Defunct Financial Company (2007-2011)
MF Global Holdings Ltd
|
Company type
| Public company
|
---|
| OTC Pink
: MFGLQ
|
---|
Industry
| Financial services
|
---|
Founded
| 2007
(
2007
)
|
---|
Founder
| Man Group
|
---|
Defunct
| 2011
(
2011
)
|
---|
Fate
| Filed for
Chapter 11 bankruptcy
. The brokerage unit is undergoing
SIPC
liquidation.
|
---|
Headquarters
| ,
|
---|
Key people
| Jon Corzine
, CEO (Mar 2010-November 2011)
|
---|
Services
| Financial broker
,
Online trading
,
Futures
,
Options
,
CFDs
,
Spread Betting
|
---|
| 100,000,000
|
---|
Total assets
| $42.460 billion
(2010)
|
---|
Total equity
| $1.490 billion
(2010)
|
---|
Number of employees
| 3,271
[1]
|
---|
Website
| www.mfglobal.com
|
---|
MF Global
, formerly known as
M
an
F
inancial, was a major global financial
derivatives
broker
, or commodities brokerage firm that went bankrupt in 2011. MF Global provided
exchange-traded
derivatives, such as
futures
and
options
as well as
over-the-counter
products such as
contracts for difference
(CFDs),
foreign exchange
and
spread betting
. MF Global Inc., its broker-dealer subsidiary, was a
primary dealer
in
United States Treasury securities
. A series of perceived liquidity problems and large fines and penalties dogged MF Global starting in 2008, and led to its bankruptcy in 2011.
In 2011, MF Global faced major pressures to its liquidity over several months. Some analysts and financial commentators indicate that MF Global probably experienced a number of trading days in 2011 during which the firm's bets on sovereign debt would have required the use of customer funds to meet
capital requirements
, thereby maintaining operating funds and possibly overall solvency. A large part of these pressures on MF Global were a result of the firm's involvement in a significant number of
repurchase agreements
. Many of these repo agreements were conducted off their
balance sheet
. Also, MF Global made a $6.3 billion investment on its own behalf in bonds of some of Europe's most indebted nations. Failure of those, and other repo positions, contributed to the massive
liquidity crisis
at the firm. MF Global experienced a meltdown of its financial condition, caused by improper transfers of over $891 million from customer accounts to a MF broker-dealer account to cover losses created by trading losses.
[
citation needed
]
On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer accounts to the broker-dealer and a loan of $175 million in customer funds to MF Global's U.K. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011. MF could not repay these monies with its own funds. Improper co-mingling, or mixing, of company and
client funds
took place for days before the illicit transfer and loans, and perhaps for many other days earlier in the year. According to the
New York Times
, "MF Global dipped again and again into customer funds to meet the demands", perhaps beginning as early as August 2011.
[2]
MF Global declared bankruptcy on October 31, 2011, and the company was liquidated beginning in November 2011.
[3]
The trustee liquidating the company said that the losses incurred by customers of MF Global stood at $1.6 billion at April 2012.
[4]
[5]
In January 2013, a judge approved a settlement that would return 93 percent of customers' investments, with the prospect of additional payouts from the company's general estate.
[6]
[7]
In December 2014, MF Global Holdings settled a U.S. government lawsuit, agreeing to pay $1.2 billion in restitution and a $100 million fine for customer losses tied to the company's 2011 collapse.
[8]
History
[
edit
]
Origins
[
edit
]
MF Global traces its roots to the sugar trading business started by
James Man
in England in 1783, which evolved into broader commodities trading before its later transformation into a
financial services
business during the 1980s focused on commodity
futures trading
.
[9]
The 1900s: Growth, diversification
[
edit
]
MF Global's former parent, then known as ED&F Man, diversified from pure cash commodities into commodity futures in the late 1970s, and established the
Anderson
Man futures brokerage in 1981. It later changed its name to "ED&F Man International" and then "Man Financial". ED&F Man operated as a
partnership
through to the 1970s, when it started an international expansion which, by 1983, increased its staff 650 employees. ED&F Man listed on the
London Stock Exchange
in 1994, changing its name to "
Man Group
" in 2000.
[
citation needed
]
Its agricultural business, which retained the ED&F Man name, was sold to management the same year.
The 1980s-Early 2000s: Acquisitions, expansion and brokerage unit growth
[
edit
]
The rapid expansion of the Man Investments unit in the emerging
hedge fund
management business shrouded many investors from the development of its brokerage unit. Man Financial embarked on a series of acquisitions, which expanded its product capability and geographic reach, starting in 1989 with the purchase of the Chicago-based GNP Commodities, and including well-known industry names such as Geldermann, Tullett & Tokyo Futures, First American Discount Corp., Australia's
Ord Minnett
and GNI.
2002-2007: Acquisitions of a trading platform, client assets
[
edit
]
The 2002 purchase of GNI was the largest of these and gave Man Financial access to the then growing
Contract for difference
market and GNI's trading platform GNI touch.
However, in 2005 Man Financial made its largest deal with the transformative $323 million acquisition of client assets and accounts from entities of
Refco
, following the U.S. financial-services group's collapse in late 2005. The Refco deal followed a hotly contested auction with
Cerberus Capital
, the
private equity
group, and boosted Man Financial's scale in retail and institutional business.
[10]
2007 Spin-off and going public
[
edit
]
MF Global was the brokerage segment of
Man Group
until 2007, when the Man Group decided to split the investment and brokerage businesses so they could each focus on their own markets. Man Financial was spun off from Man Group as part of the
initial public offering
(IPO) and separation of the brokerage from the
asset management
operation. The brokerage business made the final identity change to MF Global simultaneously with that IPO, which occurred in June 2007. The then-separate investment business retained the name of Man Group.
[11]
The company was registered in
Bermuda
, but subsequently moved its registration and headquarters to the
United States
.
[
citation needed
]
2008-2009: Major fines, liquidity concerns and stock price decline
[
edit
]
On February 28, 2008, MF Global announced a
bad debt
provision
[12]
in the amount of $141.5 million. The provision was the result of unauthorized trading by a representative in a MF Global branch office, who on February 27, 2008, while
trading
in the
wheat futures market
in his personal account, substantially exceeded his authorized trading limit. MF Global held a conference call
[13]
at 11 a.m. EST on February 28 to discuss the matter. MF Global was fined $10,000,000 by the CFTC over the incident and an unrelated
natural-gas
incident from 2003.
[14]
[15]
The
CME Group
also fined MF Global $495,000 over the wheat incident.
[16]
On March 17, 2008, shares of MF Global plummeted on liquidity fears.
[17]
The CME,
[18]
ICE
,
[19]
Nymex
[20]
and CFTC
[21]
issued statements confirming MF Global was in compliance with regulatory and financial requirements.
March 2010: Jon Corzine named CEO
[
edit
]
Jon Corzine
, former CEO of
Goldman Sachs
,
Governor of New Jersey
, and
United States Senator
, began his tenure as CEO of MF Global in March 2010. Corzine spent nearly all of the 9 years prior to joining MF Holdings as either U.S. Senator or governor. From 1994 to 1999, Corzine held the role of chief executive officer for Goldman Sachs.
The looming crisis, bankruptcy and collapse
[
edit
]
October 2011: MF Global bankruptcy and customer funds shortfall
[
edit
]
On Sunday, October 30, 2011, a unit of the New York-based brokerage first reported to the
Chicago Mercantile Exchange
(CME) and the
Commodity Futures Trading Commission
(CFTC) a "material shortfall" of hundreds of millions of dollars in
segregated
customer funds. Customer accounts were frozen the same day.
On October 31, 2011, MF Global reported the shortfall in customer accounts at $891,465,650 as of close of business on Friday, October 28, 2011.
[22]
[23]
According to the trustee overseeing liquidation the shortfall may be as large as $1.6 billion.
[24]
[25]
[26]
In March 2012, Bloomberg reported on a memo produced by congressional investigators that quoted an internal company e-mail relating to a $175 million transfer which was a subject of their investigation. Initial media reports suggested impropriety on Corzine's part, but this was later disproved. According to the New York Times, the employee responsible for the transfer emailed Corzine stating the transfer was a "House Wire", meaning it came from the firm's own account. The instructions Corzine had given were to deal with several overdrafts at JPMorgan Chase, but never related to any specific accounts or specific transfers made. A spokesperson for Corzine responded that Corzine "never directed Ms. O'Brien or anyone else regarding which account should be used to cure the overdrafts, and he never directed that customer funds should be used for that purpose. Nor was he informed that customer funds had been used for that purpose." In fact, as the New York Times reported, Corzine had been given specific assurances that the transfer in question was proper, and that no customer funds had been used. Subsequent court filings also attest to this fact. On November 5, 2013, The New York Times reported that MF Global customers would likely recover 100 percent of their funds. A spokesman for Corzine said "Mr. Corzine is very pleased that all customers will receive a full recovery. This is a great outcome, which has been anticipated for many months." Customers have since received distributions making them whole.
[27]
[28]
[29]
Re-purchase agreements used extensively by brokerage
[
edit
]
The brokerage used a large number of complex and controversial
repurchase agreements
or "repos" for funding and for leveraging profit, many off their balance sheet.
[30]
[31]
Some of these complex repos have been described as a wrong-way $6.3 billion bet MF Global made on its own behalf on bonds of some of Europe's most indebted nations. Failure of the repo positions helped cause the liquidity crisis at the firm.
[32]
[33]
The sudden disappearance of so much liquidity may indicate a scandal and crisis related to the widespread practice among US and UK brokers of
rehypothecation
of customer collateral.
[34]
Bankruptcy protection sought
[
edit
]
On October 25, 2011, MF Global reported a $191.6 million quarterly loss as a result of trading on European government bonds. In response
Moody's
and
Fitch
cut the company's credit rankings to
junk
. Corzine was working to find a buyer, according to several reports.
[35]
The firm's board met through the weekend of October 29 and October 30 in New York to consider options including a sale to avert failure, according to a person with direct knowledge of the situation.
[
citation needed
]
It was stopped from doing new business with the New York Fed until it showed it was able to fulfill its responsibilities as a
primary dealer
, according to a statement on the regulator's website.
Trading in MF Global's stock was halted.
On Monday October 31, 2011, MF Global filed for
Chapter 11 bankruptcy
. This became the eighth largest bankruptcy protection filing in the history of the United States to that time. The
Wall Street Journal
reported that MF Global would seek Chapter 11 bankruptcy protection after investing more than $6.3 billion in sovereign bonds issued by European countries.
[36]
[37]
According to the Commodity Futures Trading Commission data, on August 31, 2011, MF Global had $7.3 billion in customer assets.
[38]
[39]
The MF Global bankruptcy was the largest Wall Street firm to collapse since the
Lehman Brothers
incident in September 2008.
[40]
Bankruptcy filing, the fallout and possible causes
[
edit
]
At 10:21 AM Eastern Time in Manhattan on October 31, 2011, the
New York Times
reported that "in papers filed in
U.S. Bankruptcy Court
in
Manhattan
, MF Global listed assets of $100 million to $500 million and liabilities of more than $1 billion."
[41]
By late afternoon (4:21 PM Eastern), Bloomberg News filed a story reporting that "the firm listed debt of $39.7 billion and assets of $41 billion in Chapter 11 papers filed yesterday in U.S. Bankruptcy Court in Manhattan" after making bets on European sovereign debt.
[41]
MF Global filed for bankruptcy protection because of heavy purchases of sovereign debt from some mired in the European Debt Crisis (including
Ireland
,
Italy
,
Portugal
, and
Spain
). The problems of the week preceding the
Chapter 11
filing scared off investors en masse.
[
citation needed
]
These massive purchases of debt were highly leveraged by MF Global, using client monies in client accounts under the control of the firm. Upon the filing, credit ratings agencies immediately cut the ratings of MF Global to junk status.
[
citation needed
]
Some commentators have suggested the failure of MF Global highlights the difficulty in regulating complex global financial firms, the dangers of off-balance-sheet accounting as well as touching on the
European sovereign debt crisis
.
[42]
[43]
Most observers of all political stripes considered MF global to be over-leveraged and under-capitalized. Many took its collapse as a reminder that whatever the root causes of the
financial crisis of 2007?2008
, some of the primary problems remain because of the lack of needed regulatory changes.
[44]
Creditors' claims in the billions
[
edit
]
The largest creditor listed in the filing was JPMorgan Chase, with a claim of $1.2 billion. As administrative agent, JPMorgan structured a revolving credit facility. JPMorgan syndicated all but $80 million to other investors. Therefore, its own true exposure was $80 million. The second largest creditor was Deutsche Bank (on behalf of bondholders), with a claim of $325 million.
[41]
Board of directors; criticism of Corzine, board
[
edit
]
At the time of its bankruptcy filing, MF's board of directors included:
[45]
- Jon S. Corzine
, chairman and chief executive officer
- David P. Bolger
, independent member, formerly with
Chicago 2016
and
Aon Corporation
- Eileen S. Fusco
, attorney and CPA, formerly with
Deloitte & Touche
- David Gelber
, independent member, formerly with
ICAP PLC
,
Citibank NA
,
Chemical Bank
and
HSBC
- Martin J.G. Glynn
, independent member, former
CEO
of
HSBC
- Edward L. Goldberg
, founder of
Longview Investments
, formerly with
Merrill Lynch
- David I. Schamis
,
managing director
at
J.C. Flowers & Co.
, and
- Robert S. Sloan
, founder and
managing partner
of S3 Partners New York, formerly with
Credit Suisse
and
Lehman Brothers
In the immediate wake of the bankruptcy, Corzine
[46]
[47]
and the board
[48]
were criticized in the financial press for their apparent non-awareness of the company's condition in the immediate lead-up to the event and their apparent inabilities to manage the risk the company had assumed.
Naming of bankruptcy trustees, controversy
[
edit
]
Former
Federal Bureau of Investigation
director and federal judge
Louis J. Freeh
was named trustee for the MF Global holding company (MF Global Holdings Ltd.) bankruptcy case on November 25, 2011.
[49]
This appointment was made just four days after Freeh was named to head the investigation for Penn State University trustees of the
Penn State sex abuse scandal
.
[50]
For the MF Global bankruptcy case, Freeh was appointed by U.S. Trustee Tracy Hope Davis, working under the authority of U.S. Bankruptcy Court judge Martin Glenn.
[51]
Louis Freeh came under criticism following his appointment as MF Global Holdings bankruptcy trustee from politicians, commentators and former federal officials for trying to capitalize on cases such as MF Global and the Penn State sex abuse scandal, despite a federal career of his own that was fraught with controversy. Other experts and observers, however, found Freeh to be eminently qualified, and an excellent choice for trustee. These individuals expressed confidence that Freeh and his team could sort through the financial mess at MF Global, find the best possible legal resolutions to suggest and retrieve as much money for clients as possible.
[52]
Separately, James Giddens was named the trustee of the primary MF Global Holdings subsidiary, MF Global Inc., the broker-dealer.
[53]
[54]
Auditor subpoenaed for clients' assets information
[
edit
]
U.S. regulators subpoenaed MF Global's auditor,
PricewaterhouseCoopers
LLP, for information on the segregation of assets belonging to clients trading on U.S.
commodity exchanges
.
[55]
Employees fired without severance pay
[
edit
]
The bankruptcy trustees office charged with liquidating MF Global fired 1,066 employees of the broker-dealer subsidiary on November 11, 2011. The terminated employees did not receive any bonuses, deferred compensation or severance pay. The trustee's office confirmed that about 200 employees were hired back to assist in the liquidation process, including processing bankruptcy claims and wrapping up necessary business activities.
[56]
SEC reviewed debt sales for insider trading fraud
[
edit
]
In addition to other investigatory work,
U.S. Securities and Exchange Commission
also reviewed trades in MF Global Holdings Ltd. (MF)
convertible bonds
to determine whether some investors sold the debt based on confidential information before the firm's demise.
[57]
Bankruptcy trustee, regulators investigate missing client funds
[
edit
]
Clearly, client (or customer) accounts were misused to try to cover the bet made on European sovereign debt. Beginning in November 2011, MF Global was investigated by regulators for money missing from client accounts. The shortfall in client accounts at MF Global Holdings Ltd was thought to be around $1.2 billion as of late November 2011, according to the trustee liquidating the company.
[4]
As the trustees and liquidators continued their work in early 2012, they indicated that the total amount owed to clients was substantially higher.
Rolling Stone
reported in April 2012 that the number stands at $1.6 billion, and that "nobody disputes the fact that MF Global officials dipped into customer accounts and took...customer money."
[5]
US and UK investors continued waiting to see if and when they would be repaid for the misuse of their client account monies.
However, because rehypothecation is not allowed in Canada, the Canadian customers of MF Global were able to recover all their funds within 10 days.
[58]
Settlements
[
edit
]
With, among other sources of cash, Corzine and other former MF Global executives in 2016 reaching a $132 million settlement with a trustee liquidating the company on behalf of creditors and, in 2015, executives having reached a $64.5 million settlement of separate investor litigation, portions of which were covered by insurance, all customers (as of 2014) and other claims on MF were settled.
[59]
[60]
Corzine's possible role in the firm's collapse
[
edit
]
Some prominent financial industry executives, journalists, regulators, politicians - and some MF Global clients - lay the blame for the demise squarely, and primarily, at Corzine's feet. On the day of MF Global's bankruptcy, a Bloomberg reporter wrote "Jon Corzine's risk appetite helped destroy his firm. It also provided an object lesson for Paul Volcker's campaign against
proprietary trading
on Wall Street."
[61]
Many sources indicate Corzine was heavily involved with the
sovereign debt
trades that led to the company's demise, indicating the firm took on the positions at his urging as CEO and chairman.
[62]
[63]
Structured-finance commentator
Janet Tavakoli
has alleged that Corzine's MF Global likely had a number of days in 2011 in which the company's bets on sovereign debt would have required the use of customer funds to meet capital requirements, thereby maintaining operating funds and possibly overall solvency.
[64]
The New York Times
reported as of December 2011 "investigators are now examining whether MF Global was getting away with such illicit transfers as early as August ... a revelation that would point to wrongdoing even before the firm was struggling to survive."
[65]
The Times also reported that, as MF Global struggled to pay back creditors before parts of the firm could be sold before declaring bankruptcy, "MF Global dipped again and again into customer funds to meet the demands."
[65]
Bloomberg News reported that such transfers occurred, on at least one occasion, "Per JC's [Jon Corzine's] direct instruction", according to an internal memo seen by Congressional investigators and Bloomberg.
[66]
According to Bloomberg, representatives with JP Morgan, who provided
credit
for MF Global's operations, were also concerned about the source of funds used to maintain or pay back credit lines. Bloomberg reported that "Barry Zubrow, JPMorgan's chief risk officer, called Corzine to seek assurances that the funds belonged to MF Global and not customers. JPMorgan drafted a letter to be signed by [Edith] O'Brien to ensure that MF Global was complying with rules requiring customers' collateral to be segregated. The letter was not returned to JPMorgan."
[66]
Corzine resigned from the firm in early November 2011.
Corzine's testimony before Congress
[
edit
]
Corzine himself told Congressional investigators during his testimony in December 2011 that "I never intended anyone at MF Global to misuse customer funds and I don't believe that anything I said could reasonably have been interpreted as an instruction to misuse customer funds."
[67]
A Bloomberg story reported that "Lawyers said it was no surprise that he repeatedly focused on intent in his testimony," because proving intent is part of the burden of prosecutors in criminal fraud cases.
[67]
The case has attracted scrutiny from a number of criminal enforcement and regulatory bodies, including the
Commodity Futures Trading Commission
(CFTC), the
Securities and Exchange Commission
, the
Federal Bureau of Investigation
, Congressional investigators, and possibly the Department of Justice (DOJ).
[68]
In his Congressional testimony, Corzine indicated that Edith O'Brien may have been at least partially responsible for the loss of customer money. His lawyers have also pointed to O'Brien. Friends of O'Brien said she was "being set up as a 'patsy'."
[69]
On March 28, 2012, O'Brien invoked her
Fifth-Amendment
right against self-incrimination at a Congressional hearing and declined to testify about the missing funds, or any other matter related to MF Global's bankruptcy.
[70]
Fine and lifetime ban
[
edit
]
In early January 2017, Corzine accepted a settlement with the CFTC including a $5 million fine to be paid "out of his own pocket rather than from insurance [and] a lifetime ban from CFTC markets". DOJ had, earlier, declined CFTC's request that it prosecute Corzine.
[59]
[71]
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[
edit
]
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.
- ^
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.
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a
b
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a
b
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.
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.
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.
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.
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Global Files for Bankruptcy"|date=October 31, 2011.
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,
"6 things no one will tell you about MF Global"
,
MarketWatch
, November 1, 2011. Retrieved 2011-11-01.
- ^
"Louis Freeh, Former FBI Director, Appointed Trustee In MF Global Bankruptcy Case"
, Reuters via Huffington Post, November 26, 2011. Retrieved 2012-07-01.
- ^
"Former FBI director Freeh to conduct independent investigation"
, Penn State Live, November 21, 2011. Retrieved 2012-07-01.
- ^
"Ex-FBI Chief Named Trustee In MF Global Bankruptcy"
Archived
2011-11-29 at the
Wayback Machine
, AP via NPR, November 25, 2011. Retrieved 2011-11-26.
- ^
"Former FBI Chief Freeh Trades on Fame at MF Global, Penn State"
, BloombergBusinessWeek News, December 28, 2011. Retrieved 2012-07-01.
- ^
"MF Global trustee to report on payback efforts"
, Reuters via
Chicago Tribune
, June 1, 2012. Retrieved 2012-06-04.
- ^
Sandler, Linda,
"MF Global trustee may bring Corzine negligence claims"
,
Washington Post
, June 4, 2012. Retrieved 2012-06-04.
- ^
"MF Global Auditor PricewaterhouseCoopers Subpoenaed For Client Fund Data"
, Bloomberg News, November 23, 2011. Retrieved 2012-07-01.
- ^
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, DowJones via Fins.com, November 11, 2011. Retrieved 2012-07-01.
- ^
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"SEC Said to Conduct Review of Possible Inside Trades of MF Global’s Bonds"
,
Bloomberg
, Nov 3, 2011 7:22 pm ET.
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.
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. 12 December 2011
. Retrieved
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2015
.
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a
b
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"Corzine in $5 million settlement with US CFTC over MF Global collapse"
,
Reuters
, January 5, 2017. Retrieved 2017-01-12.
- ^
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,
sipc.org
, February 9, 2016. Retrieved 2017-01-12.
- ^
Harper, Christine (October 31, 2011).
"MF Global's Collapse Exposes Prop-Trading Risk That Volcker Wants To Curb"
.
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.
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Archived
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.
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. April 20, 2012.
- ^
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.
Huffington Post
. April 3, 2012.
- ^
a
b
Ahmed, Azam; Protess, Ben; Craig, Susanne (April 3, 2012).
"A Romance With Risk That Brought On a Panic"
.
New York Times
.
- ^
a
b
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"MF's Corzine Ordered Funds Moved to JP Morgan, Memo Says"
.
Bloomberg
.
- ^
a
b
Brush, Silla (December 8, 2011).
"Corzine's 'Intent' at Hearing Was to Head Off Possible Claims, Lawyers Say"
.
Bloomberg
.
- ^
Barrett, Devlin; Patterson, Scott; Spector, Mike (November 8, 2011).
"MF Global's Collapse Draws FBI Interest"
.
Wall Street Journal
.
- ^
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"
.
Business Insider
. March 26, 2012. Archived from
the original
on June 25, 2012
. Retrieved
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.
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"MF Global's O'Brien takes Fifth at hearing"
.
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. March 28, 2012. Archived from
the original
on July 16, 2012
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.
- ^
Kurson, Ken,
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,
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, January 6, 2017. Retrieved 2017-01-12.
Further reading
[
edit
]
- United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations.
The Collapse of MF Global: Hearing before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, First Session, Pt.1-3.
Washington, D.C.: U.S. G.P.O., 2012.
- United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs.
The Collapse of MF Global: Lessons Learned and Policy Implications: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, Second Session.
Washington, D.C.: U.S. G.P.O., 2013.
- Orol, Ronald D.,
"Corzine caused MF Global failure, House panel says"
,
MarketWatch
, November 14, 2012.
- Weidner, David,
"Corzine blundered at MF Global, but how? Commentary: House report focuses on strategy, not customer funds"
,
MarketWatch
, November 14, 2012.
- Orol, R. D.,
"CFTC floats post-PFG, MF Global protections"
,
MarketWatch
, October 23, 2012.
External links
[
edit
]