Others Pay Price for Corzine’s Risky Revenge: William D. Cohan
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Nov. 2 (Bloomberg) -- In the end, Jon Corzine was littlemore than an unsupervised rogue trader.
His disproportionately reckless $6.3 billion bet on thecredit quality of a few European nations bankrupted MF GlobalHoldings Ltd. over the course of three dramatic days after theshort-term credit markets quickly lost confidence in him and hisfirm. His gamble will cost MF’s shareholders and creditorsbillions of dollars and, virtually overnight, put the careers ofMF’s almost 3,000 employees in jeopardy.