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Read it at The Wall Street Journal
Former MF Global CEO Jon Corzine ignored repeated warnings about the company’s exposure, according to The Wall Street Journal. Last year, the company’s chief risk officer, Michael Roseman, repeatedly expressed his concerns about Corzine’s investment in European bonds to the board of the directors; the board, however, continued to OK Corzine’s trades, with the company’s exposure to European debt swelling from $1.5 billion in late 2010 to $6.3 billion just before the company’s October 31 bankruptcy. Roseman also apparently warned Corzine directly in several meetings, both one-on-one and in front of other people. He resigned from the company in March.