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.
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