Congressional Report Blames Corzine for MF Global’s Collapse


BEN PROTESS
nytimes.com
November 14, 2012

Jon S. Corzine, MF Global’s former chief executive, at a House panel in 2011.Jonathan Ernst/ReutersJon S. Corzine, MF Global’s former chief executive, at a House panel in 2011.

Congressional investigators took aim on Wednesday at a former colleague, Jon S. Corzine, blaming the onetime senator’s risk-taking at MF Global for accelerating the brokerage firm’s demise.

In excerpts from a broader MF Global report to be released on Thursday, Republican members of a Congressional panel outlined a withering critique of Mr. Corzine’s 19-month tenure at the firm. Mr. Corzine, a former Democratic senator and governor from New Jersey, resigned as MF Global’s chief executive last fall after the firm raided customer accounts during a futile fight for its life.

While the Republican report avoided pinning blame on Mr. Corzine for the missing customer money, sidestepping whether a crime was committed, it argued that his fixation with risk positioned him as a central player in the firm’s collapse.

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