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.
Join us on our
Share this page with your friends
on your favorite social network: