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CEO blamed for MF Global
BLAME for the collapse of derivatives broker MF Global lies with former chief executive Jon Corzine, according to a US congress investigation released today.
It concludes poor management decisions were to blame for the October 2011 failure of the firm, which left $1.6bn (£1bn) of customer funds missing. MF Global collapsed after disclosing it had made large bets on European sovereign debt.
The report says Corzine, a former co-chair of Goldman Sachs and sometime US senator, was guilty of a “dereliction of his duty”.