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, U.S. congressional investigators told the Chicago Trib..
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….."
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