Corzine Blamed for MF Global's Demise in PWC's Trial Defense
- Accounting firm defending $3 billion claim it aided meltdown
- Defunct brokerage says PwC provided faulty accounting
Jon Corzine testifies during a Senate Agriculture Committee hearing in Washington, D.C., on Dec. 13, 2011.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
PricewaterhouseCoopers LLP is putting the blame on MF Global Holdings Ltd.’s former chairman Jon Corzine for the New York brokerage’s collapse in 2011.
"Its bankruptcy was caused by its risky trading, its unprofitable business and
other problems" James Cusick, a lawyer for PwC, told jurors in Manhattan Tuesday at the start of a $3 billion trial over who’s to blame for MF Global’s failure. "Mr. Corzine was the mastermind and the driver of that strategy."