Republicans blame Corzine in MF Global failure

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Associated Press

Posted on November 14, 2012 at 1:00 PM

Updated Wednesday, Nov 14 at 1:02 PM

WASHINGTON (AP) — Republicans on a House panel that investigated the collapse of the brokerage MF Global are pinning the blame on ex-CEO Jon Corzine, a former Democratic senator and governor.

The Republicans say the investigation shows that Corzine's decisions caused MF Global's bankruptcy in October 2011 and its loss of more than $1 billion in customer money.

They say Corzine turned the brokerage firm into an investment bank making risky trades. They also say Corzine ran the firm in an authoritarian manner and didn't allow anyone to challenge his decisions.

The firm failed after betting $6.3 billion on European debt that soured.

The subcommittee's report of its investigation is being released Thursday.

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