Surprise, surprise, Corzine's taking no responsibility.
WASHINGTON (Reuters) – Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, congressional investigators have determined.
Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel's chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday.
"The responsibility for failing to maintain the systems and controls necessary to protect customer funds rests with Corzine," the report says. "This failure represents a dereliction of his duty as MF Global's chairman and CEO."
Corzine, a former co-chairman of Goldman Sachs who also served as a U.S. senator and as governor of New Jersey, has denied any wrongdoing…
The report will show that risks were exacerbated by an atmosphere at the firm in which no one could question Corzine's decisions, the subcommittee said.
Corzine also kept his own trading activities out of the firm's risk management review process, the subcommittee said. The group said it also found that regulatory agencies had not shared crucial information with each other, and other problems.
Full article: Congress panel blames Corzine for MF Global fall – Yahoo! Finance.
