The fallout from JPMorgan Chase’s incredible $2 billion trading loss is officially underway. Three high-ranking officials with direct connections to the bank’s high-cost trade blunder are reportedly resigning this week, including chief investment officer Ina Drew, who was one of the most powerful women on Wall Street. The doomed trading was intended to protect the bank […]
Jon Corzine, the former head of investment firm MF Global, told lawmakers he did not intend to break any rules and that he has no idea where $1.2 billion in missing money is during testimony before Congress on Thursday. The New Jersey Democrat became the first former U.S. Senator to be subpoenaed by Congress in […]
Former MF Global CEO Jon Corzine will testify before the House Committee on Agriculture on Thursday to discuss his leadership of the bankrupt brokerage firm. The former Democratic governor and senator released testimony in advance of the hearing, saying he does not know where $1.2 billion in missing client money went. Michael de la Merced of […]
Former New Jersey governor and Goldman Sachs executive Jon Corzine resigned as chairman and CEO of MF Global, the brokerage firm that filed for bankruptcy on Monday. Corzine has chosen to forfeit his $12 million severance package. Under Corzine’s leadership, MF Global lost two-thirds of its market value. A federal investigation is now under way after […]
Federal regulators say hundreds of millions of dollars of customer money is missing from MF Global, the brokerage firm which filed for bankruptcy on Monday. It is unclear where the estimated $700 million has gone, and no one has yet been accused of wrongdoing. Headed by former New Jersey governor Jon Corzine, MF Global made risky bets on […]
MF Global filed for Chapter 11 bankruptcy protection Monday morning, making the security firm possibly the U.S. casualty of the European debt crisis. Earlier in the morning, the firm, headed by former New Jersey governor and Goldman Sachs executive John Corzine, was suspended from conducting new business with the New York Federal Reserve. Under Corzine’s […]