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Old 10-31-2011, 09:59 AM
 
Location: Newport Jersey City,NJ
592 posts, read 1,922,591 times
Reputation: 306

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fyi hit the wire this morning, cme suspended trading with mf global, source: reuters. They have like a 40:1 leverage. 1 year after corzine joined the firm as ceo the company filed for chapter11. He ramped up risk significantly and tried turning this broker into an investment bank betting heavily on euro debt.

Guess euro debt is not as easy to double down on as new jersey debt will be sick if he gets a golden parachute.

Quote:
Following his arrival, Corzine “increased the firm’s risk and used its own money to trade, including investments in European sovereign debt that have tumbled in value.

Are Cozy Ties Muzzling S&P on MF Global Downgrade? - Bank Think Article - American Banker
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Old 10-31-2011, 10:14 AM
 
Location: The Milky Way Galaxy
2,256 posts, read 5,905,140 times
Reputation: 1505
Thank god there were enough sensible people in the last election to get him out of here in NJ. Imagine 4-5 more years of him here? He would've had us easily bankrupt by now. Seriously what's his track record like now? Only in America could someone have this kind of resume and yet be a billionaire.
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