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Corzine Resigns as CEO of MF GlobalPOSTED November 4, 2011 NEW YORK -- Jon Corzine has resigned his position as Chief Executive Officer and Chairman of MF Global, just days after the NY financial firm filed for Chapter 11 bankruptcy. MF Global has also been accused of using client money to make risky trades on European debt. A reported $600 million is missing from client accounts and is under investigation by the SEC and FBI. Corzine is a former governor of New Jersey serving from 2006-2010. He was also a U.S. Senator from NJ from 2001-2006. He also served as CEO of Goldman Sachs from 1994-1999. The New York Federal Reserve has suspended MF Global's designation as a primary dealer after its bankruptcy filing. MF Global was one of the world’s leading brokers of commodities and listed derivatives before its bankruptcy filing. The firm said it delivered trading and hedging solutions as a broker-dealer across all major markets for futures and options, commodities, fixed income, equities and foreign exchange. MF Global provided access to more than 70 exchanges around the world and was a leader by volume on many of the largest derivatives exchanges.The firm had been one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. The company has 2,894 employees. |
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