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Corzine’s first sin was to bet on MF Global –

Whenever financial disaster strikes, it is tempting to try to identify the moment when it became inevitable. In the case of MF Global, was it when Jon Corzine, its former chief executive, started trading in European government bonds? Was it when MF Global first bent the rules on using client funds?

My vote, after reading the scathing report by James Giddens, the trustee who is trying to recoup the cash that went astray in MF Global’s crash, is for an earlier moment – when Mr Corzine took the job…

Mr Corzine ran MF Global into the ground with his optimism that he was still the trader he had once been at Goldman.

via Corzine’s first sin was to bet on MF Global –

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