Corzine Resigns From MF Global

    NEW YORK, NY - DECEMBER 09:  Former New Jersey Governor Jon Corzine attends the Child Mind Institute Inaugural Benefit at Cipriani 42nd Street on December 9, 2010 in New York City.  (Photo by Slaven Vlasic/Getty Images) *** Local Caption *** Jon Corzine

    Slaven Vlasic / Getty Images

    Jon Corzine, the former governor of New Jersey, has resigned from MF Global, the brokerage firm he led to ruin. As CEO, Corzine successfully persuaded regulators to allow the risky trades that did the company in. According to The New York Times, Corzine personally pressed regulators to scrap plans restricting a transaction that essentially allowed firms like MF Global to borrow money from their own customers. Corzine lobbied the five commissioners of the Commodity Futures Trading Commission directly. Now regulators are looking over MF Global’s books for $630 million in lost customer funds, and examining whether the transactions Corzine championed could explain the missing money.

    Read it at The New York Times