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IPFS News Link • Economy - Economics USA

The Collapse Of MF Global Basically Started On Corzine's Day 1


With widening eyes, Corzine suspended his meet-and-greet tour to talk to the broker and dissect trades for an hour.

This anecdote is yet another in a string of details that paint Corzine as more focused on the minutiae of individual trading tactics than on his broader responsibilities as Chief Executive. It is not uncommon for financial executives to review trading strategies and potential market opportunities with other senior executives, but Corzine's behavior while visiting the Chicago office was far from the norm. And such behavior continued:

Mr. Corzine compulsively traded for the firm on his BlackBerry during meetings, sometimes dashing out to check on the markets. And unusually for a chief executive, he became a core member of the group that traded using the firm’s money. His profits and losses appeared on a separate line in documents with his initials: JSC.