PLEDGE NOW
The Lessons Of MF Global

How do you misplace $1.2 billion and lose billions more? Jon Corzine and the lessons of the MF Global collapse.

Former New Jersey Gov. and Sen. Jon Corzine is sworn in on Capitol Hill in Washington, Thursday, Dec. 8, 2011, prior to testifying before the House Agriculture Committee hearing regarding the collapse of MF Global. (AP)

Former New Jersey Gov. and Sen. Jon Corzine is sworn in on Capitol Hill in Washington, Thursday, Dec. 8, 2011, prior to testifying before the House Agriculture Committee hearing regarding the collapse of MF Global. (AP)

Jon Corzine was governor of New Jersey, a US Senator, and CEO of Goldman Sachs. You might have thought those roles would wise him up. But last week he was sitting before a Congressional committee trying to explain how he took over MF Global – after all that experience – bet big and risky, lost billions, and misplaced – misplaced – $1.2 billion in client funds that were not supposed to be touched.

“I simply do not know where the money is,” he said. One point two billion dollars.

This hour, On Point: Wall Street, Jon Corzine, MF Global – and how to misplace a cool billion.

-Tom Ashbrook

Guests

Gregory Zuckerman, financial columnist and reporter for the Wall Street Journal.

William Black, University of Missouri Kansas City School of Law. He was a senior federal financial regulator during the Savings and Loan crisis.

From Tom’s Reading List

Wall Street Journal “Investor George Soros’s family fund bought about $2 billion of European bonds formerly owned by MF Global Holdings Ltd., the very debt that helped force the securities firm to file for bankruptcy protection Oct. 31, according to people close to the matter.”

Reuters “A U.S. bankruptcy court judge on Friday approved a $2.2 billion bulk transfer that would bring the recovery of nearly all U.S. commodities customers of fallen brokerage MF Global to about 72 percent of their accounts.”

Bloomberg Businessweek “Jon Corzine and four other former executives of bankrupt MF Global Holdings Ltd. were sued by a group of commodity traders seeking damages for lost funds.”

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
May 30, 2016
Author and Harvard Business School social psychologist Amy Cuddy. (Photo by Bob O'Connor / Courtesy The Author)

Strike a power pose. Social psychologist Amy Cuddy on the power of presence when you’re ready to act and win.

May 30, 2016
Rock icon Donald Fagen looks back on a lengthy and ongoing career in his new memoir 'Eminent Hipsters.' He co-founded the classic rock group Steely Dan with Walter Becker in 1972. (Penguin Books USA)

Steely Dan frontman Donald Fagen talks “eminent hipsters” and the cultural outliers that shaped his sound. He joins us.

RECENT
SHOWS
May 27, 2016
In this Oct. 27, 2015, photo,  Big Muddy Farms, an urban farm in northern Omaha, Neb. is seen amongst residential homes. (AP Photo/Nati Harnik)

Just in time for Memorial Day weekend, we’ve got top gardeners spilling the beans on how to grow everything.

 
May 27, 2016
Riot police block off the Albuquerque Convention Center to anti-Trump protests following a rally and speech by Republican presidential candidate Donald Trump at the convention center where the event was held, in Albuquerque, N.M., Tuesday, May 24, 2016. (AP Photo/Brennan Linsley)

Obama at Hiroshima. Turmoil at Trump rallies. Clinton’s emails, heating up. Sanders predicts a “messy” convention. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
In The Garden, Mother Nature Makes The Rules
Friday, May 27, 2016

Executive producer Karen Shiffman explains why she turns to her garden for food, friends and natrual comfort.

More »
Comment
 
WWII Vet Larry Kirby Reflects On American Values
Thursday, May 26, 2016

Looking ahead to Memorial Day, a World War II veteran looks back at the experiences that mattered to him, both in and out of war.

More »
Comment
 
Gloria Steinem Explains Her ‘Bernie Boys’ Comment
Tuesday, May 24, 2016

Feminist activist Gloria Steinem explains why her apparent diss of female supporters of Sen. Bernie Sanders was anything but.

More »
Comment