Jon Corzine resigns as Chairman and CEO of MF Global after Bankruptcy Papers Filed

This is no shock as MF Global is under investigation for hundreds of millions of dollars of customer money which is still missing.  Last count it was over $700M.  When you have a CEO who doesn't mind if you lose money if the brokers follow the right path, then your chances are extremely high of failure.

Here is what brought them down:

MF Global has been capsized due to a proprietary trading position the firm has in European sovereign debt. Jon Corzine, who is the former governor of New Jersey and a former CEO of Goldman Sachs, is MF Global's CEO. He has said that he is responsible for the outsized positions that his firm has in European sovereign debt. MF Global's exposure is around $6.3 billion, which represents five times its tangible common equity and is around 26 times its market value of $235 million

My recommendation to any company that is looking for a CEO avoid anyone who was ever involved in Goldman Sachs and that includes the Government when looking for someone to head Treasury or the Federal  Reserve Chair.

Corzine tanked MF Global like he tanked New Jersey.

Jon Corzine quits bankrupt firm
By MJ LEE | 11/4/11 8:19 AM EDT Updated: 11/4/11 1:06 PM EDT 

Jon Corzine is resigning as chairman and CEO of MF Global, just days after the firm filed for bankruptcy protection on Monday. 

The former New Jersey governor and senator has declined a severance package valued at $12.1 million, The Associated Press reports.

It was reported earlier this week that MF Global was being investigated by federal regulators after hundreds of millions of dollars in customer money was said to be missing. According to a federal official, an executive at MF Global had admitted that the company had used clients’ cash as the firm was struggling with bad debt on European sovereign debt. 

The brokerage firm’s board of directors said it authorized the filing of Chapter 11 in order to protect the assets of MF Global Holdings and its subsidiary, MF Global Finance USA.
Corzine lost in the midterm election to Chris Christie, even with President Barack Obama’s efforts to rally support for the former senator.

Read more:  Politico.com