Corzine-run company filed fro bankruptcy on Monday after bad bets on euro zone debt. Hundreds of millions of dollars in customer funds have gone missing from the firm and the discovery has prevented the sale of a major part of MF Global to another brokerage firm.
Reportedly, Corzine has been trying to make MF Global more like Goldman Sachs by taking on more risky trades.
Originally, it was believed that $950 million was missing, but the actual amount appears to be closer to $700 million. It is important to note that MF Global and Jon Corzine have not been accused of any wrongdoing. Right now, regulators are investigating to see if customer funds were misallocated.
Read more about Jon Corzine and MF Global here.
